How to choose the best stock trading platform for you

What is a trading platform?

A trading platform is a software system that enables you to make predictions on the price direction of various financial markets like shares, exchange-traded funds (ETFs), forex and commodities. Trading platforms can be accessed in different ways, but these days they’re generally available via desktop, mobile and web applications.

With us, you’d use spread bets and contracts for difference (CFDs) to speculate on market price movements without taking ownership of the underlying asset; to buy and own shares, you’d use a share dealing account.

How to choose a share trading platform

The terms ‘share trading’ and ‘stock trading’ can refer to trading or investing in relation to the shares market. There are many different platforms available that enable you to trade or invest in shares. You need to choose one that caters to your specific requirements, eg a range of markets that you’re interested in, technical support whenever you need it and trading hours that suit your lifestyle.

Below are some key factors that are worth considering when choosing a platform for trading shares or investing in them.

1. Products and markets

Having a wide selection of markets to choose from on a trading platform can be useful. If you have a long-term outlook, you’ll likely seek investment opportunities where you’ll employ a ‘buy and hold’ strategy. If you have a short-term outlook, you’ll likely look to trade securities over a shorter period to take advantage of changes in their price without owning them directly.

With us, you’ll choose from over 13,000 stocks, ETFs and funds to take outright ownership of the underlying asset. Ownership of a piece of stock entitles you to voting rights and dividend payments, if the company grants them. In addition to the numerous markets that you can choose from, you’ll also have four options in terms of how to structure your investment account:

1. Share dealing: low dealing costs on a wide range of investments and out-of-hours access to a selection of US shares
2. IG Smart Portfolio: a broadly diversified collection of markets that’s tailored to your risk tolerance and managed by experts, with lower fees than traditional wealth managers
3. Individual savings account (ISA): a wrapper on a share dealing or IG Smart Portfolio account that enables you to invest up to £20,000 a year, tax-free²
4. Self-invested personal pension (SIPP): a wrapper on a share dealing or IG Smart Portfolio account that’s built to help you save for retirement in a tax-efficient way

Alternatively, you can trade more than 17,000 markets from across the globe using our derivative products – spread bets and CFDs. Along with shares, some of the markets that you can trade include ETFs, indices, forex and commodities.

2. Trading hours

The opening and closing times for stock markets vary according to geographic location. For example, trading hours are from 8am to 4.30pm (GMT) for companies listed on the London Stock Exchange (LSE) but from 2.30pm to 9pm (GMT) for those listed on the New York Stock Exchange (NYSE).

Some platforms offer out-of-hours trading, which gives you exposure to markets outside of the regular trading session. The extension of a stock exchange’s regular trading times, ie pre- and post-market trading hours, enables you to react to market news or events as they occur.

With us, you’ll have access to major US stocks over extended hours, plus after-hours and weekend exposure to certain global indices and forex pairs – enabling you to react to moving markets in real time.

3. Security

Ensuring that your account is protected is very important when looking for a trading platform. Some platforms may require two-factor authentication (2FA) for account access as part of their safety and security protocols.

In addition to providing the option of 2FA, our platform uses the latest encryption software to safeguard your personal information. You’ll need to create a unique password for your account and keep it confidential – only you, as the account holder, should use it to log in to the platform.

4. Fees and costs

While every platform will require certain fees for offering share trading services, the costs involved usually differ. Some of the costs you need to keep in mind include the spread, commission, overnight funding, and foreign exchange and inactivity fees.

When investing using your share dealing account, you’ll pay zero commission on US shares – and just £3 on UK shares – with a foreign exchange fee of just 0.5%.³ Your IG Smart Portfolio will be managed free of charge if it exceeds £50,000, effectively capping your management fee at £250 a year.

When trading using your spread betting account, you’ll pay zero commission – the only charge is the spread. You’ll pay a commission when trading share CFDs – we don’t charge a spread, but the market spread will apply. Other costs may apply for both derivatives, eg there could be a guaranteed stop charge (if a guaranteed stop that was set is triggered) and spot markets are subject to overnight funding fees when you keep positions open across trading sessions.

5. Risk management

Whether you’re a novice or experienced trader, risk management techniques come in handy when trying to reach your financial goals. With us, you’ll trade using leverage, which means you’ll open a position with only a fraction of the total value of your trade.

Note that your potential profit or loss will be amplified as your exposure will be calculated based on the full position size, not just your initial deposit. This means that possible losses may exceed the initial deposit paid to open a trade, so you’ll need to take steps to manage your risk. On our platform, you can manage risk by using tools such as stop-loss and take-profit orders, as well as guaranteed stops and price alerts.

When investing with us via share dealing, you can use a strategy that’s underpinned by diversification principles to try and manage your risk. IG Smart Portfolios are built with these principles in mind and, as such, include ETFs that cover a range of asset classes and geographies to help minimise your investment risk.

6. Tools

A platform that offers and combines multiple tools on a single interface tends to be more favourable for traders and investors. Some of the features that are important when accessing the markets include:

• Charts – use trading charts in an appearance that you prefer to track market performance and conduct technical analysis
• Trading signals – get ‘buy’ and ‘sell’ suggestions based on emerging chart patterns
• Alerts – receive notifications automatically when the parameters you’ve set are triggered in the markets you’re interested in
• Indicators – choose from a wide variety of indicators to support your strategy
• Trading analytics – analyse personalised trading data – including statistics on costs, profitability and the effectiveness of how you manage risk – based on your closed positions

7. Accessibility

Finding a trading platform that’s easy to access is vital. The ability to open, monitor and close your trades from anywhere enables you to react quickly to market news. That’s why it’s important to have options when it comes to how you access the platform.

In addition to the desktop and online versions of our platform, we offer a user-friendly and customisable trading app (available for Android and iOS) that can help you stay up to date with market events on the go. But, however you choose to access our platform, you’ll be sure to get the same fast execution and seamless experience.

8. Customer service

Accessibility extends to the ability to reach support staff quickly and easily when you need help navigating your chosen platform.

If you have any queries about our platform, which has been recognised as the best in the UK,¹ you can contact our knowledgeable support team.

Whether you’re a beginner or have years of experience, it’s vital that you have ease in connecting to customer support whenever needed. You can reach us 24 hours a day from 8am Saturday to 10pm Friday (UK time) via phone, online chat, email or X (formerly Twitter).

You can also use the help and support centre for answers to frequently asked questions.

UK stock trading platform comparison

Below is a comparison of our overall offering versus that of some other stock trading platforms in the UK.*

The best platform for trading and investing¹

Our platform has been recognised as the best in the UK.¹ With its clean and intuitive design, it offers hassle-free access to the markets you want to get exposure to. It also houses a range of advanced features that can assist you throughout your trading and investment journey – whatever your level of experience.

Some of the most popular benefits of our platform include:

• Out-of-hours trading – seize opportunities and take positions on key assets, even when markets are closed
• 24-hour customer support – choose from a range of methods to contact us for any query you might have – we’re available around the clock, from 8am Saturday to 10pm Friday (UK time)
• Leveraged products – trade using derivatives, ie spread bets and CFDs, to make your capital go further

Discover the risks associated with trading using leverage

How to start trading or investing in stocks with us

To trade or invest in stocks with us, you’ll need to follow these steps:

1. Create a trading account or an investment account
2. Get verification. We’ll verify your information, a process that usually happens immediately
3. Fund your account and start trading stocks or investing in them. Once your application has been approved, you can deposit funds into your account and start trading or investing when you’re ready. You can also withdraw your money for free, whenever you like