5 Best Robinhood Alternatives UK 2023

Robinhood is not available in the UK, despite its popularity as a top US-based trading app with its commission-free trading and user-friendly interface¹.

Looking for the perfect Robinhood alternative in the UK?

There are countless options available for UK investors and I’ve tested, scored, and ranked the best Robinhood alternatives in the UK.

Whether you’re a beginner or an experienced trader, I’ve got you covered.

So, in a nutshell, what are the best Robinhood alternatives in the UK? The best Robinhood alternatives in the UK are eToro, Plus500, and IG. eToro offers a social trading platform experience and a wide variety of tradable assets. Plus500 is another alternative, providing a user-friendly platform with an emphasis on CFD trading. IG stands out for its comprehensive trading tools and access to over 17,000 markets, catering to both beginners and professional traders.

Robinhood Alternatives UK Ranked

Here is a quick list of the best Robinhood alternatives to use in the UK based on my hands-on analysis:

1. eToro – Overall best Robinhood alternative UK
2. Plus500 – One of the best for advanced traders utilising CFDs
3. IG – Best for over 17,000 tradable instruments
4. Freetrade – Best for free share upon signup
5. InvestEngine – Best alternative to Robinhood for ETFs

Best Robinhood Alternatives Compared for UK Investors

Here I’ve compared the Robinhood alternatives based on four key factors you must consider and compare:

Rank	Platform	Minimum deposit	Trading fees	Types of investments	ISAs
1	eToro	£10	£0	Stocks, indices, ETFs, CFDs, currencies, commodities, crypto	Yes, with Moneyfarm
2	Plus500	£100	£0	Offers CFDs on forex, cryptocurrencies, stocks, commodities, ETFs, options, indices	No
3	IG	£250	Fees are built into the spread (varies)	Stocks, indices, ETFs, CFDs, forex, commodities, spread betting, bonds, IPOs, and more	Yes
4	Freetrade	£0	£0	Stocks, ETFs, investment trusts, REITs, SPACs, IPOs	Yes
5	InvestEngine	£100	£0 (DIY) 0.25% (Managed)	Investment funds	Yes

Best Robinhood Alternatives UK Reviews

The rise in the use of trading apps in the UK has been significant over the last few years, with estimated downloads reaching around 7.1 million or 13% of the adult population².

It’s easy to understand why. Who wouldn’t want to have the ability to work towards financial freedom and trade on the go?

Having worked in the retail investment sector in London over the last four years, I had the opportunity to experience the rise first-hand.

Additionally, in my role working for one of the UK’s leading financial companies, “a trustworthy and respected provider of news, education and market analysis for the everyday investor”, I was able to work with and test some of the biggest trading apps on the market.

Using my experience in this field, I’ve compiled a list of the best alternatives to Robinhood in the UK based on four key criteria:

1. Minimum deposit
2. Trading fees
3. Types of investments
4. ISA availability

Factors such as usability, trading platforms available, research tools, education materials, and additional features were also considered.

All the platforms I’ve reviewed below are regulated by the UK’s financial watchdog, the Financial Conduct Authority (FCA).

1. eToro – Overall best Robinhood alternative UK

The overall winner on my list of the best Robinhood alternatives and what I recommend is eToro.

Its edge lies in allowing you to trade on your own or use copy trading for free.

The copy trading feature is excellent, letting you easily follow expert traders’ moves. These experts share detailed strategies, helping you choose who to follow based on risk, past wins, and market focus.

You have full control to start or stop copying at any time, encouraging long-lasting followings.

Also, eToro is very beginner-friendly. Signing up is fast, and you only need $10 to start. What’s more, it offers crypto trading for UK users and CFDs for others, widening your options.

As for costs, eToro offers free trades but charges a small currency exchange fee, which is standard in the UK. However, it makes up for it with top-notch charts, study tools, and social trading perks.

All in all, eToro is a great alternative to Robinhood, especially for those looking to benefit from copy trading and its low fees.

Key rating criteria:

Minimum deposit	Trading fees	Types of investments	ISAs
£10	£0	Stocks, indices, ETFs, CFDs, currencies, commodities, crypto	Yes, with Moneyfarm

Read my full eToro review.

2. Plus500 – One of the best for advanced traders utilising CFDs

I would recommend Plus500 for experienced traders, who want to trade CFDs – a trading vehicle characterised by high-risk yet high-potential upsides.

This is primarily because every trade made via CFDs essentially increases your debt as you are borrowing capital for each trade.

