1. Pepperstone — The Platform I Actually Use

4.4
4.1
4.4
Trustpilot Score: 4.1 · Checked February 2026

Pepperstone is operated by Pepperstone Limited, authorised and regulated by the FCA (FRN: 684312).

Pepperstone web platform with AMD chart, order ticket, positions panel, and market watch in dark theme.
A look inside Pepperstone’s web platform, combining live charts, order entry, and open positions in one workspace.

Pros

  • Choice of four platforms: MT4, MT5, cTrader, TradingView
  • Commission-free spread betting with tax-free profits
  • Raw spreads from 0.0 pips on Razor account
  • No inactivity or account maintenance fees

Cons

  • CFD-only — no direct share ownership
  • No ISA or SIPP accounts
  • Educational content less extensive than IG

My Experience

I’ll be upfront: Pepperstone has been my main broker since 2022. That’s not because they pay me to say it — it’s because after testing dozens of alternatives, I keep coming back.

The thing about Pepperstone is the platform choice. Most brokers lock you into their proprietary interface, but here I can switch between MT4, MT5, cTrader, and TradingView depending on what I’m trading. For quick scalps on forex, I use cTrader. For swing trades with detailed charting, TradingView. It sounds minor until you’ve spent hours fighting with a platform that doesn’t fit your workflow.

What I actually paid in December 2025

  • 23 EUR/USD trades on Standard account: £127.40 total spread cost (avg 0.74 pips)
  • 8 UK100 index trades: £64 in spread
  • Overnight fees: £0 (I closed positions same day)
  • Withdrawal to Barclays: 1 business day, £0 fee

The catch

Pepperstone doesn’t offer stocks or ISAs. It’s CFDs and spread betting only. If you want to own shares and benefit from dividend income, look elsewhere.

Who it’s for

Active traders who value platform flexibility and tight spreads over long-term investing features.

FCA regulated: FRN 684312

Visit Pepperstone Read Full Review

72% 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. IG — Best for Market Access and Education

4.4
4.2
4.5
Trustpilot Score: 3.9 · Checked February 2026

IG is operated by IG Markets Ltd, authorised and regulated by the FCA (FRN: 195355).

IG trading platform showing AMD candlestick chart, market list, and order ticket panel in a desktop layout.
IG’s trading platform displaying Advanced Micro Devices price chart with integrated market watchlist and order entry tools.

Pros

  • 17,000+ markets including weekend trading
  • Commission-free spread betting
  • Excellent educational resources and analysis
  • FTSE 250 listed — strong financial standing

Cons

  • Share CFDs charge commission (0.1% UK, 2¢/share US)
  • Spreads wider than Pepperstone on some pairs
  • Platform can feel complex for beginners

My Experience

IG is the Swiss Army knife of UK brokers. 17,000+ markets, weekend trading, and enough educational content to keep you reading for months. I tested them specifically because readers kept asking how they compared to Pepperstone.

The honest answer? IG’s spreads are slightly wider on forex (0.6 pips vs Pepperstone’s 0.1 on Razor), but their market range is unmatched. I traded Australian small-caps, weekend cryptocurrency, and even weather derivatives — all from one account. Try doing that anywhere else.

My frustration with IG

The platform feels dated compared to newer competitors. The web interface works, but it’s cluttered. Finding a specific market sometimes takes more clicks than it should. If you’re coming from TradingView’s clean aesthetic, IG will feel like stepping back a decade.

What surprised me

Their educational content is genuinely useful. I’ve been trading for 12 years and still learned something from their volatility webinar series. Most broker “education” is thinly veiled sales material — IG’s actually teaches.

Who it’s for

Traders wanting access to everything. If you trade forex, shares, options, AND want weekend crypto — IG is probably your only realistic option.

FCA regulated: FRN 195355

Visit IG Read Full Review

Spread bets and CFDs 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 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.

3. Spreadex — Best for Low-Stakes Spread Betting

4.6
4.5
4.2
Trustpilot Score: 4.3 · Checked February 2026

Spreadex is operated by Spreadex Limited, authorised and regulated by the FCA (FRN: 190941).

Spreadex platform showing AMD candlestick chart with trade ticket, market list, and watchlists on desktop.
Spreadex trading interface with Advanced Micro Devices chart, integrated order ticket, and market navigation panels.

Pros

  • £1 minimum deposit — lowest on this list
  • Commission-free spread betting across all markets
  • Award-winning customer service (5x Investment Trends winner)
  • Extensive UK small-cap coverage

Cons

  • No MT4/MT5 or TradingView integration
  • CFD commissions apply on share trades
  • Platform less advanced than competitors

My Experience

Spreadex won’t blow you away with cutting-edge features. The platform is basic, there’s no MT4, and the charting tools are limited. So why is it on this list?

