When it comes to finding the best financial trading platforms, there is no one-size-fits-all answer. Different traders have different needs, so the perfect trading platform for one person might not be the best option for another.
In this blog post, we will review some of the best trading platforms out there and help you choose the right one for you.
Definition of Trading Platforms
Trading platforms are computer-based software applications that provide traders with access to real-time market data, analytics tools, and executions for trading stocks, bonds, and other financial instruments.
They are designed to give investors the best possible trading experience by providing a comprehensive suite of features such as technical analysis indicators, charting tools, advanced order types, automated trading strategies, and more.
When it comes to choosing the right platform for your needs, there is no single solution that fits all.
Each trader has his or her own individual requirements — from beginner investors seeking simplicity and ease of use to experienced professionals who require advanced features and capabilities.
It’s important to research different options before selecting one in order to identify the one that offers the most features and benefits for your particular trading style.
Overview of Different Platforms Available in 2022
In 2022, the range of available trading platforms continues to expand.
From web-based online trading platforms with simple charts and basic tools to specialised high-performance platforms offering complex research and analytics, traders now have a variety of options to choose from.
Depending on your individual needs and preferences, there is sure to be a trading platform that meets your requirements for successful trading.
What Are The Best Trading Platforms In 2022?
Below is a list of the best trading platforms available in 2022
eToro – Best Trading Platform
Overview
eToro is a popular online trading platform that allows traders to buy and sell stocks, ETFs, commodities, currencies, and more.
It offers users a variety of features including advanced charting tools, technical analysis indicators, copy trading capabilities, educational resources, and much more.
With its user-friendly interface and integrated news feed functionality, eToro is ideal for both novice and experienced traders.
It also provides access to a range of assets including stocks, commodities, forex pairs, indices, and ETFs that can be traded with ease.
For those who are looking for an intuitive trading platform that allows them to keep up-to-date with the markets and make informed decisions, eToro is an excellent choice.
It offers a range of social features, such as copy trading and the ability to follow successful traders, that make it easier for new traders to get started in the markets.
Top Features
Advanced trading tools and technical analysis indicators to help traders identify trading opportunities.
Copy trading capabilities that allow traders to follow the strategies of successful traders.
A comprehensive news feed with market updates, analysts’ opinions, and more.
Educational resources such as trading courses, tutorials, and webinars.
A wide selection of financial assets including stocks, commodities, currencies, indices, and ETFs.
Built-in risk management tools such as stop losses and leverage limits to help traders manage their exposure.
An intuitive user interface that makes it easy to navigate the platform.
eToro Fees
Annual Platform Fee – £0
Dealing Charge – £0
Regular Investor Charge – £0
Wrap Up
eToro is a great online trading platform for traders who are looking for an easy-to-use platform with advanced features.
It offers a wide selection of financial assets that can be traded with ease, as well as copy-trading capabilities and educational resources.
The built-in risk management tools help traders manage their exposure while the intuitive interface makes navigation simple.
With its comprehensive news feed, advanced charting tools, and technical analysis indicators, eToro is an ideal choice for anyone looking to become a successful trader.
Overall, eToro provides traders with all the features they need to make informed decisions and maximize their profits.
Freetrade – Best Trading Platform For Beginners
Overview
Freetrade is an online stock trading platform that provides users with an easy and accessible way to invest in the markets.
It offers a range of features including comprehensive research, portfolio analysis tools, and commission-free trades on over 4,000 stocks from all major exchanges.
With its user-friendly interface and intuitive design, Freetrade makes it easy for anyone to get started in the markets.
The platform also offers a range of educational resources that can help beginners learn about trading and become more informed investors.
In addition, Freetrade offers advanced features such as smart order routing and real-time market data analysis tools which allows experienced traders to make more informed decisions.
For those who are looking for an easy and affordable way to invest in the markets, Freetrade is an excellent choice.
Top Features
Commission-free trades on over 4,000 stocks from all major exchanges.
Comprehensive trading tools and portfolio analysis to help traders make informed decisions.
A user-friendly interface with an intuitive design that is easy to navigate.
Educational resources to help beginners learn about trading.
Advanced features such as smart order routing and real-time market data analysis tools.
Access to a range of third-party apps that can be integrated with Freetrade, including stock screeners and portfolio trackers.
Professional customer service for all users, providing fast answers to any questions or issues.
An investment community where users can share their experiences and advice with others.
A secure platform with two-factor authentication for added protection.
Low minimum deposit requirements, making it accessible to all investors regardless of budget.
Fees
Annual Platform Fee – £0
Dealing Charge – £0 (+0.45% FX fee)
Regular Investor Charge – £0
Wrap Up
Freetrade is an excellent online stock trading platform that provides users with a comprehensive range of features and tools.
Its user-friendly interface and intuitive design make it easy to get started in the markets, while its advanced features provide experienced traders with the ability to make more informed decisions.
With commission-free trades on over 4,000 stocks, educational resources, and a secure platform, Freetrade is an ideal choice for anyone looking to invest in the markets.
