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, XTB, and IG. eToro offers a social trading platform experience and various tradable assets. XTB provides a robust platform with competitive spreads and a strong emphasis on education for traders. IG offers a comprehensive platform with advanced tools, making it a great choice for beginner and experienced traders.
This article was reviewed by Tobi Opeyemi Amure, a trading expert and writer at Investopedia, Investing.com, and Trading.biz.
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Best overall
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Best for beginners
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Best for over 17,000 tradable instruments
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Primary Rating:
4.9
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Primary Rating:
4.8
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Primary Rating:
4.5
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Description: 30 million users globally trust eToro for their social trading needs, benefiting from a vast array of stocks, ETFs, forex, commodities, and cryptocurrencies. |
Description: A reliable trading platform offering a wide range of markets, advanced tools, and educational resources to empower traders of all skill levels. |
Description: Award-winning trading platform offering extensive market access and advanced tools for both beginner and experienced traders. |
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Pros:
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Pros:
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Pros:
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Disclaimer:
61% of retail CFD accounts lose money.
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Disclaimer:
73% of retail investor accounts lose money when trading CFDs with this provider.
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Disclaimer:
69% 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.
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30 million users globally trust eToro for their social trading needs, benefiting from a vast array of stocks, ETFs, forex, commodities, and cryptocurrencies.
- User-friendly
- Copy the moves of professional traders
- Social trading & educational features
- Commission-free stock trading
A reliable trading platform offering a wide range of markets, advanced tools, and educational resources to empower traders of all skill levels.
- User-friendly platforms with intuitive design
- Wide range of instruments, including forex, stocks, and CFDs
- Comprehensive educational tools and webinars
Award-winning trading platform offering extensive market access and advanced tools for both beginner and experienced traders.
- User-friendly platform with advanced trading tools
- Comprehensive educational resources and demo account
- Wide range of markets
Top Alternatives to Robinhood Ranked
Here is a quick list of the best Robinhood alternatives to use in the UK based on my hands-on analysis:
- eToro – Best overall
- XTB – Best for beginners with comprehensive educational resources
- IG – Best for over 17,000 tradable instruments
- Plus500 – One of the best for advanced traders utilising CFDs
- InvestEngine – Best for ETFs
Top Picks Compared
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 | $50 | £0 (zero commission for real stocks and ETF trades) | Stocks, indices, ETFs, CFDs, currencies, commodities, crypto | Yes, with Moneyfarm |
| 2 | XTB | £0 | Commission-free trading equivalent of up to €100,000 monthly turnover; above this, 0.2% (min. £10); 0.5% currency conversion fee may apply | Stocks, ETFs, CFDs on forex, indices, commodities | Yes |
| 3 | IG | £250 | Fees are built into the spread (varies) | Stocks, indices, ETFs, CFDs, forex, commodities, spread betting, bonds, IPOs, and more | Yes |
| 4 | Plus500 | £100 | £0 | Offers CFDs on forex, stocks, commodities, ETFs, options, indices | No |
| 5 | InvestEngine | £100 | £0 (DIY) 0.25% (Managed) | Investment funds | Yes |
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:
- Minimum deposit
- Trading fees
- Types of investments
- 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
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.
eToro’s copy trading feature lets you follow expert traders, analysing their strategies, risk levels, and performance.
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 $50 to start. What’s more, it offers crypto trading for UK users and CFDs for others, widening your options.
While eToro offers commission-free trading, there is a small currency conversion fee, balanced by advanced charting tools and social trading features.
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 |
| $50 | £0 (zero commission for real stocks and ETF trades) | Stocks, indices, ETFs, CFDs, currencies, commodities, crypto | Yes, with Moneyfarm |
Read my full eToro review.
{etoroCFDrisk}% 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 – Best for beginners with comprehensive educational resources
XTB is an excellent Robinhood alternative, particularly for beginners and traders looking to expand their knowledge base while accessing competitive trading conditions.
XTB offers a rich library of learning materials, including video tutorials, webinars, and market analysis, making it a great choice for beginners.
With no minimum deposit requirement and commission-free trading on stocks and ETFs, XTB makes investing accessible to all.
