Lloyds Banking Group is a British financial institution founded in 2009. It is one of the biggest financial services companies in the UK and has its shares listed on the London Stock Exchange. Lloyds Banking Group’s growth continues to attract investors from global regions. If you are interested in purchasing the company’s shares, we take you through the simple procedures using stock brokers. Plus, we recommend the top three brokers for buying the company’s shares in the UK to help you get started on a good note.
In this guide
How to Buy Lloyds Banking Group (LLOY) Shares
Top 3 Brokers for Buying Lloyds Banking Group (LLOY) Shares
Investing in LLOY stock requires online brokers with access to the London Stock Exchange (LSE), where they are listed. With online brokers, not only are you able to buy LLOY shares, but you also get to trade the shares as derivatives. Online brokers also have additional financial securities to diversify your portfolio, including forex, commodities, cryptocurrencies, etc.
One of the challenges traders and investors experience is finding the best broker for buying Lloyds Banking Group shares. Not only should a broker meet your investment style and needs, but it must allow you to access the London Stock Exchange, where LLOY stock is listed. Below, we recommend the top three brokers for buying LLOY shares. However, keep in mind that their features vary, so feel free to compare them and choose a suitable one.
1. IG Markets
IG Markets allows Lloyds Banking Group stock investment and derivatives trading on a user-friendly and intuitive design platform that offers quality resources for market analysis and skills advancement. Besides providing a demo account to prepare you before investing in the real market, IG Markets has a social trading platform perfectly tailored for like-minded traders who want to meet and share trading ideas.
On the flip side, IG Markets can be expensive to afford since it charges high trading and investment fees. You will also have to deposit a minimum of £300 before accessing LLOY stock. On top of that, there is a subscription fee for inactive traders and investors.
✔ Leading broker with low fees
2. eToro
eToro is another considerable choice for investors looking for quality resources on a user-friendly platform. eToro’s award-winning social and copy trading platforms attract investors and traders from diverse regions to meet, exchange trading ideas, and copy expert traders’ positions.
To buy LLOY stock using eToro, a minimum deposit of $100 is required. Making deposits is free*, and the broker offers plenty of payment options to choose from. However, eToro charges a funds withdrawal fee and accessing the copy trading platform requires $200 as a minimum deposit.
*A conversion fee may be applied as withdrawals and deposits are conducted in USD. Any other currency will have to be converted.
Disclaimer: eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. {etoroCFDrisk}% 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.
Zero commission means that no broker fee will be charged when opening or closing the position and does not apply to short or leveraged positions. Other fees apply including FX fees on non-USD deposits and withdrawals. Your capital is at risk. For more information, click here.
✔Low minimum to fund an account and begin investing
3. CMC Markets
Like IG Markets, CMC Markets has a long track record and its ability to continue offering quality trading tools make it one of the trusted brokers in the UK. Its NextGeneration platform has an intuitive design and is easy to use, supporting all types of traders. Moreover, the broker offers the MT4 platform suited for forex traders.
CMC Markets doesn’t have a minimum deposit requirement, and all transactions are free. However, you can only trade LLOY stock as CFD and spread betting since the broker cannot access LSE, which lists the shares of Lloyds Banking Group. The support service offered also operates only five days a week.
✔ Great selection of assets
How to Buy Lloyds Banking Group Shares With IG Markets
The process for buying Lloyds Banking Group shares is the same for all brokers regulated by tier-one authorities such as the FCA. Below, we take you through how to buy LLOY stock using IG Markets as an example.
You first need to access the IG Markets website and register for an account before trading LLOY stock. On this page, we share links that give you quick access to the broker’s platform. Before you begging the account sign-up procedure, ensure you are familiar with the broker’s terms and conditions. Also, install its trading app on your mobile device to manage your activities on the go.
Once you are comfortable with IG Markets’ terms and conditions, you will create a trading account by sharing your personal details, including your name, email, phone number, date of birth, etc. IG Markets will also require that you create a username and password to secure your account.
The next step is to verify your account since this is a standard protocol by all FCA-regulated brokers. You will be required to provide proof of your identity and location by sharing copies of your original ID card or passport and a utility bill or bank statements, respectively. IG Markets will then review your documents before fully activating your account. Therefore, always share accurate information to quickly complete this procedure.
Once you receive an email from IG Markets for fully activating your account, make a deposit per the brokers’ requirements. For instance, IG Markets has a minimum deposit requirement of £300, which you must make before accessing LLOY shares. The broker supports various payment methods. Therefore, ensure you transact with a convenient one for you.
IG Markets will give you access to the Lloyds Banking Group shares to trade as CFDs or indices. Unfortunately, you cannot buy the company’s shares with this broker since it doesn’t have access to the London Stock Exchange. So, if you want to buy LLOY stock, consider a broker that allows you to do so, such as eToro. Simply ensure that it features elements that suit your investment needs for the best experience.
