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In page navigation
- 1. Compare the best stock brokers & trading platforms
- 2. What are the best stock trading platforms?
- 3. What is a stock broker?
- 4. The best trading platforms for beginners, traders, and long-term investors
- 5. What should I look for in an online trading platform?
- 6. Quick answers to key questions
- 7. Should I use a broker to buy and sell stocks?
- 8. FAQs
Compare the best stock brokers & trading platforms
What are the best stock trading platforms?
You can dive straight in and get started by choosing one of the links in the list below. These are the top platforms as chosen by our team of experts, and the table makes it easy to compare their key features. Otherwise, scroll down to keep reading.
What is a stock broker?
A service that allows you to buy stocks and shares, either to hold for long periods of time or trade in the short term as the stock market fluctuates. There are a wide variety of online brokers available nowadays, with many platforms allowing you to trade other assets in addition to stocks, such as forex, cryptocurrencies, and commodities.
How do stock brokers work?
Brokers work by acting as middlemen for stock trades: matching up buyers and sellers to complete transactions. Individual traders cannot directly execute trades on the stock market, so the trading platform will connect with stock exchanges and buy and sell shares on their users’ behalf depending on the orders they place.
What’s the difference between a stock broker and a CFD trading platform?
There is often very little difference, as many platforms offer both features. With a traditional stock broker you tend to take ownership of the shares themselves, while with a CFD platform you only speculate on price changes rather than owning anything.
Share dealing works as described in the previous section: you instruct the broker to buy or sell shares for you, and they do so and record this in your account. Generally this approach is better suited to people looking to the longer term.
CFD trading, on the other hand, is a contract between two parties – a buyer and a seller – with the buyer agreeing to pay the seller the difference between the current value of an asset (in this case shares of a stock) and its when the contract expires. CFD trades can be made quickly, and tend to be better if your time frame is shorter.
How do I use a stock broker?
All you need to do is register, fund your account, and then navigate to the platform or app’s stock trading page. The exact process will vary a bit, but usually you’ll be able to type in your desired stock’s ticker symbol, see the current market rate, enter the number of shares you want, and click confirm.
The best trading platforms for beginners, traders, and long-term investors
One of the major factors you need to consider is the strategy you wish to pursue. If you’re a beginner then your ideal platform will be different to an experienced trader using CFDs and leveraged trading. Here are the best stock brokers in the UK, broken down into different criteria.
The top broker for beginners
If you’re just starting out, then you’ll want to prioritise somewhere that makes the process as simple as possible, and also provides a selection of useful educational materials.
The top platform for day-traders
For experienced traders looking to open and close positions quickly as the market fluctuates, the perfect choice is a CFD trading platform that charges low commissions and offers access to a wide range of stocks and other markets.
The top app for long-term buyers
Traders looking to the long term will benefit from an established platform they can trust with their shares over time. If you’re building a portfolio to save for retirement or a large purchase, you want the foundations to be built with one of the most reliable names in the business.
What should I look for in an online trading platform?
Here’s a quick run through of the most important areas to consider.
Design and ease of use
Stock investing requires extensive research, patience, and skill. Given all of those challenges, the last thing you want is to waste time trying to figure out how the website functions. Choose somewhere with a well-designed website and/or mobile app that’s easy to use so you can spend more time focussing on your trades.
Demo account
Especially if you’re a beginner when it comes to stock investing, look for features like a free demo account. These accounts allow you to trade in real time, but with fake money – allowing you to learn the ropes without risking any of your capital.
Low fees
Making a profit when trading stocks is far from a given. You certainly don’t want to have to pay significant fees or commissions to make the task even more difficult. Look for reasonablylow fees and commissions for processing your trades.
Small spreads
If you’re making frequent trades, then it’s important to pay attention to the spreads. The spread is the difference between the bid (buy) and the ask (sell) price. Many online trading platforms hide their true cost by charging small fees but applying large spreads.
Payment charges
You might have a preference for a specific payment method – for instance funding your stock trading account with PayPal. If this is the case, then be sure to check that there are no fees for deposits or withdrawals using PayPal.