XTB also boasts an award-winning trading platform, xStation 5, which is user-friendly and packed with advanced tools such as technical analysis indicators, customisable charts, and real-time data feeds.
For those who prefer trading on the go, XTB’s mobile app mirrors its desktop counterpart, ensuring a seamless experience across devices.
Safety is a priority at XTB, as it is regulated by top-tier financial authorities, including the FCA in the UK.
This makes it a trustworthy choice for investors concerned about the security of their funds.
Key rating criteria:
| Minimum deposit | Trading fees | Types of investments | ISAs |
| £0 | £0 | Stocks, ETFs, CFDs, forex, indices, commodities | Yes |
73% of retail investor accounts lose money when trading CFDs with this provider.
3. IG – Best for over 17,000 tradable instruments
IG is a good alternative to Robinhood for experienced investors due to its wide range of financial tools like CFDs, spread betting, and more.
IG offers over 17,000 tradeable instruments, including CFDs and spread bets, making it an excellent choice for investors looking for 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.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% 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.
4. 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.
Under ESMA regulations, Plus500 offers ‘Negative Balance Protection,’ ensuring that traders cannot lose more than their account balance, adding a layer of security.
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.
Plus500 provides a user-friendly interface with a variety of trading tools, including advanced charting, risk management features, and access to multiple financial instruments.
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, stocks, commodities, ETFs, options, indices | No |
Read my full Plus500 review.
80% 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.
5. InvestEngine – Best 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.
InvestEngine provides access to ETFs across UK, US, and global markets, allowing investors to diversify their portfolios.
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? Factors to Consider
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:
- 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.
- 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.
- 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.
- 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.
- 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.
- 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).
- 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.
- 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).
- 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.
- Accessibility and Technology Integration: When selecting a Robinhood alternative in the UK, assess how well the platform integrates with existing technology, including mobile apps, desktop applications, and third-party tools. A platform that offers robust API support can be advantageous for those who use automated trading systems or wish to integrate their trading with other financial software.
- Innovative Features: Look for platforms offering innovative features to enhance your trading experience. This might include features like fractional shares, the ability to trade in international markets, extended trading hours, or advanced order types that can help manage risk. These features can provide significant advantages, especially for more active traders.
- Withdrawal Options and Processing Times: Consider the ease of withdrawing funds. Platforms vary widely in how quickly they process withdrawals and the options they offer for accessing your money. Fast and flexible withdrawal options can be particularly important if you need to be able to access your funds quickly.
- Social Trading and Community Interaction: For many investors, particularly beginners, having access to a trading community can be extremely valuable. Platforms like eToro, which offer social trading capabilities, allow users to follow and copy the trades of experienced investors. This can be a great way to learn and gain confidence in your trading decisions.
Based on these criteria, I can select a trading platform in the UK that serves as a suitable alternative to Robinhood and aligns perfectly with my investment objectives.
It’s crucial to consider factors such as fees, available assets, user interface, and customer support when making this decision.
By evaluating these aspects thoroughly, I can confidently choose a platform that not only meets my trading needs but also supports my long-term financial goals.
Additionally, staying informed about regulatory compliance and platform security ensures that I invest with peace of mind, knowing my assets are protected and my trading experience remains seamless.
Final Thoughts
In conclusion, eToro emerges as the top Robinhood alternative in the UK, distinguished by its intuitive platform, extensive range of trading opportunities, and transparent fee structure.
The platform’s innovative social trading functionality further enhances its appeal, catering to the needs of both novice traders and seasoned investors alike.
With its commitment to user-friendly interfaces and transparent pricing models, eToro stands out as a compelling option for anyone looking to engage in diverse and socially connected trading experiences in the UK market.
FAQs
What is the UK equivalent of Robinhood options?
In the UK, IG serves as a counterpart to Robinhood options, offering a range of options on markets with a robust trading platform. Saxo Bank provides a professional-grade platform for trading options across global markets.
Do these alternatives offer commission-free trading like Robinhood?
eToro and Trading 212 offer commission-free trading for stocks and ETFs, similar to Robinhood. Other platforms may charge low commissions or only spread costs.
Are these platforms regulated in the UK?
Yes, all mentioned platforms are regulated by the Financial Conduct Authority (FCA) in the UK, ensuring a certain level of security and fairness for users.
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