Pepperstone – Best Trading AppFind Out More

75.2% of retail investor accounts lose money when trading spread bets and CFDs with this provider.

Best Commission-Free Trading Apps in the UK (2024 Review)

Best Commission-Free Trading Apps in the UK (2024 Review)

All products and services featured are independently selected by WikiJob. When you register or purchase through links on this page, we may earn a commission.

75.2% of retail investor accounts lose money when trading spread bets and CFDs with this provider.

A list of the Top Commission-Free Trading Apps in the UK for May 2024

  1. Pepperstone
  2. AvaTrade
  3. IG
  4. Fineco Bank
  5. Freetrade

A trading app allows you to monitor your investments and carry out transactions on the go.

Using your phone or any mobile device, a trading app will generally allow you to carry out the majority – or even all – of the tasks that are available to you on your computer or when dealing directly with a broker.

The benefits of using a trading app come down to three factors:

  • Immediacy – Of particular interest to traders who invest in markets that are volatile or on the brink of an expected change in direction or a steep climb/descent.
  • Access – Trading on the go opens up access to your investments wherever you are; no longer must you be at your desk to discover how the markets are behaving.
  • Ease of use – The majority of trading apps are designed to simplify interaction with your investments, charts and market news.

Interested in trading but unsure whether you are fully prepared? Read Signs You Are Ready To Live Trade.

Description of the Best Commission-Free Trading Apps in the UK for May 2024

Now that you know what to look out for when choosing a broker and trading app, here is our list of the best commission-free trading apps in the UK for 2024.

1. Pepperstone

Pros

  • Extensively regulated
  • No minimum deposit
  • Low fees and mostly free withdrawals
  • Good customer service

Cons

  • No investor protection for clients outside UK, EU and EEA
  • Withdrawal fee for clients outside EU and Australia
  • CFDs only

Best for: Traders interested in forex CFDs
Assets and markets: CFDs in forex, indices, shares, commodities, ETFs, crypto and spread betting
Account types: Standard, Razor, Active Trader Razor, Demo

Pepperstone is an Australian CFD stockbroker, active in the UK and globally. It has created a trading app for each of the platforms it provides – TradingView, MT4, MT5 and cTrader.

The Pepperstone cTrader app is recommended for those new to trading or still finding their investment footing. The cTrader app provides the same trading experience that you would experience in the computer version.

Like Pepperstone offers social copy trading, but unlike its competitor, you may only trade CFDs with this broker.

The standard account is commission-free, whereas Razor account holders are subject to commission charges. There is no minimum deposit, but Pepperstone recommends £500.

Withdrawal fees are charged to customers outside the EU and Australia.

Visit Pepperstone

75.2% of retail investor accounts lose money when trading spread bets and CFDs with this provider.

2. AvaTrade

Pros

  • Worldwide regulated
  • Multiple platforms – MT4, MT5, etc.
  • 20% welcome bonus
  • Educational content
  • Wide rage of payments methods
  • Fixed spreads

Cons

  • You can’t buy stocks
  • Quarterly and annual inactivity fees
  • Custumer support is not available 24/7
  • No bonus for EU based clients
  • No US clients accepted
  • Imitated crypto assets

AvaTrade is a CFD Regulated broker with +1,000 financial instruments and multiple trading platforms. It has been operating since 2006.

It offers a 20% welcome bonus up to $10,000, according to regulation and a free 21-day demo account with $100,000.

Instruments include:

  • Metals
  • Commodities
  • Stocks
  • FX Options
  • Oil
  • ETFs
  • Options
  • Crypto currencies
  • CFDs
  • Indexes
  • Shares
  • Spread betting
  • Indices
  • Forex
  • Bonds

AVATrade EU Ltd is regulated by the Central Bank of Ireland. (No.C53877) Ava Trade Markets Ltd. is regulated by the B.V.I Financial Services Commission. It is also highly regulated in Australia, South Africa, Japan, Middle East, Cyprus and Israel

You can not trade with AvaTrade in the US, North Korea, New Zealand, Iran or Belgium.

Mínimum deposit of $100, no withdraw limit and no fees.

Visit AvaTrade

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.

