Best Trading Platforms in the UK (2023)

Best trading platforms in the UK reviewed

Founded in 1978, Interactive Brokers is one of the largest international brokers listed on the NASDAQ exchange (Ticker: IBKR) and is at the top of our list of best trading platforms in the UK. It is regulated by many international top-tier regulators, including the FCA, with no minimum deposit requirement. 

Interactive Brokers supports various account base currencies, including GBP, USD, EUR, and other major currencies. However, funding these accounts is limited to bank transfers. They offer one of the tightest spreads in the market, ensuring favourable trading conditions, but their commission is tier-based, meaning it varies depending on your monthly trading volume.

Interactive Brokers offers a comprehensive range of trading platforms to cater to the diverse needs of traders. These platforms include the web-based Client Portal, the GlobalTrader Mobile app, and the professional-grade Trader Workstation (TWS), offering a wide array of features and tools to meet the diverse needs of traders.

The web-based Client Portal is designed to be user-friendly, making it accessible to both beginners and experienced investors. It provides real-time monitoring, customizable watchlists, alerts, and a range of advanced features, such as over 120 technical indicators for advanced technical analysis. Traders can create personalized templates, access advanced charting tools, utilize various order types, and benefit from Smart Routing, which selects the optimal trading route for each trade.

For traders who prefer to trade on the go, Interactive Brokers offers the IBKR Mobile app providing convenience and advanced functionality. A notable feature of IBKR Mobile is the chatbot IBot, which allows users to quickly access basic information and execute or close orders directly through the chat interface. IBot serves as a natural language trading interface, enabling traders to complete key trading tasks in TWS using plain English commands. This feature enhances the user experience and simplifies trading activities.

IBKR GlobalTrader is another mobile trading app offered by Interactive Brokers that allows traders to engage in simple and worldwide trading. The app offers the flexibility to trade in fractions and invest with as little as $1, making trading accessible to traders of all levels. You can also open a simulated trading account to practice trading before opening a live account and gain access to $10,000 in simulated cash to trade in a simulated trading environment.

On the downside, you might be overwhelmed by the number of buttons and features available on each platform, especially if you are new to trading. However, Interactive Brokers offers a lot of educational materials and video tutorials to assist you in navigating and utilizing their platforms effectively. These resources can be beneficial regardless of the specific platform you are trading or using. 

We recommend you check out our comprehensive Interactive Brokers review.

eToro is another exceptional trading platform in the UK that has been well-known for its social trading feature, where you may copy the trades of other successful investors and discuss current market news with a reasonably large investor community of over 30 million users.

eToro provides an extensive selection of more than 5,000 financial instruments, including stocks, ETFs, CFDs on commodities, Forex, and cryptocurrencies. The platform also offers the opportunity to invest in pre-made investment portfolios known as Smart Portfolios, which group together multiple assets or traders based on specific themes or strategies. Additionally, you can choose the most suitable verified trader to follow and copy, considering factors such as past Return on Investment (ROI), risk profile, and other relevant criteria.

The web platform is user-friendly for beginners and has an intuitive layout with many features that enhance your trading experience, such as one-click trading, limit orders, and advanced charting tools. Another feature is the eToro Research Tab, powered by TipRanks, which helps you enhance your knowledge to make better-informed investment decisions.

While eToro is a user-friendly platform that appeals to beginners, it may not be the optimal choice for day traders or experienced investors due to higher spreads on some products. Furthermore, there is a $5 fee per withdrawal request, and the only account currency available is USD. You can check our detailed eToro review for further analysis.

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eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.

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.

Saxo Bank is a distinguished multi-asset broker renowned for its exceptional trading platform experience and extensive range of over 72,000 tradable instruments. It was founded in 1992 and offers a comprehensive suite of trading tools, in-depth research capabilities, and premium features. 

Saxo Investor Trading Platform

Saxo offers a range of trading platforms designed to meet the diverse needs of investors.

• SaxoInvestor, their simple and fast investment platform, is ideal for beginners. It provides curated stock lists, trending investment themes, and easy access to a variety of asset classes such as stocks, mutual funds, ETFs, bonds, and managed portfolios. You can conveniently manage your investments on your phone, tablet, or computer;
• For more experienced traders, SaxoTraderGO is an award-winning platform with advanced features. It offers enhanced trade tickets, comprehensive charting tools, options chains, performance analysis, fundamental and technical analysis tools, and a detailed account overview. It supports both mobile and desktop access, allowing traders to set up a one-screen layout or utilize a second screen for charting;
• SaxoTraderPRO is their fully customizable, professional-grade platform, equipped with features like algorithmic orders, one-click trading, options chains, and advanced charting packages. You can fully customize the workspace across multiple screens and benefit from advanced workspace management and multi-channel linking between modules. 