Because you can start with £1.

When I first tested spread betting in 2014, I deposited £500 into IG and promptly lost £340 in my first week. I was trading position sizes way too large for my experience level. Spreadex’s £1 minimum means new traders can learn with stakes that won’t ruin their month.

The hidden gem

Spreadex has exceptional UK small-cap coverage. I found AIM stocks there that aren’t available on IG or Pepperstone. If you’re specifically interested in UK penny stocks (and understand the risks), Spreadex is worth a look.

Customer service that actually answers

I called them at 7pm on a Thursday with a withdrawal question. Actual human answered within 3 minutes. Spoke English. Solved my issue. This shouldn’t be remarkable, but compared to some brokers’ offshore call centres, it genuinely stood out.

Who it’s for

New spread bettors who want to learn without risking significant capital, and UK small-cap traders.

FCA regulated: FRN 190941

Visit Spreadex Read Full Review

65% 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.

4. eToro — Best for Social and Stock Trading

4.5
3.8
3.8
Trustpilot Score: 4.2 · Checked February 2026

eToro is operated by eToro (UK) Ltd, authorised and regulated by the FCA (FRN: 583263).

eToro AMD stock overview showing price, performance chart, investor activity, and related stocks panel.
eToro asset page for Advanced Micro Devices with performance metrics, social investor insights, and trade access.

Pros

  • Commission-free stock and ETF trading
  • CopyTrader lets you mirror successful investors
  • Fractional shares from $10
  • User-friendly interface for beginners

Cons

My Experience

I had low expectations for eToro. The aggressive social media marketing, the crypto-bro association, the “copy successful traders!” pitch that sounds too good to be true. I assumed it was style over substance.

I was partially wrong.

eToro’s CopyTrader feature actually works as advertised. I allocated £500 to copy a Portuguese trader who’d been profitable for 18 months. Over two months, that £500 became £547. Not life-changing, but proof of concept. The key is spending time vetting who you copy — most of the “popular investors” have unrealistic strategies that blow up eventually.

The real cost of “commission-free”

eToro’s FX conversion fees are brutal. I deposited GBP, the platform converted to USD, then I bought a US stock. The round-trip currency cost was 1.5%. On a £1,000 trade, that’s £15 — more than many “traditional” brokers charge in commission.

What I genuinely like

Fractional shares from $10 and a genuinely intuitive mobile app. If you want to build a diversified US stock portfolio with small amounts, eToro makes it painless.

Who it’s for

Social/copy traders, beginners who want simplicity, and casual stock investors who don’t mind the FX costs.

FCA regulated: FRN 583263

Visit eToro Read Full Review

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 50% 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.

5. CMC Markets — Best for Multi-Asset Trading & Flexible Pricing

3.9
4.2
4
Trustpilot Score: 4.3 · Checked February 2026

CMC Markets is operated by CMC Markets UK plc, authorised and regulated by the FCA (FRN: 173730).

CMC Markets platform showing AMD chart, product list, order ticket, and open positions panel.
CMC Markets trading interface with AMD price chart, market watchlist, and active positions overview.

Pros

  • 12,000+ markets including share baskets and ETFs
  • Commission-free spread betting and index/forex CFDs
  • Advanced Next Generation platform with 115+ indicators
  • Volume-based spread discounts up to 28%

Cons

  • £10/month inactivity fee after 12 months
  • Share CFDs carry commission (0.1% UK)
  • Market data fees for share CFD prices

My Experience

CMC Markets doesn’t have eToro’s marketing budget or Pepperstone’s trading community buzz. What they do have is a genuinely excellent proprietary platform that I think deserves more attention.

Their Next Generation platform has 115+ technical indicators and pattern recognition tools I haven’t seen anywhere else. I spent an afternoon building a custom scanner for divergence setups — something that would require third-party software with most brokers.

The volume discount worth knowing about

If you trade more than £1m notional per month, CMC reduces spreads by up to 28%. I don’t hit that threshold, but for serious retail traders, this makes CMC competitive with institutional-tier pricing.

The dealbreaker for some

£10/month inactivity fee after 12 months. If you’re a casual trader who might go months without placing a trade, this will eat into your account.

Who it’s for

Technical analysis enthusiasts and high-volume traders who’ll benefit from the loyalty discounts.

FCA regulated: FRN 173730

Visit CMC Markets Read Full Review

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% of retail CFD accounts lose money. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

6. XTB — Best for Zero-Fee CFD Trades

3.8
4.2
4.4
Trustpilot Score: 0.1 · Checked February 2026

XTB is operated by XTB Limited, authorised and regulated by the FCA (FRN: 522157).

XTB xStation screen with AMD chart and market order popup over positions and watchlist.
XTB xStation trading platform showing AMD price chart with a market order confirmation window and open positions.