3. IG

Pros

  • Highly regulated
  • MetaTrader 4 (MT4)
  • Over 10,000 instruments
  • Available in the UK and US
  • 24/7 customer support

Cons

  • High fees
  • No deposit compensation scheme for US accounts
  • No copy trading
  • Inactivity fees

IG is a great share trading platform for beginners thanks to its user-friendly interface and extensive educational resources.

Pros of IG include a wide range of trading instruments and markets, as well as the ability to access multiple account types and trading platforms. The platform also offers a demo account for beginners to practise trading strategies before investing real money.

However, IG isn’t the cheapest share trading platform, with relatively high trading fees and a minimum deposit requirement of £250 when paying by credit/debit card or PayPal.

In terms of additional fees, IG charges a commission fee for share trading, starting from £8 per trade. There’s also a custody fee of 0.25% per year for holdings of £250 or more.

Overall, IG is a solid choice for beginners looking for a user-friendly platform with extensive educational resources, but investors should be aware of its fees and minimum deposit requirements.

Visit IG

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% 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.

Best Commission-Free Trading Apps in the UK
Best Commission-Free Trading Apps in the UK

4. Fineco Bank

Pros

  • No minimum deposit
  • Commission-free CFDs
  • No withdrawal or deposit fees
  • No inactivity fees
  • Available on web, mobile and desktop
  • Wide range of product offerings

Cons

  • Commissions apply on shares and ETFs
  • High fees apply for holding CFD overnight positions
  • Lacking educational resources
  • No debit/credit card deposits

Best for: Traders interested in a diverse range of assets
Assets and markets: Shares, ETFs, and CFDs
Account types: Individual, Joint, Demo

This Italy-based broker operates in Italy and the UK and offers a wide range of trading assets.

Fineco Bank also offers CFDs. The bank’s trading app provides a full trading service, but the technical analysis offering is limited.

The commission-free aspect of trading with Fineco Bank is restricted to CFDs only. UK customers trading in shares and ETFs will incur fixed commission fees.

There is no minimum deposit amount, no inactivity charge and no withdrawal fee, but there are high fees for holding CFD overnight positions.

Visit Fineco Bank

5. Freetrade

Pros

  • Regulated by the FCA
  • Fractional shares
  • No withdrawal fees
  • Low minimum deposit
  • User-friendly interface

Cons

  • Lacks research and educational resources
  • Limited range of product offerings
  • Currency conversion fees
  • No customer support by phone

Best for: Traders interested in shares and ETFs
Assets and markets: Shares and ETFs
Account types: General Investment, ISA, Plus, SIPP

Freetrade is an app-based UK brokerage that is currently seeking to expand its reach into Europe and Ireland. The app offers a full trading service and is straightforward to use.

Freetrade provides a decent offering of research and analysis resources and a useful community forum where you can chat to and learn from other Freetrade customers.

The commission-free aspect is limited to the General Investment account. There is no charge for withdrawing funds, but there may be a currency conversion fee.

Visit Freetrade

What Does Commission-Free Mean?

Commission-free trading means that you will not be charged a fee when you buy or sell assets such as cryptocurrency, shares or commodities. However, the ‘commission-free’ claim of many trading apps may not apply to all trades – for instance, short positions, leveraged transactions or specific trading assets.

An increasing number of brokers offer commission-free trading, but find plenty of other ways to profit from their customers:

  • Interest on leveraging
  • Fees to withdraw or deposit funds
  • Fees for upgraded services

To find out who the companies are behind the trading apps, read Top 16 Trading Platforms in the UK.

What to Look For in a Broker and a Commission-Free Trading App in 2024

There is a wide range of trading apps available in the UK. What should you consider when deciding which one to use?

Which Assets Can You Trade?

One of the main considerations when choosing a broker is what assets and markets they provide. If you want to trade forex, for instance, there is no sense in using a broker that only allows you to trade in shares and commodities.

Find out what assets you can trade through a particular broker and their app, and make sure they are a match with your needs before you sign up.

Trading Fees, Commission and Other Charges

A broker may promote itself as commission-free, but find out the full extent of that claim and what other fees may be charged.

It may be that the commission-free element only covers basic trading, and not high-volume transactions or an investment over a set price limit.

Trading fees may be applied in certain situations, such as holding a position overnight or taking a short position.

What about leveraging? What are the fees to obtain leveraging through the broker and what level of interest do they charge?

Finally, there may be non-trading fees, such as when you make a withdrawal or where your account has remained inactive for a number of months.

