When it comes to trading financial markets, every penny counts. Many traders’ careers have come to a frustrating conclusion due to high costs and diminished returns. I don’t want you to face a similar end. For this reason, I’ve decided to help you avoid costly providers and find the cheapest broker UK.
Don’t get me wrong; my sole aim is not to help you find any cheap trading platform. My ultimate goal is to ensure you are trading with a service provider who not only prioritises affordability but is also credible, reliable, and trustworthy. Before recommending the cheap brokers you’re about to discover, I spend weeks researching and testing scores of service providers.
List of the Best Discount Brokers
- Pepperstone – One of the Cheapest With Multiple Platforms
- eToro – Cheapest With Social Trading Features
- Spreadex – Cheapest With Spread Betting Options
- FP Markets – Top Options For CFD Trading
- OANDA Europe LTD – Best Option For UK MetaTrader 4 Users
In this guide
Best Cheap Brokers in the UK
Broker reviews
I dedicated weeks to researching and testing the UK’s trading platforms. Afterwards, I eliminated those that don’t fit to be called providers and then pitted the remainder against each other. Days of gruelling work eventually concluded with me picking 5 FCA-regulated brokers that reigned supreme. While selecting the supreme 5, I weighed all critical factors, from regulation and reputation to support and product range.
Here are reviews of the best 5 discount brokers UK. I have highlighted each provider’s strongest suit, features, and downsides. Dig in!
1. Pepperstone – One of the Cheapest With Multiple Platforms
I’m a big fan of third-party trading platforms, like the MetaTrader solutions. If you’re like me, Pepperstone is the best discount broker to trade with, whether it’s forex or CFDs on indices, shares, and other financial assets. Why?
Pepperstone has a host of trading platforms, both third-party and proprietary. After signing with this broker, you can trade with MT4 or MT5, two of the most popular trading tools today. If your strategies require advanced charting tools and a vibrant social network, TradingView is within easy reach. Or, you can opt for cTrader, which boasts robust charting and customisation features.
Besides third-party solutions, you can trade the markets with Pepperstone’s proprietary app. Having tested it, I highly recommend the app to mobile traders. With it, you can trade on the go from your Android or iOS smartphone. You can also use Quick Switch to swap between charts, build custom watchlists, and mitigate losses with the best risk management tools.
Platforms aside, I urge you to consider trading with Pepperstone because it is cost-friendly. The broker doesn’t require you to deposit a specific amount of money before you can trade and has zero transaction fees. Furthermore, as a Pepperstone user, you won’t expose yourself to inactivity penalties whenever you let your account idle for any amount of time.
✔ No dealing desk intervention
- Multiple third-party and proprietary platforms
- No minimum deposit
- No transaction fees
- Low spreads from 0 pips
- Simplified UI
- It could have more financial products
- Most available assets are CFDs
| Type | Fee |
| Minimum Deposit | $0 |
| 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 card and debit card |
| Transaction Fees | None |
2. eToro – Cheapest With Copy Trading Features
If you are a newbie who’s still learning the ropes but would like to start trading and earning right off the bat, you should check out eToro. This platform has one of the biggest social networks today. Join it today and get the opportunity to learn from more experienced traders. While gathering more knowledge, you can use the available copy trading features to copy your chosen gurus and earn substantial returns.
Spend as much time as possible learning and copying experienced pros on eToro. When ready, you can branch out solo and do your own thing. After trading for a while and raking in steady profits, feel free to join eToro’s Popular Investor program. Through it, you can help beginners by giving them the chance to copy your trades, the same way you benefited from other gurus when you were a newbie. You’ll also stand to earn incredible rewards from the broker.
In addition to amazing social trading features, I highly recommend eToro because of its impressive asset catalogue. You can trade over 7,000 securities with this broker. You also add real shares to your portfolio since this service provider allows its clients to buy 6,000+ stocks.
*A conversion fee may be applied as withdrawals and deposits are conducted in USD. Any other currency will have to be converted.
✔Low minimum to fund an account and begin investing
- Unmatched social and copy trading features
- Over 7,000 financial assets for traders
- Traders can buy and sell real stocks
- Extensive educational materials
- Offers a world-class crypto exchange
- £10 inactivity fee
- Higher spreads than its peers
| 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 |
3. Spreadex – Cheapest With Spread Betting Options
Spreadex is one of a handful of discount brokers that support spread betting. Sign up today and start betting on rising and falling asset prices. You’ll get the uncapped opportunity to earn significant returns. The best part is that you’ll keep most of your profit since the UK government doesn’t tax spread bettors.
If you are worried about investing huge sums before you can bet on spreads with Spreadex, let me brighten your day with excellent news. This broker doesn’t have a minimum deposit, therefore you can register, top up your account with whatever you can manage, and dive in. Plus, your capital and returns will remain untouched because the platform doesn’t have fees for deposits or withdrawals.
