13 Best UK Share Trading Platforms for Beginners: A 2024 Review
Trading is risky and you might lose part, or all, of your capital invested. The information provided is for informational and educational purposes only and does not represent any type of financial advice and/or investment recommendation.
In recent years, trading has increased in popularity – whether done as a career or a hobby. There are many types of trading, such as foreign exchange, commodities, cryptocurrency and derivatives to name a few.
One of the most popular financial markets is stocks and shares, as it can be a great way of making a return on investment. With so many options, it can be difficult to get started in the world of trading.
In this guide, you will learn everything you need to know about share trading, as well as how to stay safe as a beginner trader. To help you choose your best platform to buy shares, there is also a rundown of the best online UK share trading platform options.
List of the Best UK Share Trading Platforms for Beginners:
Review of the Best UK Share Trading Platforms for Beginners
With so many options available, finding the best platform for trading shares can feel impossible. Below, you’ll find a round-up of the best UK share trading platforms for beginners.
1. Plus500
Plus500 is considered a suitable trading platform for beginners in the UK, particularly for those interested in trading Contracts for Difference (CFDs). It is known for its user-friendly interface and ease of use, which can be beneficial for novice traders. Plus500 offers a single standard trading account with a minimum deposit requirement of $100, and it also provides a free and unlimited demo account, allowing new traders to practice without risking real capital.
Pros of Using Plus500:
User-Friendly Interface: Plus500 is known for its easy-to-use platform, which is particularly beneficial for beginners. The Webtrader platform is designed to be straightforward and intuitive, making it easier for new traders to navigate and understand.
Proprietary Trading Platform: The platform uses its own proprietary software, which is well-designed with modern, clean aesthetics, and offers efficient functionality across both web and mobile versions.
Commission-Free Trading: Plus500 offers commission-free trading, with costs incorporated into the bid-ask spread. This can be advantageous for traders who prefer a more straightforward cost structure without per-trade commissions.
Cons of Using Plus500:
Limited Research Tools and Educational Resources: Plus500 offers minimal educational materials and research tools, which might be a significant limitation for traders who rely on comprehensive analysis and educational support to inform their trading decisions.
No MetaTrader Platform Support: Unlike many other trading platforms, Plus500 does not support the popular MetaTrader 4 or 5 platforms, which may be a drawback for traders who prefer these widely-used platforms for their advanced features and customizability.
CFD Trading Focus: All trading on Plus500 is conducted through CFDs. This focus on CFDs limits options for traders who may be interested in owning the underlying assets, like actual stocks or bonds.
Plus500 Fees:
Trading Fees: Plus500 does not charge explicit commissions on trades. Instead, the platform earns revenue through the bid-ask spread, which is the difference between the buying and selling price of an instrument. This spread can vary depending on the asset and market conditions.
Inactivity Fee: An inactivity fee is applied to accounts that remain inactive for a certain period. Plus500 charges $10 per quarter if no logins have been made for at least 3 months. To avoid this cost, at least one login on the platform per quarter is required.
Deposit and Withdrawal Fees: Plus500 typically does not charge for deposits or the first five withdrawals each month. After exceeding five withdrawals, a $10 fee is charged per withdrawal. It's also important to note that certain payment methods or banks might impose their own fees.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80% 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.
2. eToro
Founded in 2007, eToro is a worldwide investment company that provides traders and investors with access to more than 3,000 financial assets, including stocks, currencies, cryptocurrencies and, of course, commodities.
Pros of Using eToro:
Easy to use: eToro offers ready-made investment portfolios that group assets into categories.
Access to a huge social trading platform: In the world’s largest community of traders and investors, you can connect with more than 30 million like-minded shareholders. The platform is great if you wish to interact, share ideas and network with fellow traders.
Cons of Using eToro:
Penalty for inactivity: If you do not log in for over a year, eToro will charge you $10 a month until you do.
You may find it too simplistic: While eToro is easy to use, this means it is not as advanced or customisable as other platforms.
eToro Fees:
No fees: eToro offers 0% fees. That means no management fees, no rollover fees, no ticket fees and no additional broker fees.
Charge for withdrawals: There is a $5 fee for withdrawals. What’s more, FX fees apply on non-USD deposits and withdrawals.
74% of retail investor accounts lose money when trading CFDs with this provider. Don’t invest in unless you’re prepared to lose all the money you invest.
3. DEGIRO
Online brokerage firm DEGIRO was founded in the Netherlands in 2008. It is a popular platform, having grown to become one of Europe’s largest retail brokers.
Pros of Using DEGIRO:
Offers access to international markets: With DEGIRO, you can trade on multiple stock exchanges across the world.
Educational resources available: DEGIRO provides research tools and helpful materials to assist you in making informed trading decisions.
