12 Best Free Trading Apps (UK)

A list of 12 of the Top Free Trading Apps (UK) for October 2024

1. Plus500
2. Pepperstone
3. AvaTrade
4. IG
5. Saxo
6. Interactive Brokers
7. Freetrade
8. Hargreaves Lansdown
9. Fineco
10. Barclays
11. Interactive Investor
12. Nutmeg

Trading can be a risky venture, and it makes sense to manage your risks. One of the best ways to do that is by finding the best free trading platform UK to get started.

To get your desired returns, you must learn the ins and outs of the stock market, understand how to mitigate your risks, and of course, you’ll need the platform that best suits your capital and preferences.

This article will examine the best free trading platforms to help you get started making returns. Whether you are an experienced trader or just starting out, we have all the info you need right here.

Let’s get started.

Description of the Best Free Trading Apps (UK) for October 2024

Here is an overview of finding the best free trading platform UK. We’ll include a fees overview and minimum deposits as well.

Regulated: CySec, FCA, ASIC, MAS, FSA, EFSA, DFSA
Minimum deposit: $100
Costs and fees: Free withdrawals, overnight funding fee, currency conversion fee, inactivity fee, guaranteed stop order fees
Educational resources: Basic videos and articles, pdf
Demo account: Yes
Social copy trading: No
Customer service: 24/7 support through email, live chat and WhatsApp

Plus500 instruments are available for trading exclusively via CFDs and the service offered on the platform is CFD-based.

Plus500 was founded in Israel in 2008; therefore, while it is regulated, it has yet to survive a recession.

The educational resources are not as good as other forex brokers, and the platforms lack when it comes to research and analysis.

It is user-friendly and easy to set up an account, however.

Beginners are always advised to start with a demo account since trading CFDs is a risky activity, Plus500 is not suitable for pure beginners.

80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. *CFD trading via Plus500’s demo account.

Pepperstone is recognized as one of the best free trading apps available, offering a comprehensive and user-friendly experience for traders.

Pepperstone offers zero-commission trading on certain accounts, which makes it highly cost-effective for traders, especially those who trade frequently. This helps in minimizing trading costs and maximizing potential returns.

Pepperstone offers advanced trading platforms:

• MetaTrader 4 (MT4) and MetaTrader 5 (MT5): These platforms are available on mobile devices, providing robust trading features, advanced charting tools, and automated trading capabilities on the go.
• cTrader: Known for its intuitive interface and advanced functionalities, cTrader is also available as a mobile app, offering features like advanced order types, charting tools, and algorithmic trading capabilities.
• TradingView Integration: Pepperstone’s app integrates with TradingView, offering powerful charting tools and a large social trading community, which is beneficial for traders relying on technical analysis and community insights.

The app provides access to a wealth of educational resources including webinars, tutorials, and market analysis tools. These resources help traders improve their skills and stay informed about market trends.

Pepperstone is regulated by top-tier financial authorities such as the FCA, ASIC, CySEC, DFSA, SCB, and CMA. This ensures a secure trading environment with stringent client protection measures.

The app’s interface is designed to be intuitive and user-friendly, making it accessible for both beginners and experienced traders. It includes features like customizable watchlists, real-time alerts, and easy navigation.

Users can trade a wide range of CFD assets, including forex, commodities, indices, shares, ETFs, and cryptocurrencies (Pro traders only), all from the app. This allows for diversification and strategic trading opportunities.

The app ensures fast execution speeds and low latency, which is crucial for traders who need to execute trades quickly to capitalize on market movements.

75.3% of retail investor accounts lose money when trading spread bets and CFDs with this provider.

AvaTrade offers commission-based and commission-free accounts, including the option to create a demo account that provides users with a risk-free opportunity to experience online trading firsthand.

With access to various financial instruments, including stocks, forex, commodities, and cryptocurrencies, users can practice trading strategies in real-time market conditions.

The demo account also offers educational resources and analysis tools to help users refine their skills and make informed decisions.

AvaTrade operates in Europe, Australia, and Asia. It does not offer services to US customers, but it operates in Canada through a deal with Friedberg Direct.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

With IG, trading with US shares is commission free, while trading with UK shares costs £3.

However, the latter only applies to frequent traders otherwise, the fee is £8 per trade.

There is also a £3 ETF fee and a £96 annual custody, but the latter can be reduced by frequent trading.

On the positive side, IG offers trading options for all levels and plenty of educational tools for beginners.

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of IG retail investor accounts lose money when trading spread bets and CFDs with IG. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

Saxo is regarded as one of the best free trading apps due to its comprehensive features, robust functionality, and accessibility.

Saxo offers two primary platforms that are accessible via mobile apps: SaxoTraderGO and SaxoTraderPRO. These platforms are free to download and use for Saxo clients, providing powerful trading tools and analytics in a mobile-friendly format. SaxoTraderGO is particularly praised for its user-friendly interface and comprehensive features that cater to traders of all experience levels.

The app provides access to a broad spectrum of trading instruments, including stocks, forex, CFDs, commodities, options, and bonds. This diversity allows users to trade across global markets without needing multiple apps or platforms.

For certain markets like major forex pairs, Saxo offers zero commission trading, which can significantly reduce the cost of trading for users. The costs that do apply are transparently displayed, mainly through spreads and overnight fees for some instruments.

Saxo's trading app is backed by its status as a globally regulated bank. This assures users of the safety and security of their investments, which is a critical consideration for mobile trading.

The app provides real-time data and sophisticated analytical tools, helping traders make informed decisions quickly. This includes live price quotes, market news, and in-depth market analysis.

Saxo’s app includes access to a wealth of educational materials and resources that help both novice and experienced traders improve their trading skills and knowledge.

