5 eToro Alternatives And Competitors In 2024 (2024)

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Our top eToro alternatives of 2024

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Our Pick: BEST FOR ADVANCED TRADERS

IG – Online Trading Platform

5 eToro Alternatives And Competitors In 2024 (1)

5.0

5 eToro Alternatives And Competitors In 2024 (2)

Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Fees

Trading fee: UK shares £8, US shares £10, others 0.1%. Platform fee: £24 per quarter/£96 per year

Trading fee for frequent traders: UK shares £3, US shares no fee (if 3 or more trades in previous calendar month). Platform fee is not charged for traders making three or more trades in the previous quarter

Choice of investments

16,000+ UK, US, European and Australian shares, 2,000+ ETFs and 200 investment trusts

App functionality

Advanced technical charting and extensive company information and newsfeed

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On IG's Website

Fees

Trading fee: UK shares £8, US shares £10, others 0.1%. Platform fee: £24 per quarter/£96 per year

Trading fee for frequent traders: UK shares £3, US shares no fee (if 3 or more trades in previous calendar month). Platform fee is not charged for traders making three or more trades in the previous quarter

Choice of investments

16,000+ UK, US, European and Australian shares, 2,000+ ETFs and 200 investment trusts

App functionality

Advanced technical charting and extensive company information and newsfeed

Why We Picked It

IG is a FTSE 250 company with over 300,000 clients in 17 countries.

Its flat platform fee may appeal to investors with higher value portfolios, while no platform fee is charged for investors making 12 trades in a year. However, the platform fee may be expensive for occasional traders with lower-value portfolios.

It offers frequent traders one of the lower share trading fees of £3 for UK shares (and no fee for US shares). However, occasional traders will be charged a higher trading fee of £8 and £10 for UK and US shares respectively.

Clients can trade by app or on the website, with a minimum investment of £50. Clients also have the option of trading via third party platforms including the popular MetaTrader 4.Accounts offered include a general trading account, ISA and SIPP.

IG offers an extensive range of investments.The app is tailored more to experienced investors rather than beginners but has a high rating on app stores. The app offers extensive advanced charting options, together with comprehensive company information, analysis and news streams. Shares and ETFs can be filtered using various criteria, such as most popular and risers and fallers.

Overall, IG is likely to appeal to more confident investors who want a trading app with advanced functionality and a wide range of investments.

Pros & Cons

  • Advanced charting and functionality on the app
  • Flat platform fee (free for frequent traders)
  • Low trading fee for frequent traders of UK and US shares
  • One of widest ranges of investments
  • App better suited for experienced investors
  • High trading and platform fees for occasional traders
  • No fractional share ownership

Example fees* and special offers (where available)

Portfolio of £1,000: £144

Portfolio of £10,000: £144

Portfolio of £50,000: £144

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Our Pick: BEST FOR CUSTOMER SERVICE

AJ Bell – Dealing Account

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5.0

5 eToro Alternatives And Competitors In 2024 (6)

Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Fees

Trading fee: shares £5, funds £1.50. Platform fee: shares 0.25% (capped at £42 per year), funds 0.25% (up to £250,000), 0.10% (£250,000-£500,000), no charge (£500,000+)

Trading fee for frequent traders: shares £3.50 (10 or more deals in previous month)

Choice of investments

Over 8,200 shares across 24 international markets, as well as 3,700 funds, 3,400 ETFs and 450 investment trusts

App functionality

Basic company information and charting, no filtered newsfeed

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On AJ Bell's Website

Fees

Trading fee: shares £5, funds £1.50. Platform fee: shares 0.25% (capped at £42 per year), funds 0.25% (up to £250,000), 0.10% (£250,000-£500,000), no charge (£500,000+)

Trading fee for frequent traders: shares £3.50 (10 or more deals in previous month)

Choice of investments

Over 8,200 shares across 24 international markets, as well as 3,700 funds, 3,400 ETFs and 450 investment trusts

App functionality

Basic company information and charting, no filtered newsfeed

Why We Picked It

AJ Bell is a FTSE 250 company with over 490,000 clients.

It charges a mid-range share trading fees and also charges for buying funds. However, its platform fee is at the lower end of the mainstream providers and is capped for shares. It also has a mid-range foreign exchange fee of 0.75% (up to £10,000).

