Stock investment is a popular activity among individuals in the UK, and finding a reliable and affordable broker is crucial. That’s where we come in to recommend some of the most cost-effective brokers that have left a strong impression on us. In our comprehensive guide below, we will not only provide you with insights on how to begin trading stocks with these affordable brokers but also share user testimonials about their experiences with our top stock brokers in the UK. With this information, you can make informed decisions and confidently embark on your stock investment journey.
Essence
- Consider a stock broker you can afford, offering low commission fees, minimal account maintenance charges, and more for an exciting experience.
- Ensure the cheap stock broker you choose has no hidden costs or surprise charges to budget accordingly.
- The best cheap stock broker should have a low minimum deposit requirement.
- Despite being cost-effective, the best cheap stock brokers should maintain service quality.
- Evaluate brokers that provide a wide range of stocks and investment opportunities.
- Consider brokers that offer educational materials, market analysis, and research tools to support investors’ decision-making processes.
- Ensure that reputable authorities regulate the cheap stock broker you choose to maintain a secure and trustworthy trading environment.
- If a cheap stock broker offers a demo account, take full advantage to test its services without any financial commitment.
List of the Best Low-Cost Brokers in the UK 2024
- Pepperstone – Cheapest Forex Broker in the UK
- Admiral Markets – Top Low-Cost Broker For Mobile Trading in the UK
- Spreadex – Cheapest Spread Betting Broker in the UK
- FP Markets – Low-Cost CFD Trading Broker in the UK
- Plus500* – Best Low-Cost Broker With Excellent Support Service
- XTB – Best Low-Cost ETF Broker in the UK
- eToro – Low-Cost Stock Broker in the UK
- AvaTrade – Cheapest Beginner – Friendly Broker in the UK
- OANDA Europe LTD – Best Low-Cost Broker For UK MetaTrader 4 Users
- Saxo – Best Broker for Trading Options with Low Budget
- DeGiro – Overall Best Cheapest Trading Broker in the UK
- Trading 212 – Best UK Broker with the Tight Spread
*80% of CFD retail accounts lose money on Plus500
In this guide
Best Cheap Brokers in the UK
- List of the Best Low-Cost Brokers in the UK 2024
- Compare the Cheapest Brokers
- Brief Overview of Our Recommended Brokers’ Fees and Assets
- Our Opinion & Overview of the Best Cheap Stock Brokers in the UK
- What Do Other Traders Say?
- The Ultimate Guide About Cheap Online Trading
- What Assets You Can Trade with Cheapest Trading Platforms
- FAQs
- Conclusion
Compare the Cheapest Brokers
In our quest to provide you with the best recommendations for the cheapest brokers in the UK, we invested significant time and effort into thorough testing and comparison. We assessed numerous brokers, taking various factors into consideration. These factors included the security measures implemented by the brokers, the performance of their trading platforms, the range of available assets, the charges involved, the availability of demo accounts, and the quality of their customer support services.
Furthermore, we analysed user feedback from reputable sources such as Google Play, Trustpilot, and the App Store. This allowed us to gain insights into the experiences of real users and gauge the overall satisfaction level with each broker.
Below, we present you with our summarised ratings, which entail the key aspects of each broker. This comprehensive comparison will assist you in making an informed decision and selecting the cheapest broker UK that aligns with your specific requirements and preferences.
Compare brokers
Brief Overview of Our Recommended Brokers’ Fees and Assets
When it comes to trading stocks, many traders and investors in the UK prioritise the affordability and availability of their preferred assets. To assist you in making the optimal choice, we have compiled a table below that showcases our recommended cheapest stock brokers in the UK, including details on their fees, featured assets, and minimum deposit requirements. Take a look and find the broker that suits your needs best.
Broker | Fees | Assets | Minimum Deposit |
---|---|---|---|
Pepperstone | From 0.0 pips | CFDs in FX, shares, forex, commodities, indices, ETFs, forwards, spread betting | £0 |
Admiral Markets | From 0.0 pips | forex, real stocks and etfs, CFDs on stocks, commodities, indices, etfs, bonds | £250 |
Spreadex | From 0.6 pips | forex, commodities, indices, shares, crypto, ETFs | £0 |
FP Markets | From 0 pip | forex, shares, commodities, indices, futures, cryptos, bonds, ETFs | £100 |
Plus500 | From 0.0 pips | indices, forex, shares, commodities, options, ETFs | £100 |
XTB | From 0.1 pips | forex, shares, indices, commodities, crypto, ETFs | £0 |
eToro | From 1 pip | shares, forex, indices, NFTs, commodities, cryptos, ETFs | $100 |
AvaTrade | From 0.9 pips | forex, commodities, shares, indices, cryptos, ETFs, bonds | £100 |
OANDA Europe LTD | From 0.8 pips | forex, indices, commodities, shares, cryptos | £0 |
Saxo | From 0.4 pips | forex, commodities, futures, indices, options, bonds, ETFs | £0 (for Classic account) |
DeGiro | From £1 | shares, ETFs, options, futures, bonds | Zero |
Trading 212 | From 0.06 pips | forex, stocks, commodities, indices, futures, ETFs | £1 |
Our Opinion & Overview of the Best Cheap Stock Brokers in the UK
Providing an unbiased opinion and comprehensive overview of the best cheap stock brokers UK was no small feat. We dedicated extensive time and effort to thoroughly test and compare numerous FCA-regulated brokers, ensuring that we bring you the cream of the crop.
