Best Brokers For Beginners
The best brokers for beginners offer simple ways for individuals with no trading experience to invest in financial markets. This guide ranks the top online brokers for beginners in the UK. We also explain how to compare trading platforms if you are new to investing.
The best brokerages for novice investors offer various features and tools:
- A free demo account
- A transparent pricing model
- An easy-to-use platform and app
- A low minimum deposit (less than £200)
- Beginner-friendly educational resources
- A responsive customer support team to help with queries
- Copy trading so you can learn from experienced investors
Best Brokers For Beginners UK
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Established in Poland in 2002, XTB caters to over a million clients worldwide. This forex and CFD broker offers a robust regulatory framework, a diverse range of assets, and prioritises trader satisfaction. It provides an intuitive proprietary platform equipped with excellent tools to support aspiring traders.
Instruments Regulator Platforms CFDs on shares, Indices, ETFs, Raw Materials, Forex currencies, cryptocurrencies, Real shares, Real ETFs FCA, CySEC, KNF, DFSA, FSC, SCA, Bappebti xStation Min. Deposit Min. Trade Leverage $0 0.01 Lots 1:30 -
Founded in 1989, CMC Markets is a reputable broker publicly listed on the London Stock Exchange. It holds authorisation from top-tier regulators such as the FCA, ASIC, and CIRO. The brokerage, which has received multiple awards, boasts a global membership exceeding one million traders.
Instruments Regulator Platforms CFDs, Forex, Stocks, Indices, Commodities, ETFs, Treasuries, Custom Indices, Spread Betting FCA, ASIC, MAS, CIRO, BaFin, FMA, DFSA Web, MT4, TradingView Min. Deposit Min. Trade Leverage $0 0.01 Lots 1:30 (Retail), 1:500 (Pro) -
FXCC, a well-established brokerage since 2010, offers cost-effective online trading. Registered in Nevis and regulated by CySEC, it is distinguished by its ECN conditions and absence of a minimum deposit requirement. The account opening process is efficient, taking under five minutes.
Instruments Regulator Platforms CFDs, Forex, Indices, Commodities, Crypto CySEC MT4, MT5 Min. Deposit Min. Trade Leverage $0 0.01 Lots 1:500 -
Fusion Markets, an online broker since 2017, operates under the regulation of ASIC, VFSC, and FSA. Renowned for offering cost-effective forex and CFD trading, it provides various account options and copy trading solutions to suit diverse trading needs. New clients can begin trading with a simple three-step registration process.
Instruments Regulator Platforms CFDs, Forex, Stocks, Indices, Commodities, Crypto ASIC, VFSC, FSA MT4, MT5, cTrader, TradingView, DupliTrade Min. Deposit Min. Trade Leverage $0 0.01 Lots 1:500 -
Trade Nation is a leading FX and CFD broker regulated in the UK and Australia, among other places. The company provides competitively priced fixed and variable spreads on over 1,000 assets. Traders benefit from advanced platforms and comprehensive training materials. Additionally, the Signal Centre offers valuable trade ideas.
Instruments Regulator Platforms Forex, CFDs, Indices, Shares, Commodities, Futures, Bonds, Spread Betting, Cryptos (Bahamas Entity Only) FCA, ASIC, FSCA, SCB, FSA MT4 Min. Deposit Min. Trade Leverage $0 0.1 Lots 1:500 (entity dependent) -
Established in 2016 and headquartered in Saint Lucia, UnitedPips operates as a non-dealing desk broker. Catering to clients in more than 137 countries, the firm excels in CFD trading. Offering a portfolio of over 80 assets, it provides high leverage up to 1:1000.
Instruments Regulator Platforms CFDs, Forex, Precious Metals, Crypto IFSA UniTrader Min. Deposit Min. Trade Leverage $10 0.01 Lots 1:1000 -
Founded in 2017, Pocket Option is a binary options broker providing high/low contracts for forex, stocks, indices, commodities, and cryptocurrencies. Attracting more than 100,000 active users worldwide, the platform remains a favourite among emerging traders.
Instruments Regulator Platforms Binary Options, Currencies, Commodities, Stocks, Indices, Cryptos MISA Web, MT4, MT5 Min. Deposit Min. Trade Leverage $50 $1 -
Established in 2008, NordFX is an offshore CFD brokerage catering to over 1.7 million clients across 190 countries. It provides trading opportunities in forex, stocks, commodities, indices, and cryptocurrencies. Traders use the MT4 and MT5 platforms, benefiting from zero spreads and minimal commissions. The company offers significant leverage of up to 1:1000, with initial deposits starting at just $10.
Instruments Regulator Platforms Forex, CFDs, indices, commodities, cryptos, stocks MT4, MT5 Min. Deposit Min. Trade Leverage $10 $1 1:1000 -
BitMEX, established in 2014, is a cryptocurrency exchange specialising in derivatives. The platform provides a seamless way to convert fiat to crypto, engage in spot trades, and trade crypto derivatives like perpetual contracts, traditional futures, and quanto futures. BitMEX is known for its significant market liquidity, standing as one of the top exchanges in this aspect.
Instruments Regulator Platforms Crypto Republic of Seychelles BitMEX Web Platform, AlgoTrader, TradingView, Quantower Min. Deposit Min. Trade Leverage $0.01 Variable -
Spreadex, regulated by the FCA, provides spread betting across 10,000+ CFD instruments, including 60 forex pairs. Traders have the option to engage in short-term positions on sporting events as well. With a history exceeding 20 years, the company has earned numerous accolades.
