As active traders, we know how important it is to use a platform that works exactly how you need it, without delays, glitches or missing features.
This article aims to provide a comprehensive guide to the top day trading platforms available in the UK, helping you make an informed decision based on your individual needs, preferences, and goals.
We will cover a variety of platforms, comparing unique features, benefits, and pricing structures, to ensure that you find the perfect fit.
Our methodology
Evaluating the various aspects that are crucial to day traders took countless hours. Our methodology consisted of the following key criteria:
- Cost-effectiveness: We assessed whether the platform offers competitive trading fees (below £5 per trade) to ensure cost-efficiency for day traders.
- Market access: We examined the platform’s ability to provide access to a diverse array of shares from international markets, enabling traders to capitalize on global opportunities.
- Customer satisfaction: We took into account the platform’s overall rating on consumer review sites, such as Trustpilot, ensuring a minimum rating of 4.0.
In addition to these primary criteria, we also considered the following platform features:
- Availability of mobile, online, and telephone trading options
- Quality of customer support services
- Access to research and analysis tools
- Advanced trading features, including stop loss and order limits
- Foreign transaction fees and the option to hold fractional shares
We also verified that each platform is authorized and regulated by the Financial Conduct Authority (FCA).
Best Day Trading Platforms 2023
eToro: the Best Day Trading Platform for Beginners
| 💳 Min. Deposit | 📈 Trades per 5 Days | ✍️ Demo Account |
| $50 | 3 | ✅ |
Founded in 2007, eToro has quickly emerged as the best choice for novice day traders. Not only does it offer a user-friendly interface and a wide variety of financial instruments, but it also brings the power of social trading to the fingertips of its users.
This innovative feature makes eToro stand out among its competitors, as it enables beginners to learn and grow by following and interacting with experienced traders from around the world.
eToro Day-Trading Features
- ProCharts – ProCharts lets you analyse and visualise financial instruments in real-time. Its customisable and intuitive interface allows you to access multiple charts simultaneously and compare different instruments, timeframes, and chart types.
- CopyTrader – CopyTrader is a unique social trading tool that enables you to automatically replicate the trading strategies of top-performing traders on the eToro platform.
- SmartPortfolios – These portfolios are designed by eToro’s investment committee and are based on specific market strategies or themes, such as technology, cryptocurrencies, or high-growth stocks.
- Economic Calendar – eToro’s Economic Calendar offers a comprehensive list of global economic events, such as GDP releases, central bank meetings, and employment reports. By keeping track of these events, you can anticipate market fluctuations and adjust your trading strategy accordingly.
- Market News and Analysis – eToro offers a dedicated news and analysis section to access the latest financial news, market updates, and expert opinions. This valuable resource can help you stay ahead of the curve and make more informed trading decisions based on current market trends and sentiment.
- Risk Management Tools – eToro offers a variety of risk management tools, such as stopping loss and taking profit orders, which enable you to protect your investments and lock in profits when your trades reach a specified level.
eToro Fees and Commissions
| Fee Type | Details |
|---|---|
| Stock and ETF fees | Commission-free trading for long positions without leverage. Short positions and positions with leverage are subject to financing fees. |
| Forex fees | eToro charges a spread on forex trades, which varies depending on the currency pair being traded, and it can be as low as 1 pip. |
| Crypto fees | eToro charges a base fee on the spread which is 1% and this is included in the price shown when users open or close a position. |
| Withdrawal fee | eToro charges a flat $5 withdrawal fee for all withdrawals, regardless of the withdrawal amount. The minimum withdrawal amount is $30. |
| Inactivity fee | If you do not log in to your eToro account for 12 months, you will be charged a $10 inactivity fee per month until you log in again or your account balance reaches zero. |
| Conversion fee | eToro charges a currency conversion fee when you deposit or withdraw funds in a currency other than USD. The conversion fee varies depending on the converted currency and can range from 50 to 250 pips. |
Reasons to choose eToro
- Ability to copy the trades of other successful traders.
- User-friendly interface
- Advanced charting and other market analysis tools
- Wide range of financial assets
- Demo account available
- eToro’s Smart Portfolios allow you to invest in curated collections of assets with just a click.
