4 Best Day Trading Platforms UK September 2023 Reviewed
Day trading is a popular trading strategy that involves taking advantage of the minute-to-minute fluctuations in the financial markets. Implementing this trading strategy requires a robust trading platform that offers the tools that are needed to facilitate short-term trading.
Traders need a dedicated trading platform that offers access to a variety of markets, real-time research tools, and advanced technical analysis features.
In this guide, we’ll help you find a day trading platform in the UK for 2023 by comparing 5 options.
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- 1. eToro – UK day trading platform that provides social tarding features
- 2. XTB – Day trading broker that supports leveraged trading in the UK
- 3. AvaTrade – user-centric perspective coupled with strong financial stability
- 4. Trade Nation – transparent and secure trading with affordable fees
- 5. Admiral Markets – advanced tools for trading
- 6. Pepperstone – a broker renowned for its quality and price
- 7. Skilling – Day trading platform that is compatible with MetaTrader 4
- 8. IG – Established day trading platform in the UK
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- 1. eToro – UK day trading platform that provides social tarding features
- 2. XTB – Day trading broker that supports leveraged trading in the UK
- 3. AvaTrade – user-centric perspective coupled with strong financial stability
- 4. Trade Nation – transparent and secure trading with affordable fees
- 5. Admiral Markets – advanced tools for trading
- 6. Pepperstone – a broker renowned for its quality and price
- 7. Skilling – Day trading platform that is compatible with MetaTrader 4
- 8. IG – Established day trading platform in the UK
4 Day Trading Platforms UK – List
There are dozens of day trading platforms to choose from in the UK, but it’s essential to get the right one for your trading style if you want to turn a profit. So, we reviewed five day trading platforms in the UK in 2023:
- eToro – UK day trading platform that provides social tarding features
- XTB – Day trading broker that supports leveraged trading in the UK
- AvaTrade – a wide range of trading platforms
- Trade Nation – transparent and secure trading with affordable fees
- Admiral Markets – advanced tools for trading
- Pepperstone – a broker renowned for its quality and price
- Skilling – Day trading platform that is compatible with MetaTrader 4
- IG – Established day trading platform in the UK
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Total Fees (for 12 months)£ 0What we like- Buy shares and ETFs with 0% commissions
- Social and copy trading network
- Invest and trade crypto with low fees
Fixed commissions per operationAccount FeeMobile App9/10FeaturesPayment methodsAccount Info
Account From£10Deposit fees£0ETFS300+Inactivity fees£10/month after 12 monthsLeverageMaximum 1:30, minimum 1:2Operating marginYesMinimum operation£10Stocks3 000+CFD PositionFees are charged relative to the value of the positionCFDS3 000+Trading fees£0Withdrawal fees£5Fees per operation
Bonds-Cryptocurrencies1%CFDSSpread – Currency from 1 PIP, commodities from 2 PIPS, indices from 0,75 points, stocks and ETFs from 0,15 %DAXN/ACopy Portfolio0%ETFSNo commissionCFD PositionYes, depending on the market that you tradeStocksNo commisionSavings PlanNARobo AdvisorNo additional charge for copy tradingFundsN/ATotal Fees (for 12 months)£ 074% of retail investor accounts lose money when trading CFDs with this provider.
Account Info
Account From£10Deposit fees£0ETFS300+Inactivity fees£10/month after 12 monthsLeverageMaximum 1:30, minimum 1:2Operating marginYesMinimum operation£10Stocks3 000+CFD PositionFees are charged relative to the value of the positionCFDS3 000+Trading fees£0Withdrawal fees£5Fees per operation
Bonds-Cryptocurrencies1%CFDSSpread – Currency from 1 PIP, commodities from 2 PIPS, indices from 0,75 points, stocks and ETFs from 0,15 %DAXN/ACopy Portfolio0%ETFSNo commissionCFD PositionYes, depending on the market that you tradeStocksNo commisionSavings PlanNARobo AdvisorNo additional charge for copy tradingFundsN/ATotal Fees (for 12 months)£ 0What we like- Commission-Free Trading
- Free Demo Trading
- Large number of tradeable assets
Fixed commissions per operationAccount FeeMobile App8/10FeaturesPayment methodsAccount Info
Account From£1Deposit fees£0ETFS130+Inactivity fees£0Leverage1:30Operating marginYesMinimum operation0,01 lotStocks2100+CFD PositionXTB charges a 'swap' which is dependant on lot size and market.CFDS2100+Trading fees£0Withdrawal fees£0Fees per operation
BondsN/ACryptocurrenciesNo commission, spread on CFDs from 0.22%CFDSNo commission, spread depending on market you tradeDAXSpread from 0.9 pipsCopy PortfolioN?AETFSNo commissionCFD PositionYes, depending on the market that you tradeStocksNo commission (UP TO EUR 100,000 MONTHLY TURNOVER)Savings PlanN/ARobo AdvisorN/AFundsN/ATotal Fees (for 12 months)£ 0CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider.
