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Social trading has encouraged many UK traders, especially newbies, to join the financial landscape and explore the available instruments. The positive embracement of this feature has encouraged many trading platforms to incorporate social trading into their services.
To enjoy your experience while maximising your potential, ensure you choose a platform that aligns with your trading requirements. The procedures involved might seem lengthy and overwhelming to many traders. Therefore, we did all the research work and share below the top options that met our specific stringent criteria.
Key Takeaways
It is essential to choose a social trading platform that fits your overall trading requirements. At InvestingGuide, we ensure our readers find the best platforms for a worthwhile experience. We also give additional advice so readers can kickstart their ventures on a good note. These include applicable tax laws, how to register accounts, and more. We also encourage maximum dedication, such as tracking your open positions and conducting extensive research for solid strategies.
List of the Best Social Trading Platforms
- eToro – Overall Best
- FP Markets – Top Option for Professional Clients
- Pepperstone – Best For MetaTrader Users
- Spreadex – One of the Cheapest Options
In This Guide
Platforms for Social Trading: Comparison Table
Coming up with this list of the best social trading platforms in the UK was not easy. The process was lengthy, considering the many procedures involved. Since many users prioritise their safety, we started by identifying as many FCA-regulated platforms as possible. Then, we conducted multiple tests on them. We compared their features, including fees, performance, support service, and more, and shortlisted only those that met our specifications.
Here is our comparison table showing the features of our top platforms for informed choices.
| Social Trading Platforms | Licence | Support Service | Software | Payment | Demo Account | Money Insurance |
|---|---|---|---|---|---|---|
| eToro | ASIC, CySEC, FCA, FSAS | 24/5 | eToro investing platform, Multi-asset platform, Copy Trader | Credit/debit cards, PayPal, Bank transfer, Neteller, Skrill, eToro Money, Online Banking | Yes | Yes (up to $250,000) |
| FP Markets | FCA, FSCA, ASIC, CMA, CySEC, FSA | 24/7 | MT4, MT5, TradingView, cTrader, WebTrader, Mobile App, Copy Trading | Credit/debit cards, Neteller, Skrill, Bank transfer, Google Pay, Apple Pay | Yes | Yes (up to $500,000) |
| Pepperstone | FCA, ASIC, FSCA, DFSA, CySEC, CMA, SCB, BaFin | 24/5 | TradingView, MT4, MT5, cTrader, Pepperstone Trading Platform, Social Trading | Visa, Mastercard, Bank transfer, Neteller, Skrill, PayPal | Yes | Yes (up to £85,000) |
| Spreadex | FCA, SEBI | 24/5 | iPhone App, IPAD App, Android App, TradingView | Bank Wire Transfers, Credit cards | No | Yes (up to £85,000) |
Platforms Short Overview
As experts in the financial landscape, we prioritise security when considering trading platforms. Other essential elements we focus on are the applicable fees and assets featured. If you are looking for an affordable social trading platform listing your preferred instruments, our tables below will guide you into choosing a suitable option.
Fees
| Social Trading Platform | Fees | Minimum Deposit Requirement | Transaction | Inactivity |
|---|---|---|---|---|
| eToro | From 2 pips | £100 | £5 withdrawal | £10 monthly |
| FP Markets | From 0.0 pips | £100 | Free | None |
| Pepperstone | From 0.0 pips | £0 | Free | None |
| Spreadex | From 0.6 pips | £0 | Free | None |
Our Expert’s Opinion about the Best Social Trading Platforms
We recommend platforms that have been tested and approved by our experts. Below, we share our mini-broker reviews highlighting the key features of the top social trading platforms. So, rest assured that our guidance will help you make a suitable choice.
1. eToro – Overall Best
eToro is our top social trading platform, primarily due to its user-friendly interface, which gave us an exciting experience. We got started with a minimum deposit of £50, and all deposits are free. Plus, this platform lists over 6,000 instruments to trade and invest in. They include stocks, cryptocurrencies, commodities, forex, indices, ETFs, and more. We also like its quality resources for market analysis and skills development. Users have more than enough to explore.
