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68% 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.

Best UK Trading Platforms in 2022

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68% 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.

A trading platform allows the trader to work independently yet still have access to trade resources.

The power of technology allows us to trade anywhere, at any time, and all we need is a smartphone, tablet or laptop.

As there are many stock markets and trading options, not all platforms offer the same options. Before investing in a trading platform, there are important factors to consider.

Top 7 Trading Platforms in the UK

  1. eToro
  2. Plus500
  3. Pepperstone
  4. Vantage FX
  5. XTB
  6. City Index
  7. Degiro

1. eToro

Pros

  • Regulated by FCA, MiFID, ASIC
  • No withdrawal fee for US clients
  • 0% commission on stocks
  • Social and copy trading

Cons

  • Not available in every US state
  • More expensive than most of its competitors
  • No MetaTrader platforms

eToro is considered the best social trading platform and is the world-leading copy trading broker. It is excellent for beginners.

eToro features include:

  • Graph trading scenarios
  • Trading in US dollars
  • Social newsfeed with open trading discussions and notifications
  • Valuable trading education
  • Trader matches depending on your needs and trading style

It is not listed, nor does it have a banking licence or public information regarding its financial information. However, it is regulated by the Financial Conduct Authority (FCA).

Visit eToro

68% 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.

2. Plus500

Pros

  • Regulated by the Financial Conduct Authority
  • Over 2,500 significant financial instruments
  • Negative balance protection
  • 24/7 customer support

Cons

  • Not currently available to US clients
  • No API integrations
  • CFDs only
  • No social copy trading

Plus500 is an easy-to-use platform that specialises in CFD trading. There is no minimum deposit and low trading fees, but it does have substantial inactivity fees.

Please note that the Plus500 platform is suitable for experienced traders only. Though Plus500 is a very user-friendly platform, CFDs are complex financial products, thus the platform is not suitable for beginners/inexperienced traders.
The web platform is user-friendly with a two-step login procedure. The mobile platform offers good search facilities and is safe and easy to use. There is no desktop version.

Plus500 offers limited research and news flow, good customer support, a demo account and educational videos. It does not provide trading platform tutorials.

This platform is not for traders who intend to make many trades in a two-minute block. Any trader that does so will be frozen from the platform.

Plus500 does not have a banking licence, but it is regulated by the FCA.

Visit Plus500

77% 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.

3. 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

Pepperstone brokers only in forex (foreign exchange) and CFD (contract for differences).

It requires no minimum deposit and offers low trading fees.

Login procedures for mobile, desktop and web platforms are not as secure as they could be. However, they are customisable and user-friendly.

Pepperstone offers fantastic market analysis and trading ideas, but the news flow is basic. The educational tools are adequate.

Customer service is available via phone, email and live chat, and all queries are answered in a very timely manner.

It is not listed on the stock exchange, nor does it have a banking licence, but it is regulated.

Visit Pepperstone

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.7% of retail investor accounts lose money when trading spread bets and CFDs with this provider. 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.

4. Vantage FX

Pros

  • Regulated by FCA and ASIC
  • Low forex fees
  • No inactivity fee
  • No withdrawal or deposit fee
  • Good MetaTrader add-ons
  • Social trading

Cons

  • Not available to US clients
  • High CFD fees
  • No investor protection

Vantage FX was founded in 2008 to be a transparent forex broker and has grown to include 44 forex pairs and 290 CFDs (including cryptocurrency, shares, commodities and indices). As a broker, Vantage FX is well-regarded and considered safe thanks to regulation by ASIC and the FCA.

Vantage FX offers access to the markets through the popular MT4 and MT5 platforms, and a feature-stuffed mobile app.

There are three account types:

  • Standard STP: Perfect for novices, this is a no-commission account that works across all trading instruments, with a minimum spread of 1.4 pips. The minimum deposit is $200.
  • Raw ECN: Designed for more experienced traders, this account charges commission at $3 per lot per side but the spreads start at 0.0 pips. The minimum deposit is $500.
  • Pro ECN: This is for professional, high-volume traders, and offers commission at $2 per lot per side, with spreads from 0.0 pips. The minimum deposit is $20,000.