Account Info
Account From£1Deposit fees£0ETFS130+Inactivity fees£0Leverage1:30Operating marginYesMinimum operation0,01 lotStocks2100+CFD PositionXTB charges a 'swap' which is dependant on lot size and market.CFDS2100+Trading fees£0Withdrawal fees£0Fees per operation
BondsN/ACryptocurrenciesNo commission, spread on CFDs from 0.22%CFDSNo commission, spread depending on market you tradeDAXSpread from 0.9 pipsCopy PortfolioN?AETFSNo commissionCFD PositionYes, depending on the market that you tradeStocksNo commission (UP TO EUR 100,000 MONTHLY TURNOVER)Savings PlanN/ARobo AdvisorN/AFundsN/ATotal Fees (for 12 months)£ 0What we like- Low trading commissions
- Zero withdrawal or inactivity fees
- Trade Nation is compatible with MT4
Fixed commissions per operationAccount FeeMobile App5/10FeaturesPayment methodsAccount Info
Account From£0Deposit fees£0ETFSVariable spreads from 0.45 pointsInactivity fees£0Leverage1:30Operating marginYesMinimum operation£0Stocks1500+CFD Position2.5%CFDS100+Trading feesSpreadsWithdrawal fees£0Fees per operation
Bonds1.8CryptocurrenciesN/ACFDSYes, spreads from 0.3DAXFrom 0.9Copy Portfolio-ETFS0.45 pointsCFD PositionYes, depending on the market that you tradeStocks0.1%Savings PlanN/ARobo AdvisorVariable spreadFundsN/ATotal Fees (for 12 months)£ 067.3% of retail investor accounts lose money when trading CFDs with this provider.
Account Info
Account From£0Deposit fees£0ETFSVariable spreads from 0.45 pointsInactivity fees£0Leverage1:30Operating marginYesMinimum operation£0Stocks1500+CFD Position2.5%CFDS100+Trading feesSpreadsWithdrawal fees£0Fees per operation
Bonds1.8CryptocurrenciesN/ACFDSYes, spreads from 0.3DAXFrom 0.9Copy Portfolio-ETFS0.45 pointsCFD PositionYes, depending on the market that you tradeStocks0.1%Savings PlanN/ARobo AdvisorVariable spreadFundsN/ATotal Fees (for 12 months)£ 0What we like- Trade over 8000 financial assets
- It is possible to trade CFDs and place spread bets
- Low commissions and fees
Fixed commissions per operationAccount FeeMobile App6/10FeaturesPayment methodsAccount Info
Account From£100Deposit fees£0ETFS360+Inactivity fees£10 equivalent/per month after 24 monthsLeverage1:30Operating marginYesMinimum operation€1Stocks3000+CFD PositionVariable spreadsCFDS4000+Trading feesSpreadsWithdrawal fees1 Free withdraw/ month, 1€ thereafterFees per operation
BondsSpreads, depending on the market that you tradeCryptocurrenciesSpreads, depending on the market that you tradeCFDSSpreads, depending on the market that you tradeDAX-Copy Portfolio-ETFS$0.02 per shareCFD PositionYes, depending on the market that you tradeStocks$0.02 per US share, 0.1% – 0.15% for other marketsSavings PlanN/ARobo AdvisorN/AFundsN/ATotal Fees (for 12 months)£ 067.3% of CFD clients lose money.