Reasons to avoid
- Limited access to fundamental research and educational materials
- High fees for withdrawals and inactivity
- Not suitable for high-frequency trading
- A limited selection of cryptocurrencies compared to other platforms
- Customer service is via web ticketing only
Please keep in mind that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% 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.
Plus500, Best Day Trading Platform for Analytical Tools
| 💳 Min. Deposit | 💸 Trading Fees | 📈 Trades per 5 Days | ✍️ Demo Account |
| £100 | £0 | 3 | ✅ |
Launched in 2008, Plus500 has consistently proven itself to be a top choice for traders across the globe who value cutting-edge technology, user-friendly interfaces, and unparalleled customer service.
Their platform is designed to provide comprehensive, real-time market data and analysis, which empowers you to make informed trading decisions. With their sophisticated charting tools, customisable indicators, and a vast array of technical analysis options, you’ll have all the information you need right at your fingertips.
Plus500 Day Trading Features
- Technical Indicators – Plus500 offers a wide range of technical indicators which can help you identify trends, support and resistance levels, and potential entry and exit points.Some of the most popular technical indicators available on Plus500 include Moving Averages, Bollinger Bands, MACD, RSI, Stochastics and Fibonacci Retracements and Extensions.
- Charting Tools – Plus500 offers several advanced charting tools, including candlestick, line, bar and Heikin-Ashi charts
- Price Alerts – Plus500’s price alerts feature allows traders to set up notifications for specific price levels. Once the price of an instrument reaches the specified level, the trader receives an alert via email, SMS, or push notification.
- This can be particularly useful for day traders, enabling them to monitor multiple instruments simultaneously and quickly take action when a trading opportunity arises.
- Economic CalendarThe economic calendar on Plus500 provides a comprehensive overview of upcoming economic events and announcements, such as interest rate decisions, GDP releases, and employment data.
- Risk Management Tools – Effective risk management is crucial for day traders, as it can help protect their capital and maximise their long-term profitability. Plus500 offers several risk management tools, including Stop Loss Orders, Take Profit Orders and Trailing Stop Orders.
- Plus500 +Insights – In addition to the analytical tools mentioned above, Plus500 also offers a valuable resource called +Insights, which provides traders with up-to-date market analysis, news, and expert opinions.
- Expert Opinions – Learn from the insights and opinions of experienced market professionals who share their perspectives on current market trends, trading strategies, and risk management techniques.
Plus500 Fees and Commissions
| Fee Type | Details |
|---|---|
| Spread-only pricing | Plus500 operates on a “spread-only” pricing model, meaning no commissions are charged on trades. The spread can vary depending on the financial instrument being traded. For example, the spread for the EUR/USD currency pair is typically 0.6 pips, while the spread for the S&P 500 index CFD is around 0.4 points. |
| Inactivity fee | Plus500 charges an inactivity fee of £10 per month for accounts without trading activity for three consecutive months. |
| Withdrawal fees | Plus500 does not charge any fees for withdrawing funds from your account, making it an attractive option for those who need to make frequent withdrawals. |
| Currency conversion fees | When trading financial instruments denominated in a currency other than your account’s base currency, Plus500 |
Reasons to choose
- Useful analytic tools for day traders
- Robust charting and alerts
- Wide range of trading instruments
- User-friendly platform and app
Reasons to avoid
- Educational content is limited compared to the competition
- Apart from analytical tools, the trading tools and features are limited
It is essential to remember that trading CFDs is a complex and high-risk activity. 84% of retail investor accounts lose money when trading CFDs with Plus500.
AvaTrade, Best Day Trading Platform for Range of Trading Platforms
| 💳 Min. Deposit | 💸 Trading Fees | 📈 Trades per 5 Days | ✍️ Demo Account |
| £100 | £0 | 3 | ✅ |
AvaTrade is an ideal choice for day traders seeking diversity and adaptability. With its huge range of trading platforms and innovative copy trading features, AvaTrade caters to both new and experienced traders alike.