Reputation and regulation
Make sure you’re using a reliable broker before funding your account and starting to trade stocks. You can get a feel for the platform’s reputation by looking at various online reviews, and also check which financial bodies regulate the trading app’s services. Trading with an unregulated broker is risky as you have no protection from fraud.
Shares available to trade
It seems obvious, but one of the most important things to check before signing up is that it allows you to buy and sell the stocks you’re looking to trade. Not all platforms offer shares in all companies – so if you’ve got your heart set on Tesla, Amazon, or Apple shares, check they’re available first.
Trading options
In addition to looking for a variety of asset choices, many investors seek numerous different trading options for their asset of choice.
- Some investors may want to go short (betting that the price of an asset will go down), in addition to going long (betting that the price of an asset will go up).
- Other investors may favour hedging, which is when you make an investment designed to limit the potential downside of another investment you’ve already made.
- Another trading option popular with certain investors is scalping. This is a method of arbitrage in which you attempt to make money by taking advantage of small price gaps between the bid price and the ask price of a specific asset on different platforms.
Quick answers to key questions
Do brokers charge commissions?
Yes, even the best brokers in the UK charge fees for their services. Typical fees for executing a trade range anywhere from £1 to £15 depending on the size of the trade, and the exact nature of the fees charged will vary. Our comparisons will help you find out the best fee structure for the trades you want to make.
Do I have to verify my identity?
Yes you do. This process could involve everything from verifying your bank information to more elaborate verification procedures including photo ID such as a driver’s license or passport.
The overarching term for this layer of security is “KYC”, which stands for “Know Your Customer.” Brokerages and other financial institutions use KYC guidelines to help prevent people from laundering money or conducting financial scams.
Can I buy multiple stocks?
Yes, you can get any number of different stocks at the same time. As long as you have enough money to afford multiple shares, and you don’t exceed any deposit or daily trading limits, then there is no restriction on the number of different stocks you can invest in.
Do I need any extra software?
It depends on the trading platform you use. Many require no additional software – allowing you to trade simply on the browser or through the platform’s app. However, some might require integration with popular forms of trading software such as MetaTrader 4.
Should I use a broker to buy and sell stocks?
In a word, yes. Signing up to one of the best online trading platforms allows you to trade stocks quickly and easily, with brokers typically only charging minimal fees for executing your trades.
Still undecided?
If you’re still mulling over which platform to use, here are some pros and cons to help you make an informed choice – followed by some additional things to consider.
Pros
- You can trade a variety of stocks online
- Some platforms allow you to trade with CFDs and with leverage
- Online brokers have easy-to-use trading interfaces
- The fees are typically quite low
- You can often trade in other markets too, such as forex
Cons
Should I buy stocks now?
This depends on your own financial goals and how you are looking to achieve them. If you’ve done your research and believe that the value of a particular stock is going to rise over time, then it’s a good time to buy some shares now and sit on them until that rise in value hopefully materialises.
If your aim is to become a day trader, then the fundamental strength and long term performance of specific stocks aren’t as much of a concern. What you want to do is master technical analysis so you can read price charts and anticipate fluctuations – timing your trades just right to profit as stock prices move up and down.
For either strategy, it’s best to keep on top of all the latest news and analysis about the stock market. You can find our recent coverage right here to help you determine if now is the right time to invest in stocks.
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Where can I learn more about stock market trading?
Right here on Invezz. We offer a range of beginner-friendly stocks courses to help you understand how to craft a successful trading strategy. Take a few courses and then sign up to one of the best trading platforms to put your knowledge to good use.
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Navigation
- 1. Compare the best stock brokers & trading platforms
- 2. What are the best stock trading platforms?
- 3. What is a stock broker?
- 4. The best trading platforms for beginners, traders, and long-term investors
- 5. What should I look for in an online trading platform?
- 6. Quick answers to key questions
- 7. Should I use a broker to buy and sell stocks?
- 8. FAQs