Account Info
Account From£100Deposit fees£0ETFS360+Inactivity fees£10 equivalent/per month after 24 monthsLeverage1:30Operating marginYesMinimum operation€1Stocks3000+CFD PositionVariable spreadsCFDS4000+Trading feesSpreadsWithdrawal fees1 Free withdraw/ month, 1€ thereafterFees per operation
BondsSpreads, depending on the market that you tradeCryptocurrenciesSpreads, depending on the market that you tradeCFDSSpreads, depending on the market that you tradeDAX-Copy Portfolio-ETFS$0.02 per shareCFD PositionYes, depending on the market that you tradeStocks$0.02 per US share, 0.1% – 0.15% for other marketsSavings PlanN/ARobo AdvisorN/AFundsN/ATotal Fees (for 12 months)£ 0What we like- Zero commissions, low fees and tight spreads
- +Insights feature tracking customers' activity
- Access to over 2800 financial instruments
Fixed commissions per operationAccount FeeMobile App6/10FeaturesPayment methodsAccount Info
Account From£100Deposit fees-ETFS90+ (Only CFDs)Inactivity fees£10 per month after 3 monthsLeverageForex 1:30, Share & ETFs 1:5Operating marginYesMinimum operationVaries on assetStocks1500+CFD Position% relative to size of position and position valueCFDS2800+Trading fees-Withdrawal fees-Fees per operation
Bonds-CryptocurrenciesSpread, depending on the market that you tradeCFDS0.7 - 2 pipsDAXcommissions and variable spreadsCopy PortfolioN?AETFSSpread, depending on the market that you tradeCFD PositionYes, depending on the market that you tradeStocks0.7 - 2 pipsSavings PlanN/ARobo AdvisorN/AFundsN/ATotal Fees (for 12 months)£ 081% of retail investor accounts lose money when trading CFDs with this provider.
Account Info
Account From£100Deposit fees-ETFS90+ (Only CFDs)Inactivity fees£10 per month after 3 monthsLeverageForex 1:30, Share & ETFs 1:5Operating marginYesMinimum operationVaries on assetStocks1500+CFD Position% relative to size of position and position valueCFDS2800+Trading fees-Withdrawal fees-Fees per operation
Bonds-CryptocurrenciesSpread, depending on the market that you tradeCFDS0.7 - 2 pipsDAXcommissions and variable spreadsCopy PortfolioN?AETFSSpread, depending on the market that you tradeCFD PositionYes, depending on the market that you tradeStocks0.7 - 2 pipsSavings PlanN/ARobo AdvisorN/AFundsN/ATotal Fees (for 12 months)£ 0What we like- Users can access daily market analysis and real-time data
- Low commissions and tight spreads
- Available on mobile
Fixed commissions per operationAccount FeeMobile App7/10FeaturesPayment methodsAccount Info
Account From$100Deposit fees$0ETFS60+ (only CFDs)Inactivity fees$50 after 3 monthsLeverage1:30Operating marginYesMinimum operation0.001 LotStocks90+ (only CFDs)CFD PositionDaily swap rate of 0.0058%CFDS1000+Trading fees$0Withdrawal fees$0Fees per operation
Bonds0.03 - 0.06 pipsCryptocurrenciesSpreads, 0.1 – 2% markup across different cryptocurrenciesCFDSSpreads, 0.1 – 2% markup across different assetsDAXVariable spreadCopy Portfolio-ETFSSpread, 5%CFD PositionYes, depending on the market that you tradeStocksSpreads, 0.13 – 0.2% markup across different stocksSavings PlanN/ARobo AdvisorN/AFundsN/ATotal Fees (for 12 months)£ 076% of retail investor accounts lose money when trading CFDs with this provider.