The other good news is, if you are a professional trader, signing with Spreadex will put you in the best position to enjoy boons that most average traders only hear of. They range from more financial markets and tight margins to increased leverage and advanced trading tools.
Finally, besides trading and spread betting, Spreadex supports sports betting. If you are a fan of this activity, signing up with this broker will allow you to trade and bet on sports events from the same platform, which is more convenient than having to switch between multiple sites constantly.
✔Helpful customer service
- Supports tax-free spread betting
- No minimum deposit
- Free deposits and withdrawals
- Allows sport betting
- No inactivity fee
- Higher spreads than its peer
- Can overwhelm beginners
| 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 – Top Options For CFD Trading
I have yet to find a broker that offers more CFDs than FP Markets. This CFD trading broker allows its clients to trade 10,000+ CFDs on various securities, including shares, commodities, and indices. Building an extensive, diversified portfolio will be a dream when trading with this broker. Besides, it also supports forex trading and puts a wide variety of major, minor, and exotic FX pairs.
I’ve also ranked FP Markets with the best cheapest broker UK providers because of its range of platforms. You can trade on the go with its mobile app or access its WebTrader platform from your PC or smartphone’s browser. If you’d rather deal with one of the best third-party solutions, you can go with any of the hosted solutions, either MT4, MT5, TradingView, or cTrader.
Not to mention, FP Markets has some of the juiciest spreads and commission deals in the market. Enjoy fabulous spreads from 0 pips while trading your favourite currency pairs with this discount broker, GPB/JPY, GBP/CAD, and EUR/CAD.
I also consider FP Markets one of the top providers since it does everything possible to accommodate different types of traders. For instance, this broker Islamic trading accounts to Muslim traders who can’t pay interest on overnight positions because it’s haram.
✔Accounts can be opened fast and easy
- Over 10,000 financial assets on Iress
- Supports multiple platforms, including MT4 and MT5
- Low spreads from 0 pips
- Top-tier risk management tools
- No inactivity fee
- Fewer assets on other platforms, including MT4 and MT5
- Iress has a £1000 minimum balance requirement
| 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. OANDA Europe LTD – Best Option For UK MetaTrader 4 Users
MT4 is one of my go-to trading platforms for good reasons. I love it because, first, its interface is very user-friendly. Anyone can use it without facing any major hurdles, including beginners. Moreover, while trading on it, I always have the opportunity to leverage robust technical analysis and charting tools.
If you often trade with MT4, like me, consider signing up with OANDA. It hosts MetaTrader 4, so you’ll have uncapped access to your favourite platform. You’ll also have the chance to harness the power of many other solutions, from MT5 and TradingView to OANDA Web and OANDA Mobile.
In addition to excellent platforms, I propose joining OANDA because this broker has no minimum deposit requirement; what you have is what you can start trading with. Once you sign up, you can trade a wide variety of instruments, including CFDs on cryptocurrencies, metals, bonds, commodities, and shares.
If you often trade high volumes, check out OANDA’s premium account offer. If you are eligible, go with it. It’s ideal for high-volume traders since it has numerous unique perks, from premium spreads and a dedicated relationship manager to top-tier market analysis reports and reimbursements on wire transfer fees.
✔ Fast and user-friendly account opening
- MT4, MT4, and other robust platforms
- No minimum deposit requirement
- Excellent support
- Additional boons for high-volume traders
- A wide variety of financial instruments
- Higher spreads than its peers
- $10 monthly inactivity fee
| 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.
Compare Brokers
In our quest to provide you with the best discount 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 products, the charges involved, the availability of demo accounts, and the level of 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.
| Best Low-Cost Brokers | Licence | Support Service | Software | Payment | Demo Account | Money Insurance (Negative money protection) |
|---|---|---|---|---|---|---|
| Pepperstone | FCA, ASIC, DFSA, CySEC, BaFin, SCB, CMA | 24/7 | MetaTrader 4, MetaTrader 5, cTrader, TradingView | Credit cards, Bank transfer, PayPal | Yes | Yes (up to £85,000) |
| eToro | ASIC, CySEC, FCA, FSAS | 24/5 | eToro investing platform, Multi-asset platform, Copy Trader | Debit cards, Bank transfer, Neteller, Skrill, eToro Money, Online Banking | Yes | Yes (up to $250,000) |
| Spreadex | FCA, SEBI | 24/5 | IPHONE App, IPAD App, ANDROID App, TradingView | Bank Wire Transfer, Credit cards | No | Yes (up to £85,000) |
| FP Markets | CySEC, ASIC, FCA, SEBI | 24/7 | MT4, MT5, cTrader, Iress | Credit/debit cards, Bank transfer, PayPal, Neteller, Skrill, PayTrust FasaPay | Yes | Yes (up to $500,000) |
| OANDA Europe LTD | FCA, CySEC, FSA | 24/5 | MT4, OANDA Trade | Credit/debit cards and Bank transfer | Yes | Yes (up to £85,000) |
How to Choose Cheapest Trading Platform
I have recommended service providers that, based on my research and experience, rank higher than the rest. Now, I need to show you how to choose the most credible and reliable cheapest trading platform in the UK and avoid second-rate providers. It’s 100% doable; you just have to screen the brokers you encounter based on the following:
When choosing a trading platform, considering regulatory status is non-negotiable. You want a platform that’s licensed by trusted authorities such as the FCA, ASIC, and CySEC (Europe). These enforce strict standards that protect you, the trader, ensuring transparency and fair practices.
