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 App UK – List
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eToro – Overall Best Free Trading App In The UK For 2023
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Crypto.com – Best Platform For Cryptocurrency Trading In The UK
78% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. |
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. eToro – Overall Best Free Trading App In The UK For 2023
In addition to being one of the most popular stock trading apps in the UK, it is possible to trade many other assets, such as cryptocurrencies, commodities, and more, at eToro. Moreover, this platform also stands out as the best forex trading app because it offers over 40 forex pairs for British traders. Trading assets on eToro will incur a flat 1% fee in addition to the bid-ask spread on each trade.
Additionally, eToro offers real-time stock and cryptocurrency trading, giving investors a high level of flexibility. eToro offers a wide range of tradeable assets, starting at only $10 per trade and with a range of leverage options available to its clients who wish to trade CFDs. For example, maximum leverage of x5 is available for stock CFD trades in the UK, allowing you to increase your potential returns.
Several deposit methods are accepted at eToro, including credit/debit cards, bank transfers, PayPal, Skrill, and Neteller. However, UK-based traders still have the option of depositing in GBP, although they must pay a small conversion fee of 0.5%.
eToro also provides a copy trading platform that enables users to copy trades automatically placed by other platform users. In addition to having an automated trading platform, eToro is very popular because it offers a professional portfolio management service called Smart Portfolio. eToro even offers demo accounts to new traders, allowing them to test the platform before committing to a real account.
Pros:
- Covered by the FSCS and regulated by the Financial Conduct Authorit
- Trading stocks and ETFs with low commissions
- Traders can trade forex, commodities, indexes, and cryptocurrencies at low costs
- It is very user-friendly and perfect for beginners
- The minimum trade size is just $10 (about £8)
- The site accepts debit/credit cards, e-wallets, and local bank transfers
- Android and iOS apps with the highest ratings
- An eToro wallet that is secure for crypto
Cons:
- Trading platforms such as MT4 are not supported
78% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. |
2. Crypto.com – Best Platform For Cryptocurrency Trading In The UK
The exchange’s fee structure is attractive, with trades costing just 0.4% each way. However, users can reduce the fee by 10% if they pay in CRO, the exchange’s native token. In addition, the Crypto.com mobile app allows users to instantly purchase crypto through its exchange, which costs 2.99%.
Moreover, Crypto.com offers an easy-to-use crypto wallet that supports over 100 crypto assets and is free for download. Crypto.com also provides a crypto-interest account (Crypto Earn) with returns up to 14.5% per year and a dedicated NFT marketplace with low fees. Finally, Crypto.com users can use the Crypto.com crypto card to spend their cryptos as if they were FIAT, with up to 5% cashback.
Pros:
- Fees are low
- Perfect for crypto payments
- Converting money is easy
- Invest in crypto and earn interest
- Choose from a variety of cryptocurrencies
- A high level of security
Cons:
- Navigation is difficult
Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.
What Is The Best Stock Trading App in The UK?
Among our selection of great trading apps, we found eToro to be one of the UK’s best stock trading apps.
Users can pick stocks from thousands of options once their eToro account has been funded. For instance, you can find more than a dozen international exchanges list stocks on the London Stock Exchange.
Many U.S.-based companies in this category are also available such as Amazon or Apple shares. In addition, stocks listed on eToro, domestic and foreign, can be purchased with low commissions.
One of the most appealing features offered by eToro is fractional share trading. In other words, users can invest in stocks without buying a full share. For example, on eToro, investors can allocate $50 instead of $2000 for a single share of Amazon. This means that users are able to invest in high value stocks without putting a large amount of capital at risk.
What Is The Best App For Cryptocurrency Trading?
At the moment, eToro is also the best crypto trading app in the UK. Digital coins can be bought and sold securely here as the platform is regulated by the Financial Conduct Authority (FCA).
More than 70 cryptocurrencies are available for purchase and sale as soon as you make a deposit. A click of a button is all it takes to purchase Bitcoin, Ethereum, Cardano, and much more. eToro also lets you buy meme coins such as Shiba Inu, Dogecoin, and other coins for the best metaverse apps. However, you should bear in mind that eToro charges just 0.5% for GBP deposits.
How To Trade With eToro – Step-by-Step
Using the eToro trading app is fairly simple and the registration process can be completed in just a few minutes. Below, we walk you through each step of using the platform so that you can get started today.
