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UK alternatives to Robinhood

Robinhood scrapped its plans to launch in the UK — here are some 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.

What does Robinhood offer?

Robinhood is a US trading platform founded in 2013. It offers zero commissions on stocks, options and 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

RobinhoodeToro
Finder rating★★★★★
Customer satisfaction rating★★★★★
FSCS protected?
Stocks and shares ISA available?
Standard trading fee£0£0.00
Foreign exchange fees0%0.5%
UK - London Stock Exchange
US - New York Stock Exchange
US - NASDAQ
App
Desktop or web access
Keep in mindCapital at risk79% 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 £12,300 might be subject to capital gains tax.

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

Fineco: a great alternative for experienced investors

RobinhoodFineco
Finder rating★★★★★
FSCS protected?
Stocks and shares ISA available?
Standard trading fee£0£2.95
Foreign exchange fees0%1%
UK - London Stock Exchange
US - New York Stock Exchange
US - NASDAQ
App
Desktop or web access
Keep in mindCapital at risk70.58% of retail CFD accounts lose money
More Info

Fineco is a good alternative if you’re pretty experienced and you want to make the most of your individual savings account (ISA) allowance, which lets you invest up to £20,000 in each tax year without paying any tax on your profits. Unlike eToro and Freetrade, it isn’t commission free, but it does offer fairly low cost investing.

The charting tools are pretty advanced, which is great for those who understand how to read and understand them — it’s pretty good on mobile, too. Fineco has a foreign exchange fee of 1%, which is twice as much as eToro.

Our full review of Fineco might help you decide if it’s a good alternative for Robinhood.

RobinhoodFreetrade
Finder rating★★★★★
Customer satisfaction rating★★★★★
FSCS protected?
Stocks and shares ISA available?
Standard trading fee£0£0
Foreign exchange fees0%0.45%
UK - London Stock Exchange
US - New York Stock Exchange
US - NASDAQ
App
Desktop or web access
Keep in mindCapital at riskCapital at risk
Go to site
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’re not able to trade on desktop, although it’s testing desktop trading for Plus users at the moment. The charting tools are more basic with Freetrade than you’ll find 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, so if you’re planning to start investing, you’re better off finding a UK Robinhood alternative. We think that 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 to narrow down your options.

All investing should be regarded as longer term. The value of your investments can go up and down, and you may get back less than you invest. Past performance is no guarantee of future results. If you’re not sure which investments are right for you, please seek out a financial adviser. Capital at risk.

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