Cons of Using DEGIRO:
Credit or debit deposits not accepted: DEGIRO lacks the functionality to accept deposits from a debit or credit card. When working with a fast-moving stock exchange, you may experience bank transfer delays that slow you down.
Currency conversion fees: With DEGIRO, you can access international markets to diversify your investment portfolio. However, you will need to pay a conversion fee to trade in another currency.
DEGIRO Fees:
DEGIRO charges both commission and handling fees for investors buying shares. There are no withdrawal or inactivity fees.
4. IG
Also known as IG Markets, IG was founded in 1974 and now offers a wide range of trading options.
Pros of Using IG:
Multiple international markets: IG allows traders to access multiple international markets, making it simple to participate in global trends.
Leveraged trading: IG enables traders to utilise leverage – that is to control larger positions in the market with a smaller amount of capital. Used wisely, this feature can enhance your potential profits.
Cons of Using IG:
Not for Beginners: While the offer of leveraged trading will be enticing to experienced traders, the feature can be confusing for beginners. With leverage, there is massive potential for gains but also losses, and so it is crucial that traders understand the best course of action.
Limited product portfolio: As you gain experience and graduate from being a beginner trader, IG’s limited portfolio may be a barrier to you progressing to trading different assets.
IG fees:
While there is zero commission on US shares, IG charges £3 on UK shares. There are also trading fees on UK shares and a charge of £15 for a same-day bank transfer of less than £100.
5. Saxo Markets
Danish investment bank Saxo Markets was founded in 1992. From the beginning, its goal was to make investing accessible to all.
Pros of Using Saxo Markets:
Advanced trading platform: Saxo Markets strikes a balance between a powerful trading platform with advanced tools, while also remaining user-friendly for beginners.
Multiple account types available: Saxo Markets provides different account types, including individual, joint, corporate and institutional.
Cons of Using Saxo Markets:
Limited customer service: Unlike other trading platforms, Saxo Markets lacks 24/7 support and does not offer live chat.
Tight entry prices: Saxo Markets requires a minimum deposit of £500 for the base Classic account, £200,000 for a Platinum account and £1,000,000 for a VIP account.
Saxo Markets Fees:
Saxo Markets charges an inactivity fee of £25 after one quarter of inactivity. There are no deposit fees at Saxo Markets.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% 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.
6. Trading 212
With over two million customers, Trading 212 is a popular investment platform.
Pros of Using Trading 212:
Offers free trading: Unlike other platforms, Trading 212 does not charge to buy and sell investments.
Excellent customer support: As a beginner, one of the most important features in trading is customer service. Trading 212 offers 24/7 support and replies within seconds.
Cons of Using Trading 212:
Limited product portfolio: Trading 212 is one of the few platforms that do not offer cryptocurrency trading.
Foreign exchange fees apply: For Invest and CFD accounts, fees of 0.15% and 0.50% apply.
Trading 212 Fees:
Trading 212 is commission-free. There is also no withdrawal or inactivity fee, and no minimum deposit required.
7. Interactive Brokers
Founded in New York in 1978, Interactive Brokers is now based in Connecticut. It is a global company, operating in over 200 countries.
Pros of Using Interactive Brokers:
Novice-friendly platform: Interactive Brokers is ideal for beginners thanks to its easy-to-use IBKR Global Trader app.
Wide range of investment offerings: As well as the usual assets of stocks, bonds, mutual funds and options, Interactive Brokers also provides a platform for trading futures and metals.
Cons of Using Interactive Brokers:
Complex pricing plans: Interactive Brokers’ fees are relatively low, but they can be difficult to understand. The stock trading fee is volume-based and calculated either per share or as a percentage of the trade value.
Lack of customer service: Unlike some of its competitors, Interactive Brokers does not have 24/7 support available.
Interactive Brokers Fees:
Interactive Brokers charges tiered commission fees but does not charge an inactivity fee.
8. Freetrade
Launched in 2018, Freetrade is a popular platform that strived to make trading accessible by removing barriers such as high fees and complicated processes.
Pros of Using Freetrade:
Commission-free: Users can buy and sell shares without incurring commission fees. This may make it one of the cheapest share trading platforms for beginners, as you can invest smaller amounts and not worry about fees increasing your spend.
Easy to use: The Freetrade app is intentionally user-friendly and perfect for beginner traders.
Cons of Using Freetrade:
Limited customer support: While the Freetrade app is intuitive and easy to navigate, there may be times where you need expert help. You may experience a delay in response from Freetrade as its main contact method is email.
Premium features come at an extra cost: As you progress in your trading journey, you may wish to access advanced features such as a stocks and shares ISA or a larger list of investments. These premium tools are only available with a subscription.
Freetrade Fees:
The basic Freetrade plan is free and also includes no commission or withdrawal fees.
