Best Free Trading App UK – Pros, Cons and Main Features Revealed

Technological advancements mean that a number of different platforms have emerged that have revolutionized trading. Choosing between the various platforms available can be tough, as every application offers unique features and are targeted at different traders.

This guide will explore the best free trading apps in the UK, reviewing their most important aspects as well as which type of trading each platform is best suited to.

Best Free Trading Apps Reviewed

Creating an account with an established and licensed trading app is imperative for investors looking to trade in different asset classes. In addition, there’s a free trading app for every investor type among the providers listed above.

To better understand each of these platforms, let’s take a closer look at them one by one:

1. XTB – Best Real Stocks and ETFs Trading App with Zero Commission

If you’re looking to trade forex or CFDs in the UK, XTB is the best free trading app to use. The app charges zero fees on all real stocks and on share trading up to 100,000 EUR. For forex trading, the platform charges a very low spread of 0.1 pips. Traders can also use the demo trading account for free to practice their trading.

In regards to non-trading fees, XTB charges no fees for deposits, withdrawals or account management. However, the trading app does charge a 10 EUR per month inactivity fee after one year of no activity. It is also worth noting that the minimum deposit is zero.

XTB offers a range of instruments, including 48 forex pairs that can be traded 24/5, over 3000 shares and over 1,800 stock CFDs. Traders can also trade indices and commodities with competitive spreads and leverage up to 20:1.

Mobile traders can access trading on XTB through the xStation mobile app. xStation is an advanced trading platform that supports technical analysis. For desktop users, xStation 5 is available.

Pros:

• Zero fees for real stocks trading with no trading limit.
• The minimum deposit is zero.
• Low spreads on forex, indices and commodities.
• XTB offers a free demo trading account to all users.
• The platform has a range of educational resources available.
• Advanced trading with xStation.

Cons:

• No access to cryptocurrencies.
• No copy trading or social trading is available.

76% of retail CFD accounts lose money.

2. AvaTrade– Great Trading App with Low Spreads

AvaTrade is a global broker of Forex and CFDs. The process of opening an account is easy and entirely digital. All deposits and withdrawals at AvaTrade are free. There are also tools for education and research that are user-friendly. Due to the limited product portfolio, this broker is only able to offer Forex and CFDs (for stocks, indices, commodities, etc.). The broker charges high inactivity fees, and forex trading fees aren’t competitive. The Aston Martin Formula 1 team and AvaTrade recently entered a strategic partnership.

CFD fees at AvaTrade are low, and forex fees are average. Inactivity fees are quite high, but deposits and withdrawals are free. With AvaTrade, you can deposit and withdraw money for free. In contrast, the withdrawal process took three business days.

At AvaTrade, you can trade only Forex and CFDs, such as stock, index, and Forex CFDs. Real stocks, for example, are not offered.

Pros:

• Bank of Ireland is the main regulator globally, ensuring a high level of regulation
• Low minimum deposit and extensive educational resources
• Seven sectors of assets to choose from
• Platform for mobile trading of the highest quality

Cons:

• Retail traders have low leverage
• A high quarterly fee for inactivity

Your money is at risk.

3. Trade Nation– Regulated Trading App with fixed spreads

Trade Nation’s fixed-spread and transparent fee structure distinguishes it from other CFD and forex brokers. This makes it a great option for traders looking for a strategy that minimizes costs and provides access to a wide range of tools. There is no minimum balance requirement, inactivity fee, deposit fee, or withdrawal fee. It is easy and hassle-free to open an account online. Customer service is excellent as well.

Researchers and educators can access excellent research and educational resources, including trading ideas, articles, video tutorials, daily reports, and real-time news. Designed with ease of use in mind, Trade Nation’s mobile and web apps are accessible to beginners and experienced traders. It is possible, however, that if you are an experienced trader, you may find Trade Nation lacking some advanced features that can be found on other platforms. Its product offering covers an impressive 1000 markets.