Pros

  • Zero commission on CFDs and stocks (up to €100k/month)
  • No minimum deposit required
  • Award-winning xStation platform
  • Interest paid on uninvested cash

Cons

  • £10/month inactivity fee after 12 months
  • 0.5% currency conversion fee on non-GBP instruments
  • No spread betting — CFDs only

My Experience

XTB is what I recommend when someone asks “where should I buy my first shares?” The xStation platform is clean, the stock selection is broad, and there’s genuinely no commission up to €100,000/month in trading volume.

I bought £2,000 worth of Microsoft shares through XTB in October 2025. Total cost: 0.5% currency conversion (£10) and nothing else. No custody fee, no platform fee, no exit fee. When people ask if commission-free is “really” free, I point them to XTB.

The catch

The €100k limit resets monthly. Most retail investors will never hit it, but if you’re actively trading large positions, you’ll pay 0.2% above the threshold. Also, no spread betting — CFDs only — so profits are subject to Capital Gains Tax.

The xStation advantage

Built-in trade calculator that shows position size, risk, and potential profit/loss before you click buy. Sounds basic, but most platforms require you to do this maths yourself. For new traders, this reduces expensive mistakes.

Who it’s for

UK investors who want commission-free stock trading without the currency conversion pain of eToro.

FCA regulated: FRN 522157

*Free for ETF and real shares and 0.2% fee for transactions above EUR 100000.

Visit XTB Read Full Review

71% 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.

7. Saxo — Best for Advanced Research and Tools

3.8
3.5
4
Trustpilot Score: 3.5 · Checked February 2026

Saxo is operated by Saxo Capital Markets UK Ltd, authorised and regulated by the FCA (FRN: 551422).

SaxoTrader screen with AMD trade ticket over watchlist, chart, and positions panel.
SaxoTrader platform showing Advanced Micro Devices trade ticket with watchlist and price chart.

Pros

  • 70,000+ instruments across global markets
  • Institutional-quality research and analysis
  • No inactivity fees (removed January 2024)
  • ISA and SIPP accounts available

Cons

  • No commission-free trading
  • £500 minimum deposit
  • Platform complexity may overwhelm beginners

My Experience

Saxo isn’t cheap. £500 minimum deposit, commissions on everything, and a platform complex enough to require a learning curve. So why include it?

Because sometimes you need access to assets that don’t exist on other platforms. I wanted to trade Japanese government bonds last year. Saxo was the only UK broker that offered them. That’s the Saxo value proposition — breadth that borders on absurd. 70,000+ instruments across 60+ exchanges.

The reality check

If you’re trading forex and UK shares, Saxo is expensive overkill. You’re paying for access to Australian ETFs, options on Nordic stocks, and Brazilian futures that most UK traders will never touch.

Research quality

Saxo’s analysis is institutional-grade. I’ve subscribed to paid newsletters that aren’t as good as what Saxo includes free. If you’re making significant investment decisions, this research actually has value.

Who it’s for

Experienced investors wanting global multi-asset access and professional research tools.

FCA regulated: FRN 551422

Visit Saxo Read Full Review

64% 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.

Fee Comparison Table

Platform Forex Spread (EUR/USD) Index Spread (UK 100) Share CFD Commission Inactivity Fee Withdrawal Fee
PepperstoneFrom 0.0 pipsFrom 1.0 ptFrom 0.07%NoneNone
IGFrom 0.6 pipsFrom 1.0 pt0.1% (min £10)NoneNone
SpreadexFrom 0.6 pipsFrom 1.0 pt0.1% + spreadNoneNone
eToroFrom 1.0 pipsFrom 1.0 pt£0 (real stocks)$10/month$5
CMC MarketsFrom 0.7 pipsFrom 1.0 pt0.1% (min £9)£10/monthNone
XTBFrom 0.5 pipsFrom 0.9 pt£0 (up to €100k)£10/monthNone
SaxoFrom 0.4 pipsFrom 0.8 ptFrom £3NoneNone

Data recorded during my testing period (Sept 2025 – Jan 2026). Spreads vary by time of day and market conditions.

Free vs Cheapest: What’s the Difference?

“Free” and “cheapest” aren’t the same — and confusing them costs traders real money.

A platform advertising “commission-free” trading still charges you through the spread. eToro’s 1.5% currency conversion fee means a £1,000 US stock purchase costs £15 before you’ve made a penny. That’s not free — it’s just hidden.

The cheapest trading platform is whichever one costs you least for your specific trading pattern. For 50 forex trades per month, Pepperstone Razor beats IG by roughly £30. For one UK ETF purchase per month, Trading 212 costs literally nothing.

What Does “Free Trading” Actually Mean?

Here’s what I learned after tracking every cost across seven platforms: “free” almost never means free.