Below, you will find our unbiased opinions and detailed overviews regarding the best cheap stock brokers in the UK. We aim to provide you with a clear understanding of each broker’s strengths and advantages, empowering you to make informed decisions that align with your investment goals.
1. Pepperstone – Cheapest Forex Broker in the UK
We tested Pepperstone via its demo account and primarily recommend it to new stock traders in the UK. This is because Pepperstone is user-friendly and has an intuitive user interface. It also has fast trade execution speed, which will ensure newbies enter and exit positions without experiencing delays. When it comes to the broker’s trading app, it also execute positions seamlessly on Android and iOS devices.
Pepperstone fees are low compared to many brokers we have tested. It has a minimum deposit requirement of £0 for UK traders. Besides stocks, we also had exposure to forex, commodities, indices, ETFs assets, and more. And like eToro, Pepperstone features social and copy trading, which could be helpful to newbies.
- Low spread.
- No transaction charges.
- 100+ currency pairs to choose from.
- Only forex and CFD trading are offered.
Type | Fee |
Minimum Deposit | $200 |
Withdrawal fee | $0 |
Deposit fee | $0 |
Inactivity fee | No |
Account fee | No |
Broker Features | Availability |
Minimum Investment Amount | £0 |
Demo Account | Yes |
Mobile App | Yes (Android or iOS) |
Payment Methods | E-wallets like PayPal, Bank transfers, credit/debit cards |
Transaction Fees | None |
2. Admiral Markets – Top Low-Cost Broker For Mobile Trading in the UK
Admiral Markets trading app offered us really exciting mobile trading experiences. Its search function made accessing every feature, and we set up trading accounts in minutes. While the app lacks some of the most sought-after features, like the MetaTrader Supreme Edition plugin, we explored the MT4 and MT5 platforms without any problems. The app is also highly encrypted and has additional security measures to ensure no unauthorised access. You can download it from Google Play or the App Store.
Over 8,000 instruments are listed at Admiral Markets’ app, which we invested in and traded as derivatives. These include forex, stocks, ETFs, CFDs on indices, bonds, commodities, shares and more. We didn’t discover the spread betting function on this broker’s app, but that didn’t limit our exploration. When it comes to trading charges, Admiral Markets has no account opening fees. While you will incur a £10 monthly inactivity fee after 24 months, all deposits are free (no fee). Please, check out more on https://admiralmarkets.com/start-trading/deposits-and-withdrawals. The first monthly withdrawals and transfers to bank accounts of the same base currency are also free (no fee).
- A user-friendly and modern-structured trading app
- Quality learning and research materials on its Web, MT4, and MT5 platforms
- Excellent support service with prompt responses and relevant solutions
- You can trade and invest in numerous assets at low fees, starting from 0 pips
- Its £250 minimum deposit requirement can be high for the budget-conscious traders
- No spread betting at Admiral Markets
Type | Fee |
Minimum deposit | £250 |
Deposit fee | $0 |
Withdrawal fee | 1 free withdrawal request every month, after – 1% |
Inactivity fee | Monthly €10 |
Overnight fee | Yes |
Investments involve risks and are not suitable for all investors. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% 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.
Broker Features | Availability |
Minimum Investment Amount | £250 |
Demo Account | Yes |
Mobile App | Yes (Android or iOS) |
Payment Methods | Bank Wire Transfer, Credit/debit cards, Skrill, Neteller, Paypal, Klarna, iDEAL |
Transaction Fees | Free, but 1% exchange fee |
3. Spreadex – Cheapest Spread Betting Broker in the UK
Spreadex is renowned as the leading spread betting broker in the UK, primarily because it is among the cheapest you can find. With a wide range of tradable instruments, including shares, commodities, and more, Spreadex offers a comprehensive spread betting portfolio that caters to all traders. The broker is highly regulated by the FCA, and has taken additional measures to ensure its platform is free from unauthorised access.
