UK alternatives to Robinhood

US stock trading platform Robinhood is known for being the low-cost app of choice among millennial traders in the US, and it may be the most widely recognised online broker today – but you can’t access it in the UK. After more than a year of ramping up its UK launch and with thousands of would-be investors on a waitlist, Robinhood postponed its UK launch indefinitely in 2020. We’ve pulled together some UK alternatives to Robinhood, comparing features, fees and stocks available.

Best for 0% commission

Finder Award

Go to site

Capital at risk. T&Cs apply.

Copy picks from top traders

• Commission-free trades
• Receive dividend payments
• Invest in fractional shares

Best for beginner investments

Go to site

Capital at risk. T&Cs apply.

Discounts for regular investing

• 13,000+ shares to invest in
• Choose from over 5,000 ETFs
• Exclusive out-of-hours trading

Best for US shares

Finder Award

Go to site

Capital at risk. T&Cs apply.

Try premium free for 3 months

• 0% commission on trades
• Choose from 3000+ stocks
• Real-time live pricing

What does Robinhood offer?

Robinhood is a US trading platform founded in 2013. It offers zero commissions on stocks, options and exchange-traded funds (ETFs). It’s popular among traders thanks to its low fees, range of trading options and minimalist design targeting younger investors.

Users of the app often trade stock options and other assets, such as cryptocurrencies, using leverage (typical UK investors won’t be able to access the latter). This is a higher-risk form of trading because both your profits and losses are amplified.

eToro: the closest alternative in the UK

Finder score		★★★★★
Customer satisfaction score		★★★★★
FSCS protected?
Stocks and shares ISA available?
Standard trading fee	£0	£0.00
Foreign exchange fees	0%	0.5%
UK - London Stock Exchange
US - New York Stock Exchange
US - NASDAQ
App
Desktop or web access
Keep in mind	Capital at risk	Capital at risk. 76% of retail CFD accounts lose money
		Go to site More Info

eToro offers commission-free trading as well, with a foreign exchange fee of 0.50%. Robinhood doesn’t charge a foreign exchange fee in the US, but most UK platforms do. It also has professional charting tools and research, as well as social trading features like copy trading.

With eToro, you can trade stocks, commodities and currencies. The platform has more than 1,000 stocks available to invest in.

Unlike the other providers we’ve listed here, eToro doesn’t let you invest with your ISA allowance, so any profits you make over £6,000 might be subject to capital gains tax.

We’ve got a comprehensive eToro review if you want to know more.

Freetrade: a popular beginner-friendly investment app

Finder score		★★★★★
Customer satisfaction score		★★★★★
FSCS protected?
Stocks and shares ISA available?
Standard trading fee	£0	£0
Foreign exchange fees	0%	0.59%
UK - London Stock Exchange
US - New York Stock Exchange
US - NASDAQ
App
Desktop or web access
Keep in mind	Capital at risk	Capital at risk
		More Info

Freetrade is a little more beginner-friendly than eToro and Fineco. Like Robinhood, it’s commission-free, with a whole host of stocks available to free users. You can upgrade for additional features and a larger range of stocks for a set fee per month with its additional subscriptions, including one that gives you access to an ISA.

Freetrade is app-only, so you can’t trade on a desktop. However, it’s testing desktop trading for Plus users at the moment. The charting tools are more basic with Freetrade than with eToro and Fineco. You can’t trade on margin with Freetrade.

If you’d like to know more, you can read our full review of Freetrade.

Bottom line

It’s unlikely that Robinhood will be coming to the UK anytime soon. If you want to start investing, you’re better off finding a UK Robinhood alternative. We think eToro is a great alternative if you’re not interested in investing in an ISA. Experienced investors are suited well to Fineco, while beginners may prefer Freetrade.

If you’re still not convinced, you can compare share dealing accounts with our comparison table. It lets you choose what’s important to you and narrow your options.

Frequently asked questions

• Can I trade cryptocurrencies using eToro, Fineco or Freetrade?

  With eToro, you can trade and invest in the major cryptocurrencies, including Bitcoin, Ethereum and Cardano.
  You can’t buy cryptocurrency with Freetrade or Fineco. If you want to invest through an ISA, you can’t buy cryptocurrency regardless of your provider.

  On the other hand, you can get indirect exposure to crypto through an ISA by buying shares in companies that operate in the space – like Coinbase or Marathon Digital Holdings.

• How do low-fee brokers make money?

  Zero commission brokers make money through alternative revenue sources such as interest fees on client accounts, offering premium services for a fee and receiving payment for order flow by directing customer orders to specific providers. While they save on trading commissions, downsides include potential execution quality issues, limited tools and customer service. Active day traders may find specialised brokers more suitable.

• Does Freetrade offer desktop or web access for trading, or is it limited to mobile app usage?

  As of April 2022, Freetrade offers a beta version of its web interface, Freetrade Web, for Plus members to test. The web interface lets Plus members view their portfolios on a desktop browser and provide feedback. Freetrade plans to enhance the web experience with more features and functionalities in the future. Non-Plus members can consider getting a Plus subscription to access Freetrade Web.