Account Info
Account From$100Deposit fees$0ETFS60+ (only CFDs)Inactivity fees$50 after 3 monthsLeverage1:30Operating marginYesMinimum operation0.001 LotStocks90+ (only CFDs)CFD PositionDaily swap rate of 0.0058%CFDS1000+Trading fees$0Withdrawal fees$0Fees per operation
Bonds0.03 - 0.06 pipsCryptocurrenciesSpreads, 0.1 – 2% markup across different cryptocurrenciesCFDSSpreads, 0.1 – 2% markup across different assetsDAXVariable spreadCopy Portfolio-ETFSSpread, 5%CFD PositionYes, depending on the market that you tradeStocksSpreads, 0.13 – 0.2% markup across different stocksSavings PlanN/ARobo AdvisorN/AFundsN/ATotal Fees (for 12 months)£ 0What we like- Trade Volatility 75 with cTrader
- Integrates with MT4 and MT5 trading platforms
- Very low VIX trading spreads
Fixed commissions per operationAccount FeeMobile App7/10FeaturesPayment methodsAccount Info
Account From$0Deposit fees$0ETFS100+ (CFDs only)Inactivity fees$0Leverage1:30Operating marginYesMinimum operation$0Stocks600+ (only CFDs)CFD Position0.05556%CFDS1200+Trading feesSpreadsWithdrawal fees$0Fees per operation
BondsN/ACryptocurrenciesNo commission, spread on CFDsCFDSSpreads, depending on the market that you tradeDAX-Copy PortfolioN?AETFSYes, depending on the market that you tradeCFD PositionYes, depending on the market that you tradeStocksNo commission, spread on CFDsSavings PlanN/ARobo AdvisorN/AFundsN/ATotal Fees (for 12 months)£ 076.6% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Account Info
Account From$0Deposit fees$0ETFS100+ (CFDs only)Inactivity fees$0Leverage1:30Operating marginYesMinimum operation$0Stocks600+ (only CFDs)CFD Position0.05556%CFDS1200+Trading feesSpreadsWithdrawal fees$0Fees per operation
BondsN/ACryptocurrenciesNo commission, spread on CFDsCFDSSpreads, depending on the market that you tradeDAX-Copy PortfolioN?AETFSYes, depending on the market that you tradeCFD PositionYes, depending on the market that you tradeStocksNo commission, spread on CFDsSavings PlanN/ARobo AdvisorN/AFundsN/ADay Trading Platforms in the UK Reviewed
Let’s take a closer look at each of the UK trading platforms for day trading in the UK. We tested out each platform to offer in-depth reviews and to highlight what type of trader each platform is known for.
1. eToro – UK day trading platform that provides social tarding features
eToro is a well-regulated trading platform for day traders in the UK. This online broker offers an enormous range of assets, including over 2,000 global shares, more than 40 forex pairs, and 15 cryptocurrencies (including Bitcoin). eToro also offers hundreds of ETFs, bond trading, and commodity trading.
Some trades on eToro are 100% commission-free. For these traders, users pay a spread, which is typically at or below the UK average for stocks and forex.
When trading stocks on eToro, traders can choose between share dealing and CFD trading. While most day traders will opt for CFD contracts since they offer leverage up to 5:1, trading shares directly doesn’t incur rollover and other contract fees.
eToro has its own research and analysis interface, which is available on the web and as a mobile trading app. The charting software comes with more than 100 built-in technical studies and drawing tools, making it useful for chartists. In addition, eToro includes price targets from professional analysts for most stocks.
Another unique feature that eToro offers is a social trading platform. It is possible share ideas with other day traders and find new financial instruments to trade. Traders can even see how market sentiment around an asset is changing and time trades accordingly. eToro also supports copy trading, so it is possible to automatically mimic the moves of more experienced traders.
eToro is regulated by the UK Financial Conduct Authority (FCA). Moreover, all accounts are insured under the UK’s Financial Services Compensation Scheme (FSCS). The broker offers 24/5 customer support by phone and email in case users run into any issues whilst day trading.
74% 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. XTB – Day trading broker that supports leveraged trading in the UK
To support a disverse trading strategy, UK day trading platforms should provide a range of assets to trade. For this reason, XTB takes the next spot on our day trading software in the UK list. Considering that the site has over 2000 different assets to choose from, there are always plenty of opportunities for traders to take advantage of.
If you are looking for a trading platform that can minimize your costs, whether it is the inherent costs of placing a trade or avoiding being burdened with additional costs such as wire fees, then XTB is what you are looking for. Furthermore, as a UK resident, it is possible to take advantage of XTB’s maximum leverage of up to 30:1.
XTB’s proprietary trading software is called xStation 5, the company’s flagship product. It’s an extremely powerful piece of software with a well-designed interface. Besides supporting various instruments, the system provides fast order execution speed. The order book and the charts are available on the same tab as they follow the typical format of an order book.
Using the xStation platform offered by the broker, users can plot patterns on charts using various tools. This makes it possible for users to identify trends and plot patterns on charts. Regarding the technical indicators, XTB performs equally well compared to other trading platforms since it incorporates 39 indicators, including the most widely used indicators such as RSI.