Opening a spread betting account with Spreadex UK is hassle-free, requiring no minimum deposit. Its intuitive and customisable TradingView platform is tailor-made for spread betting enthusiasts as it provides essential tools and features for analysing markets and executing trades efficiently. Moreover, Spreadex offers competitive spreads starting at just 0.6 pips, and there are no transactions or inactivity fees. This makes the broker an attractive choice for traders looking to minimise costs while maximising potential returns through spread betting.
- Over 10,000 tradable instruments, including shares, commodities, indices, and more
- No minimum deposit requirement, making it accessible to all traders.
- User-friendly and customisable trading platform
- Competitive spreads, starting at 0.6 pips
- Limited research and educational resources
- No negative balance protection
Type | Fee |
Minimum deposit | Free |
Overnight fee | Yes |
Deposit fee | Free |
Withdrawal fee | Free |
Inactivity fee | Free |
Broker Features | Availability |
Minimum Investment Amount | £0 |
Demo Account | No |
Mobile App | Yes (Android or iOS) |
Payment Methods | Bank Wire Transfer, Credit cards |
Transaction Fees | No |
4. FP Markets – Low-Cost CFD Trading Broker in the UK
From our experience, FP Markets emerges as the best low-cost CFD trading broker in the UK. This is mainly because of its competitive pricing when it comes to CFD trades. We explored a wide range of assets, including over 10,000 shares, commodities, major cryptocurrencies, 19 major indices, bonds, and ETFs. This extensive selection allows traders to diversify their portfolios and capitalise on various market opportunities.
FP Markets also offers forex trading services with remarkably low spreads starting from 0.0 pips. Leveraging options of up to 500:1 are available across more than 60 currency pairs, providing traders with flexibility in their trading strategies. We noticed that the broker does not have a transaction or hidden costs, a factor that contributes to its reputation as a reliable and cost-effective option. To cater to the diverse needs of its clients, FP Markets hosts multiple platforms, including MT4, MT5, and Iress.
- Low minimum deposit requirement of £100
- Over 10,000 CFD assets to trade
- Low spreads starting from 0.0 pips
- Features social and copy trading platforms for newbies’ maximum experience
- The broker is limited to forex and CFD trading
- No price plan
Type | Fee |
Minimum deposit | $100 |
Overnight fee | $0 |
Deposit fee | $0 |
Withdrawal fee | Depends on payment method |
Inactivity fee | $0 |
Broker Features | Availability |
Minimum Investment Amount | £100 |
Demo Account | Yes |
Mobile App | Yes (Android or iOS) |
Payment Methods | E-wallets, Bank transfers, credit/debit cards |
Transaction Fees | None |
5. Plus500 – Best Low-Cost Broker With Excellent Support Service
*Illustrative prices
Our trading journey with Plus500 has been nothing short of exceptional, solidifying its position as a leading choice among budget-friendly brokers in the UK. One of its standout features is its hassle-free onboarding process, which enables access to over 2,800 CFD assets with a minimal deposit requirement of just £100. Notably, all trades incur zero commissions, offering spreads as low as 0.0 pips. Moreover, the absence of deposit or withdrawal fees coupled with a leverage limit of up to 1:300 for professional traders adds to its cost-effectiveness.
As part of our rigorous evaluation, we rigorously tested the responsiveness and reliability of various brokers’ support services. Plus500 truly excelled in this aspect, showcasing remarkable proficiency whether reached through phone, email, or live chat. They promptly addressed all our queries and even followed up to ensure our comfort and satisfaction. Additionally, its FAQ section provides quick access to commonly sought answers. From our analysis, we rate this broker with 4.5 stars.
- Low minimum deposit requirement
- There is a “Professional Trading” that supplies expert traders with advanced trading tools
- Free transactions
- Reliable and responsive 24/7 support service via phone, email, and live chat
- Inactivity fee applies after 3 months of the account’s dormancy
- No buying and taking full ownership of the featured assets
Type | Fee |
Overnight Funding | yes |
Currency Conversion Fee | 0.7% |
Guaranteed Stop Order | spread applies |
Inactivity Fee | $10 per month |
Withdrawls/Deposits | $0 |
Broker Features | Availability |
Minimum Investment Amount | £100 |
Demo Account | Yes |
Mobile App | Yes (Android or iOS) |
Payment Methods | E-wallets like PayPal and Skrill, Bank transfers, credit/debit cards |
Transaction Fees | None |
Note: 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.
6. XTB – Best Low-Cost ETF Broker in the UK
Trading ETF CFDs via XTB offers an opportunity to explore featured assets without commission fees, ensuring a cost-effective approach. The broker maintains spreads that rank among the lowest in the industry, further enhancing its appeal. Moreover, XTB has no minimum deposit requirement, thus enabling traders to initiate trades with amounts they find suitable. This accessibility makes it an ideal platform for newcomers entering the ETF trading space without significant initial investment commitments.
