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5 Cheapest UK Trading Platforms

Franklin Silva| Updated February 29th, 2024

Making sure to use a cheap trading platform is one of the best ways to keep more of your profit when trading and investing. Not all trading platforms offer a low-cost way to invest, and you will likely find that various fees apply, depending on the size and type of your trade.

Luckily, there are more places to invest than ever before, and the list of the cheapest UK trading platforms is continuously growing. Finding the cheapest trading platform in the UK can be confusing because of the complex fee structures, so we’re here to help.  

In this article, we’ll showcase the cheapest UK trading platforms available so that you can find the best one for growing your portfolio.

Cheapest UK Trading Platforms for 2024

  1. Trading 212: Cheapest overall trading platform
  2. eToro: Cheapest social trading platform
  3. Freetrade: Cheapest for smaller portfolios
  4. InvestEngine: Cheapest for trading ETFs
  5. Interactive Brokers: Cheapest for higher investment amounts
5 Cheapest UK Trading Platforms 1

#1 Cheapest overall trading platform

Free share worth up to £100 with promo code IITW
0% commission for stocks and ETFs
Low 0.15% FX fee
View Broker5 Cheapest UK Trading Platforms 2Read review
Trading 212 summary
Founded in 2004, Trading 212 is a fintech company with a clear goal: democratise investment activity. It has become increasingly popular among retail and professional investors for its simple and easy-to-use trading platform.
Fractional sharesYesRegulatorsFCA
Interest on uninvested cash2% on GBP (As of 1/10/2023)
Products offeredStocks, ETFs, investment trusts, CFDs (stocks, indices, forex, commodities)

Investing involves risk of loss.

5 Cheapest UK Trading Platforms 3

#2 Cheapest social trading platform

No platform fee
0% commission for stocks and ETFs
CopyTrader to copy trades from other investors
View Broker5 Cheapest UK Trading Platforms 2Read review
eToro summary
Established in 2007, eToro is a leading multi-asset online broker best known as a social trading platform, with over 30 million users worldwide. Along with stocks and ETFs, investors can also trade products and assets like cryptocurrencies, CFDs, commodities, and forex.
Fractional sharesYesRegulatorsFCA
Interest on uninvested cash2% - 5.3% (Only for eToro club members)
Products offeredStocks, ETFs, cryptocurrencies, CFDs (stocks, indices, forex, commodities)

51% of retail CFD accounts lose money.

Freetrade logo

#3 Cheapest for smaller portfolios

No platform fee for Basic plan
0% commission for stocks and ETFs
Subscription plans for more features
View Broker5 Cheapest UK Trading Platforms 2Read review
Freetrade summary
Created in 2016, Freetrade is relatively new to the UK investing scene and its 0% commission trading app launched in 2018. It offers three tiered plans with different features and allows UK traders to buy or sell stocks, ETFs, and investment trusts.
Fractional sharesYesRegulatorsFCA
Interest on uninvested cash1% - 3% (Standard/Plus plans)
Products offeredStocks, ETFs, investment trusts
investengine logo

#4 Cheapest for trading ETFs

No platform fee for DIY account
0% commission for ETFs
Trade fractional ETFs from £1
View Broker5 Cheapest UK Trading Platforms 2Read review
InvestEngine summary

InvestEngine is a UK investment platform exclusively dedicated to helping you build a portfolio of +500 ETFs (on your own or through a “Managed Portfolio” service with an annual fee of 0.25%). It also offers an ISA and Business account.

Fractional sharesYesRegulatorsFCA
Interest on uninvested cashNo
Products offeredETFs

When investing your capital is at risk.

5 Cheapest UK Trading Platforms 7

#5 Cheapest for higher investment amounts

Low fees
150 global markets
Trade in 27 currencies
View Broker5 Cheapest UK Trading Platforms 2Read review
Interactive Brokers summary
Founded in 1978, Interactive Brokers is a global online broker that provides advanced web and mobile trading platforms, offering a vast array of financial assets (stocks, options, mutual funds, ETFs, futures, bonds, and currencies) from over 150 markets.
Fractional sharesYesRegulatorsFCA
Interest on uninvested cash4.678% on GBP - For amounts above 8,000 GBP (As of 1/10/2023)
Products offeredStocks, ETFs, options, futures, bonds, commodities, forex, mutual funds, CFDs

Comparison of Cheapest UK Trading Platforms

When comparing brokers for fees, many aspects should be taken into consideration. 

Not only should we look into trading commissions but also other fees, such as the currency conversion fee (if you invest in instruments in other currencies), as well as non-trading fees (withdrawal fees, deposit fees, etc.). 