Social trading at eToro allows you to interact with like-minded traders in the platform’s chat group. We also discovered a CopyTrader platform, whereby you will follow the most professional traders and mirror their trades with increased profitability. Overall, we find eToro’s award-winning social trading community active, and you are guaranteed the best support. You can test its performance via the platform’s demo account, which is loaded with £100,000 virtual funds.
eToro
✔5000+ financial instruments
✔Cost-free deposits
Pros & Cons
Fees
Trading Assets
Pros
- A user-friendly platform with a modern design
- Extensive selection of learning resources on its eToro Academy platform
- Features a CopyTrader platform to complement its social trading feature
- Low minimum deposit requirement
Cons
- High trading fees compared to what other brokers charge
- Charges withdrawal fees
If there’s anything that can eat away at your profit margins, it’s unnecessary costs. Thankfully, eToro fees UK are reasonable and pocket-friendly. We acquired a new account without paying a single cent, which was quite a relief. We also noticed that you can enjoy free deposits by using USD. That said, eToro supports many other currencies, including GBP, EUR, and RMB.
You will incur conversion fees if you use any currency other than USD. And if you use any currency that eToro doesn’t support, you must pay conversion fees to your payment provider. The exact conversion fees you may incur at any moment will depend on various factors, including your preferred currency and payment method.
Please note that eToro subjects each withdrawal request to a £5 fee. The platform uses this money to pay expenses arising from international money transfers. Most importantly, you can’t withdraw less than £30 from the eToro trading platform.
While depositing money into our account, we noticed that eToro has strict minimum deposit requirements. Britons using this platform have to deposit at least £100 the first time. Afterwards, you can fund your account with as little as £10, depending on your preferred payment method.
Commission-wise, eToro is very friendly to people who trade ETFs or invest in real stocks since the broker charges 0% for these assets. On the other hand, if you buy or sell crypto on this platform, expect to pay a 1% fee. CFD trading also attracts variable spreads depending on the involved instruments. For instance, the spreads for currencies and commodities start from 1 pip and 2 pips, respectively.
Not to forget, eToro charges a £10 monthly inactivity fee that kicks in after 12 months of dormancy.
2. FP Markets – Top Option for Professional Clients
We primarily recommend FP Markets to advanced UK traders due to its superior features and platforms. For instance, the platform hosts MT4 and MT5 platforms, where you can easily access the social trading feature and learn from the trading ideas of professional traders. Additionally, the platforms provide fully automated mirroring options for users who want to replicate the positions of expert traders.
FP Markets offers access to over 10,000 assets, including forex, commodities, bonds, shares, and more. The platform features expert advisors and additional advanced resources for professional traders, including low spreads starting from 0.0 pips. With a minimum deposit requirement of just £100, FP Markets makes it easy for traders of all levels to get started and experience the benefits of social trading.
FP Markets
✔10,000+ tradeable financial instruments
✔Free deposits and withdrawals
Pros & Cons
Fees
Trading Assets
Pros
- Low minimum deposit requirement
- Over 10,000 CFD assets to explore
- Best overall
- Low trading fees
Cons
- Beginners may find FP Markets’ social trading feature challenging to explore since it is provided on advanced platforms
- You can only trade CFD assets
Before going any further, note that the FP Markets minimum deposit is £100. You can’t fund your account with anything less than the mandated amount. Also, as a trader, expect to cover stipulated FP Markets fees and commissions. Let’s expound on that.
FP Markets has different trading and non-trading fees. However, the costs you will likely incur depend on where you are from. Take London as an example. If you’re from this city, you’ll incur a 0.10% commission per side while trading equity CFDs. You’ll also have to pay a £60 monthly fee if you use Iress Trader or ViewPoint.
But here’s the good news. You won’t incur additional costs while depositing or withdrawing money from your FP Markets trading account. Moreover, unlike many other brokers, this service provider doesn’t have inactivity fees for dormant accounts.
Please visit FP Market’s official site for a comprehensive overview of all fees and commissions.
3. Pepperstone – Best For MetaTrader Users
Pepperstone is one of the most secure trading platforms overseen by the FCA and other global authorities. From our analysis, social trading is not featured on its in-house platform. However, users can easily connect via its MT4 and MT5 platforms. These platforms are known to host quality trading tools and automate trades. Therefore, if you prefer MetaTrader platforms, consider Pepperstone for your social trading activities.
There are over 2,400 instruments at Pepperstone for spread betting and CFD trading. They include forex, shares, ETFs, indices, and commodities, which you can explore at low spreads from 0.0 pips when using the Standard account. There is also the Razor account at Pepperstone, which also charges low spreads and commissions. You simply have to choose what suits your skill level.