Instruments Regulator Platforms Forex, CFDs, Indices, Commodities, Stocks, Crypto, Bonds, Interest Rates, ETFs, Options, Spread Betting FCA Spreadex Platform, TradingView Min. Deposit Min. Trade Leverage £0 £0.01 1:30
How To Compare Brokerages For Beginners
With hundreds of online brokers marketing their services to beginner traders, comparing platforms can prove challenging. However, the top brokers for new investors typically offer a combination of the following:
Demo Account
Demo accounts are the best way for new investors to practise trading risk-free. They are usually funded with a virtual bankroll, for example, £100,000 and will remain open for 30 days+.
Paper trading accounts can be used to learn the basics of online investing while getting used to a new platform and app.
Demo accounts can also be an effective way to test out a potential brokerage or strategy before risking real money.
Low Minimum Deposit
The best brokers for beginners in the UK allow users to get started with a small initial payment. Whilst anything under £200 is competitive, some firms have even lower requirements.
CMC Markets and XTB, for example, have no minimum investment, meaning you can open an account for free and only deposit when you are ready to start trading.
Platforms & Apps
The best UK brokers for beginners offer easy-to-use platforms and trading apps that still provide the tools traders need to analyse stocks, indices, forex, commodities, and cryptos.
TradingView, for example, has a simple interface that is suitable for those starting out. The terminal also provides the ‘full-featured chart’ option, allowing traders to add time intervals, alerts and indicators and amend the default chart type.
MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are also popular and supported by a wide range of brokers in the UK. However, some find their interfaces outdated and complex for beginners.
Alternatively, other firms offer proprietary software developed with beginners in mind.
Education
A beginner-friendly education centre can help newbies get to grips with the basics of online trading, unpacking terminology, explaining investment strategies, and walking users through new platforms and tools.
Educational content can come in various forms, from videos and webinars to podcasts and downloadable manuals. Leading firms also have courses categorised by experience level, with a learning path for beginners.
Copy Trading
Some of the best brokerage companies for beginners offer tools like copy trading. This allows novice investors to copy the trades and strategies of experienced investors.
eToro, for example, offers a highly-rated copy trading platform with detailed metrics on master traders, including their previous gains, risk appetite, and location.
eToro also has a social element with a community news feed and integration with social media channels.
Alternatively, some good UK brokers for beginners provide signals, which suggest potential trades.
Signals are usually generated by algorithms that scan the market for opportunities in stocks, forex or commodities, for example.
Fractional Shares
Some of the best UK brokers for beginners offer fractional shares.
Shares bought directly on a stock market are typically bought in units, meaning you need to buy at least one full share of a company when you make a trade. This can be expensive since some companies’ shares are worth hundreds or even thousands of pounds.
Fractional shares, as the name suggests, allow traders to buy a fraction of a full share, for example, one-third or a quarter. This reduces the financial barrier to more expensive stocks.
XTB is a good pick for fractional stocks.
Penny Stocks
Another low-cost way for beginners to access the financial markets is penny stocks. These are low market cap companies whose shares are valued at £1 or less, meaning beginners with limited funds can trade them. On the downside, penny stocks tend to be highly volatile and are vulnerable to market shocks.
IG Index is a popular brokerage that offers penny stocks.
Pre-Built Portfolios
Some of the best brokerage sites for beginners offer ready-made portfolios and mutual funds. This means most of the leg work is removed – traders don’t need to research different markets and decide which stocks to buy or sell, for example. Instead, clients provide basic information about their investment goals and risk appetite.
eToro, for instance, offers 65+ diversified investment portfolios covering a range of asset classes, industries, and trends. You can also filter portfolios by risk, potential yield and other metrics to find a solution that aligns with your objectives.
Transparent Fees
The best brokers for beginners offer a transparent fee structure. Key costs to look out for include spreads, commissions, deposit and withdrawal charges, and inactivity penalties.
With that said, discount brokerages are not necessarily the best. You should consider fees alongside the services and tools up for grabs, especially if you have a long-term investing strategy in mind.
Customer Support
The best investment brokers for beginners will have customer service representatives on-hand through phone or live chat, at least during trading hours. The top platforms are also starting to offer assistance through popular social media channels, such as WhatsApp.
Pepperstone is one of the top UK brokers for beginners with good customer support. It offers 24-hour UK telephone support, 7 days a week.
Bottom Line
The best UK brokers for beginners offer tools and resources to suit novice investors, whether that’s demo accounts and education centres or copy trading apps and automated investing portfolios. British traders should also opt for brokers regulated by the FCA. This is a good sign that the brokerage is trustworthy and implements customer safeguarding measures, such as negative balance protection.
FAQ
What Are The Best MetaTrader Brokers For Beginners?
The best forex brokers for beginners that offers MetaTrader is CMC Markets. It has a low minimum deposit, great customer support, excellent education for novice traders, plus demo accounts so you can test the MetaTrader software before risking money.
How Do I Choose A Broker When I Am New To Trading?
The best brokers for beginners have a low starting deposit (less than £200), offer user-friendly platforms and apps, responsive customer support, transparent pricing, plus features like copy trading and fractional shares. Alternatively, choose from our ranking of the top UK brokers for new traders.
Which UK Trading Platform Is Best For Beginners?
This will depend on your investment requirements. With that said, the top UK firms are regulated by the FCA, and have a low starting investment, educational materials, demo accounts, and services like signals and copy trading for hands-off investors.