Here is a comparison table that summarises the main costs to consider:

Trading platform Minimum deposit Products Trading Commission Foreign exchange (FX) fee
Trading 212 £0 Stocks, ETFs, investment trusts, CFDs Free 0.15%
eToro $100 Stocks, ETFs, cryptocurrencies, CFDs Free 0.5%
(0.25% for Platinum & Platinum+ members, 0% for Diamond members
Freetrade £0 Stocks, ETFs, investment trusts Free 0.99% Basic
0.59% Standard
0.39% Plus
InvestEngine £100  ETFs Free N/A (all ETFs are in GBP)
Interactive Brokers £0 Stocks, ETFs, options, futures, bonds, commodities, forex, mutual funds, CFDs 0.05% for UK stocks/ETFs (£1 min) – various fees for other assets 0.002% (min. £2)

#1 Trading 212

5 Cheapest UK Trading Platforms 9
Visit Trading 2125 Cheapest UK Trading Platforms 2

Investing involves risk of loss.

Trading 212 at a glance

Products availableStocks, ETFs, investment trusts, CFDs
Minimum deposit£1
Investing commission£0
Foreign exchange (FX) fee0.15%

Trading 212 is an excellent trading platform, offering UK investors the cheapest overall package. It costs nothing to open an account, there are no commissions for buying or selling investments, and you can buy fractional shares for just £1.

The app is extremely well-designed and easy to use. You can use your Trading 212 account to invest in over 12,000 stocks, ETFs, investment trusts, and CFDs across the UK, US, and Europe. There is a small FX fee of 0.15%, but this is lower than most competitors.

New users also get one free share worth up to £100 with the promo code IITW.

If you’d like to know more about Trading 212’s cheap UK trading platform, you can read our in-depth Trading 212 review and visit Trading 212’s website.

Pros

  • 0% commission
  • Low 0.15% FX fee
  • Over 12,000 investments
  • Social features
  • Fractional shares
  • No minimum deposit
  • Excellent investing app
  • Ability to use ‘Pies’ and ‘Autoinvest’
  • Interest paid on cash balances
  • ISA

Cons

  • Limited analysis and investment resources
  • Limited range of asset types

#2 eToro

5 Cheapest UK Trading Platforms 3
Visit eToro5 Cheapest UK Trading Platforms 2

51% of retail CFD accounts lose money.

eToro at a glance

Products availableStocks, ETFs, cryptocurrencies, CFDs
Minimum deposit$100
Investing commission$0
Foreign exchange (FX) fee0.5% (when depositing/withdrawing as based currency is USD)

eToro started in 2007 and quickly made a name for itself as the world’s most popular social trading platform. Part of the reason that eToro isa fan favourite among investors is the fact that it’s also one of the cheapest trading platforms in the UK (and internationally). 

Social features like CopyTrader and News Feed are useful additions, but cheap investing and trading a range of assets is what makes eToro one of the best platforms around. You can trade stocks, ETFs, forex, commodities, CFDs, and even cryptocurrencies.

Because everything on eToro is denominated in USD, you’ll need to pay a 0.5% FX fee when depositing and withdrawing, but not when making trades. It’s important to keep in mind with eToro there’s a $5 withdrawal fee and a $10/month inactivity fee after 12 months of no login activity.

If you’d like to learn more about eToro and why it’s such an excellent cheap trading platform, check out our in-depth eToro review and visit eToro’s website.

Pros

  • 0% commission
  • Over 3,000 assets
  • Social features (CopyTrader & Social News Feed)
  • Fractional shares
  • Referral scheme

Cons

  • $100 minimum deposit
  • $5 withdrawal fee
  • Cash interest only paid to eToro club members
  • FX fee isn’t the lowest
  • No ISA

#3 Freetrade

Freetrade logo
Visit Freetrade5 Cheapest UK Trading Platforms 2

Freetrade at a glance

Products availableStocks, ETFs, investment trusts
Minimum deposit£0
Investing commission£0
Foreign exchange (FX) fee0.99% Basic, 0.59% Standard, 0.39% Plus

Freetrade is a relatively new investing app, and it quickly gained popularity with over 1 million users because it’s also one of the cheapest UK trading platforms available. The name gives it away, but there’s no commission when you buy or sell investments on the app.

Another great thing about Freetrade is that it’s free to open and hold a Basic account, giving you access to over 2,000 stocks. The downside is that if you want to access the app’s full capabilities, you’d need to subscribe to the Standard or Plus plans, which cost £5.99/month and £11.99/month, respectively. Although Freetrade offers no commissions for trading stocks, there is an FX fee to consider. This ranges between 0.39% – 0.99% depending on your plan, and it’s not the cheapest on the market. 