Before signing up with a broker, get a full picture of the type of fees you may face.

Knowledge Level

Some trading apps are intended for use by more experienced traders, whereas others are suitable for traders of all levels of expertise.

Make sure that the trading app is intended for a knowledge level that matches your own.

Extent of the App Service

Does the trading app offer the exact same level of service as the computer version or that you would receive when dealing directly with the broker?

For instance:

  • Are you able to carry out all, some or no transactions?
  • Can you access all of the charts and metrics tools?
  • Do you have full access to customer service?
  • Can you view your full profile, portfolio and record of transactions?
  • Can you access the broker’s newsfeed?

The importance of the service offered by the app will depend on how you wish to use it, as a full trading tool or simply to monitor the performance of your portfolio.

Frequently Asked Questions

Commission-free trading apps are online trading platforms that allow investors to trade various financial products without charging a commission fee for each trade.

Instead of charging a fee for each trade, these apps usually generate revenue by earning interest on the cash balances that investors keep in their accounts, or by selling order flow to market makers.

Commission-free trading apps make money through other means than charging a commission fee for each trade.

They can earn interest on the cash balances that investors keep in their accounts or sell order flow to market makers, which pay to execute trades on behalf of the app's users.

Additionally, some apps offer premium features or investment advisory services for a fee.

Some of the best commission-free trading apps include Robinhood, Webull, TD Ameritrade, E*TRADE and Fidelity.

These apps offer commission-free trading for various financial products, including stocks, ETFs, options and cryptocurrencies, and provide user-friendly interfaces and other features such as educational resources, market data and advanced trading tools.

While commission-free trading apps do not charge a commission fee for each trade, they may still charge other fees such as account transfer fees, wire fees and margin interest rates.

Additionally, some apps charge fees for premium features, investment advisory services or for using their debit cards.

One of the main advantages of using commission-free trading apps is that investors can save money on commission fees, which can add up over time.

Additionally, these apps offer user-friendly interfaces and other features such as educational resources, market data and advanced trading tools.

They also provide easy access to various financial products, including stocks, ETFs, options and cryptocurrencies.

To choose the best commission-free trading app, you should consider factors such as the app's fees, user interface, available financial products, educational resources, market data and advanced trading tools.

Additionally, you should read reviews and compare different apps to find one that best fits your investment goals and preferences.

Several commission-free trading apps allow day trading, such as Robinhood, Webull and M1 Finance.

These apps have no commission or fees for trading stocks, ETFs and options. However, it is important to note that day trading can be risky and may not be suitable for all investors.

The best commission-free trading app for beginners depends on their specific needs and preferences.

Robinhood and Webull are popular choices for beginners due to their user-friendly interfaces and easy-to-use mobile apps.

Both platforms offer commission-free trading for stocks, ETFs and options, and provide educational resources for new investors.

Yes, some commission-free trading apps, such as Webull and M1 Finance, allow users to invest in foreign stocks and ETFs.

However, it is important to be aware of potential fees and exchange rates that may apply to foreign investments.

One common misconception is that commission-free trading apps are entirely free. While they do not charge commissions for trades, they may have other fees, such as account maintenance fees or fees for specific transactions.

Another misconception is that commission-free trading apps are only for day trading or short-term investing. Many of these apps offer long-term investment options as well.

Some commission-free trading apps, such as Webull and TD Ameritrade's thinkorswim, offer demo accounts for users to practice trading without risking real money.

This can be a valuable tool for beginners who want to learn how to use the platform before investing real funds.

Commission-free trading apps typically allow users to trade stocks, ETFs and options.

Some apps may also offer trading in cryptocurrency, mutual funds or other asset classes.

It is important to check with each specific app to see what types of assets are available for trading.

Final Thoughts

The mobile apps in this article generally offer the same trading elements but will suit traders of different levels of expertise.

When deciding which broker and app to use, begin with your own needs:

  • What do you want to trade?
  • What is your level of trading expertise?
  • How much money do you have to invest?
  • What level of trading do you want to carry out on the go?

Make sure you do your research before you decide on the right app for you.

75.2% of retail investor accounts lose money when trading spread bets and CFDs with this provider.


Read This Next

You might also be interested in these other Wikijob articles:

Or explore the Trading / Forex sections.