Best Brokers & Trading Platform Review
Finding the right online broker can be a difficult task as the competition is huge and there are many different things you need to take into account. We have built TradingPlatforms.co.uk to help you finding in the shortest time possible the best broker and trading platform in the UK. By following your best brokers reviews you will be able to find a suitable and reputable broker and the top trading platforms in the UK. Since our site was built more than 120,000 traders like you have used our brokers comparison service.
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Compare Top Online Brokers & Trading Platform UK
How do we rank online trading brokers?
We have used our algorithm to analyse the best brokers and online trading platforms in the market and we have also done analysis with our experts to find the pro and cons of all the brokers reviewed. We have spent considerable amount of time doing that as we wanted to provide the best comparison advice so that your choice can be as easy as it can be. This is what one of our users have said about us:
TopTradingPlatforms.co.uk have done traders a massive favour and make live easier when looking a reputable broker.
This is great to hear as our mission is to provide the most extensive UK Broker reviews so that traders can identify immediately the top brokers and trading platform when they are ready to invest. We have a full team of experienced traders at your service: they have worked really hard to asses the different brokers and trading platforms around on more than 120 variables. They have than ranked in our unique and complete UK broker comparison table.
How we Test and Review UK Brokers and Trading Platforms?
Here at TopTradingPlatforms.co.uk we have only one clear mission: we want to provide accurate and widespread data for every online brokers that deal in shares. We do only review the ones that are fully regulated and trustable. We have a huge independent database for all online brokerages types and we have assessed them over 120 variables for each firm. We proud ourself to be the website of reference of many UK traders. Thanks to all the data and the experience of our team we are able to provide all readers with a clear and digestible star rating: in this way you can clearly see how the different brokers score in regards for example Platforms and Tools, Offering of Investments and others. We have our own proprietary scoring model that is reviewed every month to ensure we keep track of every changes happening in the industry and keep our rankings always up to date and fresh.
Best Tips for Choosing a Broker
Finding the best stock broker that will match your individual needs and trading style it is a really important part of being successful as an investor. If we do analyse cheap trades we can see that normally they come when we have at our disposal less qualitative tools and most simplified trading platforms. To avoid and reduce the risk that this will happen to you we have reviewed every single broker and below you will find 12 top criteria that you should look when comparing stock brokers. This will help you ultimately find the best broker and trading platform that suits your needs.
- Trade Commissions – this basically indicates how much does it cost to buy shares of stock. Some brokers do charge based on the type of order while others they charge on the size of the order. The best is to look for those online brokers that only charge flat-fee trades which means they are charging a flat rate regardless of what type, price or size of the order
- Customer Service – having the right assistance is key to be successful in trading. When you get in touch with your online broker by phone or email, do you have served by a well trained customer service agent? Even if you are a type of trader that do not rely on customer service too much it is still very important that you go with the brokers that offer the best services for when you need them.
- Trading Tools – if you have the best tools at your disposal than trading becomes significantly easer. A top broker should most definitely offer you a wide access to top trading tools so that you can get the best chance in every trade. You should get real time streaming quotes, quality stock scanners, mobile and tablets apps and others. Remember that having strong tools is really important for investors and will enhance your chances of being successful in trading.
- Account Minimums – you will be pleased to hear that some brokers will allow you to open an account without a minimum deposit but others instead will require several thousand of pounds. Normally brokers that do require higher minimums give you access to the best premium platforms and functionalities and also offer personalised support so it is worth considering those things as well when making a decision. The reason why they charge higher minimum deposit is to make a selection at the start between traders
- Market Research – you should always look at for those brokers that will provide a number of different market research tools. The rule here is easy to understand: the more you pay for a trade the better the market research will be provided (both fundamental and technical)
- Investment Options – when you do a contract with a broker you should not only be able to trade stocks but you should also have a big selection of no load mutual funds, commission free ETFs and complex options. So the more opportunities you have the better it will be as it means you have more chances of getting the trades that you want to do.
- Other Fees – You always need to look at all the fees you being charged. In addition to trade commissions you can also been charged inactivity fees and IRA fees for a retirement account. Most brokers tend to limit fees and it is difficult you will find some predatory fees yet it is still very important that you check those carefully. Like a normal bank account
- Retirement Accounts – Having the opportunity to fund a IRA, Roth IRA or another retirement account with no annual fees is an extra opportunity many online brokers offer. We don’t see any reasons why you should pay an annual fee to have an retirement account. If you don’t want to manage your own portfolio than you can also pick a broker that will offer optional advisory services as well. Also you can use robo-advisors that can do it for you. As always picking brokers that are better established will always be a safer choice than go with smaller brokers.
- Banking – If you decide to go with a larger online broker than you can also have the opportunity to get banking services and other financial services. Accounts, mortgages, debit cards and many others services can be offered. One of the leaders in offering those type of multi-services is Bank of America Merrill Edge.
- Account Security – The web is a great opportunity but also has threats. All the online brokers we have selected do invest heavily into account security. You will see that their websites always begin with ‘https’ at the start of their URL: this is called SSL and are used to secure the communication between your devise and their servers. Most brokers now also offer two-factor authentication where you are asked to use your phone to confirm a code before being able to login. Similarly to only shopping it is important to choose a trustworthy website to give personal information. Again an established broker will have all the necessary security in place so you can have piece of mind.
- Speed & Order Execution – if you are an active trader it is really important that you can execute trades at the maximum speed. We have done lots of testing and not surprisingly there are noticeable differences in trade execution times and quality between them so this is a criteria to consider with lots of attention. For the majority of investors saving a penny per share on a 100 shares order it isn’t a great deal but if you are an active trader than you should look into it carefully.
- International Trading – if you not living in the US than you have to consider this criteria carefully when comparing brokers. You need to ensure that they are able to offer the service in your country. We have selected only brokers that will work for UK residents.