Users can manage their entire portfolio from the app, taking advantage of Saxo’s multi-asset offerings that allow for a diversified investment strategy all from one platform.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, FX or any of our other products work and whether you can afford to take the high risk of losing your money. Losses can exceed deposits on some products.

Interactive brokers have a platform and an app designed for those looking into extensive trading options.

They offer plenty of market analysis tools, which is good if you want to delve deeper into trading.

However, for beginners, manoeuvring all the options can be a little confusing. On the flip side, there is no minimum deposit on this platform, and there is only a monthly £3 trading fee for under nine deals.

While not quite the best free online trading platform UK, Interactive Brokers’ low fees make it a great entry point to the world of investing.

Free trade provides some research and analysis tools for ETFs.

While there isn’t phone support available, you can get plenty of trading advice on the Freetrade community forum from other users.

Commission-free trading is only available for the basic account, while other features are locked behind paywalls.

For example, ISA trading costs £3 per month. Finding a truly free trading app UK is very difficult, but this is as close as it gets.

There is also a 0.45% conversion fee; however, the platform is generally recommended for beginners as there are no deposit or withdrawal fees, and the app is easy to use. This marks it out as the best almost free trading platform UK.

With the commission of £11.95 per trade (£5.95 for frequent traders) and £11.95 fees for ETFs, bonds and investment trusts, Hargreaves Lansdown isn’t an inexpensive platform.

It is more suitable for regular traders, who have reduced costs and can take advantage of the vast range of trading options.

However, with a higher commission fee, there are also more tools available.

Technical analysis tools are limited on the Fineco app, but there is a broad range of assets. You can start with a demo account and then move on to an individual or joint one.

While Fineco is an excellent option for commission-free CFD trading, if you want to trade shares or ETFs, you’ll be charged a monthly fee of £2.95.

Those who prefer holding a CFD position overnight can incur high fees starting with £6.95.

Barclays only has a £6 fee per trade and a £4 monthly fee for annual custodial costs. This makes it an excellent option for beginners wanting to start trading small.

The lack of educational tools might make it challenging to start, although there is a trading guide and support for newcomers.

The platform offers 25 ready-made portfolios, which is another plus for those who aren’t sure how to set up theirs.

With this platform, the price per trade is £5.99, although you get one free trade each month. This and the vast selection of shares and funds makes the platform perfect for those looking to trade regularly.

Whether you trade stock exchanges, investment trusts ETFs, VCTs or others, you’ll be charged one flat fee, not based on percentage like on competitor platforms.

You can choose from ready-made portfolios, including several ethical ones.

If you’re looking to start trading with a ready-made portfolio, Nutmeg can be an excellent option. It is great for trading on the go, and you’ll be able to choose from 30 different portfolios, including ethical ones.

You won’t have to deal with complicated charts, and experts will keep tabs on your portfolio. This comes with a 0.25% to 0.75% commission fee. However, there will be no fixed fees per trade, making it a free trading platform UK.

What Is a Share Trading Platform?

A share trading platform allows you to buy and sell shares through a system on the internet or through a mobile app.

The platforms can provide a broad range of services, including market analysis tools and more.

However, each trading platform has a wide range of fees, features and services.

Therefore, before you start trading, you need to find a share trading platform that is most suitable for you.

What to Look For on a Free Trading Platform UK

There are numerous things that investors need to look for when it comes to choosing the right share trading platform.

For instance:

Fees

All trading platforms have fees and costs. Research all expenses you might incur when using a platform to avoid unpleasant surprises in the future.

Make sure the platform or app’s free structure is compatible with your investing and trading capabilities.

Minimum Deposits

Some platforms require a higher initial deposit than others. For example, some will let you start trading with an initial deposit of £10 (or less), while others will require a £500 deposit.

Fortunately, these aren’t hidden costs, and they should be available upon registration.

Support for Beginners

Look into the type of support each platform provides for beginners.

• Does it have a demo account you can try to see whether the trading is for you?
• Does it have a forum where you can get advice from experienced traders?

It’s also a good idea to look into what education tools they have besides a demo account.

Analytics

Look into not just what type of shares a particular platform offers but also what level of detail it provides.

Depending on your experience level, you might want to take advantage of detailed market analysis tools and charts. If you do, make sure the platform you’re opting for has these options available.

Beginners typically require fewer analyst tools as they start trading in small increments and with a small portfolio.

Customer Support

You should also consider the level of customer support each platform provides.

For example, some will only have an option for email support, while others will have a phone and live chat support available.

Consider whether you need support on the weekends, as not all platforms have 24/7 customer support.

Ease of Use

Some platforms have a complicated layout, while others come with a user-friendly interface.

If you’re a beginner, opt for the most hands-on platform you can find so you wouldn’t get lost in the sea of options.

Are There Any Free Share Trading Platforms?

Finding the best free share trading app UK is very difficult. Some trading platforms offer several free features and services.

However, there is no completely free share trading platform. Usually, there are hidden costs or fees that apply before, during or after trading.

The range of hidden expenses depends on each individual platform.

For example, some will start charging a deposit fee after a certain amount, while others might limit their free trading options to certain types of shares.

In addition, many of these trading platforms will take a cut of the profits made by the individual.

However, they will not take a share of losses, which will solely be the trader’s burden.

Frequently Asked Questions

Final Thoughts

While there are free trading platforms, it is not always completely free.

Hopefully, this article will help you decide on the best trading platform and app for your needs.

Remember to make your decision based on a number of core criteria.

It is important to note that any investment is a risk. Without proper research, you might run the risk of losing your money by making a bad trading move.

If you are entirely new to the trading world, it’s recommended to start with a platform that offers a demo account. This way, you can learn the ins and outs of trading before investing your hard-earned money.

WikiJob does not provide tax, investment or financial services and advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. Investing involves risk including the possible loss of principal.