Pepperstone
✔24/7 customer support
✔No inactivity fees
Pros & Cons
Fees
Trading Assets
Pros
- The best social trading software for spread betting
- No minimum deposit requirement for UK clients
- Hosts multiple asset classes, including commodities, stocks, indices, commodities, ETFs, and forex
- Hosts cTrader and TradingView platforms with advanced resources
Cons
- No in-house social tools, so MT4 or MT5 is required
- MQL5 strategies charge a monthly fee
After evaluating Pepperstone, we opened a trading account for conducting extensive tests. The process was quick and easy.
But what impressed us most was the Pepperstone minimum deposit requirement. This platform has no minimum deposit, which makes it ideal for low-budget and high-budget traders. If you are a beginner, joining this broker is advisable since you can start with a low amount and increase your stakes with time. To top it off, Pepperstone supports free deposits and withdrawals. This broker allows you to use diverse payment methods for free, from Visa debit and credit cards to PayPal and domestic bank transfers.
When it comes to spreads and commissions, Pepperstone is very cost-friendly. You can open a Razor account with this broker and enjoy 20 commission-free trades. Pepperstone’s Standard accounts also have zero commissions. On the other hand, spreads start from as low as 0.0 pips for forex pairs like EUR/USD and 0.5 for commodities like XAUUSD.
Finally, unlike most of its peers, Pepperstone charges zero inactivity fees. However, any positions you hold overnight with this platform are subject to swap rates. Visit Pepperstone’s pricing page for a detailed account of how this broker calculated swap rates for different financial instruments.
4. Spreadex – One of the Cheapest Options
After testing and comparing multiple platforms, Spreadex stands out as one of the cheapest. Accessing the platform does not require a minimum deposit, and its trading charges are low, starting from 0.6 points. Moreover, making deposits and withdrawals is free, and there are no inactivity fees. We explore a range of markets, including shares, commodities, indices, forex, and more.
Note that Spreadex does not have in-house social trading tools. However, it supports this feature on its TradingView platform, which we found easy to use. The third-party platform hosts advanced resources that can help with your market analysis. While there is no demo account at Spreadex, the platform is backed up by a supportive team of professionals who offer guidance and assistance when needed.
Spreadex
✔10,000+ financial instruments
✔Zero account inactivity fees
Pros & Cons
Fees
Trading Assets
Pros
- Low trading fees with spreads from 0.6 points on major indices
- Quality market analysis tools
- Features a Spreadex Pro platform tailored for professional traders
- Free deposits and withdrawals
- No minimum deposit requirement
Cons
- No demo account
- Social trading is only featured on its TradingView platform
We analyzed Spreadex’s fees and commissions since these elements can impact a trader’s profitability. The first impressive aspect that caught our attention is this broker’s £0 minimum deposit requirement. You can deposit any amount into your Spreadex account and start trading almost instantly. Furthermore, the broker charges zero account maintenance and inactivity fees.
What’s more, Spreadex has tight spreads and commissions. While trading with this broker, you can enjoy low spreads starting from 0.9 pips for GBP/USD, 0.001 pips for USD/INR, and 0.6 pips for EUR/USD. However, note that this broker charges overnight financing fees for positions held overnight.
Social Trading in the UK
Social trading is one of the most embraced activities by traders and investors in the UK. It is suitable for newbies trying to familiarise themselves with the financial markets, as it allows them to learn various trading tips and ideas from other global traders. Social trading is also common among traders who have limited time to conduct research. Through it, you can rely on the experts, even though they can be wrong sometimes.
You can access social trading through a broker’s platform. However, not all platforms feature social trading. That is why you must conduct research or consider our top recommendations above. The option you choose must have additional features aligning with your requirements. Most importantly, it must be licensed and regulated by the Financial Conduct Authority (FCA). The best element about trading with FCA-regulated brokers is that you benefit from favourable conditions set by the authority. You will also avoid falling victim to scammers.
What is Social Trading?
Social trading is an activity that allows like-minded traders to connect on a broker’s platform. By interacting with global traders, you can learn trading tips and share insights that will boost your activities. Social trading has become common in the UK, as it helps many explore the financial landscape even with minimal experience.
Note that some brokers featuring social trading also support copy trading. Copy trading allows users to follow the most professional traders and copy their trades with increased profitability. It provides a passive trading experience to those with no or limited investing knowledge.