The low minimum deposit requirements make it accessible to all types of investors and its customer service team provides fast answers to any questions or issues.
Freetrade offers users a comprehensive trading experience that can help them become successful traders.
Pepperstone
Overview
Pepperstone is an online trading platform that offers users a range of features to help them make informed decisions and maximize their profits.
It provides commission-free access to over 70 major markets, including Forex, Cryptocurrency, Commodities, Indices, and Equities.
Pepperstone also offers advanced tools such as charting software, price alerts, and a range of third-party apps that can be integrated with the platform.
With its intuitive interface, powerful trading tools, and educational resources, Pepperstone is an ideal choice for both experienced traders and those just getting started in the markets.
It offers a secure experience so users can feel confident when investing their hard-earned money.
Whether you’re a beginner or an experienced trader, Pepperstone can help you succeed in the markets.
Top Features
Commission-free access to over 70 major markets including Forex, Cryptocurrency, Commodities, Indices, and Equities.
Advanced charting software with customizable technical indicators.
Price alerts for real-time trading signals.
A range of third-party apps for integration.
Intuitive user interface and easy-to-navigate platform.
Educational resources to help beginners learn about trading.
Expert customer service with fast answers to any questions or issues.
Secure platform with two-factor authentication for added protection.
Low minimum deposit requirements, making it accessible to all investors regardless of budget.
Fees
Annual Platform Fee – £0
Dealing Charge – From 0.1% (UK stock CFDs), from 0.6 pips (Forex)
Regular Investor Charge – £0
Wrap Up
Pepperstone is an online trading platform that offers users a comprehensive range of features and tools to help them make informed decisions and maximize their profits.
Its user-friendly interface and intuitive design make it easy to get started in the markets, while its advanced features provide experienced traders with the ability to make more informed decisions.
With commission-free trades on over 70 major markets, educational resources, and a secure platform with two-factor authentication,
Pepperstone is the ideal choice for anyone looking to invest in the markets.
The low minimum deposit requirements make it accessible to all types of investors and its customer service team provides fast answers to any questions or issues.
Pepperstone offers users an all-in-one trading experience that can help them succeed in the markets.
Trading 212
Overview
Trading 212 is a powerful online trading platform designed to help users succeed in the markets.
It provides access to more than 3,000 instruments including Forex, stocks, commodities, and indices with low spreads and no commissions.
The platform also offers advanced features such as charting software with automated pattern recognition and technical indicators, price alerts for real-time trading signals, and more.
With its intuitive user interface, educational resources, and customer service team available to help, Trading 212 is the perfect choice for both novice and experienced traders alike.
Whether you’re a beginner or an advanced investor, Trading 212 can help you take your trading to the next level.
Top Features
Access to over 3,000 instruments including Forex, stocks, commodities, and indices.
No commissions and low spreads on all instruments.
Advanced charting software with automated pattern recognition and various technical indicators.
Price alerts for real-time trading signals.
Support tools such as economic calendars and market analysis.
Intuitive user interface and easy-to-navigate platform.
Educational resources to help beginners learn about trading.
Expert customer service with fast answers to any questions or issues.
Secure platform with two-factor authentication for added protection.
Fees
Annual Platform Fee – £0
Dealing Charge – £0
Regular Investor Charge – £0
Wrap Up
Trading 212 is an excellent online trading platform that offers users access to over 3,000 instruments with no commissions and low spreads.
Its advanced features such as automated pattern recognition, price alerts for real-time trading signals, and support tools like economic calendars make it easy for users to make informed decisions in the markets.
With its intuitive user interface and educational resources, Trading 212 is the perfect choice for both novice and experienced traders alike.
It also provides users with a secure platform and an expert customer service team to help them succeed in trading.
With all these features, Trading 212 is an ideal choice for anyone looking to invest in the markets, whether you are an advanced trader or just a beginner.
IG
Overview
IG is a leading online trading platform designed to help users succeed in the markets.
It provides access to over 17,000 instruments across multiple asset classes including stocks, commodities, indices, forex, and more.
IG offers users tight spreads, advanced features such as charting software with automated pattern recognition and technical indicators, educational resources for beginners and experienced traders, and 24/7 customer service.
With its intuitive user interface, secure platform with two-factor authentication, and low commissions,
IG is the perfect choice for both novice and experienced investors alike.
Whether you’re a beginner or an advanced trader, IG can help you take your trading to the next level.
Top Features
Access to over 17,000 instruments across multiple asset classes.
Low commissions and tight spreads.
Advanced charting software with automated pattern recognition and various technical indicators.
Price alerts for real-time trading signals.
Support tools such as economic calendars and market analysis.
Intuitive user interface and easy-to-navigate platform.
Educational resources to help beginners learn about trading.
Expert customer service with fast answers to any questions or issues.