Vantage FX is seen as a good, reliable broker that offers social and copy trading – without being prohibitively expensive in terms of non-trading costs or commission.

The MetaQuotes WebTrader platform is supported by Vantage FX and allows simple and fast connection to MetaTrader 4 & 5 trading accounts for both PC and laptop as well as through mobile technology. On the MT4 & 5 platforms, you can trade using a suite of indicators, many technical analysis tools, and one-click trading.

The proprietary Vantage FX app allows you to access global markets wherever you are – and at any time. Available for both iOS and Android devices, it is the perfect way to access trading on the go, while still taking advantage of a full suite of trading tools and technical indicators. The app offers 24/5 support and a range of global market news, too.

Visit Vantage FX

Trading Forex and CFDs involves significant risk of losing of your invested capital and is not suitable for all investors. 64.86% of retail investor accounts lose money when trading CFDs with this provider. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.

5. XTB

Pros

  • Regulated by the FCA
  • Low forex fees
  • Fast withdrawal and deposit with no fee
  • Live chat customer service

Cons

  • No US clients
  • Limited product portfolio
  • High fees for stock CFDs

Recommended for: Customer service

XTB was founded in 2002 and has an excellent reputation for customer service.

It has 48 currency pairs available to trade through two account types:

  • Standard – Offering market average spreads
  • Pro – Offering much tighter spreads but with added commission

XTB supports the full MT4 suite, and its proprietary platform, xStation 5, offers a user-friendly, intuitive solution that works well on desktop, web and mobile.

You’ll need a minimum deposit of £250 to start trading and you’ll find that several educational resources are available, including XTB’s trading academy.

Visit XTB

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% 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.

6. City Index

Pros

  • Regulated by FCA
  • Low forex fees
  • Low minimum deposit
  • Good trading and research tools
  • Social and copy trading

Cons

  • No customer service during weekends
  • Inactivity fee
  • High commission for shares CFD trading

City Index offers low forex and stock index CFD trading. There is no minimum deposit for opening an account, but there are non-trading fees that can be quite pricey.

There is good customisability across all platforms with good-quality news flow and diverse research tools, though it lacks fundamental data.

There are excellent educational tools, including a demo account, and customer service is available via live chat and phone 24/5.

City Index is listed on the stock exchange.

Overall, while its portfolio is limited, City Index is regulated by the UK's FCA and offers low fees and excellent research, making it a great forex broker.

Visit City Index

7. Degiro

Pros

  • Regulated by BaFin and FCA
  • No minimum deposit
  • Low trading fees
  • No inactivity fee
  • No withdrawal fee
  • No deposit fee
  • Web platform and mobile app are user-friendly

Cons

  • No credit or debit card deposits
  • Lacking educational resources
  • No demo account
  • No forex, CFDs or crypto
  • No customer support on weekends and no live chat

Degiro is Europe’s leading investment platform, and it started as a wholesale broker, giving low rates and exclusive opportunities to professional clients.

Now, it is one of the largest retail stockbrokers in Europe and it has its own banking licence – which is not all that common in brokers. Degiro is regulated by both BaFin and the FCA.

Opening an account with Degiro is a simple, fast process that can be completed online – you just need ID and a bank account.

There is no minimum deposit for any account type with Degiro. There are five different account types that you can choose from, including Custody, Active and Day Trader. Each account has different features, functions and services, so you need to choose the one that best suits your trading style.

There are no account or inactivity fees, but you can only deposit using your bank account – not with credit or debit cards. You may only open an account in your home currency, so you cannot have a separate account in a different currency.

Trading on Degiro is simple and straightforward, whether you are using the web trader or the mobile app. Both are well-designed and easy to use, so they are suitable for the new trader, but they lack customisation and some tools that an advanced trader would want to see.

One of the best features, especially for a new trader, is that you can see the total cost of your trade, including fees, before you execute it.