Moreover, XStation offers a mobile platform called xStation Mobile. This platform has most of the same wonderful features as the desktop platform that is available to traders on their mobile devices.
With XTB, traders are able to choose from a wide range of payment methods. A wide variety of e-wallets, as well as bank transfers and credit and debit cards, are supported by the service.
Furthermore, users can deposit any funds on XTB, no matter the amount. As a result, frequent deposits are a viable and simple method for implementing strategies. Aside from this, XTB does not have any fees associated with deposits, which means that it is a very cost-effective broker.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% 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.
3. AvaTrade – user-centric perspective coupled with strong financial stability
Launched in 2006, AvaTrade has grown into a significant global presence with offices in 11 countries. The company offers a variety of trading platforms accessible via the web, desktop and mobile devices.
AvaTrade is a trusted name worldwide, recognised for its diverse range of trading platforms for Forex and CFD traders, as well as its outstanding educational resources. AvaTrade’s mission is to enable people to invest and trade with confidence in an innovative and secure environment where they receive the highest quality, personalised service.
With total trading volume now exceeding $70 billion per month, AvaTrade stands out in the online trading landscape for its user-centric perspective coupled with strong financial stability. In addition, AvaTrade provides its users with multi-lingual, 24/7 customer support, a wide range of platforms and services, and a trading environment suitable for all levels, from beginner to advanced. The platform’s portfolio covers a full range of trading instruments, including stocks, commodities, cryptocurrencies and indices.
4. Trade Nation – transparent and secure trading with affordable fees
Established in 2014, Trade Nation has quickly built a solid reputation in the trading world. The company has rapidly built a name based on well-deserved recognition for its low cost spreads. Trade Nation is deeply committed to promoting transparency and respect for clients and benefits from regulation by highly respected global financial governance bodies.
Trade Nation might be the right choice for both beginner and advanced traders who want to minimise trading costs and have access to advanced tools for developing trading strategies. The platform features an easy-to-use interface and a full range of tools, making it suitable for traders who want to become more informed and aware of market trends.
One of the distinct advantages of trading with Trade Nation is its fixed spreads, which are offered at the competetive price across a variety of markets. Unlike variable spreads, which can fluctuate rapidly, fixed spreads provide transparency and consistency in terms of trading costs. This allows traders to have clarity on their trading costs. Trade Nation also offers the advantage of zero commissions and eliminates any hidden fees, ensuring a transparent and efficient trading experience.
67.3% of retail investor accounts lose money when trading CFDs with this provider.
5. Admiral Markets – advanced tools for trading
Admiral Markets is a state-of-the-art platform that first launched in 2001 and has continued to grow ever since, offering advanced trading solutions and an outstanding investment ecosystem. The company has now changed its name to Admirals, claiming that the rebrand marks the continued evolution of the platform.
One of the key points when it comes to security is that Admirals offers its clients access to robust and varied financial security policies. Client funds are always accessible and are held in segregated accounts with the most reputable and secure banks, separate from company capital. Admiral’s offers additional fund cover of up to €100,000 in order to provide additional protection for its clients.
Admirals offers users a wide range of trading and investment options, including an variety of financial instruments. These include stocks and ETFs, forex pairs, index CFDs, commodities, bonds and cryptocurrencies. With Admirals, users can also trade shares in fractions, allowing them to invest in top stocks at a more affordable cost.
They can also take advantage of smart and customised tools that ensure an exceptional trading experience. Users also have access to the renowned MetaTrader 5 and MetaTrader 4 platforms, which are used by traders and investors around the world to manage their portfolios.
74% 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.
6. Pepperstone – a broker renowned for its quality and price
Pepperstone is known as a trusted broker with a global reputation, proved by positive reviews on Trustpilot. Besides this, Pepperstone stands out for its competitive gross spreads, fast trading and order execution, security through strict regulatory compliance and segregation of client funds.
Since their launch in 2010, they have facilitated access to global financial markets and experienced exponential growth. Today, more than 400,000 traders around the world use their platform. This significant expansion is indicative of the trust and popularity they enjoy with the global trading community.