Tips on How to Choose the Best Stock Broker to Buy Lloyds Banking Group Shares
The best stock broker for buying Lloyds Banking Group shares should have access to the London Stock Exchange, where these shares are listed. Plus, the broker should feature other elements that suit your investment needs so you can fully focus on strategising and managing your position. Below, we take you through some of the significant factors to consider in your research to find the best stock broker. With these tips, you can save time and quickly start your investment ventures.
The first thing you should confirm when finding a stock broker is its credibility. You see, the financial market consists of numerous brokers, some of which are scammers looking to take off with your money. Regulated brokers have proven legitimate since they adhere to stringent regulations set by financial authorities. That being said, UK investors should only choose stock brokers regulated by the Financial Conduct Authority (FCA).
When comparing brokers’ features, you should consider their fees to choose the one that fits your budget. As a beginner in the stock market, you must be cautious about how you spend your money investing. Start with brokers charging low fees to avoid risking your money in an investment you are not fully familiar with. Some of the trading and non-trading fees to confirm include minimum deposit requirement, commissions/spreads, inactivity fees, transaction charges, etc.
A stock broker’s platform should be user-friendly with a modern design to give you a worthwhile experience. If you are always on the move, you should ensure you settle for a broker with a trading app to make it easier for you to manage your positions on the go. Most importantly, the broker’s platform should host quality trading resources for skills development and market analysis. It should also feature a demo account to test it out before deciding whether it suits you.
If you are a stock investor looking for a broker for buying LLOY stock, ensure the broker you select has access to the London Stock Exchange, where the shares are listed. However, if you prefer taking short-term positions without owning the underlying asset, find a broker that allows you to trade Lloyds Banking Group shares as derivatives. It will also benefit your strategy if you find a stock broker hosting additional assets for portfolio diversification.
A stock broker with a reliable and dedicated support service is worth considering since you are guaranteed quick and quality assistance in case of any challenges while trading or investing. If you are a beginner, this shouldn’t be an element to overlook because you need all the support you can get to get started on a good note. However, brokers’ availability differs, and you must choose the one fitting your trading or investment schedule. They should also be contacted via convenient communication methods, whether by phone, email, or live chat.
You must consider other users’ opinions regarding their experiences with stock brokers in the UK to ensure you are making the right choice. For accurate analysis, go to Google Play, the App Store, or Trustpilot and sample their comments and ratings on various stock brokers. You might be surprised to learn more about a broker and make the best decision.
Lloyds Banking Group (LLOY) Shares Price Today
Lloyds Banking Group’s share price always fluctuates, making it challenging for traders and investors to identify its accurate value. As a result, it is challenging for them to create solid strategies and maximise their profit potential. Below, we share a live chart indicating LLOY’s current and historical share prices for you to easily strategise and identify the best entry and exit points.
About Lloyds Banking Group (LLOY)
Lloyds Banking Group is a financial services company established in 2009. The company is headquartered in the United Kingdom and has its shares listed on the London Stock Exchange. Note that Lloyds Banking Group’s main focus is on retail and commercial customers, and it offers banking, insurance, and wealth services. To buy its shares, you need a reliable broker with access to the LSE.
Lloyds Banking Group has a mission to help Britain prosper. For this reason, it offers a wide range of services in its portfolio, including credit and debit cards, current and savings accounts, short and long-term loans, mortgages, unsecured loans, motor finance, protection and investment products, and bonds and syndicated loans. The company operates under various household names such as Lloyds Bank, Halifax, Bank of Scotland and Scottish Widows.
Currently, Lloyds Banking Group has over 26 million customers and a leading digital presence. This indicates how the company is taking measures to sustain its presence in this fast-paced digital world. Its financial performance is also solid, with a net income of over £8.5bn in 2023. The company’s steady growth is among the reasons investors are attracted to it, and you shouldn’t be sceptical about making a move too since Lloyds Bank has growth potential.
FAQs
LLOY share price has been declining in recent months, but with measures the company is taking to increase its revenue, its share value has potential for growth. The highest it has risen to is at around 70p, and it is expected to keep rising even further in the coming years.
Yes. Lloyds Banking Group shares is worth investing now that its share price its still low. You can invest long-term by purchasing the shares and holding on to them for the next few years. Simply ensure you thoroughly conduct your research and analysis.
Lloyds company pays its shareholders an interim dividend of 0.80p per share in 2022. The ex-dividend date was on August 2022 which was paid in September. Therefore, investing in LLOY stock not only gives you an opportunity to earn profitds in the future, but you will also supplement your income using the dividends you earn as a shareholder.
Lloyds Banking Group pays two dividends per year. To qualify for dividends payment, you must be a shareholder with the company. Buying LLOY shares is easy and our ultimate guide above will take you through the procedures.
Conclusion
Lloyds Banking Group is among the UK’s top companies to invest in in 2024. The financial institution keeps growing and is taking measures to ensure it remains the best service provider with the advancing technology. This guide will help you get started investing in LLOY stock using brokers in the UK. However, you must also be committed and dedicated by conducting thorough market analysis and creating solid strategies for maximum potential. Also, be patient and open to learning from your mistakes until you are confident in your skills.
25,000 hours of testing 70+ brokers. Our recommended broker is Plus500.
Our recommended broker is Plus500.