The beauty of CFD trading, though, lies in its flexibility; it allows you to place orders regardless of market swings.

However, the risk inherent to this method is undeniable and losses can accumulate quickly, so you must know what you are doing.

Fortunately, Plus500 offers ‘Negative Balance Protection’ under ESMA rules, ensuring you don’t lose more than your account balance, but be cautious.

This serves as a more secure measure compared to the traditional standard stop-loss.

However, Plus500 is not just a high-risk CFD platform.

It is a comprehensive trading app designed for what might be termed ‘intermediate traders’ – individuals who are more informed than the average retail investor but not as capital-rich as day traders.

The app provides access to a wide array of cutting-edge trading tools and securities, without compromising on its user-friendly interface.

One unique aspect of Plus500 is its knowledge base that provides a step-by-step guide on using its provided securities, ensuring even novice users can bridge the knowledge gap and improve their trading acumen.

This added layer of support aids in responsible trading and helps traders navigate the complexities of the market.

However, don’t forget that Plus500’s very strength – its complexity and array of tools and securities – also introduces an increased risk factor.

This is particularly the case when dealing with volatile securities offered by the platform.

With over 10,000 user reviews on Trustpilot, a majority of which are positive, and regulated by the FCA (#509909), it stands as a reliable and robust trading app for experienced and intermediate traders.

Key rating criteria:

Minimum deposit	Trading fees	Types of investments	ISAs
£100	£0	Offers CFDs on forex, cryptocurrencies, stocks, commodities, ETFs, options, indices	No

Read my full Plus500 review.

3. IG – Best for over 17,000 tradable instruments

"68% 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."

IG is a good alternative to Robinhood for experienced investors due to its wide range of financial tools like CFDs, spread betting, and more.

Despite needing a larger initial investment, IG offers over 17,000 tradeable instruments (largely through CFDs and spread bets), ideal for investors wanting variety.

Since the 1970s, IG has been known for constant updates and new features, keeping it a top choice for many. Its extensive options reach beyond usual markets, covering less common areas like bonds and weekend trading, reducing certain trading risks.

IG’s detailed market reports are very helpful, especially for deep financial analysis. Its strong focus on safety, backed by major global authorities, and honors such as ‘Most Trusted Broker of 2023’ at ForexBrokers.com 2023 Annual Awards³ confirm its solid reputation.

IG’s mobile app has all the desktop features, perfect for trading anywhere. It’s an excellent pick for those keen on options trading.

What’s more, IG leads in spread betting, offering tax benefits in the UK. It’s a top CFD platform with fair spread costs, though its fees for stock CFDs are on the higher side.

To sum up, IG shines with its high-tech, easy-to-tweak trading setup, packed with useful chart aids and trade signs. Its L2 Dealer option speeds up direct market trades.

Key rating criteria:

Minimum deposit	Trading fees	Types of investments	ISAs
£250	Fees are built into the spread (varies)	Stocks, indices, ETFs, CFDs, forex, commodities, spread betting, bonds, IPOs, and more	Yes

Read my full IG review.

4. Freetrade – Best for free share upon signup

Freetrade offers commission-free trading and a wide stock variety. They have tiered plans with more features and stocks, and one even includes ISA access.

Freetrade works only on mobile, lacking a desktop version, but they might add this for Plus members soon. Its charting tools are more basic than those on eToro or IG, and you can’t use it for margin trading.

Founded in 2016, Freetrade is a UK broker that lets you invest in over 6,000 stocks and ETFs for free. It seeks to make investing simple and honest to help users improve their financial future.

The app doesn’t deal in CFDs, day trading, or have hidden fees. Setting up an account is fast, and using the app is easy.

But it doesn’t offer options, Forex, CFDs, commodities, or crypto trading.

Freetrade earns through its paid plans, FX fees on US trades, and interest on user cash, following a ‘freemium’ model. The £9.90/month plan adds features like stop loss, limit orders, and more stocks.

Freetrade makes starting to invest easy, with no fees and free shares for new users. It’s great for beginners due to its ease of use and helpful guides. If you start with £50, you get a free share worth £10 to £100.

I’d recommend Freetrade for its commitment to user experience and its mission to democratise investing in the UK (similar to Robinhood’s goal), a much-welcomed company in the UK finance industry.

Key rating criteria:

Minimum deposit	Trading fees	Types of investments	ISAs
£0	£0	Stocks, ETFs, investment trusts, REITs, SPACs, IPOs	Yes

Read my full Freetrade review.