Traders have access to an extensive range of over 1,200 instruments across all asset classes and can take advantage of three powerful platforms, all available free of charge: TradingView, MetaTrader 4 & 5 and cTrader. This provides flexibility and options to tailor the trading experience to each trader’s individual needs. Pepperstone also offers full account control through a secure and protected client area. Its 24/5 customer service is available around the clock, ensuring that clients can receive support and guidance at any time of the day or week.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81.7% 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.
7. Skilling – Day trading platform that is compatible with MetaTrader 4
Skilling is a popular online broker that offers low fees and spreads. This broker is also compatible with the MT4 trading platform that gives users access to a huge variety of advanced day trading tools.
This trading platform has two different retail investor accounts available. The Standard account offers zero-commission CFD trades with spreads starting from 0.7 pips. There are no inactivity fees to worry about and trading account fees are minimal overall.
The Premium account, which is designed specifically for forex trading, is more interesting. Traders pay a commission of 35 USD per million traded, but the spread can be as low as 0.1 pips – that is, 0.001% of your trade value. For forex traders who use the available 30:1 leverage to make big bets on the currency market, this pricing structure is incredibly attractive.
Skilling has more than just forex trading, of course. The platform offers over 700 stock CFDs from US, UK, and European stock exchanges, as well as commodity and index trading.
Skilling offers three different trading platforms, including a cTrader platform for algorithmic trading and an integration with MetaTrader 4. The Skilling Trader platform – the primary trading platform – offers an excellent trading experience thanks to its customisable layout and unlimited watchlists. It also includes a section of featured assets, which can be very helpful for discovering volatile instruments to trade.
The brokerage also has a mobile trading app, which mimics the look and feel of the web trading platform. It’s very straightforward to use and works well for trading on the go. The Skilling mobile app is available for iOS and Android devices.
Skilling is regulated by CySEC, the Cyprus Securities and Exchange Commission. The broker offers customer support 5 days a week, but only during daytime trading hours.
8. IG – Established day trading platform in the UK
IG has been around for more than 45 years and is a well-established brokerage firm in the UK. It’s also a popular online trading platform for day traders, and particularly for day traders who want to place spread bets. Spreading betting is free from capital gains taxes in the UK and IG offers this style of trading on more than 17,000 financial markets.
Spread betting and CFD trading with IG are inexpensive. For spread betting, trading spreads start at just 0.1 pips for stocks and 0.6 pips for forex. If a trader is new to spread betting, they can try it out using IG’s demo account. For CFD trading, IG charges a fixed commission of 0.1% for UK and EU stock exchange shares and 0.02 USD for US stock exchange shares.
IG also offers share dealing for traders who don’t want to worry about spreads or rollover fees. There is no commission and no spread, but users will have to pay a forex conversion fee when buying the US or European shares. The positive news is that IG offers more than 16,000 international shares to trade and supports extended hours so it is possible to stay one step ahead of financial markets.
IG has its own professional trading platform called ProRealTime. This is an incredibly comprehensive platform for day trading, complete with customisable indicators, personalised watchlists, automated trading tools, and forex signals. ProRealTime was built with experienced traders in mind, so it has a definite learning curve when you first get started. But, if you’re willing to put in the work, this is one of the most powerful platforms for day trading offered by any UK broker.
IG is regulated by the FCA and is a publicly-traded company on the London Stock Exchange. The online broker offers 24/7 customer support and is widely considered to be a responsive UK brokerage.
Your capital is at risk.
UK Platforms for Day Trading Fees Comparison
Understanding fees is a major part of choosing a day trading platform in the UK. So, let’s take a closer look at how the fees break down for each of the trading platforms we reviewed.
Brokerage Stock Trading Fees Forex Trading Fees Inactivity Fee Overnight Fees Deposit/Withdrawal Fees eToro None Fixed spread, from 2 pips £15 after 1 year Yes for CFDs. No overnight fees for share dealing or crypto trades. £5 Plus500 Variable spread. 23.51 pips for Amazon. Variable spread, from 1.3 pips £10 after 3 months Yes, for all instruments. None Skilling Variable spread. 22.81 pips for Amazon. Variable spread, from 1.3 pips None No for stocks. Yes for all other instruments. None IG £0 commission. Forex conversion fee. Variable spread, from 1.4 pips £10 after 2 years Yes for CFD trades. None Common Practices of Day Traders in The UK
Once you have chosen a good day trading platform, you are one step closer to becoming a day trader in the UK. Here are some other common practices that are followed by some UK day traders.