Saxo also provides connectivity to third-party platforms, allowing you to extend your capabilities through custom tools that suit your specific trading requirements. These tools include asset-specific analysis tools, advanced strategy backtesting, and hyper-responsive charting. Saxo ensures best-in-class execution and competitive pricing across all their platforms, and traders can connect to Saxo’s capital markets infrastructure through FIX API or OpenAPI for tailored multi-asset liquidity and seamless access to market data.

Saxo Bank lets you open an account in a wide range of currencies, including USD, EUR, GBP and several other major currencies. They have three account types (Classic, Platinum, and VIP), each with its own features and services, and it’s worth noting that the minimum initial funding requirement of £500 may be higher compared to some other brokers.

XTB, a renowned global CFD broker, has been operating since 2002 and serves over 500,000 clients. The company is publicly listed on the Warsaw stock exchange and is regulated by multiple top regulatory authorities, ensuring compliance with financial standards. XTB gives you access to trade a diverse range of CFD instruments, including Forex, indices, commodities, shares, ETFs, and cryptocurrencies, all offered at competitive pricing with low spreads.

XTB offers beginner and experienced traders a dynamic trading experience with its two trading platforms, xStation5 (desktop-based) and xStation (mobile), which have advanced charting tools and indicators. xStation 5 provides a user-friendly interface and customizable features with several advantageous features, including a trader calculator that facilitates margin and commission calculations for each trade. You can set up alerts and notifications simply and conveniently, allowing you to receive email, SMS, or push notifications for specific events such as margin calls, deposits, or withdrawals. 

Additionally, you can generate daily email reports and get regular updates on your account’s performance. xStation 5 also offers an extensive array of chart analysis tools with over 34 indicators and the ability to compare charts. Moreover, you can customize the toolbar according to your preferences, allowing you to display only the analytical tools you frequently use.

XTB xStation5 – Web portal

XTB stands out among its peers regarding educational materials and client support. It has a comprehensive online library with many videos that help you enhance your trading skills and knowledge. Furthermore, XTB provides excellent customer service via live chat, phone support, and email. 

On the downside, XTB charges a £12 fee for withdrawals of less than £60. Still, they do not charge for withdrawals over that amount. Additionally, they charge a $10 monthly fee (or counter value) after 12 months of inactivity.

Read our XTB review for further insights.

IG Group is a London-based broker founded in 1974 and listed on the London Stock Exchange. It offers access to an extensive range of trading instruments, with over 18,000 CFDs spanning various asset classes. It is perfect for both beginners and professional traders. For instance, their free educational resources through its IG Academy help traders improve their understanding of financial markets and trading skills. Furthermore, IG’s news and analysis section provides professional insights to keep traders updated on market-moving events.

When trading with IG, you can choose from various trading platforms. The IG trading platform is available on iOS and Android devices. It also offers a progressive web app, allowing traders to access their accounts from any device with internet access. For more advanced traders, IG offers ProRealTime and MetaTrader4, two platforms known for their advanced charting capabilities and customization options. For those looking to trade with Direct Market Access (DMA), IG offers L2 Dealer, a platform designed for professional traders that provide direct access to exchange order books and market depth.

Depending on the asset class, IG charges a spread or commission on trades. For example, spreads on major CFD currency pairs start at 0.6 pips, while on major indices, spreads start at 0.8 points and 0.1 points on commodities. As for share CFDs, commission fees start from 2 cents per share with a minimum $15 charge for US-listed shares.

The required minimum deposit is £250 if you fund your account by PayPal, a credit card, or a debit card, while there is no minimum deposit for bank transfers. IG does not charge any fees on deposits and withdrawals. Still, on the downside, they charge a £12 monthly inactivity fee if your account has been inactive for more than 2 years.

InvestEngine is a leading trading platform in the UK, founded in 2016, that offers a range of innovative tools and features to help investors build and manage their investment portfolios. One of their standout offerings is fractional investing, allowing users to invest as little as £1 in any ETF on their platform, regardless of the ETF’s share price. They have over 550 ETFs available. 

Their trading platform offers several features. For instance, the smart order technology calculates the individual trades needed to align with your chosen portfolio weights. With their Portfolio Look-through feature, investors can gain transparency and insight into the companies, sectors, geographical regions, and asset classes they invest in. AutoInvest is another convenient feature that automatically puts your available cash to work each day, ensuring you don’t miss out on rising markets. InvestEngine also offers one-click portfolio rebalancing, allowing you to reset your portfolio to your preferred asset allocation with a single click.

InvestEngine Review – Portfolios Weights | Source: investengine.com

For those who prefer a managed portfolio, InvestEngine offers a choice of portfolios designed to suit different risk levels, with a management fee of just 0.25% per year. All their portfolios are accessible through their General Account, which allows investors to begin their investment journey with as little as £100 without any exit charges. In addition, it provides an Individual Savings Account (ISA) option, enabling investors to enjoy tax-free investing. Finally, it is worth noting that investments made with InvestEngine may be eligible for claims under the Financial Services Compensation Scheme (FSCS) for amounts up to £85,000, providing investors with an extra layer of security.

You can read our InvestEngine review for further analysis.