Using your phone or any mobile device, a trading app will generally allow you to carry out the majority – or even all – of the tasks that are available to you on your computer or when dealing directly with a broker. The benefits of using a trading app come down to three factors:
Immediacy – Of particular interest to traders who invest in markets that are volatile or on the brink of an expected change in direction or a steep climb/descent. Access – Trading on the go opens up access to your investments wherever you are; no longer must you be at your desk to discover how the markets are behaving. Ease of use – The majority of trading apps are designed to simplify interaction with your investments, charts and market news.
Interested in trading but unsure whether you are fully prepared? Read Signs You Are Ready To Live Trade.
Our Top 9 Trading Apps in the UK
Now that you know what to look out for when choosing a broker and trading app, here is our list of the best commission-free trading apps in the UK for 2023. Plus500 is an Israel-based broker offering CFDs across a range of markets. You may not, however, buy the actual assets. The Plus500 app is straightforward and allows you to trade on the go. However, research and analysis tools are limited. Trading is commission-free and there is no charge to withdraw money. There is a £100 minimum deposit when opening an account. Plus500 does charge a currency conversion fee, and your account will incur a fee should it be inactive for three months. Fees are charged for the following:
Overnight funding – When holding a position after a certain time. Currency conversion fee – For all trades on instruments in different currency to your home currency. Inactivity fee – Up to USD 10 per month if you do not log in to your account for a period of 12 weeks. Guaranteed stop order fees
Pepperstone is an Australian CFD stockbroker, active in the UK and globally. It has created a trading app for each of the platforms it provides – TradingView, MT4, MT5 and cTrader. The Pepperstone cTrader app is recommended for those new to trading or still finding their investment footing. The cTrader app provides the same trading experience that you would experience in the computer version. Like Pepperstone offers social copy trading, but unlike its competitor, you may only trade CFDs with this broker. The standard account is commission-free, whereas Razor account holders are subject to commission charges. There is no minimum deposit, but Pepperstone recommends £500. Withdrawal fees are charged to customers outside the EU and Australia. Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78.8% 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. It offers a 20% welcome bonus up to $10,000, according to regulation and a free 21-day demo account with $100,000. Instruments include:
Metals Commodities Stocks FX Options Oil ETFs Options Crypto currencies CFDs Indexes Shares Spread betting Indices Forex Bonds
AVATrade EU Ltd is regulated by the Central Bank of Ireland. (No.C53877) Ava Trade Markets Ltd. is regulated by the B.V.I Financial Services Commission. It is also highly regulated in Australia, South Africa, Japan, Middle East, Cyprus and Israel You can not trade with AvaTrade in the US, North Korea, New Zealand, Iran or Belgium. Mínimum deposit of $100, no withdraw limit and no fees.
City Index is a well-established global CFD and forex broker. Its mobile app offers a full trading service, including extensive charting and technical indicators, and an up-to-date news feed. The commission-free element applies to CFD trading, except for CFDs in shares. Forex trading incurs low level fees. There is no withdrawal fee. However, should your account remain unused for more than 12 months, you will be charged an inactivity fee. There is no minimum deposit.
Forex Capital Markets (FXCM) is a UK forex and CFD broker. FXCM offers copy trading through its ZuluTrade service. One added advantage of its Trading Station mobile app is that it not only supports trading forex and CFDs but also allows spread betting. Trading is generally commission-free, although high-volume trading may incur fees. The minimum deposit is £300, and you will be charged for an inactive account and to withdraw funds. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% 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. Originating in Bulgaria, Trading 212 is registered to operate in the UK. It offers CFDs in a range of markets, ETFs, and stocks and shares. It also offers the option to open an ISA account for tax-free investment. The Trading 212 app is compatible with all three types of accounts and offers a full trading service. Trading is commission-free, with the opportunity to begin with a £1 investment for the Invest and ISA accounts, and £10 for the CFD account. Charges you may face include deposit fees once you have paid in over £2,000, and currency conversion fees.
This Italy-based broker operates in Italy and the UK and offers a wide range of trading assets. Fineco Bank also offers CFDs. The bank’s trading app provides a full trading service, but the technical analysis offering is limited. The commission-free aspect of trading with Fineco Bank is restricted to CFDs only. UK customers trading in shares and ETFs will incur fixed commission fees. There is no minimum deposit amount, no inactivity charge and no withdrawal fee, but there are high fees for holding CFD overnight positions.
Freetrade is an app-based UK brokerage that is currently seeking to expand its reach into Europe and Ireland. The app offers a full trading service and is straightforward to use. Freetrade provides a decent offering of research and analysis resources and a useful community forum where you can chat to and learn from other Freetrade customers. The commission-free aspect is limited to the General Investment account. There is no charge for withdrawing funds, but there may be a currency conversion fee.
An increasing number of brokers offer commission-free trading, but find plenty of other ways to profit from their customers:
Interest on leveraging Fees to withdraw or deposit funds Fees for upgraded services
To find out who the companies are behind the trading apps, read Top 16 Trading Platforms in the UK.
What to Look For in a Broker and a Commission-Free Trading App
There is a wide range of trading apps available in the UK. What should you consider when deciding which one to use?
Which Assets Can You Trade?
One of the main considerations when choosing a broker is what assets and markets they provide. If you want to trade forex, for instance, there is no sense in using a broker that only allows you to trade in shares and commodities. Find out what assets you can trade through a particular broker and their app, and make sure they are a match with your needs before you sign up.
Trading Fees, Commission and Other Charges
A broker may promote itself as commission-free, but find out the full extent of that claim and what other fees may be charged. It may be that the commission-free element only covers basic trading, and not high-volume transactions or an investment over a set price limit. Trading fees may be applied in certain situations, such as holding a position overnight or taking a short position. What about leveraging? What are the fees to obtain leveraging through the broker and what level of interest do they charge? Finally, there may be non-trading fees, such as when you make a withdrawal or where your account has remained inactive for a number of months. Before signing up with a broker, get a full picture of the type of fees you may face.
Knowledge Level
Some trading apps are intended for use by more experienced traders, whereas others are suitable for traders of all levels of expertise. Make sure that the trading app is intended for a knowledge level that matches your own.
Extent of the App Service
Does the trading app offer the exact same level of service as the computer version or that you would receive when dealing directly with the broker? For instance:
Are you able to carry out all, some or no transactions? Can you access all of the charts and metrics tools? Do you have full access to customer service? Can you view your full profile, portfolio and record of transactions? Can you access the broker’s newsfeed?
The importance of the service offered by the app will depend on how you wish to use it, as a full trading tool or simply to monitor the performance of your portfolio. When deciding which broker and app to use, begin with your own needs:
What do you want to trade? What is your level of trading expertise? How much money do you have to invest? What level of trading do you want to carry out on the go?
Make sure you do your research before you decide on the right app for you.