✔️ Practice your skills
Day trading takes a lot of time and practice to perfect. This is because the market is volatile and make profits within a short time frame is tricky. If you want to be a day trader, it is a good idea to practice with a demo account for as long as possible before putting any real money at risk.
Day traders are patient and take time to develop strategies and learn about the market before placing any real trades.
You should aim to use demo trading until the majority of the trades that you place are profitable. Depending on market conditions, this could take 1 week or it could take 1 year. You shouldn’t rush this part of the process.
✔️ Register for tax in the UK
Once you start placing profitable live trades, you will need to think about paying tax. In the UK, day traders must pay tax on profits over £12,300- this is subject to change. Therefore, it is important to register yourself for tax and keep track of your profits so that you can pay what is due at the end of the tax year.
✔️Continue to practice and learn
The truth behind successful day trading is that most traders will constantly practice and learn new skills. Contrary to popular belief, day trading is not an easy way to make money and certainly isn’t a form of passive income. Many day traders work around the clock to analyze the market, develop strategies and place trades.
Day traders need access to good charting tools, market news and indicators. Day traders will conduct multiple anaylses throughout the day to find potential trading opportunities.
74% 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.
Features of UK Day Trading Platforms
Finding a trading platform for day trading is an important first step towards turning a profit from short-term trading. So, what features do traders need to prioritise when deciding between the various options that are available?
Let’s examine some of the key features to consider in choosing a UK trading platform in the UK.
Regulation
While regulations might not be that exciting, they play an important role in the financial markets and choosing a platform.
For example, regulations ensure that trades are being executed immediately and at the right price, every single time. They also ensure that money is kept separate from the broker’s funds, an important barrier for financial accounting.
The reputable day trading platforms in the UK are regulated by financial watchdogs like the UK’s Financial Conduct Authority (FCA), the Australia Securities and Investment Commission (ASIC), or the Cyprus Securities and Exchange Commission (CySEC).
Assets
The assets that you want to trade will play a big role finding a suitable day trading platform. Most UK trading platforms offer a mix of asset classes, including stocks, ETFs, forex, commodities, and stock indices.
That said, it’s important to dig a little deeper into what’s offered. Does a broker offer access to US and UK stock exchanges only, or can you trade global shares from emerging markets in Asia and Africa? For forex trading, does a forex broker only offer a handful of major and minor currency pairs or do they offer a wide selection of exotics as well?
Also check what instruments you can actually trade. Most trading platforms only offer CFD trading, not share dealing. This is typically an advantage for day trading since CFDs enable you to trade on margin. However, note that CFDs often carry additional overnight fees.
If you want to trade cryptocurrencies like Bitcoin, you will need a cryptocurrency exchange to do so since the UK recently outlawed CFD trading for cryptos. The only crypto trading platform we reviewed in this guide is eToro.
Fees
Trading fees can quickly eat into profits from day trading. That’s why it’s so important to understand a trading platform’s entire fee structure before you sign up. Think carefully about the volumes and assets you’re likely to trade, and what kind of fees that will entail. Demo accounts can also be used to better understand the fees involved with day trading.
We covered trading fees in detail above, but it’s worth reiterating that fees apply to more than just trading. Account fees – which include charges like inactivity fees and withdrawal fees – can add up if you’re not careful.
Day Trading Software – Tools & Features
Day Trading software is at the heart of every trading platform, and there are a lot of different tools to think about.
To start, personalised watchlists and adaptable technical charting software are must-have tools for day traders. Look for the ability to create multiple watchlists for different markets or trading strategies. It’s also helpful to be able to customize technical indicators and apply them in groups to a chart for rapid analysis.
Real-time alerts are also crucial for day trading effectively. Traders should be able to trigger price alerts at a minimum, but having the option to set alerts based on technical parameters or market movements is also extremely helpful.
Some platforms go above and beyond to offer unique features that can help you trade more profitably. For example, you might find discovery features that highlight instruments experiencing high volatility. Other platforms offer daily trade ideas and professional stock research. Trading platforms like eToro have a social trading network, which enables you to source ideas from thousands of experienced traders around the world.
You should also think about risk management tools. Almost every high-quality trading platform offers a stop loss option to minimize your downside risk. However, you may want to look for a trailing stop loss feature or the ability to enter one cancels the other orders.