Nevertheless, if you want one of the cheapest UK platforms for trading stocks and only want to invest small amounts, Freetrade is an excellent place to get started. The cheap trading app is dead simple to us. Take a look at our Freetrade review and check the Freetrade website if you want to know more.

Pros

  • 0% commission
  • Over 2,000 assets on Basic
  • £0 minimum deposit and invest from just £2
  • Fractional shares
  • Referral scheme

Cons

  • Paid plans to access all features
  • Pay to access full 6,000 stock universe
  • Cash interest only paid to Standard and Plus subscribers
  • FX fees aren’t the cheapest
  • Limited range of asset types

#4 InvestEngine

investengine logo
Visit InvestEngine5 Cheapest UK Trading Platforms 2

When investing your capital is at risk.

InvestEngine at a glance

Products availableETFs
Minimum deposit£100 (£1 after initial deposit)
Investing commission£0
Foreign exchange (FX) feeN/A (all ETFs are bought & sold in GBP)

InvestEngine is a relatively new cheap trading platform focusing entirely on exchange-traded funds (ETFs). If you’re not interested in ETFs or want to pick individual stocks, this cheap trading platform probably isn’t for you. But for those looking to buy or sell ETFs, InvestEngine offers one of the cheapest trading platforms in the UK.

InvestEngine has over 550 ETFs to choose from, and if you opt for its DIY account, there’s no platform fee. If you don’t want to trade and would rather have an expertly managed portfolio, you can use its robo-advisor service for a fixed 0.25% annual fee. 

One of the best things about InvestEngine is that there’s no fee to deposit or withdraw funds, and you never need to pay an FX fee because all the ETFs can be bought with GBP. One thing to bear in mind is that ETFs come with ongoing costs. You’ll see this listed as the TER (Total Expense Ratio) percentage

InvestEngine has a great trading app with useful features like ESG screening and portfolio look-through. It also offers the option to autoinvest and one-click portfolio rebalancing. Check out our complete InvestEngine review and check InvestEngine’s website to find out more.

Pros

  • No platform fee for DIY account
  • Over 550 ETFs
  • Zero cost to buy or sell ETFs
  • Great app
  • One-click portfolio rebalancing and autoinvest
  • Invest from £1
  • Referral scheme

Cons

  • 0.25% fee for managed portfolio
  • Only ETFs available
  • Limited investing and analysis resources
  • £100 minimum initial deposit

#5 Interactive Brokers

5 Cheapest UK Trading Platforms 7
Visit Interactive Brokers5 Cheapest UK Trading Platforms 2

Interactive Brokers at a glance

Products availableStocks, ETFs, options, futures, bonds, commodities, forex, mutual funds, CFDs
Minimum deposit£0
Investing commission£0
Foreign exchange (FX) fee0.002% (min. £2)

Interactive Brokers is one of the most comprehensive trading platforms available in the UK and worldwide. If you want to access a huge range of global assets, Interactive Brokers is one of the cheapest trading platforms out there. 

It’s probably more suited to those who want to take trading and investing more seriously, diving deep to use all the tools and research options on the platform. The downside to Interactive Brokers is that although it’s one of the cheapest trading platforms in the UK, the fee structure is also one of the most complex to grasp. 

Interactive Brokers has no platform fee, and the FX fee of 0.002% is extremely low (although there is a £2 minimum, it’s better for larger international trades).

If you’re interested in finding out more about the costs and what Interactive Brokers can offer you as a trader, take a look at our detailed Interactive Brokers review and check IBKR’s website.

Pros

  • No platform fee
  • Massive choice of investments
  • Over 150 global markets
  • Market-leading trading tools
  • Low commissions
  • Interest paid on cash balances
  • Lots of education and research info

Cons

  • Complex fee structure
  • User interface isn’t the best

The bottom line

To summarise, here’s the list of the ‘cheapest UK trading platforms’:

#1 Trading 212Cheapest overall trading platform
#2 eToroCheapest social trading platform
#3 FreetradeCheapest for smaller portfolios
#4 InvestEngineCheapest for trading ETFs
#5 Interactive BrokersCheapest for higher investment amounts

Using a cheap trading platform is the best way to keep more of the profit from your investment portfolio. But it’s important to find the cheapest UK trading platform that suits your needs and investing strategy.

Understanding what type of investor you are will help you decide on the cheapest UK trading platform to use for buying, selling, and holding your investments. We hope this article has provided some insights into the options available in the UK. Let us know in the comments if there are any cheap UK trading platforms you like to use.

Franklin Silva
Co-Founder & Fintech Analyst

Franklin is a CFA Level III Candidate with 3 years of experience in Wealth Management as a Fund Research Analyst and the Host of the "Edge Over Hedge" YouTube Channel.

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