Secure platform with two-factor authentication for added protection
Fees
Annual Platform Fee – 0.5% (no charge on value over £50,000)
Dealing Charge – £8
Regular Investor Charge – £0
Wrap Up
IG is a comprehensive and easy-to-use online trading platform that provides users with access to over 17,000 instruments across multiple asset classes.
Its advanced features such as automated pattern recognition and price alerts give users the edge they need to succeed in the markets.
With its intuitive user interface and low commissions, IG is an ideal choice for both novice and experienced traders alike.
Furthermore, its educational resources and expert customer service team offer users the support they need to make decisions with confidence.
With all these features, IG is the ideal platform for anyone looking to invest in the markets.
Frequently Asked Questions (FAQs)
How Do I Open A Trading Account
Opening a trading account is easy and straightforward.
When opening your account, you will need to provide personal information such as your name, address, phone number, and email address.
You may also be asked to provide documents such as ID and proof of address.
Once your account is opened, you will need to make an initial deposit, which can be done via bank transfer or credit/debit card.
Once the funds are transferred, you’re ready to start trading in the markets.
You may also need to complete additional documents depending on your financial institution’s requirements.
It is important to remember to do your research on the financial institution and ensure that you are comfortable with its terms before opening an account.
How Much Money Do I Need To Open A Trading Account?
The amount of money you need to open a trading account varies depending on your institution.
Generally, most financial institutions will require a minimum deposit of around to open an account, but this is usually quite low.
However, some brokers and investment firms may require a higher initial deposit or even no initial deposit at all.
It is important to review the fees and minimum deposits of different institutions before deciding on which one to open an account with. Additionally, some financial institutions may also allow you to start trading with a much smaller amount, such as £100 or even less.
It’s important to do your research and find out what options are available for you when opening an account.
What Type Of Trading Account Should I Choose?
Choosing the right type of trading account will depend on your individual needs and goals.
If you’re looking to trade stocks, ETFs, and other securities, then a standard brokerage account would be suitable.
On the other hand, if you’re interested in options or futures trading, then you may need to open a margin account with higher minimum trading requirements.
Additionally, some brokers offer different types of accounts such as IRA or Roth IRA accounts, which offer tax benefits for retirement savings.
It is important to consider your individual goals and financial needs before choosing a type of trading account.
Do your research and make sure you understand the fees and other terms associated with each type of account.
That way, you can make an informed decision and choose the right type of trading account for your needs.
What Fees Will I Pay
There are a few different types of trading fees that you should be aware of.
Share Trading Fee
This is a flat fee charged by the platform each time you buy or sell shares.
Some trading platforms charge no share trading fee at all, while others may charge a certain fixed amount per trade.
Trading fees for funds vary from zero to the same fee as trading shares.
Platform Fee
This is an annual fee charged for holding the shares and funds on your platform.
Some platforms charge no fee for this, others charge a flat fee, and some charge a percentage, typically 0.25% to 0.45% of the value of your portfolio.
These fees will usually be taken out of any cash held in your account or you can pay trading fees directly by debit card. However, the platform is likely to sell a proportion of your shares as a last resort if fees remain unpaid.
It’s also worth looking at the types of investments that incur a platform fee as some platforms charge for holding funds, but not for shares. When a platform fee is charged for holding shares, this is sometimes capped at a maximum amount per year.
There are two types of percentage-based platform fees:
Tiered fee: this is the most usual type of platform fee, whereby you pay different fees on different ‘slices’ of your portfolio. For example, if you have a portfolio worth £400,000, you might pay 0.45% on the first £250,000, then 0.25% on the next £150,000.
Non-tiered fee: only one of the trading platforms (Fidelity) charges a non-tiered fee, whereby you pay the same fee across your whole portfolio. For example, if you have a portfolio of £400,000, you would pay 0.2% on the whole £400,000.
Foreign exchange fee
If you buy or sell shares denominated in a currency other than pounds sterling, nearly all of the platforms charge a foreign exchange fee.
This is also referred to as a foreign currency conversion fee and typically varies from 0.5% to 1.5%.
Some platforms also charge a higher trading fee for overseas shares.
A small number of trading platforms allow you to hold foreign currency in your account, which enables you to convert it once and use this money for buying shares and holding the proceeds from selling shares in the local currency.
Other Fees
Some of the trading platforms charge other types of fees, such as inactivity fees and withdrawal fees (for accounts held in an overseas currency) and fees for trading by telephone.
Although not technically a fee, platforms also make money on the buy-sell spread on shares. For example, you might be looking to buy a share with a buy-sell spread of 98-100 pence. This means that you would pay 100 pence to buy a share, and receive 98 pence to sell a share.
Some platforms may offer more competitive buy-sell spreads than others, and less traded shares, such as FTSE Small Cap companies, typically have wider spreads than FTSE 100 companies.
Financial services compensation scheme
If you have an investment (or you were advised to invest) and the provider or adviser has gone out of business, you may be able to claim compensation with Financial Services Compensation Scheme (FSCS).
If you already have an investment or are thinking of investing, you would be advised to check that it’s FSCS protected.