Clients can trade by app or on the website, with no minimum investment. Accounts offered include a general trading account, ISA, Lifetime ISA, Junior ISA and SIPP.

It offers a wide choice of investments but does not offer fractional shares.

The app is designed to be simple to use and scores highly on the app store ratings. It offers only a basic charting option but a decent level of company information, including key financial metrics and a link to company reports. However, the app does not have a filtered news stream by company, although extensive market news is provided. Shares can be filtered by risers and fallers on the website but not the app.

AJ Bell also has a low-cost share trading app called Dodl. It charges no share trading fees and an annual platform fee of 0.15% (with a minimum of £1 per month) but offers only a limited selection of investments, including 50 shares from the FTSE 350.

Overall, AJ Bell tends to be a good all-rounder, offering a mid-range platform fee, simple app and excellent customer support, however share trading fees could mount up for regular traders.

Pros & Cons

  • Simple-to-use app
  • One of lower platform fees
  • Option of low-cost Dodl account
  • Wide range of investments
  • Wide range of account types
  • Limited charting options
  • No company-specific newsfeed on app
  • High trading fee for shares
  • Charges trading fee for funds
  • No fractional share ownership

Example fees* and special offers (where available)

Portfolio of £1,000: £41.50

Portfolio of £10,000: £64

Portfolio of £50,000: £164

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Our Pick: BEST FOR FRACTIONAL SHARES

Trading 212 – Invest

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4.5

5 eToro Alternatives And Competitors In 2024 (10)

Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Fees

Trading fee: no charge. Platform fee: no charge

Choice of investments

Over 12,000 shares, investment trusts and ETFs across the UK, US and Europe

App functionality

Advanced technical charting, stock filters by category, limited company information

5 eToro Alternatives And Competitors In 2024 (11)

Fees

Trading fee: no charge. Platform fee: no charge

Choice of investments

Over 12,000 shares, investment trusts and ETFs across the UK, US and Europe

App functionality

Advanced technical charting, stock filters by category, limited company information

Why We Picked It

Trading 212 is a UK fintech start-up offering commission-free trading. It is profit-making and currently has 2 million clients.

It charges no platform or share trading fees and the lowest foreign exchange fee of 0.15%. It’s also rolling out a new feature whereby customers can hold multiple currencies within the account, including US dollars and euros.

Clients can trade by app or on the website, with a minimum investment of £1. Accounts offered include a general trading account and ISA.

It offers a wide choice of investments, together with the option of buying fractional shares.

The app is designed to be simple to use and scores highly on app store ratings. The app offers extensive advanced charting options, together with basic performance data but company analysis is limited. Shares and ETFs can be filtered using various criteria, such as most popular, high dividend, growth, volatility and speculative.

Trading 212 also provides access to a web-based community trading forum, demo trading account and guides to investing.

Overall, Trading 212 may appeal to investors looking for an easy-to-use, low-cost app, particularly for investors in overseas shares.

Pros & Cons

  • Simple-to-use app
  • Advanced charting tools
  • No trading or platform fees
  • Wide range of investment options
  • Lowest foreign exchange fee of 0.15%
  • Community trading forum
  • Limited company information on the app
  • Limited research available

Example fees* and special offers (where available)

Portfolio of £1,000: No fee

Portfolio of £10,000: No fee

Portfolio of £50,000: No fee

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Our Pick: BEST FOR HIGH-VALUE PORTFOLIOS

interactive investor – Trading Account

5 eToro Alternatives And Competitors In 2024 (12)

4.5

5 eToro Alternatives And Competitors In 2024 (13)

Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Fees

Trading fee: shares £3.99 for UK and US shares, £9.99 for other international shares, funds £3.99. Platform fee: Investor Essentials plan £4.99 per month, Investor plan £11.99 per month and Super Investor plan £19.99 per month

One monthly free trade on Investor plan and two free monthly trades on Super Investor plan

Choice of investments

Over 40,000 investment options, including shares from 17 international markets and over 3,000 funds, 1,000 ETFs and 600 investment trusts

App functionality

Basic charting and company information with filtered newsfeed

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On Interactive Investor's Website

Fees

Trading fee: shares £3.99 for UK and US shares, £9.99 for other international shares, funds £3.99. Platform fee: Investor Essentials plan £4.99 per month, Investor plan £11.99 per month and Super Investor plan £19.99 per month