What particularly sets Avatrade apart from the competition is its array of trading platforms that cater to various trading styles and preferences. The broker offers the popular MetaTrader 4 and MetaTrader 5 platforms, the user-friendly AvaTradeGO mobile app and the advanced AvaOptions for options trading.
Avatrade Day Trading Features
- Multiple Trading Platforms – AvaTrade offers multiple trading platforms catering to different experience and preferences. You can choose from the popular MetaTrader 4 and MetaTrader 5 platforms, opt for one of their proprietary platforms, such as WebTrader and access them from their mobile App Avatrade Go.
- Advanced Charting Tools – AvaTrade’s trading platforms come equipped with advanced charting tools that enable you to analyse market trends. These tools include numerous technical indicators, timeframes, and drawing tools to help you identify potential entry and exit points. Additionally, you can save and customise your charts for quick reference in the future.
- Automated Trading – AvaTrade supports automated trading through Expert Advisors (EAs) on the MT4 and MT5 platforms. EAs allow you to automate your trading strategies, freeing you from constantly monitoring the markets.
- AvaSocial – allows users to connect with other traders and investors, follow their strategies, and even copy their trades.
- Duplitrade – an automated trading platform that enables users to automate their trading strategies by copying the trades of professional traders.
- Capitalise.ai – a platform that focuses on automating trading using algorithmic strategies. The platform allows users to create, test, and deploy algorithmic trading strategies using natural language programming.
- One-Click Trading – AvaTrade’s one-click trading feature allows you to execute trades quickly, directly from your chart. With a single click, you can open, close, or modify your trades, minimising delays and ensuring you always take advantage of profitable opportunities.
- Risk Management Tools – Managing risk is essential for any day trader, and AvaTrade provides various tools to help you do that. These include stop-loss and take-profit orders, trailing stops, and guaranteed stop-loss orders.
- Economic Calendar – AvaTrade’s integrated economic calendar is customisable, allowing you to filter events by country, category, and impact level, making it easy to focus on the events that matter most to your trading strategy.
AvaTrade Analytical Tools
- Autochartist – Autochartist is a powerful market-scanning tool that automatically identifies chart patterns, support and resistance levels, and Fibonacci patterns.
- Trading Central – AvaTrade offers access to Trading Central, which provides comprehensive technical analysis reports, including chart analysis, indicators, and price projections. As a day trader, you can leverage these insights to refine your trading strategy and make more informed decisions.
- Avatrade Academy – AvaTrade provides an all-in-one educational and analytical hub to help traders stay informed and up-to-date on market events.
AvaTrade Fees and Commissions
| Fee Type | Details |
|---|---|
| Spread | The spread is the difference between a particular financial instrument’s buy and sell prices. AvaTrade charges variable spreads depending on market conditions and the trading instrument. Generally, their spreads are competitive, especially in the forex market, where they offer as low as 0.9 pips on major currency pairs like EUR/USD. |
| Inactivity Fee | AvaTrade charges an inactivity fee of $50 per quarter if you do not execute any trades for three consecutive months. To avoid this fee, maintain regular trading activity on your account. |
| Withdrawal Fee | While AvaTrade does not charge fees for deposits, they do impose a withdrawal fee of $100 if the amount withdrawn is less than the required minimum withdrawal amount of $100. |
| Currency Conversion Fee | If your account’s base currency differs from the currency of the financial instrument you’re trading, AvaTrade will apply a currency conversion fee. This fee is not explicitly disclosed on their website, so it’s essential to factor in potential conversion costs when trading instruments in different currencies. |
AvaTrade Fees
| Fee Type | Details |
|---|---|
| Spread | The spread is the difference between a particular financial instrument’s buy and sell prices. AvaTrade charges variable spreads depending on market conditions and the trading instrument. Generally, their spreads are competitive, especially in the forex market, where they offer as low as 0.9 pips on major currency pairs like EUR/USD. |
| Inactivity Fee | AvaTrade charges an inactivity fee of $50 per quarter if you do not execute any trades for three consecutive months. To avoid this fee, maintain regular trading activity on your account. |
| Withdrawal Fee | While AvaTrade does not charge deposit fees, they impose a withdrawal fee of $100 if the amount withdrawn is less than the required minimum withdrawal amount of $100. |
| Currency Conversion Fee | If your account’s base currency differs from the currency of the financial instrument you’re trading, AvaTrade will apply a currency conversion fee. This fee is not explicitly disclosed on their website, so it’s essential to factor in potential conversion costs when trading instruments in different currencies. |
Reasons to choose
- There is a Vast range of trading platforms to choose from depending on your preferences
- Useful trading tools
- Social trading
- Copy Trading
- Automated Trading1
- On-point analytical tools
Reasons to avoid
- Product range limited to CFDs, Forex and cryptos
- Inactivity Fees on the high-side
- Average overall fees
Capital Risk Applies
Trade Nation – Best Platform for Tight Spreads
| 💳 Min. Deposit | 💸 Trading Fees | 📈 Trades per 5 Days | ✍️ Demo Account |
| £0 | £3.99 | 3 | ✅ |
Trade Nation establishes itself as a top choice for day traders who prioritize tight spreads and rapid trade execution.
