In order to trade successfully, it is very important to choose the right broker. in the UK, a large number of companies provide access to trading and you will have to choose the one for you among them. It is important to work only with reliable brokers providing all the required instruments for trading based on your trading strategy. TU analysts have selected the best investment brokers for day trading in the UK 2024. You can compare their features and trading conditions.
1
eToro - Best for day trading in the UK
The eToro broker was founded in 2007. The company promotes itself as a social trading platform working with traders from over 140 countries. The broker has several divisions operating under different jurisdictions and licensed by different regulators. For example, eToro (Europe) is licensed by the Cypriot regulator CySEC (109/10) and eToro (UK) is licensed by the British regulator FCA (583263). The broker also has a representative office in Australia and the USA.
👍 Advantages of trading with eToro for traders from the UK:
•High level of reliability ensured by the licenses of respected regulatory authorities and participation in the compensation funds.
•Wide selection of assets quoted at stock exchanges in the UK, U.S., Australia and Asia.
•An opportunity to combine active trading with social trading and passive investing.
•Zero-fee trading of a number of stocks.
•Access to ready-made diversified asset portfolios with various risk levels.
•Provision of leverage, educational materials on various markets and user-friendly trading platforms that can run on any device.
•Zero fees for portfolio management, depositing funds and account maintenance.
👎 Disadvantages of eToro for traders from the UK:
•High minimum deposit for users of a number of countries.
•No live chat on the website for quick connection to customer support.
2
eOption - Best for day trading in the UK
The eOption broker (eoption.com) is an American stockbroker headquartered in Glenview, Illinois. It has been operating since 2007 and is a member of FINRA (CRD#: 7297/SEC#: 8-21765) and SIPC. It specializes in options trading and also acts as an intermediary in trades involving the popular securities classes. The company offers low trading commissions, super-fast execution of orders, and modern platforms with an advanced set of analytical tools. In 2020-2021, eOption was recognized as the best options broker by several resources such as Investopedia, The Tokenist, Benzinga, Investormint, and NerdWallet.
👍 Advantages of trading with eOption for traders from the UK:
•Low commissions for options trading — $0.10 per contract plus $1.99 per trade.
•No minimum deposit requirements for cash trading accounts opened by US residents.
•FINRA membership and the protection of clients’ funds are available through Securities Investor Protection Corporation (SIPC).
•Access to professional trading platforms such as DAS and Sterling Trader Pro are developed by third-party software developers for the proprietary eOption terminal.
•An affiliate program with high rewards.
•Compensation for commissions for funds or assets from other brokerage firms and institutions transfer.
•Prompt support by phone and online chat in the trading platform during company business hours.
👎 Disadvantages of eOption for traders from the UK:
•The narrow range of choice of investment solutions to generate passive income.
•You cannot trade Pink Sheet and Bulletin Board stocks.
•There is no online chat on the company's website.
3
Revolut - Best for day trading in the UK
Revolut is a British fintech company that has been providing investors with accounts for trading precious metals, cryptocurrencies, and stocks listed on U.S. exchanges since 2015. The broker offers its clients access to investing in stocks and ETFs on European stock exchanges. For organizations and private clients, the company offers a multi-currency account with the possibility of exchanging currencies at the current inter-bank exchange rate. Revolut is supervised by the Financial Services Authority (FSA).
👍 Advantages of trading with Revolut for traders from the UK:
•In addition to stock trades, customers can trade cryptocurrencies and precious metals.
•The broker offers commission-free trading plans.
•The minimum number of shares to buy is 0.00000001.
•There are no minimum deposit requirements.
•Social trading is available, which allows newcomers to the stock market to copy trades of successful traders.
•Communication with the support service via chat is available in the mobile application 24 hours a day.
•There is no fee for opening and maintaining a trading account.
👎 Disadvantages of Revolut for traders from the UK:
•Stock trading is currently only available to UK residents.
•Operations in precious metals and cryptocurrencies are not regulated by supervisory authorities.
•The company does not offer fiduciary management of its investment portfolio.