XTB offers a diverse range of over 60 ETF CFD assets and provides negative balance protection for UK traders, safeguarding against losses exceeding deposited funds. With leverage of up to 10:1, XTB maximises the potential for profitability in ETF trading. Additionally, the platform provides competitive interest rates on uninvested funds, potentially allowing traders to earn up to 5%, with rates of 3.8% for EUR and 5.0% for USD. These rates offer an additional avenue for potential passive income while actively engaging in ETF CFD trading.
- Commission-free ETF CFD trading
- No minimum deposit requirement
- Over 60 ETF instruments to choose from
- A user-friendly platform with fast trade execution speed
- Deposit and withdrawal fees may apply, especially when transacting using e-wallets
- Only CFD assets offered
Type | Fee |
Opening an account | $0 |
Account type: Standard: spread | 0.5 |
Account type: Swap Free: spread | 0.7 |
Forex | From 0.1 pips |
Stock CFDs commission | 0% |
ETF CFDs | 0% |
Crypto commission | From 0.22% |
Monthly Fee for maintaining an Account | Free of charge or up to 10 EUR |
Withdrawal fee | $0 |
Deposit fee | $0 |
Broker Features | Availability |
Minimum Investment Amount | No |
Demo Account | Yes |
Mobile App | Yes (Android or iOS) |
Payment Methods | Credit/debit cards, Bank Transfer, Skrill |
Transaction Fees | No |
7. eToro – Low-Cost Stock Broker in the UK
As eToro users, we can confidently affirm that it stands out as the cheapest trading platform UK for copy trading. Its unique copy trading feature, which allows users to automatically replicate the trades of successful traders on the platform is available at a minimum amount of $200. This feature is particularly appealing for beginners or those who prefer a hands-off approach to trading. Besides stocks, we also explored additional assets on eToro’s user-friendly platform, including forex, commodities, cryptos, NFTs, ETFs, indices, and more.
Note that eToro has a $100 minimum deposit requirement and offers commission-free trading on stocks. This makes it an attractive choice for cost-conscious investors as they can easily buy or trade various company stocks without taking full ownership. We were pleased to find that there were no hidden fees with eToro, and deposits were free of charge*. Unfortunately, we incurred a $5 when making withdrawals.
*A conversion fee may be applied as withdrawals and deposits are conducted in USD. Any other currency will have to be converted.
- Commission-free stock broker
- Over 3,000 stocks that you can purchase in fractions
- £100,000 virtually-funded demo account
- Limited advanced resources for professional traders
- Withdrawal charges apply
Types | Fee |
Minimum Deposit | $100 |
Conversion Fee | depends on your payment method, currency, and eToro Club level. |
Overnight Fee | vary according to the value and direction (BUY or SELL) of your position |
Withdrawal Fee | all withdrawal requests are subject to a $5 USD fee |
Inactivity Fee | monthly inactivity fee of $10 USD (charged after 12 months) |
Broker Features | Availability |
Minimum Investment Amount | $100 |
Demo Account | Yes |
Mobile App | Yes (Android or iOS) |
Payment Methods | Bank transfers, debit cards |
Transaction Fees | Withdrawal fees apply |
8. AvaTrade – Cheapest Beginner – Friendly Broker in the UK
AvaTrade emerges as a cost-effective and mobile-friendly broker in the UK. From our experience, we primarily recommend it to beginners due to its user-friendly interface that allows for easy navigation and operation. When exploring its trading app, we liked AvaTrade’s emphasis on security. The broker ensures the protection of both user data and funds, instilling confidence in traders who prioritise the safety of their financial transactions.
AvaTrade imposes a minimum deposit of at least £100, allowing traders with various budget sizes to access its services. Furthermore, there are no commissions for CFD trades, with spreads starting as low as 0.9 pips. Like the desktop version, the AvaTradeGO app hosts over 1,000 assets for trading. We didn’t incur account or transaction fees when using the broker, which makes us believe it suits low-budget traders. Sadly, AvaTrade imposes a high inactivity fee, which comes into effect after only three months of no account activity.