Spread-based “commission-free” platforms build their revenue into the gap between buy and sell prices. A 1-pip spread on EUR/USD costs roughly £7.50 per standard lot. Trade 10 lots per day and you’re paying £75 in invisible fees — even though there’s no commission line item on your statement.

Currency conversion is the hidden killer. eToro’s 1.5% FX fee means a £5,000 US stock purchase costs £75 in conversion alone — more than you’d pay in commission at a “traditional” broker. XTB’s 0.5% is better but still adds up.

Overnight financing erodes positions held longer than a day. At roughly 3% annually, a £10,000 leveraged position costs you about £0.82 per night. Hold that for a month and you’ve paid £25 in fees that didn’t exist on any comparison table.

My rule of thumb

Calculate total trading costs, not just commission. On a £1,000 forex trade held for one day, here’s roughly what you’d pay:

  • Pepperstone (Standard): ~£0.75 spread only
  • IG: ~£0.60 spread only
  • eToro: ~£1.00 spread + potential FX fee
Spread-Based vs Commission-Based Trading Costs Comparison for UK Traders A visual comparison showing how spread-based and commission-based pricing models work in CFD and forex trading. Spread-based accounts have no commission but wider spreads, while commission-based accounts charge a fixed fee per trade with tighter raw spreads. The graphic helps UK traders understand which model suits their trading frequency and style. Spread-Based vs Commission-Based Trading Understanding the true cost of "free" trading Spread-Based (Commission-Free) Example: EUR/USD Trade BUY 1.0850 SELL 1.0840 1.0 pip spread = £7.50/lot Commission: £0 Spread cost: £7.50 Total cost per lot: £7.50 Best for: Casual traders, fewer trades Commission-Based (Raw Spreads) Example: EUR/USD Trade BUY 1.0846 SELL 1.0844 0.2 pip spread = £1.50/lot Commission: £4.50 (£2.25 × 2) Spread cost: £1.50 Total cost per lot: £6.00 Best for: Active traders, high volume Costs shown are indicative. Actual spreads vary by broker, time of day, and market conditions. 1 standard lot = 100,000 units. 1 pip on EUR/USD ≈ £7.50 at current exchange rates.

How to Choose the Right Free Trading Platform

If You Want... Choose Why
Tightest forex spreadsPepperstone (Razor)0.0 pip spreads + £2.25/lot commission
Maximum market accessIG or Saxo17,000+ and 70,000+ instruments respectively
Tax-free spread bettingSpreadex or IGUK-focused, no CGT on profits
Commission-free stocksXTB or eToroZero commission up to monthly limits
Copy tradingeToroCopyTrader with verified track records
Best charting toolsCMC MarketsNext Generation platform, 115+ indicators
Lowest barrier to entrySpreadex£1 minimum deposit

How Do I Choose the Right Free Trading Platform?

After four months of testing, Pepperstone remains my primary broker. The combination of tight spreads, platform choice, and no inactivity fees fits how I trade. But I also keep funded accounts at XTB (for commission-free stock purchases) and IG (for exotic markets).

If you’re new to trading, start with Spreadex’s £1 minimum or eToro’s CopyTrader. Learn with small stakes before committing serious capital. If you’re experienced and cost-conscious, Pepperstone’s Razor account is hard to beat on pure execution costs.

Whatever you choose, verify FCA authorisation before depositing. Check the FCA Register yourself — don’t trust broker marketing.

FAQs

What Is the Cheapest Trading Platform in the UK?

The cheapest platform depends on what you trade. For forex, Pepperstone’s Razor account offers the lowest total costs at high volumes. For UK stocks, Trading 212 is genuinely free. For US stocks, XTB’s 0.5% FX fee beats eToro’s 1.5%. I’ve detailed the full cost breakdown for each trading style above.

Which Broker Has the Lowest Fees Overall?

Pepperstone has the lowest fees for active traders — 0.0 pip spreads plus £2.25 per lot on the Razor account. For passive investors, Trading 212 charges nothing for UK stocks and just 0.15% for currency conversion on US shares.

What Is the Best Free Trading App in the UK?

Pepperstone offers the best free trading app for CFDs and spread betting, with access to MT4, MT5, cTrader, and TradingView mobile. For stock investing, eToro’s app is more intuitive for beginners, while XTB’s xStation app has the best built-in calculators.

Are Free Trading Platforms Safe for Beginners?

Yes, provided they’re FCA-regulated. All platforms on this list are authorised by the Financial Conduct Authority and offer FSCS protection up to £85,000. Start with a demo account to learn the interface before risking real money.

Is Spread Betting Really Tax-Free?

Yes. Spread betting profits are currently exempt from Capital Gains Tax and Stamp Duty for UK residents. However, this depends on individual circumstances and tax laws can change — speak to a tax advisor if you’re making significant profits.

References