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Trading stocks used to be a complex process that required a thorough understanding of the market and a broker to facilitate the transactions.
Now, with the rise of smartphones and the development of user-friendly apps, buying and selling shares has become much more accessible.
This article will delve into the best stocks and shares apps available in the UK, comparing their features, fees, user experience, and more to provide a comprehensive overview.
Factors to Consider when Choosing a Stocks and Shares App
When choosing a stocks and shares app, consider factors such as the user interface, fees, customer service, variety of investment options, educational resources, and security measures.
These factors can significantly affect your trading experience and the growth of your investments.
1. eToro
Features: eToro is a social trading platform that allows you to copy the trades of successful investors, making it a great choice for beginners. It offers a wide range of investment options, including stocks, ETFs, cryptocurrencies, and commodities.
Fees: eToro charges no commission on stock and ETF trades, which makes it highly attractive. However, it does have a withdrawal fee of $5 (around £3.5) and a $10 inactivity fee per month after 12 months of inactivity.
User Experience: The eToro app is intuitive and easy to navigate, with features like real-time data, social feeds, and various trading tools.
Customer Service: eToro offers a Help Centre, live chat, and a ticketing system for user queries.
2. Trading 212
Features: Trading 212 provides access to a wide array of assets, including stocks, forex, commodities, and ETFs. It offers fractional shares, allowing you to invest in high-priced stocks with a smaller amount of money.
Fees: Trading 212 is a commission-free platform. It doesn’t charge inactivity fees or withdrawal fees, making it one of the most cost-effective options on the market.
User Experience: The app is straightforward and user-friendly, providing features like price alerts, customisable charts, and a practice account with virtual money.
Customer Service: Trading 212 offers 24/7 customer support via email and live chat.
3. Freetrade
Features: Freetrade provides access to UK and US stocks, as well as ETFs. It’s a good option for beginners due to its simple, user-friendly interface and educational content.
Fees: Freetrade operates a freemium model. Basic trades are free, but instant trades during market hours come with a £1 fee. Freetrade Plus, costing £9.99 per month, offers more features and stocks.
User Experience: The app is intuitive, and it’s easy to execute trades. It also provides useful information about each company, helping investors make informed decisions.
Customer Service: Freetrade offers in-app chat support, although it doesn’t operate 24/7.
4. Hargreaves Lansdown
Features: Hargreaves Lansdown offers a wide variety of assets, including UK and international shares, funds, ETFs, bonds, and more. It also provides extensive research and analysis.
Fees: Hargreaves Lansdown charges £11.95 per trade for UK shares, which reduces with the number of trades. Fund dealing is free, but there is a platform charge.
User Experience: The app is easy to use and offers features like personalised watchlists, interactive performance charts, and news updates.
Customer Service: Hargreaves Lansdown offers phone and email support and has a reputation for excellent customer service.
5. IG
Features: IG gives access to over 10,000 global markets, including forex trading, indices, commodities, and more. It also offers spread betting and CFD trading.
Fees: IG charges a £3 commission per trade for UK shares (if more than three trades were made in the previous month), or £8 otherwise. It charges no commission on US shares for frequent traders.
User Experience: The app provides a host of features like customisable stock charts, alerts, a news feed, and a well-designed dashboard.
Customer Service: IG offers 24-hour customer support from Monday to Friday through live chat, email, and phone.
Conclusion
Choosing the right stocks and shares app depends on your specific needs and preferences.
If you’re a beginner, you might prefer a user-friendly app with educational resources, like Freetrade.
If you’re a frequent trader, you might prefer an app with low commissions, like Trading 212 or eToro.
If you value extensive research and analysis, Hargreaves Lansdown might be the best choice.
Remember, investing in stocks and shares carries risk, and it’s important to do your research before making investment decisions.
Consider consulting with a financial advisor to ensure that you’re making the best choices for your financial situation and goals.