- A user-friendly and customisable CFD trading platform
- £100 minimum deposit requirement, which most traders consider low
- Commission-free broker with spreads starting from 0.9 pips
- A transparent broker, allowing you to easily budget and plan for your activities
- High inactivity fee
- Limited asset offerings compared to its peers
Type | Fee |
Minimum Deposit | £100 |
Inactivity Fee | USD Account: $50 EUR Account: €50 GBP Account: £50 |
Administration Fee | USD Account: $100 EUR Account: €100 GBP Account: £100 |
Deposit Fee | $0 |
Withdrawal Fee | $0 |
Broker Features | Availability |
Minimum Investment Amount | £100 |
Demo Account | Yes |
Mobile App | Yes (Android or iOS) |
Payment Methods | E-wallets, Bank transfers, credit/debit cards |
Transaction Fees | None |
9. OANDA Europe LTD – Best Low-Cost Broker For UK MetaTrader 4 Users
Our experience with OANDA Europe LTD led us to conclude that it is the best cheapest broker UK for MetaTrader users and we will tell you why. First, the broker has competitive spreads, starting from just 0.8 pips. This feature alone makes it an attractive choice for traders who want to maximize their profits. OANDA Europe LTD also offers extensive range of trading instruments on its MT4 platform. We explored spread betting assets, including forex, indices, commodities, bonds, and metals.
Customer service is another area where OANDA Europe LTD truly shines. We contacted the team and received support and transparency. Although the support service is available five days a week, we found them to be responsive and helpful. OANDA Europe LTD also features an excellent trading app you can use to manage your activities on the go.
- Access to a range of CFD trading instruments
- Supports MT4 and TradingView platforms
- Responsive and reliable customer service
- FCA-regulated for added security and transparency
- Limited educational materials compared to some other brokers
- Inactivity fees apply after 12 months of no account activity
Type | Fee |
Minimum deposit | $0 |
Overnight fee | Yes |
Deposit fee | $0 |
Withdrawal fee | $0 to your PayPal account* |
Inactivity fee | Yes |
*We do not charge a fee for withdrawals made to your PayPal account. If your PayPal account is denominated in a currency other than GBP, EUR or USD, you may incur an exchange fee levied by PayPal.
Broker Features | Availability |
Minimum Investment Amount | £0 |
Demo Account | Yes |
Mobile App | Yes (Android or iOS) |
Payment Methods | E-wallets, Bank transfers, credit/debit cards |
Transaction Fees | None |
Note: 76.6% of retail investor accounts lose money when trading CFDs with this provider.
10. Saxo – Best Broker for Trading Options with Low Budget
We found Saxo to be the ideal stock broker for trading options if you are on a low budget. With access to over 1,200 listed options from 23 global exchanges, Saxo offers a diverse range of options to choose from. Its long-standing reputation as a safe and reliable broker gave us the confidence to trade with peace of mind.
Based on our experience, Saxo charges low options trading fees. Traders will be able to execute trades without incurring significant costs. The platform’s customizable features and quality research materials make us recommend it to both new and experienced options traders. We also enjoyed the broker’squality educational resources and a demo account. Saxo doesn’t have minimum deposit requirement.
- Wide range of tradable assets.
- Low options trading charges.
- Excellent research resources.
- No MetaTrader platforms.
Type | Fee |
Minimum deposit | $0 (for Classic account) |
Inactivity fee | $0 |
Deposit fee | $0 |
Withdrawal fee | $0 |
Manual order fee | €50 per order |
Stocks | from $1 on US stocks |
Futures | $1 per lot |
Listed options | $0.75 per lot |
ETFs | from $1 |
Bonds | from 0.05% on govt. bonds |
Mutual funds | $0 |
Broker Features | Availability |
Minimum Investment Amount | £0 |
Demo Account | Yes |
Mobile App | Yes (Android or iOS) |
Payment Methods | E-wallets, Bank transfers, credit/debit cards |
Transaction Fees | None |
11. DeGiro – Overall Best Cheapest Trading Broker in the UK
We signed up for investment accounts with DeGiro and had an amazing experience. For instance, the broker has no minimum deposit requirement, which made as to start trading with as little as £1. DeGiro also charges low commissions and minimal administrative costs, meaning that it is a perfect fit for low-budget investors. While conducting our research and analysis, DeGiro resources came in handy, although we noticed that the broker doesn’t supply a few advanced research tools.
Besides stocks, DeGiro hosts additional securities, including ETFs, futures, options, and bonds. We tried diversifying our portfolios with these assets and mitigated the risks of single investments. We also tested the broker’s trading app using our Android and iOS devices, and its efficiency makes us recommend it for any trader looking for user-friendly and intuitive design platforms. The platform also provides essential tools and research resources to support informed decision-making.
- Free deposits and withdrawals.
- No minimum deposit requirement.
- Quality educational tools.
- No inactivity fee.
- No demo account.
- No forex and CFDs.