You can trade several instruments using Degiro, including:

  • 31 Stock Markets
  • 5,400 ETFs
  • 63 Bond providers
  • 649 Bonds
  • 12 options markets
  • 14 futures markets

You cannot trade forex, crypto, or CFDs with Degiro, and there is a monthly cost to trade US derivatives (options and futures).

New traders won’t find reams of education, and the lack of demo account can be a problem. However, the ‘knowledge’ tab does have a good selection of educational material, from a 10-lesson Investors Academy to platform tutorials and articles about basic strategies and products.

Visit Degiro

Top 10 Trading Platforms in the UK
Top 10 Trading Platforms in the UK

Key Points to Remember When Choosing a Trading Platform

  • Knowledge – Some platforms are designed for advanced traders, therefore have more research and analytical tools. A vast majority of the platforms do have demo accounts and educational tools. The platforms not designed for beginners will focus less on those educational features.

  • Level of required support – The customer service functions vary. Some offer 24/7 support, others provide email support only. If you struggle with technology, you need to consider the level of support that is available.

  • How much time you have – Do you want a platform that sends out alerts and can execute orders for you? Or do you have the time to fully submerge yourself in the platform?

  • Your financial goals – Are you looking for long-term investments for retirement, or do you want to focus on short-term successes?

  • How much money you have to invest – Several of the platforms offer commission-free trading, but some require a minimum fee for opening an account. There are also additional fees, such as inactivity charges, withdrawals and transfers. It isn't just about the stock investments. Find out more about forex trading on a budget.

  • The type of trading you want to focus on – Do you want to have access to all types of trading, or do you just want to focus on cryptocurrency? Do you want to trade in different markets or only the UK and Europe? Maybe you want to focus on two specific types – do you use a platform that caters to both, or invest in two that specialise in your trading preferences?

  • Ease of use – Are you someone who will only use something if it is easy on the eye? Can you find all the features you are looking for? Markets change quickly, and you need to be able to execute an order instantly.

  • Access to information – Does the platform offer real-time updates or delayed updates that are more informed? Is it a sharing platform that can provide details on specific stocks?

  • Security – A platform may seem perfect but remember to check if it is listed on the stock exchange, regulated and what login options it has.

Frequently Asked Questions

eToro is an excellent trading platform for beginners and novice traders.

Regulated by the Financial Conduct Authority (FCA), it offers zero-commission trading, valuable educational tools and a social newsfeed with open trading discussions and notifications.

Day traders in the UK can choose from several different trading platforms, depending on their needs.

Many day traders in the UK use eToro,Plus500, Pepperstone.

Choosing the right trading platform for your needs is important. The best trading platform will vary according to many factors, including your level of experience, trading style and investment capital.

Before deciding on a trading platform, you should carry out plenty of research to ensure you select the one that will work best for you.

Yes. However, you should only trade with a trusted provider that is regulated by the Financial Conduct Authority (FCA).

The income for day traders in the UK is variable, but it is sometimes possible to make money by taking small, regular profits.

The profit made by day traders depends on many factors, including how much capital they have available, their trading strategy and their risk management technique.

A professional UK day trader working on a full-time basis might earn between £30,000 and £40,000 per year but they can equally lose the same amount, as all trading comes with risk.

As a beginner, you will need to open a live trading account. Next, research and choose your preferred stocks, working out the direction of the trade - do you think the price of your chosen stock is likely to increase or decrease? Note your entry and exit points and put together a risk management plan. As soon as your trade conditions are met, open an order ticket and set the appropriate risk management conditions such as stop-loss or take-profit orders. Monitor your trades in line with your trading plan, closing off trades accordingly. After closing a trade, consider what went well and what you might need to improve for future trades. It is sensible to record your thoughts in a trading journal to help you keep track of your progress and learning.

Final Thoughts

Finding the ideal trading platform is not easy, especially when there are so many available.

Not only does it need to do the job of facilitating trading, but it also has to be user-friendly so that you are happy to use it regularly.

Before committing to a platform, take advantage of any free trial or demo account they may offer and fully utilise all the available functions.

If you want to start trading and investing, learn everything you need to know with these stock trading courses.

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.

68% 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.


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