9. Hargreaves Lansdown
This well-known UK financial services company allows traders to buy and sell shares and other assets.
Pros of Using Hargreaves Lansdown:
User-friendly interface: Hargreaves Lansdown is easy to navigate, which benefits beginner traders. In addition to a website, the platform also has an app for on-the-go trading.
Analysis and research: The platform provides a host of useful resources, such as investment research, analyst reports, fund research and market reports.
Cons of using Hargreaves Lansdown:
Minimum investment applies: The minimum required investment is £100 or a £25 monthly contribution.
Limited options for international trading: Hargreaves Lansdown may not be suitable for traders looking to build a global investment portfolio.
Hargreaves Lansdown fees:
The platform has a complex fee structure, with charges dependent on account type, assets and the amount you invest. While fees do not apply for opening an account, there is an account fee for holding investments.
10. Fineco
Italian bank Fineco specialises in online brokerage. Founded in 1999, the company serves customers in Italy and the UK.
Pros of Using Fineco:
No minimum deposit: Fineco is a platform that does not require a minimum deposit, and so it is ideal for beginner traders investing smaller amounts.
Access to the global market: While only available in the UK and Italy, Fineco offers a wide range of tradable markets. You can also trade in 21 currencies.
Cons of Using Fineco:
The platform’s PowerDesk is best for experienced traders: This professional trading floor is too complex for beginner traders.
Higher spreads: Fineco charges more than the market average, with one pip spreads on the EUR/USD pair.
Fineco Fees:
Fineco does not charge any deposit fees. What’s more, you can avoid currency conversion fees thanks to the platform’s multicurrency service.
11. Barclays
British bank Barclays offers Smart Investor – a service that aims to make investing easy.
Pros of Using Barclays:
No minimum deposit: Barclays does not require investment accounts to make a minimum deposit.
Research and analytics available: Barclays offers research instruments and tools that can be helpful for beginners.
Cons of Using Barclays:
Not best suited to smaller portfolios: If you have a portfolio worth £10,000 or less, Barclays is unlikely to be the best share trading platform for you due to its holding fees.
Investment accounts for UK residents only: Barclays broker services are not available to US residents, even if they live in the UK.
Barclays Fees:
Barclays does not charge fees for deposit, withdrawal or inactivity. However, there is a volume-based fee for holding assets.
12. Interactive Investor
Interactive Investor is an online brokerage firm founded in 1995.
Pros of Using Interactive Investor:
Economical for larger portfolios: If you are trading with more than £30,000, interactive investor’s low fixed fees will work to your advantage.
Great customer service: Unlike some trading platforms, Interactive Investor can be contacted by phone five days a week.
Cons of Using Interactive Investor:
Expensive option for smaller portfolios: With fees on all account types and no free trades, additional charges can eat into smaller investments.
Basic analytic tools: Interactive Investor has limited research and analysis capability.
Interactive Investor Fees:
All of Interactive Investor’s account types incur fees, with its basic Essential plan including a monthly fee of £4.99 and additional £5.99 fees for share and fund trading.
13. Nutmeg
Founded in London in 2011, Nutmeg is unique in that it is an online discretionary investment management company. This means it makes investment decisions on behalf of its customers, rather than providing a platform for individuals to trade on.
Pros of Using Nutmeg:
Low-effort trading: With experts handling the investments, you can sit back and relax and let those in the know do all the work.
Accessible to beginners: One of the main advantages to Nutmeg is that it offers everybody the chance to invest. It does not require any training or knowledge, making it ideal for those new to trading.
Cons of Using Nutmeg:
Lacks interactivity: If you are after the true trading experience and want control over what you buy and sell, you may feel there is something missing in discretionary investment.
Minimum investment required: To trade with Nutmeg, you must deposit a minimum of £500. While lower than some platform requirements, this may be a barrier to beginners wanting to trial low-commitment trading.
Nutmeg Fees:
The fees charged by Nutmeg depend on the amount of your investment. Nutmeg does not charge set-up or exit fees.
What Is a Share Trading Platform?
To grasp the concept of share trading platforms, you should understand what share trading consists of. Also known as equity trading or stock trading, the practice is the buying and selling of stocks or shares of publicly traded companies.
Tradable shares are listed on a stock exchange such as the London Stock Exchange, New York Stock Exchange or the Shanghai Stock Exchange. In buying shares of a company, you become a shareholder – meaning you own a portion of the company’s assets and earnings.
The objective of share trading is to make a profit by buying shares at a low cost and selling them at a higher price. To purchase and trade shares, you can use a trading platform.
A share trading platform allows you to buy and sell shares through a system. They can provide a wide range of services including analytical tools, social trading, dividend reinvestment and much more.