Pros:

• Risk-free demo account
• There is no account minimum or deposit fee
• Inactivity and withdrawal fees are not charged
• Protection against negative balances
• Allows order hedging and expert advisors (EAs) to be used
• MT4 and proprietary web-based trading platforms are easy-to-use
• Free trading signals

Cons:

• No social trading or copy trading (U.K. clients)
• The product is not available to U.S. traders
• Regulations may affect trading conditions and proposals

Your money is at risk.

4. Admiral Markets– Reliable Trading App Since 2001

Over the past twenty years, Admirals has been in business. For its clients, this broker offers MetaTrader 4 and MetaTrader 5, as well as MetaTrader Supreme Edition, a proprietary plug-in. In terms of education and analytics, Admirals has a lot to offer. Video tutorials, webinars, and seminars are all free, and they explain different trading definitions, concepts, and strategies in depth.

Low commissions and competitive spreads are Admirals’ strengths. There are a variety of accounts available depending on the software you choose. Other brokers may not offer as much account flexibility as Admirals. In addition to trading Forex and CFDs, AdmiralsTM investment firms offer trading in energies, stocks, bonds, ETFs, indices, and metals. Admirals is a reliable, feature-rich broker you should consider.

Pros:

• Service of the highest quality.
• Indisputable legal defense.
• Providing novice traders with abundant, easily understandable materials (including online learning).
• Withdrawals are convenient.

Cons:

• Requote of asset prices.
• Regulators of activity.
• Trader’s initial deposits are manually negotiated during the withdrawal process.

Your money is at risk.

5. Pepperstone – One of the Most Popular Trading Apps Worldwide

Trading is possible on Pepperstone for a wide variety of assets and commodities. The company offers five popular cryptocurrencies and CFDs on stocks, bonds, and major currency pairs.

As well as automated trading robots and API trading, it has multiple trading platforms for intermediate and professional traders. A further feature of Pepperstone’s platform is its account duplication tool, which allows you to copy trades from the most successful Forex traders.

Pros:

• Opening a new account is quick and fully digital
• Customer service is excellent
• Deposits and withdrawals are smooth and free

Cons:

• Offers primarily CFDs
• MetaTrader has a basic user interface

75.3% of retail investor accounts lose money when trading spread bets and CFDs with this provider.

6. Plus500 – A Really Good UK Trading App

Plus500 was established in 2008 as an online trading platform. It has grown significantly since then and has become a global Contract for Differences (CFDs) leader.

A significant milestone in Plus500’s history occurred in 2013 when the company started trading on the London Stock Exchange under the ticker PLUS.L. Additionally, Plus500 has been recognized for its innovative technology and customer experience. At the 2020 Online Personal Wealth Awards, it took home the award for “Best Trading Platform.”

The broker is also notable for its high-profile sponsorships, such as when it became the main sponsor of Atlético Madrid in 2021.

Among the world’s most internationally oriented brokers, the company offers up to 2,800 financial instruments and has more than 24 million open accounts.

Pros:

• Worldwide regulation
• Stocks and options are available in a wide range of assets
• Orders with guaranteed stop-losses

Cons:

• For retail traders, low leverage is available
• Insufficient support for automated trading or social trading on a trading platform that is below standard
• Research and educational content are limited below average

Your money is at risk.

Are Trading Apps Safe?

Most trading apps have advanced security systems that are put in place to protect their users. For instance, they often have a monitoring system to check the network environment regularly for possible threats. Through this, a regular review of the broker platform’s entire system is conducted to prevent data and security breaches and detect malware, fraudulent applications, and suspected phishing attempts.

One of the online brokers’ most common security systems is Secure Sockets Layer (SSL) encryption and authentication. Data files are generally encrypted and decrypted using a 128-bit key. This encryption is virtually unbreakable. Solving it would require a massive computation that would take many years.

A secure server stores encrypted data, which is constantly monitored to prevent the entry of viruses and malware. Moreover, online brokers use two-step authentication, which entails an additional login key to their traditional access codes.