Trade Nation’s commitment to providing tight spreads ensures that day traders can enter and exit positions with minimal transaction costs. This competitive advantage helps to amplify potential profits and makes Trade Nation an attractive option for traders who need to act swiftly on market movements.
Moreover, Trade Nation’s lightning-fast trade execution guarantees that day traders can capitalise on the smallest price fluctuations in real-time without worrying about delays or slippage.
Trade Nation Day Trading Features
Smart News – Staying up to date with the latest news and market developments is critical for day traders. Trade Nation’s Smart News feature is a powerful AI-driven feed that delivers real-time market news and updates.
- Signal Centre – Trade Nation offers an exclusive trading tool, the Signal Centre, which provides actionable trading ideas based on technical analysis.
- Charting Tools – Trade Nation offers an advanced charting package that allows users to perform in-depth technical analysis on their preferred instruments.
- Sentiment Analysis – Trade Nation’s platform features an innovative sentiment analysis tool that provides insights into the market’s overall mood.
- Trading Central – Trade Nation has partnered with Trading Central, a leading independent research and market analysis provider. This partnership offers users access to in-depth market insights, technical analysis, and trading strategies, further enhancing their ability to make well-informed trading decisions.
- Cloud-based Platform – Trade Nation’s trading platform is entirely cloud-based, ensuring users can access their accounts and trade from any device with an internet connection.
Trade Nation Fees and Commissions
Trade Nation operate on a spread-only fee structure. This means that there are no separate commission charges on trades. Instead, the cost of trading is included within the spread, which is the difference between a financial instrument’s bid (buy) and ask (sell) price.
The platform prides itself on offering tight spreads that benefit day traders. Tighter spreads result in lower trading costs, enabling traders to maximise their profits. It is essential to know that spreads may vary depending on the asset class and market conditions.
| Fee Type | Details |
|---|---|
| Fixed Spreads | Another noteworthy aspect of Trade Nation’s fee structure is its fixed spreads. Fixed spreads remain consistent regardless of market volatility or fluctuations. This is particularly useful for day traders who must clearly understand their trading costs upfront. |
| Financing Charges | While Trade Nation does not charge commissions on trades, there are financing charges to consider for those who keep positions open overnight. This charge, also known as the swap rate, is applied to any leveraged position held past the market close. |
| Inactivity Fee | If a trading account remains inactive for 12 consecutive months, Trade Nation charges a monthly inactivity fee of £12 (or equivalent currency). This fee is waived if the account is reactivated by placing a trade. |
| Currency Conversion Fee | If you deposit or withdraw funds in a currency different from your account’s base currency, a 0.5% currency conversion fee will be applied. |
Reasons to choose
- Competitive spreads
- User-Friendly web-based platform
- Great customer support
- Negative balance protection
Reasons to avoid
- Limited product range
- Limited educational resources
- No Meta Trader support
Capital Risk Applies
What Does Day Trading Mean?
As the name suggests, day trading is buying and selling financial instruments, such as stocks, options, futures, or currencies, within a single trading day.
