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Online trading platforms are playing a significant role in emerging trends and at present they have an equally great impact on numerous financial services. The best online stockbrokers UK cuts various costs that you would typically incur to trade in stocks in a company such as AstraZeneca (AZN) or others making headwinds.
But there is a caveat. You need to pick the right online stockbroker.
Every share dealing platform is unique in its way, and it is not every one of them that is right for you. One will offer different investment options, marketing research, and trading tools while another may not.
We spent long hours researching hundreds of share dealing accounts in the UK to find the best, and we can tell you that it was not easy. But first, what is an online stock broker UK?
What is Online Stock Brokers UK
The emerging technologies are the engine driving the current online trading business in the UK and worldwide. Unlike in the past, where you needed to contact your stockbroker or agent for every trade, apps are now making the process easier.
Online stockbroking using desktop and mobile applications has improved speeds and reduced stock trading costs. It is now possible for traders of any level, beginners, and those with a low capital threshold to participate in the market.
Best Online Stockbrokers UK
Undoubtedly, the UK market has numerous stockbrokers, and many of them are going online. The new entrants may employ attractive advertising to lure you in, but some will fail to practice what they preach. That is where there is a problem.
But there’s a superior and safer way to choose, and it’s through the tried and tested platforms. Here are some of the best online stockbrokers in the UK.
1. IG – Best for their Research
An excellent online trading platform with similar features to IG is hard to come by. But why do we think IG is one of the top online brokers in the UK?
Well, IG has excellent rates and trading tools that traders of all levels will find comfortable to use. More importantly, their research level is unmatched, and their competitiveness is on another level. IG goes head to head with the big boys in the stockbroking industry.
Despite their high-quality platform and services, IG has some of the cheapest share dealing rates on the market, allowing entry for beginners with minimal capital commitments. Their commission structure is also easy to hack, starting at £8, for up to two trades.
In addition, every account holder has access to market data to use to their advantage when trading.
Pros:
- User-friendly stockbroking platform
- Excellent trading tools and research
- Cheap share dealing fees
- Wide access to market data
Cons:
- Negative balance protection is not available for US traders
- Social copy-trading is not available
2. FinecoBank – Best for their low trading costs
FinecoBank is one of the best online stockbrokers UK for price-conscious traders and beginners. The platform does not have any platform commissions, and there are no charges for inactivity, which is music to most traders’ ears.
FinecoBank has a free mobile app, web-based platform, and desktop platform. The desktop platform is the best for the active trader. It has various customization tools, technical indicators, and charting features you can use.
You will still get technical analysis indicators on the web-based platform without any problems. But unlike some of its competitors, you cannot add comments to the charts.
Their mobile app, on the other hand, will let you trade on the go. You can easily view charts for futures, indices, forex, and CFDs
Pros:
- Ideal for price-conscious traders
- Excellent desktop platform with multiple features.
Cons:
- Stock alerts limited to price, and you cannot add comments to the web-based platform
3. Interactive Investor – Best for their unique market research
If you are the kind of investor that values excellent research reports, Interactive Investor is ideal. The screening tools and solid research are perfect for interactive investors. The pricing model is a monthly flat fee of £9.99, making it easier to plan and manage.
Well, Interactive Investor does not charge for inactivity, which is a good thing for the less active users. Delayed market data is available for free, and real-time streaming is available on subscription. Some of its most excellent tools include automated technical analysis and stock price alerts. Unfortunately, Interactive Investor does not have any drawing tools.
Their mobile app is straightforward and quite efficient, even for first-time users. You can use it to read current news, view charts, access watchlists, and place trades.
Pros:
- Excellent for research reports
- No charges for inactivity
- Has automated technical analysis
Cons:
- The £9.99 per month fee is not the most competitive in the industry
- The mobile platform is unimpressive
4. Saxo Markets – Best for their wide variety of tradable products
An excellent share trading experience is the goal of everyone aspiring to grow their wealth through stocks. Saxo markets combines with the SaxoTraderGO trading platform to give you access to tens of thousands of tradable products from exchanges worldwide.
The online stockbroker has a web-based and desktop platform with an improved user experience. The platforms come with a crisp and clean design, focused on usability and seamlessness for everyone. Saxo markets provide incredible customization options to identify trends quickly and make your trading activities easier.
It has a quick and easy mobile app with price alerts and watchlists. You also have the option to synchronize the alerts with the desktop platform.
Pros:
- It gives access to tens of thousands of products to trade
- Improved user experience in the web-based and desktop platform
- Has easy to use customization options for a better experience
- Quick and easy mobile app
Cons:
- It has substantially higher pricing than the competition
5. Interactive Brokers – Best for their professional trading tools
Interactive Brokers provide a range of professional trading tools, capabilities, and investments that any investor worth their salt will appreciate. It offers excellent research for traders of all levels, including beginners. Music to the ears of beginner investors is Interactive Brokers’ low commissions.
Its downloadable trader workstation comes packed with dozens of features to help investors make informed decisions. The web-based platform is sufficient for basic users or inexperienced investors. Typically, the client portal is straightforward and sufficiently robust for people learning the ropes of investing.
Through the portal, you can get news on research assets, global markets, and the watch list at the comfort of your home.
Interactive Brokers is best for people that trade several times a month.
Pros:
- Provides excellent research for users
- Low commissions
- Downloadable trader workstation is full of features
- User-friendly client portal for beginners
Cons:
- Charges inactivity fees
How to Choose the Best Online Stockbrokers
Choosing the best online stockbrokers in the UK needs not to be rocket science. For starters, consider the investment and trading options most useful to you and then move from there. Are you looking for US share trading and interactive tools? Are research and in-house recommendations more critical?
The next thing is to compare the trading fees and commissions depending on your trading frequency. If you are an infrequent trader, a platform with no inactivity fees is the best. Which pricing is most convenient for you?
Don’t forget to assess the trading platforms in terms of interactive tools, available market research, mobile apps, and ease of use.
Parting Shot
Stock trading has different levels, starting with the beginner. Online stockbroking has ushered in a new era of more manageable and more informed investing. There are now numerous investment tools, platforms, and products to grow your wealth gradually, and which is the main idea.
However, you need to choose right.
For example, frequent and professional traders in the UK will be looking for institutional-grade platforms with professional charts and interactive tools. Infrequent visitors and beginners will have different needs. The list we’ve shared here has brokers for both the beginner trader and the advanced trader. All you need to do to get started is pick one whose description fits your needs and investment style.
FAQs
How do I Purchase Stocks Online?
The first process is to choose a reputable and established UK broker, like the ones listed above. Fund the account and then research the investment products you want to purchase. Use the market research, trading tools, and updates that the account provides to make an informed decision, and then fill out the order ticket. Place the trade, and you are now set.
Which is the Best Trading Platform for Beginners in the UK?
There are various excellent platforms for traders just dipping their feet in the market, and IG is among them. Specifically, IG's mobile app and trading platform are user-friendly, and they provide quality research to support investing decisions. The educational content is also appropriate for a novice, and they can use it to succeed.
Which Stockbroker in the UK has the Best Trading Platform?
Saxo markets have the most user-friendly desktop and web-based platforms in the UK. The trading tools and features in the SaxoTraderGO are just excellent for both beginners and seasoned traders. Their mobile app is another highlight, with alerts, market news, charts, and other useful information. On the downside, their prices may be a bit steep for some traders, but the benefits exceed the shortcomings by far.
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