There are many trading platforms, each with a wide range of fees, features and services. When getting started in share trading, it is important to choose a share trading platform that is most suitable for you.
What to Look for When Choosing a UK Share Trading Platform
When starting out, navigating the world of trading can seem intimidating. Finding the best UK platform to buy shares can certainly make the process a lot easier.
There are numerous things that investors need to look for when it comes to choosing the best UK platform to buy shares. Some of the features to check are:
Fees
Platforms may charge costs such as commission fees, margin interest, exchange fees, inactivity fees and withdrawal fees.
Minimum Deposits
Some platforms require a higher initial deposit. If you are looking to make smaller deposits as a beginner, you may want to choose a platform that does not require a minimum deposit.
Support for Beginners
Platforms often provide resources such as training and guides, which can be helpful in explaining the process to beginners.
Analytics
If you are interested in the finer details of trading and the stock market, you may wish to opt for a platform that provides analytics and research. Having analytics to hand can help you identify patterns and make data-driven decisions in your trading.
Customer Support
As a beginner, you will benefit from having accessible support on hand. Some platforms can be contacted 24/7 via different methods, while others may only offer help via email.
The level of customer support you require is something to consider when choosing a trading platform. Some of the best UK beginner share trading platform companies have experts available when you need them.
Ease of Use
An easy-to-use share trading platform is essential for traders, especially beginners. In the section below, you will find reviews of the best platforms in the UK so you can assess your options.
How to Stay Safe When Using Online Share Trading Platforms
The safest platforms investors can use are those that are authorised by the Financial Conduct Authority (FCA). The FCA governs all financial institutions, not just UK trading platforms, that hold client money. This includes institutions such as banks, building societies and other financial bodies.
Besides ensuring fair competition among brokers, the FCA also protects traders. It will make sure traders get a fair deal by monitoring what the trading platforms advertise. It determines whether the statements made by brokers in adverts are accurate.
If investors choose a broker that is FCA-approved, which it should be, then they will get a free insurance policy. The UK Government has established the Financial Services Compensation Scheme, which covers losses up to £85,000 if anything goes wrong with the company holding the cash. In making an investment, you are automatically covered by the scheme. You do not need to sign up to anything or pay additional charges.
Investors can also get access to the Financial Ombudsman (FOS). If an investor ever feels like they are incorrectly treated and can’t settle the issue by contacting customer support, investors can make an official complaint through FOS.
Frequently Asked Questions
What is share trading?
Share trading refers to the buying and selling of stock of companies listed on a stock exchange. The largest stock exchanges in the world are New York, Nasdaq and Shanghai.
How can I trade shares in the UK?
To carry out share trading in the UK, you need to create an account on a share trading platform and then select the stocks you wish to purchase.
What is the best UK share trading platform?
Among the best online UK share trading platforms are Freetrade, eToro, Fineco, Trading 212, Hargreaves Lansdown and Interactive Brokers.
Which is the best UK share trading platform for beginners?
There is no single best UK share trading platform for beginners – but some of the platforms best suited to beginners are Saxo Markets, Barclays and Nutmeg. These platforms offer support and resources that can assist those new to trading.
How can I learn share trading in the UK?
You can learn share trading as you go by investing with the best share dealing platform to suit your needs. Alternatively, you can do research online to learn about trading stocks and shares.
How do I open a share trading account in the UK?
To open a share trading account, you can visit the platform’s website and sign up. Upon making a deposit, you will be able to make your first investment.
How can I practise share trading?
You can practise share trading by depositing a very small amount of money that you are prepared to lose.
Alternatively, some trading platforms have the option of a demo account so you can practise without risking your money.
Which share trading platforms have a stop-loss function?
A number of trading platforms allow you to set the stop loss function, including eToro and Freetrade.
Are share trading platforms in the UK regulated?
In the UK, share trading platforms, as well as other brokers and financial services, are regulated by the Financial Conduct Authority (FCA).
What are the main things to consider when choosing a share trading platform?
When choosing the best UK share platform for beginners, you need to consider if it has the features you need. If customer service is a priority for you, platforms with 24/7 support may be better for you than others.
You should also consider what level of fees you are willing to accept.
What are the best UK share dealing platforms for beginners?
Among the platforms best for beginners are Saxo Markets, Barclays and Nutmeg. These are great for those new to trading as they provide educational resources to help you understand the industry.
Are share trading platforms in the UK safe?
It is safe to trade in the UK as platforms are regulated by the FCA. As a consumer, you are also protected by the government if anything goes wrong with the company holding your money.
Final Thoughts on the Best UK Share Dealing Platforms
Using an online trading platform is a great way for beginner traders to learn about trading and successfully see a return on your investment.
You can use the reviews in this guide to make an informed decision about which one is best for you.