Types | Fee |
Minimum deposit | €0 |
Withdrawal fee | €0 |
Inactivity fee | €0 |
Deposit fee | €0 |
Custody fee | €0 |
Currency conversion | 0.25% |
Broker Features | Availability |
Minimum Investment Amount | £0 |
Demo Account | No |
Mobile App | Yes (Android or iOS) |
Payment Methods | E-wallets like PayPal and Skrill, Bank transfers, credit/debit cards |
Transaction Fees | None |
12. Trading 212 – Best UK Broker with the Tight Spread
As Trading 212 clients, we can confidently say it is the best UK broker for traders seeking tight spreads. This user-friendly platform offers commission-free trading across over 2,500 instruments, including forex, stocks, CFDs, and ETFs. Although we incurred spreads, they are among the lowest in the industry. The platform offers customisable features that allow us to tailor our trading experience according to our preferences.
In our opinion, what sets Trading 212 apart is its low barrier to entry. With a minimum deposit requirement of just £1, it is accessible to traders with various budgets. Additionally, the reliable and user-friendly mobile app provided by Trading 212 enabled us to manage our open positions and monitor the markets while on the go. We also explored excellent educational materials and a demo account.
- Tight spread.
- £1 minimum deposit requirement.
- Commission-free trading.
- Responsive customer service, which is available 24/7.
- Limited product portfolio.
Type | Fee |
Minimum deposit | $1 |
Deposit fee | $0 |
Withdrawal fee | $0 |
Overnight fee | Yes, if you plan to keep CFD positions open overnight |
Inactivity fee | $0 |
Stocks | $0 |
Forex | $0 |
Commodities | $0 |
ETFs | $0 |
Broker Features | Availability |
Minimum Investment Amount | £1 |
Demo Account | Yes |
Mobile App | Yes (Android or iOS) |
Payment Methods | E-wallets, Bank transfers, credit/debit cards |
Transaction Fees | None |
What Do Other Traders Say?
Understanding the experiences of other traders is crucial when evaluating the cheapest stock brokers in the UK. To provide you with valuable insights, we conducted an extensive analysis of user comments from reputable platforms such as Google Play, the App Store, and Trustpilot. Our aim was to capture the collective sentiment and feedback of hundreds of thousands of users. Below, we present a summary of what these traders had to say about the following FCA-regulated brokers.
- Pepperstone: Users were impressed with Pepperstone’s competitive spreads, fast trade execution, and the variety of trading platforms available. However, a few users mentioned occasional technical issues. For this reason, we give it a 4.3-star rating.
- DeGiro: Users on Google Play, the App Store and Trustpilot generally appreciate DeGiro’s low fees and wide range of assets, rating it highly for affordability and variety of stock offerings. However, occasional delays in customer support response affected its overall rating, making us give it 4.0 stars.
- eToro: Users praise eToro’s social trading feature and user-friendly interface, particularly highlighting its copy trading functionality. However, some users reported occasional slippage during volatile market conditions. With many positive reviews, we give eToro a 4.2-star rating.
- FP Markets: Users commended FP Markets for its low fees, wide range of markets, and efficient customer support. Unfortunately, a few users wished for more educational resources. These reviews made us rank the broker with a 4.1-star rating.
- OANDA: OANDA has also gained positive testimonials for its user-friendly platform, competitive pricing, and quality customer support. A few users reported occasional technical glitches, and this earned it a 4.2-star rating.
- Saxo: The majority of Saxo’s users highlighted its comprehensive research and analysis tools, rating it highly for advanced trading strategies. However, a few mentioned higher fees compared to other brokers. These testimonials made us give Saxo a 4-star rating.
- Trading 212: Most Trading 212 users appreciated the broker’s zero-commission structure, user-friendly mobile app, and extensive range of available stocks. Although occasional technical issues were also mentioned, we give the broker a 4.1-star rating.
- AvaTrade: AvaTrade gained numerous positive reviews from most of its users when it comes to mobile trading. The users also commended the broker for its quality educational resources, variety of trading platforms, and wide range of assets. However, occasional delays in customer support response were reported, and we give it a 4.3-star rating.
The Ultimate Guide About Cheap Online Trading
Cheap online trading offers an opportunity for individuals to engage in financial markets with minimal costs. This form of trading allows traders to access various financial instruments, such as stocks, commodities, currencies, and more, without incurring high fees or expenses. As a result, they get to efficiently make investment decisions and seize market opportunities that could bring about good profits.
While pursuing cheap online trading, it is crucial to consider factors beyond costs alone. Evaluate the reliability, security, and regulatory compliance of an online broker. Conducting thorough research, reading user reviews, and considering the range of available assets and trading tools are essential aspects of selecting the right online broker for cheap trading. We will take you through the procedures below to ensure you select the best for your needs.
How to Choose the Right Cheap Stock Broker
Choosing the right cheap stock broker is a crucial step in your trading journey. To ensure you make an informed decision, consider the following key elements when evaluating potential brokers.
Prioritize the safety of your funds and personal information. Look for brokers that are regulated by the FCA since the authority provides oversight and enforces strict security measures to protect traders’ interests. Remember, the UK financial market is full of scammers, and you do not want to fall victim to them.