Step 1: Download the eToro mobile app
The eToro app for iOS and Android allows you to perform all the functions available on the trading platform in the short and long term and be notified of relevant events.
You can download the app for free from the App Store on your phone. Simply search for ‘eToro’ and it should appear as the first option.
Step 2: Sign up to eToro
When you begin trading with an online centralized broker, you must register for an account. Upon clicking the “Join Now” button, you will see a registration form.
You must choose a username and password for your account login credentials. Your email address will also be required.
Once you click the Create Account button, some personal information will be requested. This data will include your first and last name, nationality, address, and date of birth.
Moreover, your mobile phone number must also be entered. Then, you will need to enter an SMS code that you receive from eToro to complete your registration.
78% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. |
Step 3: Verify ID
All trading apps regulated in the UK deploy the Know Your Customer (KYC) process. It’s a way for apps like eToro to verify your identity and remain compliant with money laundering laws.
There are two documents that eToro requires you to provide.
Firstly, your identity must be verified by uploading one of these three documents:
- Passport
- Driver’s License
Secondly, your stated residential address must also be verified by uploading one of the following documents:
- Statement from your bank or credit card company
- A bill from a utility company such as electricity, water, or gas
- Letter or bill regarding taxes
- Your local municipality’s letter
Other documents can be accepted. Consequently, the proof of address you upload must be no older than three months old.
As soon as you upload the two required documents, eToro can usually instantly verify your identity.
Step 4: Deposit funds
Funds can be deposited and withdrawn fee-free with eToro. It applies to all of the payment methods supported by eToro.
Your first step will be to enter the amount you wish to deposit – starting at $10. Next, click on the currency tab and select ‘GBD.’
Select your preferred payment method from the drop-down box next.
Visa, MasterCard, or Maestro debit/credit cards are all available. Also supported are e-wallets such as PayPal and Neteller. Online banking, ACH, and bank wires are also options.
Step 5: Switch to demo account
You might want to start with a demo account if you are brand new to eToro. We found that eToro offers demo accounts at all times so that users can switch from ‘real’ to ‘virtual’ at will.
The demo account at eToro comes with a $100,000 paper trading balance. Including Copy Trading and Smart Portfolios provide access to live market conditions and all supported markets.
It’s a great way to learn more about the eToro platform and mobile app or perhaps to try out a new investment strategy. In either case, the demo account is risk-free.
Step 6: Practice trading
All users of eToro have access to demo trading account, both through the web version and the mobile app. This is a great way to practice trading without putting any real money at risk.
The demo trading account mirrors real-time trading and offers all of the tools that are available in the live account. eToro offers a virtual balance of $100k, however this can be reduced to reflect a more realistic balance if you would prefer.
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.
Among them, eToro stands out as a comprehensive app that offers a demo account for beginners and those with little experience with stock trading to practice the platform and get to know how it works. Moreover, its interface is what stands out at first glance. The platform is easy to use, so even those just starting to trade can start trading with just a few clicks. In addition, eToro offers several tools for helping users become familiar with its interface and a wide range of stocks to invest in.
78% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. |
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.
eToro is our favorite trading platform in the UK. After registering for free in less than a few minutes, you can buy and sell various financial instruments, including currencies, bonds, forex, and exchange-traded funds. In addition to advanced charting tools, this application offers access to the largest stock exchanges in the world and provides a demo account through which you can practice trading without putting any capital at risk.
78% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. |
FAQs
Are there any free stock trading apps?
Yes, there are many free stock trading apps out there. For instance, the eToro trading platform offers commission-free trading in all asset classes and is among the most affordable in the UK. It is also extremely cost-effective to trade with eToro because there are no monthly account fees or deposit fees.
What trading platform is best for stock trading?
In our opinion, the best trading platform for UK stocks is eToro, since it offers over 2000 stock CFDs. Moreover, you can start trading at eToro starting at just $10.
What is the best mobile trading app for beginner traders?
Regarding trading traditional asset classes, eToro's trading app best suits them. However, if you're looking to trade cryptocurrencies, you can download Crypto.com's free trading app, which is available for iOS and Android.
Can you trade options on eToro?
As of right now, eToro does not offer options trading. Currently, it offers currency, commodities, stocks, ETFs, cryptocurrencies, and indices.