The goal of day traders is to capitalise on short-term price fluctuations and, ideally, exit their positions by the end of the day with a profit., after commissions. This contrasts with long-term investors, who might hold onto their investments for months or years.
Day traders often focus on specific periods of high volatility during the trading day in order to capitalize on short-term price movements. These periods are typically:
- The opening hour when the market opens: During this time, there is a significant influx of orders, which often leads to increased price volatility. Day traders look for opportunities to take advantage of this volatility to make quick profits.
- The closing half-hour when the market closes: Similar to the opening hour, the closing half-hour tends to see increased trading activity and price volatility as traders close out their positions before the end of the trading day.
What are the Key Aspects of Day Trading?
- Time Commitment: Day trading demands a significant time commitment, as traders must be active during market hours, monitoring price movements, news events, and other factors affecting their positions. This trading style may not be ideal for those who cannot devote several hours daily to their investments.
- Technical Analysis – Day traders often rely heavily on technical analysis, which studies historical price data and chart patterns to predict future price movements. They use various indicators and tools to identify entry and exit points for trades.
- Risk Management – Due to the fast-paced nature of day trading, managing risk is paramount. Day traders must be disciplined and employ strict risk management techniques, such as setting stop-loss orders and maintaining a proper risk-reward ratio.
- Psychology – Day trading can be an emotional rollercoaster, as traders are constantly exposed to the ups and downs of the market. Developing a strong psychological foundation and maintaining emotional discipline are crucial for success.
- Costs and Fees – Day trading can incur higher costs and fees than other trading styles, as frequent trading generates more commissions and spreads.
- Regulatory Requirements – In the UK, leveraged products, such as spread bets, contracts for difference (CFDs), and other margin-based trading accounts, are subject to higher margin requirements for day traders. Brokers may impose their own additional requirements on top of the regulatory minimums.
Frequently Asked Questions (FAQs)
Is day trading Legal in the UK?
Yes, day trading is legal in the UK. Traders in the United Kingdom can buy and sell stocks, currencies, commodities, and other financial instruments within the same trading day. However, it is essential to be aware of the regulations and tax implications surrounding day trading activities.
In the UK, day trading profits might be subject to Capital Gains Tax (CGT) depending on the individual’s tax status and the amount of profit made. Additionally, day traders in the UK must also comply with regulations set by the Financial Conduct Authority (FCA), which oversees financial services firms and markets to ensure they operate fairly and transparently.
Why do you need 25k to day trade?
The $25,000 requirement is specific to the United States, not the UK. In the US, the Financial Industry Regulatory Authority (FINRA) enforces a rule known as the Pattern Day Trader (PDT) rule. The PDT rule states that traders must maintain a minimum account balance of $25,000 if they execute four or more round-trip day trades within five business days.
How much money do I need to start day trading?
The amount of money required to start day trading varies depending on factors like the financial instruments being traded, the trading platform or broker, and individual risk tolerance. While there is no specific minimum balance required for day trading in many countries, it is generally advised to start with a reasonable amount of capital that you can afford to lose.
How can I develop a successful day trading strategy?
A successful day trading strategy involves researching various techniques and approaches, learning from experienced traders, and developing a plan that suits your individual goals, risk tolerance, and trading style. It is essential to continuously evaluate and refine your strategy over time.
How much time should I dedicate to day trading?
The time commitment for day trading depends on your goals and the level of expertise you want to achieve. Day trading often requires substantial time for research, analysis, and monitoring the markets, especially for those who trade actively throughout the day.
How can I manage risk in day trading?
Effective risk management in day trading involves setting stop losses, using proper position sizing, diversifying your portfolio, and maintaining a disciplined trading approach to avoid emotional decision-making.
What are the most common day trading strategies and techniques?
Some common day trading strategies include scalping, momentum trading, breakout trading, reversal trading, and news-based trading. Each strategy has its strengths and weaknesses, and the best approach depends on your individual trading style and goals.
How important is market analysis and research for day trading?
Market analysis and research are essential for day trading success, as they help identify trends, potential entry and exit points, and support informed decision-making. Both technical and fundamental analysis can provide valuable insights when formulating a day trading strategy.