4
Robinhood - Best for day trading in the UK
Robinhood is an investment company that has provided services on the stock market for over ten years. Its owners engaged in software development for hedge funds ab initio and then teamed up to create a company that makes investing available to all. The broker is licensed to provide its services and is a member of the Financial Industry Regulatory Authority (FINRA, CRD#: 165998/SEC#: 8-69188) in the United States. There is no information about the broker receiving awards for their activities.
👍 Advantages of trading with Robinhood for traders from the UK:
•trading stock market instruments without paying commissions;
•the ability to trade from mobile devices;
•hassle-free registration procedure.
👎 Disadvantages of Robinhood for traders from the UK:
•the broker does not offer Forex instruments for trading;
•there are no offers for receiving passive income;
•training materials on the website are limited;
•the company works with clients exclusively from the US;
•lack of online support.
5
Tastyworks - Best for day trading in the UK
Tastyworks is a brokerage company that strives to allow its clients to trade single-handedly, without managing the account or copying transactions of other traders. To make self-investing a reality, the company has created a separate platform with a humongous library of learning materials. Tastyworks is controlled by bodies such as the Financial Industry Regulatory Authority (FINRA, CRD#: 277027/SEC#: 8-69649 ), the National Futures Association (NFA, 0492333), and the Securities Investor Protection Corporation (SIPC).
👍 Advantages of trading with Tastyworks for traders from the UK:
•No minimum deposit. The client independently chooses how much to deposit to the trading account.
•A vast array of educational materials for which the broker has allocated a special platform it calls the Tastytrade.
•The company offers clients flexible trading accounts with different functions. Any of the three offered accounts have varieties, so the trader can choose the option that suits him the most.
👎 Disadvantages of Tastyworks for traders from the UK:
•To gain access to trading, the user must go through a snail-paced registration procedure and provide a list of documents that the broker requests.
•To open a trading account and start working, a client must have an open account with an American bank.
•The broker does not allow clients to test trading on a demo account; only a real trading account can be opened.
Commissions & Fees
Brokerage fees are the amount of money that you pay for using the services that a brokerage offers in order to perform trading and manage investments. The brokerage fee structure and regulations vary from broker to broker, and there are two primary fee types which are:
Trading Fees: This type of fee is only charged when you perform a trade. It can be a conversion fee, margin rate, financing rate, spread, or commission.
Non-Trading Fees: This type of fee isn't directly related to your trading activity, and it can include inactivity fee, withdrawal fee, deposit fee, etcetera.
eToro Commissions and Fees
Registration on the eToro platform is free. The broker does not charge a fee for opening and closing long positions on stocks quoted at the US stock exchanges. The stocks of other markets are available as derivatives, with eToro charging a trading fee on them in the form of the spread. Also, the fees are applied to short positions and leveraged orders. The company accepts and allows withdrawals of only US dollars. If a client deposits or withdraws another currency, it is converted into USD at a fee of 0-50 pips. Members of eToro club get a 50-100% fee reduction on conversion. If a client shows no activity for a period of 12 month, the broker charges the inactivity fee of $10. There is no deposit fee. eToro charges $5 on each withdrawal.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Standard |
$5 |
Yes |
|
Pro |
from $1.1 |
$5 eToro’s fee + the fees of payment systems |
eOption Commissions and Fees
The experts at Traders Union analyzed the terms and conditions of eOption by searching for obvious and hidden fees and commissions, and found the following: options cost 10 cents per contract (+$1.99 per trade); stocks and ETFs cost $0 (but foreign stocks cost $39); mutual funds cost $5 per trade; and the first 25 quoted bonds cost $5 per bond, then $3 per bond after that (but at least $39). Exchange fees are also provided: OCC commissions on contract trades are $0.05 for the first 1,100 trades; then $55 per trade. There is also an options regulation fee of $0.0181 per contract, as well as a trading activity fee and an SEC trade fee depending on the asset. The eOption broker withholds a $35 non-trading fee when withdrawing funds via Wire Transfer.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Margin Account |
