• Mon. May 20th, 2024

Best Trading Platforms UK June 2023


Jun 2, 2023 #June, #Platforms, #trading

Most asked questions about UK trading platforms

What’s the best online trading platform for social trading UK?

eToro is one of the world’s leading platforms for social trading with a vast array of social features including copy trading which allows you to copy successful traders. There is also The Popular Investor program which encourages successful traders onto the platform by incentivising them with rewards of up to 2% of their assets under management.

How do you choose a share dealing platform in the UK?

Choosing the best share dealing platform for you is a very personal journey that will depend largely on your financial goals and aspirations. Are you saving for retirement? Then you will require a SIPP account. Perhaps you just want a tax-efficient way to grow your wealth, in which case a Stocks and Shares ISA will be required. You will then need to ascertain whether the share dealing platform in question has a suitable range of investment options and compare the fees charged between the providers you are considering.

What trading platforms can I use in the UK?

There are a number of trading platforms available in the UK, however, identifying the best online trading platform UK for you should be aligned to your unique needs. Here at Investing Reviews, all our recommended platforms cater to UK customers, therefore it is simply a matter of selecting a platform that meets your needs from our list on this page.

How much starting capital do you need to start investing?

You can start investing with as little as £1 depending on the online trading platform you select, and their minimum investment amounts. However, we would caution you to be aware of the fees associated with the platform as these can soon eat away at your investment capital should you be starting with a small amount.

If you are new to investing and would like to try your hand without risking too much of your money, then we would recommend selecting online trading platforms with free demo accounts like eToro where you can use virtual money risk-free.

What should a beginner invest in?

Choosing your investments is a lengthy process that requires a lot of painstaking research. There are certain metrics that can help you identify great businesses that should be long-term performers including price-to-earnings ratio, the price to earnings growth ratio and the payout ratio.

However, if you are looking for a quick way to get started and want to ensure that you are fully diversified in order to mitigate your exposure to risk, then you may be better off investing in a fund.

A fund is where lots of investors pool their money together in order to invest in plenty of different shares.

Fully managed funds are managed by professionals who will regularly make strategic adjustments in order to maximise returns. These are slightly more expensive than fixed allocation funds which are designed to perform with minimum human intervention.

Usually the best investment websites uk will have the historical returns of their funds listed on their website, and this is certainly worth checking before you select a fund with the correct level of risk for your circumstances.

See also: My guide on where to invest money to get monthly income UK

Who has the cheapest online trading?

Trading 212, eToro and Freetrade all have the edge when it comes to cost-effective share dealing, however, at the time of writing, Trading 212 have suspended all new UK accounts in order to catch up with unprecedented demand.

Freetrade have the same zero-commission trading, and also offer a free stock when you open a new account and deposit for the first time. The value of your free stock can be anywhere from £3 to £200 and this could possibly give them the edge when it comes to finding the cheapest online trading platform.

What do I need to open an account with an online trading platform in the UK?

Different trading apps in the UK will require different documents in order for you to open an account and start trading.

Most trading platforms in the UK will require the following:

  • Full name
  • Valid ID
  • Email address
  • Phone number
  • National Insurance Number
  • Bank account details.


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