One monthly free trade on Investor plan and two free monthly trades on Super Investor plan

Choice of investments

Over 40,000 investment options, including shares from 17 international markets and over 3,000 funds, 1,000 ETFs and 600 investment trusts

App functionality

Basic charting and company information with filtered newsfeed

Why We Picked It

interactive investor is one of the larger platforms, with 400,000 clients. It was purchased by global investment company abrdn in 2021 but remains a whole-of-market platform.

ii offers three main plans, each with a flat platform fee. The Investor Essentials plan costs £4.99 per month (includes an ISA but not a free monthly trade) but is limited to portfolios of up to £50,000. The Investor and Super Investor plans cost £11.99 and £19.99 per month respectively and include free monthly trades and a Junior ISA.

The share trading fee is £3.99 for UK and US shares and funds. It charges the highest foreign exchange fee (1.5% below £25,000) but has recently added the option to hold nine currencies within the account.

Cash balances earn 1.75% interest (gross) up to the value of £10,000. Balances between £10,000.01 and £100,000 earn 2.50%, from £100,000.01 to £1 million it’s 3.50%, and anything over £1 million earns the top rate of 4.50%.

Clients can trade by app or on the website, with no minimum investment. Accounts offered include a general trading account, ISA, Junior ISA and SIPP.

It offers a wide choice of investments but does not offer fractional shares.

The app is designed to be straightforward to use but has one of the lowest ratings on app stores. It offers only basic charting and company information, although it provides a filtered newsfeed by company. Shares can be filtered by risers and fallers.

Overall, interactive investor may be a good choice for investors with higher value portfolios, due to the flat, rather than proportional, platform fee.

Pros & Cons

  • Simple-to-use app
  • One of lower share trading fees
  • Flat platform fee good for higher value portfolios
  • Wide range of investments
  • Wide range of account types
  • Limited company information on the app
  • High trading charge for funds and overseas (non-US) shares
  • Platform fee is expensive for smaller value portfolios
  • Highest foreign exchange fee of 1.5% (up to £25,000)
  • No fractional share ownership

Example fees* and special offers (where available)

Portfolio of £1,000: £108 (Investor Essentials plan)

Portfolio of £10,000: £108 (Investor Essentials plan)

Portfolio of £50,000: £168 (Investor plan)

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Our Pick: BEST FOR RESEARCH

Hargreaves Lansdown – Fund and Share Account

5 eToro Alternatives And Competitors In 2024 (16)

4.5

5 eToro Alternatives And Competitors In 2024 (17)

Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Fees

Trading fee: shares £11.95 (0-9), funds no charge. Platform fee: shares no charge, funds (tiered) 0.45% (0-£250,000), 0.25% (£250,000-£1 million), 0.10% (£1 million-£2 million), no charge (£2+ million)

Trading fee for shares for frequent traders: £8.95 (10-19), £5.95 (20+) (based on previous month’s trades)

Choice of investments

Over 8,500 UK, US, Canadian and European shares, 3,000 funds, 1,400 ETFs and 400 investment trusts

App functionality

Extensive company information and news, basic charting and advanced trading tools

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On Hargreaves Lansdown's Website

Fees

Trading fee: shares £11.95 (0-9), funds no charge. Platform fee: shares no charge, funds (tiered) 0.45% (0-£250,000), 0.25% (£250,000-£1 million), 0.10% (£1 million-£2 million), no charge (£2+ million)

Trading fee for shares for frequent traders: £8.95 (10-19), £5.95 (20+) (based on previous month’s trades)

Choice of investments

Over 8,500 UK, US, Canadian and European shares, 3,000 funds, 1,400 ETFs and 400 investment trusts

App functionality

Extensive company information and news, basic charting and advanced trading tools

Why We Picked It

As well as being a FTSE 100 company, Hargreaves Lansdown (HL) is one of the largest trading platforms with over 1.7 million clients.

One of HL’s strengths is customer service, particularly for clients wanting some additional support. However, this level of support comes at a cost – HL has one of the highest share trading fees and the highest platform fee at 0.45% (for portfolios under £250,000) for funds. That said, there is no platform fee for holding shares or trading fee for funds but it has one of the higher foreign exchange fees (starting at 1.0%).

Clients can trade by app or on the website, with a minimum investment of £1. Accounts offered include a general trading account, ISA, Lifetime ISA, Junior ISA and SIPP.