5. InvestEngine – Best alternative to Robinhood for ETFs

I personally recommend InvestEngine as the best Robinhood alternative if you plan to only invest in ETFs.

InvestEngine is most effective for ETFs, providing managed and DIY solutions for investing in stocks through funds.

The trading app is clean, modern, and user-friendly, with a range of automation tools to help you make the most of your investments.

With InvestEngine, you can access ETFs from the UK, US, and global markets.

You can create and manage your own portfolio, with the ability to set up recurring investments and buy fractional shares.

InvestEngine’s fees are competitive, with no commission or hidden costs, making it a cost-effective option for investors who want to manage their investments.

The app also provides access to news and research to help inform investment decisions, and you can track your portfolio in real-time.

I would recommend InvestEngine for investors who want to take charge of their investments and get the most out of the opportunities that ETFs have to offer.

Key rating criteria:

Minimum deposit	Trading fees	Types of investments	ISAs
£100	£0 (DIY) 0.25% (Managed)	Investment funds	Yes

Read my full InvestEngine review.

How to Choose the Best Robinhood Alternative in the UK for You?

Selecting the best Robinhood alternative in the UK requires careful consideration of several factors to ensure the platform meets your investment needs and preferences.

Along with the key rating criteria I used to rank the platforms, here’s what to consider and compare:

1. Understand Your Investment Needs: Determine your investment goals, the types of assets you wish to trade, and your preferred trading style. Whether you’re a long-term investor or a day trader will influence which platform is best for you.
2. Review the Fee Structure: Cost is a major consideration in selecting a trading platform. Look for transparent pricing structures, and understand the various fees involved, including commission charges, account fees, and any additional service charges.
3. Range of Investment Options: Ensure the platform supports the investments you’re interested in. Some traders may be looking for stocks and ETFs⁴, while others require a platform that supports options, forex, or cryptocurrencies.
4. Ease of Use and Platform Interface: The platform should offer a user-friendly experience. A clean, intuitive interface can make all the difference, especially if you’re new to investing.
5. Research and Educational Tools: Especially for new traders, educational resources are key. Look for platforms that offer tutorials, webinars, or knowledge bases, and those that provide access to market research, advanced analytics, and current financial news.
6. Customer Service: Reliable support is crucial. Consider platforms that provide prompt and helpful customer service, accessible through multiple channels (e.g., live chat, phone, email).
7. Regulation and Security: Ensure your chosen platform is regulated by bodies like the Financial Conduct Authority (FCA) in the UK. This regulation helps protect investors. Review the platform’s security measures to protect your data and funds.
8. Account Types Available: Depending on your investment strategy, you may want a particular account type, like Individual Savings Accounts (ISAs) or self-invested personal pensions (SIPPs).
9. Community and Reviews: Look at reviews and discussions from the investment community. Feedback from other users can provide real insights into the platform’s pros and cons.

By taking the time to research and evaluate based on these criteria, you can choose a trading platform in the UK that is a suitable alternative to Robinhood and aligns with your investment goals.

What is a Good Alternative to Robinhood?

Here are the best Robinhood alternatives in the UK:

1. eToro – Commission-free stock trading, 3,479 instruments
2. Plus500 – Award-winning, CFD trading, 5,500 instruments
3. IG – Comprehensive stock trading app, in-depth education, 19,537 instruments
4. Freetrade – Commission-free trading, free share upon signup, 6,000+ instruments
5. InvestEngine – Low cost, simple app, 580+ ETFs
6. Interactive Brokers – Advanced trading tools, 8,500 instruments
7. Trading 212 – Zero-commission, 7,000+ instruments
8. Saxo – Powerful market research, SaxoTraderGO, advanced tools, 70,000 instruments
9. XTB – Top-notch customer service, commission-free real stocks, 6,010 instruments

Final Thoughts

To wrap things up, eToro is the overall best Robinhood alternative in the UK, offering a user-friendly platform, diverse trading options, and transparent pricing.

Its unique social trading feature sets it apart, making it an ideal choice for both beginner and experienced investors.

FAQs

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• Best trading apps UK
• Best investment apps UK

Sources:

1. https://www.ft.com/content/6f62535d-e05d-4acd-b767-186f1956ef2c ↩︎
2. https://appradar.com/blog/best-investment-apps-2022 ↩︎
3. https://www.forexbrokers.com/annual-awards ↩︎
4. https://eprints.bbk.ac.uk/6818/1/ETF.pdf ↩︎