How Does it Work
Social trading is supported by various online brokers like the ones we recommend above. Some brokers offer it on their proprietary platforms, while others allow users to access it through third parties. For instance, the MT4, cTrader, and TradingView platforms support social and copy trading when connected to a broker. Simply ensure you understand what comes with utilising such platforms and whether they fit your skill level.
To activate social trading, you will sign up for an account at your preferred brokerage firm. Then, click on the social trading feature and select your preferred market to discover the social metrics. These include sentiment, discussions on where the asset is headed, and previous trading performance. We will take you through the procedures involved later in this guide.
How to Choose the Best Social Trading Platforms
Choosing the best social trading platform means identifying one that aligns with your trading requirements. Various elements must be considered during research, including the following:
Security
Charges
Platform Performance
Asset Offerings
Support Service
User Recommendations
Start by confirming whether a platform you are considering is licensed and regulated in the UK’s financial landscape. For instance, the options we recommended above are overseen by the FCA and other global authorities like ASIC, CySEC, and more. Such brokers offer favourable trading conditions to traders and secure your funds in segregated accounts only accessible to you. You will avoid risking falling victim to scammers who have dominated the market.
It is also essential to factor in a platform’s trading and non-trading charges during your research. Since the financial market can be unpredictable, your platform should fit your budget to avoid overspending. So, compare the minimum deposit requirements, commissions and spreads, transaction costs, inactivity fees, and more.
The best social trading platform should be easy to use and have a modern design interface. Plus, it must have a fast trade execution speed, whether you are using its web or mobile app. Also, confirm the availability of learning and market analysis tools, as this shows how much a broker is dedicated to supporting its clients. For beginners, the best option should have a demo account for exploring its features risk free.
Social trading platforms in the UK have varying trading securities. Therefore, ensure the one you choose supports your preferred instruments, whether forex, shares, commodities, indices, and more. A platform hosting multiple asset classes is worth committing to, as you will have enough assets for your portfolio diversification.
Look into the support service reliability when comparing trading platforms. Try contacting various teams via the supported communication channels and gauge their response rate. This is essential, as it guarantees quick assistance without affecting your open positions. It doesn’t matter whether a broker’s availability is 24/7 or five days a week. Simply ensure it aligns with your schedule.
Just like we do during our research, consider incorporating user opinions in your quest for a top platform for social trading. By understanding various platforms’ strengths and weaknesses from a user perspective, you can easily make a suitable choice. So, visit Google Play, the App Store, and Trustpilot for honest user reviews and ratings.
How to Sign Up for an Account with a Social Trading Platform
Creating a trading or investing account at a social trading platform takes minutes to complete. You simply need a reliable platform and follow the procedures below.
Step 1: Visit the social trading platform’s official website
Step 2: Complete the account registration
Step 3: Participate in account verification
Step 4: Make a deposit
Step 5: Activate social trading
Start by visiting your preferred platform’s official website to complete the registration. On the site, ensure you first read and understand the applicable terms of service. Plus, install a trading app on your Android or iOS mobile device, especially if you are always on the move.
On the platform’s homepage, click the register, join now, or sign up to complete your registration. For most brokers like the ones we recommend, you will fill out the provided form using your personal details. These include your name, email, phone number, age, and more.
A link will be sent to your email for confirmation, after which you will be able to participate in account verification. It is a standard procedure required by all FCA-regulated brokers to ensure the UK’s financial landscape is free from illegal activities. You will share copies of your personal documents for identity verification, including your ID card, passport, or driver’s license. And to verify your location, a copy of a recent utility bill or bank statement will be required.
Once the verification procedure is complete, your broker will send you an email notification. At this point, you can make a deposit according to the broker’s requirements and access its social trading features, assets, and more. For most FCA-regulated brokers, deposits can be made using multiple options. You simply have to use the most convenient one for fast transactions.
Click on the social trading feature and use the available filters to connect with the right global traders. If your platform also supports copy trading, follow the most professional traders and understand their performances. Then activate the copy trading feature and your preferred trade size to mirror the experts’ positions to earn profits when they do.
Conclusion
Social trading is an excellent way to learn new trading tips and tricks. We advise newbies to embrace it while still familiarising themselves with how to trade on a DIY basis. The good news is that some platforms also feature copy trading, allowing you to enjoy two excellent features on the go. But remember, even the most professional traders you follow have their bad days. Therefore, always conduct market research and mirror trades that have increased profitability. Most importantly, explore the assets you are familiar with and practice continuous learning to become more independent.
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