From $2.09 |
Yes |
|
Cash Account |
From $5 |
Yes |
Revolut Commissions and Fees
During our analysis of trading conditions, it was found that Revolut limits the number of trades without commissions. Depending on the account type, 1-5 transactions per month are free. There is a monthly subscription fee of £2.99-£12.99 on different accounts, which can be reduced by 20% if you pay in advance for a year. The broker charges a fee of 1 USD for additional orders. Since stocks listed on American exchanges are offered for investment, the fees are calculated in USD and then the funds are converted to the account currency at the current exchange rate. For transactions in cryptocurrency, the commission is 1.5-2%, and for transactions in precious metals, it’s 0.5-1.5% of the transaction volume. The amount of interest depends on the selected trading account. No additional hidden commissions were revealed.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Standard |
From £2.99 |
No |
|
Plus |
From £2.99 |
No |
|
Premium |
From £2.99 |
No |
|
Metals |
From £2.99 |
No |
Robinhood Commissions and Fees
Analysts of the Traders Union have reviewed the trading conditions of Robinhood Markets for implicit and explicit commissions and fees. Hidden commissions were not revealed. The broker does not charge a trading fee for the replenishment of the deposit or the withdrawal of funds. No commission is charged for order execution. Please note: there is no commission for assets from the US market only. A trading fee is charged to traders for trading European stocks.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Robinhood Instant |
From $1.5 |
No |
|
Robinhood Gold |
From $1.5 |
No |
|
Robinhood Cash |
From $1.5 |
No |
Tastyworks Commissions and Fees
The trading conditions of both Tastyworks and Tastytrade were analyzed by experts at Traders Union. They searched for the presence of trading and non-trading fees. Information about trading fees, replenishment of a trading account, and other operations are freely available on the broker's website. There are no hidden fees. Please note that when depositing and withdrawing funds, a fee is charged if you use any payment system except ACH.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Individual |
$1.20 |
No |
|
Entity/Trust |
$1.20 |
No |
|
Joint |
$1.20 |
No |
Summary
Many brokers are available for traders from the UK, but not all of them offer good conditions. In this review, TU experts chose the Best investment brokers for day trading in the UK 2024. These are the most trusted companies that offer the best conditions for traders. You will also be able to review the general assessment of each broker.
Overall score of the best Investment Brokers For Day Trading in the UK
| eToro | eOption | Revolut | Robinhood | Tastyworks | |
|---|---|---|---|---|---|
|
Overall score |
7.75 |
7.63 |
7.69 |
6.91 |
6.37 |
|
Execution of orders |
9.1 |
9 |
9.2 |
7.9 |
7.29 |
|
Investment instruments |
9.7 |
9.6 |
9.8 |
8.5 |
7.71 |
|
Withdrawal speed |
9.5 |
9.4 |
9.6 |
8.3 |
7.35 |
|
Customer Support work |
9.3 |
9.2 |
9.4 |
8.1 |
7.65 |
|
Variety of instruments |
9 |
8.9 |
9.1 |
7.8 |
7.13 |
|
Trading platform |
9.8 |
9.7 |
9.9 |
8.6 |
7.87 |
|
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FAQ
Why is a license important for a broker?
License is the key document testifying to the broker’s reliability. It means that the company complies with the requirements of the financial regulatory authority that issued it. It is recommended that you choose brokers with licenses from top financial regulators: the USA, European Union, the UK, as these jurisdictions have the strictest licensing requirements.
What learning instruments can a broker offer?
Brokers offer various educational options. These include full-fledged educational courses, or video tutorials, articles, and books. Companies also often hold seminars and webinars.
Does the choice of a beginner differ from the choice of an experienced trader?
Yes. A novice trader should primarily consider the availability of educational tools and a demo account, as well as basic assets. A more experienced trader is interested in wider opportunities on advanced account types, a wider choice of instruments for technical analysis, and a greater number of trading instruments.
How much money do I need in order to start working in the financial markets?
The initial capital depends on the assets you plan to trade. However, in the majority of cases, $300-500 is a good amount for a start.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.