Without proper regulation, you’ll likely face many issues like unfair trading conditions and unpaid withdrawals. I also recommend verifying every platform’s regulatory status before committing since a well-regulated provider gives you peace of mind, knowing your funds and personal information are secure.
I can’t overemphasise how crucial factoring in costs is when selecting the best platform. Many platforms advertise low costs but have myriad hidden elements that counter that, including high spreads, withdrawal charges, and inactivity fees.
You must consider the total cost of trading, not just the advertised rates. For example, a platform with a tight spread but high withdrawal fees might end up costing you more over time. Always read the fine print while keeping an eye out for aspects that will ultimately make trading expensive and undermine your returns.
A good reputation is a must-have for every reliable trading platform. I always look for platforms with a solid track record of transparency, reliability, and positive reviews from other traders. Online forums, social media groups, and third-party review sites are great for getting a feel for a platform’s reputation. Like me, you should avoid any platform with a history of unresolved complaints or poor customer service because it can lead to major headaches.
Trustworthy platforms usually have positive feedback, reliable performance, and a track record of handling issues responsibly. While weighing reviews left by other traders on Google Play, the App Store, etc., check the company’s reputation when it comes to offering prompt assistance and responses.
Customer support is an often overlooked but vital factor. You don’t want to get stuck with a platform that leaves you hanging when you encounter a problem. Whether it’s during a trade or a technical issue, having reliable, fast customer service can save you a lot of stress.
Look for platforms that offer multiple contact options: live chat, phone support, or email. Ideally, customer support should be 24/7, especially if you’re trading in different time zones. Fast, professional help ensures your questions are answered quickly, allowing you to stay focused on your trades instead of dealing with frustrating delays.
Having access to a wide range of assets is crucial for building a diversified portfolio. You want to trade not only forex but also stocks, commodities, cryptocurrencies, futures and more. A platform that offers limited assets could restrict your trading opportunities, especially as your strategy evolves. It’s important to choose a platform that can accommodate your future goals.
With more asset variety, you have the flexibility to shift strategies, explore different markets, and react to new opportunities without switching platforms. Always check the platform’s asset offering to ensure it aligns with your trading preferences and long-term objectives.
The trading platform itself plays a huge role in your experience. Look for platforms that support advanced charting tools, technical indicators, and order management systems. Compatibility with popular trading platforms like MetaTrader 4/5 and TradingView can offer additional functionality and ease of use.
It’s also important that the platform is available on both desktop and mobile so you can trade on the go. A solid, easy-to-use platform can make a huge difference, ensuring you can execute trades efficiently and analyse markets in real time, whether at home or travelling.
Read about the best NinjaTrader brokers in the UK and the best UK micro account brokers in our other comprehensive guides.
Conclusion
With the cheap brokers recommended here, you can trade your favourite financial assets and earn solid returns. That said, trading with these service providers isn’t the alpha and omega of succeeding while trading the markets. If you lack sufficient knowledge, a broker’s cost-friendliness won’t save you from what you will encounter in a short while- immense financial losses.
With that in mind, if you are a noob, I strongly suggest studying the fundamentals and practising with virtual money in demo mode before taking the final plunge. It shouldn’t be a hassle since many brokers have free educational materials you can access anytime, anywhere, including trading courses, webinars, and podcasts. Use them to build sufficient trading knowledge and better your chances of succeeding.
Read also full Trade Nation review in our other article.
How we test?
The entire TradingGuide team never holds back when it comes to searching for service providers to recommend to you, our beloved reader. We always research extensively and factor In feedback on multiple sites, like Google Play and Trustpilot. Our team never relies on its opinions exclusively since we don’t want to be biased.
Furthermore, before reviewing and recommending each broker, our gurus conduct tests with demo and live accounts. We want to be factual and base every sliver of information on our own experience, not third-hand information and testimonials alone.
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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!
It’s good to see a comparison like this that lays everything out clearly. For anyone just getting started, I’d recommend testing the demo accounts first to get a feel for the platform. Thanks for putting this together!