A user-friendly and reliable trading platform is essential for a smooth trading experience. Ensure the broker offers a platform that is intuitive, easy to navigate, and equipped with essential features such as real-time market data, order execution capabilities, and charting tools. You can test it with a demo account.
Evaluate the fee structure of a broker, including commission fees, spreads, and any other charges. Look for brokers that offer competitive pricing and low-cost trading options fit for your budget. Consider the overall cost-effectiveness of the broker based on your trading volume and frequency.
Check the availability of the specific stocks or assets you intend to trade. A diverse range of tradable assets allows for greater flexibility in building your investment portfolio. Ensure the broker offers access to the markets and assets that align with your trading strategies and preferences.
Reliable customer support is crucial, especially if you are new to trading or encounter any issues along the way. Evaluate the broker’s support channels, such as live chat, email, or phone support, and consider their availability and responsiveness. Prompt and helpful customer support can significantly enhance your trading experience.
Take into account the experiences and recommendations of other users. Check user reviews and testimonials on reputable platforms like Google Play, the App Store, or Trustpilot. User feedback can provide insights into the broker’s performance, reliability, and overall user satisfaction.
Read about the best NinjaTrader brokers in the UK and the best UK micro account brokers in our other comprehensive guides.
How Does a Discount Broker Work?
A discount broker operates through an online platform, providing traders with direct access to financial markets. The brokers offer cost-effective pricing structures, typically with lower commission fees and reduced trading costs compared to traditional full-service brokers.
Discount brokers cater to self-directed traders who prefer to make their own investment decisions, providing the tools and resources necessary for independent research and analysis. They generally do not offer extensive advisory services but may provide online support through channels like live chat or email. With convenience and accessibility, discount brokers allow traders to manage their portfolios and execute trades online, offering a cost-effective option for those seeking greater control over their investments.
Factors to Note Before Trading Stocks
Stock trading in the UK can be profitable with proper planning and strategies. As a beginner, do not rush into the activity without being fully prepared. Besides finding an ideal stock broker for your needs, learn more about the stock market and what influences its price for the best decisions. Additionally, ensure you note additional factors, including:
- Risk Tolerance – Assess your risk tolerance level. Understand that stock trading involves inherent risks, and it’s essential to determine how much risk you are willing to take before investing your hard-earned money.
- Financial Goals – Define your financial goals and objectives. Whether you want to grow your wealth over the long term or generate additional income, having clear goals will help guide your investment decisions.
- Research and Analysis – Conduct thorough research and analysis before making any investment decisions. Familiarise yourself with the companies you are interested in investing in. Analyse their financial performance and consider factors such as industry trends and market conditions.
- Diversification – Do not put all your eggs in one basket. Diversifying your investment portfolio by investing in various stocks can help mitigate risk and maximise potential returns.
- Costs and Fees – Be aware of the costs and fees associated with stock trading, including brokerage commissions, transaction fees, and taxes. These expenses can impact your overall investment returns, so factoring them into your trading strategy is essential.
- Emotional Discipline – When trading stocks in the UK, keep your emotions in check. Fear and greed can cloud your judgment and lead to impulsive decision-making. Stick to your trading plan and remain disciplined, even during periods of market volatility.
What Assets You Can Trade with Cheapest Trading Platforms
The cheapest trading platforms UK offer a wide range of assets for traders to trade. While the specific assets available may vary depending on the platform and broker, here are some common asset classes you can expect to trade with these platforms.
- Stocks – Cheap trading platforms typically provide access to a variety of stocks listed on major exchanges. Traders can trade, buy and sell shares of individual companies, allowing them to participate in the equity markets and potentially profit from price movements.
- Exchange-Traded Funds (ETFs) – ETFs are investment funds that trade on stock exchanges and aim to track the performance of a specific index, sector, or asset class. Cheap UK trading platforms often offer a selection of ETFs, providing traders with diversification options and exposure to various market segments.
- Options – Options give traders the right, but not the obligation, to buy or sell an underlying asset at a predetermined price within a specified time frame. Some discount brokers UK offer options trading, allowing traders to speculate on price movements or hedge their existing positions.
- Futures and Commodities – Trading platforms may provide access to futures contracts, enabling traders to speculate on the future price of commodities like oil, gold, or agricultural products. Futures trading can offer opportunities for diversification and exposure to different markets.
- Currencies – Forex trading involves buying and selling different currencies in the foreign exchange market. Many cheap trading platforms offer forex trading, allowing traders to take advantage of currency fluctuations and engage in the largest financial market globally.