Some online brokers employ automatic logouts as another security measure. After a set period of inactivity, users’ accounts are configured to log off securely. The platform, for example, requests the user’s consent to continue browsing after 10 minutes of inactivity. Accounts are automatically closed if the user does not respond.

Which Stock Trading App is Best For Beginners?

A good broker is essential for beginner traders. Because of this, it’s a good idea to compare and learn as much as possible about the broker you’re considering. Commissions should be competitive, allow you to invest in a diverse range of stock markets, and be a reliable and fast platform.

Top Tips For Using Trading Apps as A Beginner

Here are a few tips to help you be more successful in the market by allowing you to achieve positive returns.

Never share your login details

The last thing you need is to fall victim to online hackers due to cyber insecurities. By securing your trading app with a strong password, you can protect your account against unauthorized access. For cybersecurity experts, weak security and passwords are the major loopholes to online attacks. Make sure your app’s security code is strong by mixing alphabets, numbers, and special characters. The most important thing is to keep your password confidential. It is also possible to enable two-factor authentication when logging in.

When not using a trading app, closing your trading session and logging out of your account is essential. Even though many trading apps automatically lock your account if you leave it idle for a few minutes, you should always double-check. It is also advisable to clear your cache periodically to enhance safety.

Chose a regulated platform

With mobile trading apps, traders can trade on their mobile devices and access the financial market anywhere.

Therefore, the security of trading applications is crucial, and you should invest in ones hosted by regulated trading apps. By doing this, the funds you trade with them are kept in a separate account only accessible by you, ensuring their protection. So it becomes essential to go for a broker regulated by the Financial Conduct Authority (FCA) with additional protection from the Financial Services Compensation Scheme (FSCS).

Start small

Do not invest money in the market that you cannot afford to lose. This advice is an old-run one, and you probably already know it. Even if the financial markets go up in the long run, you can lose money in the short term if you do not maintain good control over the different instruments at your disposal or if you do not pick them properly.

For this reason, you should not invest all your capital in the market. Once you have built up an acceptable amount of capital, you can use the rest to put into it.

It is possible to lose a great deal of money by making trading mistakes. Mistakes aren’t bad; quite the contrary. We can improve if we make mistakes and learn from them.

Nevertheless, making mistakes with small capital is better than making them with large capital. This is why it’s better to start small and increase your portfolio size as you gain more experience and confidence. As a result, you will minimize your risk of losses while maximizing your profits by experimenting with new strategies that are more profitable.

Therefore, you should start with a small amount of capital and slowly increase it over time.

Practice with a demo account

Trading financial instruments with hard cash is risky, so it is highly recommended that you practice with paper trading accounts first. With these accounts, you can experiment with all the tools you have at your disposal while working with virtual money. Therefore, even if you make mistakes and the instruments you’ve invested in go down in value, you won’t lose anything and will learn a lot. Almost every broker offers this type of account, and you can open it in minutes.

You will learn how to invest in the stock market through these virtual money accounts, and you can experiment as much as you like.

It’s recommended to start trading with real money only once you fully understand how the stock market works. Then, people learn at a different pace, but the most important thing to remember is to not rush into real-money trading.

Avoid gambling

If you trade for excitement or social proof, trading can quickly turn into gambling. Investing in the markets is compelling because it connects one to a global community of traders and investors with different ideas, backgrounds, and beliefs. However, getting swept away by the “idea” of trading, emotion, or emotional ups and downs will likely prevent you from acting methodically.

To avoid gambling, steer clear of placing large quantities of trades each day and make sure to conduct thorough analysis before making any trading decisions.

Conduct thorough research and analysis

Nowadays, most brokers strive to provide their users with as many fundamental and technical tools as possible, including real-time price charts, price alerts, technical indicators, educational materials, news feeds, and more. It will greatly help you if you use them to upgrade your trading strategies.

Best Free Trading App UK – Our Conclusion

In terms of trading apps, there are many options available. However, finding the right product and platform for you and your trading skill level requires diverse research.

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