User Experience
In addition to the tools and features a trading platform offers, it’s important to think about how smooth the trading experience is. It’s not very helpful if a platform has powerful tools, but executing a trade takes minutes instead of seconds.
The way to evaluate the trading experience is to sign up for a platform’s demo account. Spend a few hours or days trading simulated cash with the platform to see how the interface feels and how seamlessly you can move from charting to trade entry.
Don’t forget to evaluate a platform’s mobile app as part of the trading experience. This should offer all of the same analysis tools as the web or desktop platform. Most important, the trading app needs to make it seamless to enter and exit positions when you’re away from your desk.
Demo Account
Most of the day trading platforms in the UK offer a demo account. This is one tool you have for trying out a platform before you commit to it.
In addition, a demo account is an important tool for honing your trading strategy. Active traders rely on demo accounts to try out new indicators and trade ideas without risking real money.
Payment Methods
Most trading platforms offer a wide variety of methods to fund your account, but it’s worth checking. Ideally, you can pay by credit card, debit card, bank transfer, or e-wallet. Some platforms even accept mobile payment methods like Google Pay and Apple Pay.
Be sure to check the minimum deposit required for a trading platform, since this can vary widely.
Customer Service
Customer support is extremely important since even a few minutes of downtime can cost you money when day trading. Look for platforms that offer round-the-clock customer service by phone or live chat. Email support is reliable, but it can take up to a few hours to get a response.
How to Get Started with a Day Trading Platform UK
It is important to follow the right steps when signing up for a day trading platform in the UK to avoid unnecessary fees or admin. Here is a guide on how to sign up for a day trading platform in the UK in 2023.
Step 1: Open an Account
The first step to trading is to register a new account at a regulated broker.
Create a new account using your email or by signing in with Google or Facebook. Most platforms will ask for further details either during the initial registration or once the account has been created.
Step 2: Verify Your Identity
Upload a copy of a government-issued ID like your driver’s license or passport and a proof of address like a recent utility bill or financial statement. Make sure that the photo is clear and that the ID is 100% visible.
Step 3: Deposit Funds
Next, deposit funds into your new account. If you choose to pay using a bank account, the minimum deposit required may be higher.
Step 4: Start Day Trading
From your account dashboard, search for the instrument you want to buy – stocks, ETFs, forex, indices, commodities, bonds, or cryptocurrencies.
Once you find the asset you want to trade, click ‘Trade’ to open an order form. Enter how much money you want to trade with – remember that this is priced in USD for US-based markets.
If you’re trading CFDs, also select how much leverage to apply to your trade. Then enter a stop loss level and take profit level to manage your trading risk.
When your trade is ready, click ‘Open Trade’ to execute your first day trade.
Conclusion
Finding the right online trading platform for day traders is critical to turning a profit from short-term trading. Active traders have to consider a lot of different features and keep one eye on their trading strategy when picking which platform to use. Signing up for a day trading account requires a few steps in the UK but is accessible to retail investors.
In this article, we have taken a look at 5 day trading platforms that are available to UK traders. Conduct further research before deciding on a trading platform.
FAQs
How much money do I need to start day trading?
The minimum amount you need to start day trading is just your broker’s minimum deposit. However, it’s an idea to set aside at least £500 to start day trading.How do I day trade with a demo account?
Most day trading platforms offer a free demo account, although you may need to sign up in order to access it. Traders can day trade with the simulation without risking real money and reset the account as frequently as you wish.Can I day trade with an ISA?
You can day trade with an ISA. However, you must find a trading platform that offers ISA accounts and tools designed for day trading. Many brokerages that offer ISAs haven’t geared towards day trading.Can I day trade mutual funds?
You cannot day trade mutual funds. These funds typically settle transactions and update prices once per day, so there is no way to trade on price fluctuations throughout the day. However, you can day trade ETFs.How do I day trade Bitcoin in the UK?
The UK recently banned CFD trading on Bitcoin and other cryptocurrencies. So, you will need a cryptocurrency exchange like eToro in order to day trade Bitcoin.Alan Lewis
Alan Lewis
View all posts by Alan LewisAlan is the Chief Editor of TradingPlatforms.com. He is an experienced finance and investment writer who is an expert on the stock market.
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