- Cryptocurrencies – With the rise of cryptocurrencies, some cheap trading platforms also offer the ability to trade digital currencies like Bitcoin, Ethereum, or Litecoin. Traders can take advantage of the volatility in the crypto market and potentially profit from price movements.
Explaining Cheap Online Trading Risks
While cheap online trading offers affordability and accessibility, it is essential to be aware of the potential risks involved. Here are some key risks to consider when engaging in cheap online trading.
Financial markets are subject to volatility, and price fluctuations can occur rapidly. Cheap online trading platforms may provide quick and convenient access to these markets, but it also means that traders need to be prepared for the inherent risks associated with market volatility. Sudden price movements can lead to unexpected gains or losses, and traders should exercise caution and implement risk management strategies to protect their capital.
Cheap online trading platforms often offer limited research and analysis tools compared to full-service brokers. Traders relying solely on these platforms may have to conduct their own research or depend on external sources for market insights. This can be challenging, especially for beginners or those lacking experience in fundamental and technical analysis. It is important to supplement trading decisions with thorough research and stay informed about market trends and news.
Discount brokers UK typically do not provide personalised investment advice or dedicated financial advisors. Traders are responsible for making their own investment decisions, which may increase the risk of making uninformed or impulsive trades. It is crucial to have a solid understanding of trading concepts, strategies, and risk management techniques before engaging in cheap online trading.
To mitigate these risks, traders should educate themselves about the markets, develop a trading plan, and implement risk management strategies. It is advisable to start with small investments and gradually increase exposure as experience and confidence grow. Regular monitoring of trades and staying updated on market conditions can help identify potential risks and make informed decisions.
Pros & Cons of Zero Commission Trading
Zero commission trading has gained popularity in recent years, offering traders the opportunity to execute trades without incurring commission fees. While this pricing model has its advantages, it is essential to consider the pros and cons before trying it.
Pros
- Traders can keep more of their profits by eliminating commission fees.
- The activity mostly comes with low minimum deposit requirements, making trading accessible to a wide range of individuals.
- Traders have access to a diverse range of tradable assets.
- Zero commission allows for more frequent trading
- By saving on commission fees, traders can potentially increase their overall profitability.
Cons
- Some platforms may compensate for zero commission fees by widening spreads.
- Limited research and analysis tools. Traders may need to rely on external sources for comprehensive market insights.
- Zero-commission trading platforms typically do not provide personalised investment advice.
- The absence of commission fees may lead to impulsive trading decisions and overtrading.
Read also full Trade Nation review in our other article.
FAQs
The cheapest trading platform in the UK is DeGiro. Before creating a trading account, confirm if its offerings, such as trading assets, research tools, and trading fees, match your trading requirements.
Yes. Whereas it’s possible to trade without a broker, there are many challenges that come with it. Trading with a broker gives you access to the financial markets and diversifies your portfolio.
There are many commission-free brokers to choose from, most of which we have listed above. Simply confirm if it matches your requirements before you create a trading account.
From our research, the best free demo account is Plus500 since it is highly rated by users on Google Play and App Store. Note that there is no completely free broker. Although it doesn’t charge commissions, expect spreads, which are among the lowest.
Choose a stock trading broker that does not charge commissions for trading stocks. Most of the UK brokers also do not have minimum deposit requirements like our referenced ones above.
Conclusion
The cheapest stock brokers in the UK we recommend above allow you to enter into the trading and investment space with small capital. With these brokers, you can choose to purchase company shares and take ownership or trade them as CFDs or indices. The brokers also list additional assets, meaning you can easily diversify your portfolio and mitigate the risks of investing in a single asset.
Remember, success in cheap online trading comes not only from finding the cheapest options. You must also develop a solid understanding of the markets, implement effective risk management strategies, and continually refine your trading skills. With dedication, discipline, and a commitment to continuous learning, you can thrive in the world of cheap online stock trading and achieve your financial goals.
How we test?
Our test process is really based on two different aspects: our independent tests and research, as well as user reviews from Google Play, the App Store, and Trustpilot, etc.
The first thing we do when testing is to check every detail and test every tool and instrument. Our experts spend more than 200 hours on every article. We pay special attention to the specific function or the criteria that we’re comparing during the comparing stage. This means that we must determine which broker is more suited for beginners, and which is better suited for experts, for example. Find out more about our test process here.
DeGiro is a broker good for beginners? Or do I need to start with a broker with a demo account?
Honestly, I didn't quite understand how to choose a broker before. But after reading this article, everything became clear! I chose Pepperstone, and I don't regret it. Their transparency and quick execution amazed me. Also, excellent reviews about AvaTrade convinced me of their reliability. Now I feel like a confident trader. My experience with Pepperstone is simply delightful! Fast trades, responsive support, and, most importantly, the growth of my portfolio. Thanks for the useful information!