It offers a wide choice of investments but does not offer fractional shares.

The app is designed to be simple to use and scores highly on the app store ratings. It offers only a basic charting option but excels at providing company information, including key financial metrics, a company-specific news stream and HL commentary (for companies covered by the share research service). Shares can be filtered by risers and fallers on the app.

Overall, HL may be a good option for investors willing to pay the extra cost for a premium service, or for more frequent traders who can benefit from the reduced share trading fee.

Pros & Cons

  • Simple-to-use app
  • Extensive company information provided on the app
  • No trading fee for funds or platform fee for shares
  • Wide range of investments
  • Full range of account types
  • Limited charting options
  • High trading fees for shares and platform fees for funds
  • Foreign exchange fee of 1.0% (up to £5,000)
  • No fractional share ownership

Example fees* and special offers (where available)

Portfolio of £1,000: £74

Portfolio of £10,000: £94

Portfolio of £50,000: £184

How do these eToro alternatives stack up?

Not all investment apps offer the same services. Below is a rundown of how the providers above stack up against eToro’s key features:

ACCOUNT MANAGEMENT OTHER

Provider

Account types on offer

Minimum deposit

Minimum monthly investment

Investment choice

eToro

General trading account

$10

$10

5,500+ shares, 500 ETFs, and
range of indices
Worldwide

Trading 212

General trading account, ISA

£1

£1

13,000+ shares and ETFs
UK, US, Europe

IG

General trading account,
stocks and shares ISA, SIPP

£50

No minimum

16,000+ shares, 2,000+ ETFs, 200 investment trusts
UK, US, Europe, Australia

AJ Bell

General trading account, ISAs, SIPP

No minimum

£25

8,200 shares, over 2,000
funds, 3,400 ETFs, 450 investment trusts
24 markets including UK, US, Japan, Europe

interactive investor

General trading account, ISAs, SIPP

No minimum

£25

40,000+ shares, ETFs, funds, investment trusts
18 markets including UK, US, Canada, Europe

Hargreaves Lansdown

General trading account, ISAs, SIPP

£1
£100 for funds

£25

8,500 shares, 3,000 funds, 1,400
ETFs, 400 investment trusts
UK, US, Europe, Canada

All the trading apps listed offer a selection of investments across multiple regions.

Each provides a general trading account, but it’s worth noting that only some providers – namely, AJ Bell, interactive investor and Hargreaves Lansdown – offer tax-free wrappers such as individual savings accounts (ISA) and pensions.

Minimum investment amounts also vary between providers.

Tax treatment depends on one’s individual circumstances and may be subject to future change. The content of this article is provided for information purposes only and is not intended to be, nor does it constitute, any form of tax advice.

How to choose an investing app

There’s no one-size-fits-all approach when it comes to choosing an investment app, since individuals have different goals and preferences. However, below are key factors to consider:

Account types – individuals looking to invest through a tax-free wrapper such as a stocks and shares ISA or SIPP could consider a provider such as AJ Bell, interactive investor or Hargreaves Lansdown. eToro does not currently provide an ISA.

Investment options – eToro provides access to around 5,500 shares and exchange traded funds (ETFs), across a range of geographies. Trading 212 offers 13,000 shares and ETFs across the UK, US and Europe.

Neither platform provides access to investment trusts, however, so Individuals who are interested in investment trusts might consider AJ Bell, Hargreaves Lansdown or interactive investor.

AJ Bell in particular could be a good bet for investors with a global focus, since it offers access to shares, funds and trusts from across 24 different markets.

All the providers above also offer ready made portfolios at various risk levels.

Cost – eToro is known for not charging trading or platform fees in the UK (fees apply in certain other territories). Trading 212 is the only alternative on our list that also offers fee-free trading, along with no platform fee.

Other providers, such as AJ Bell and Hargreaves Lansdown, charge a percentage-based platform fee, along with trading fees each time investments are bought or sold.

Elsewhere, interactive investor uses a flat fee structure, which could make it a good option for larger portfolios.

However, which option is the best fit for each investor depends on their portfolio size, trading habits and personal preferences.

Other features – regular traders may want to look out for extra features such as stop loss and limit orders when choosing an investing app (more on these below).

The amount of reliable research on offer could also factor into their choice.

While each of the providers above make online guides and resources available, IG could be a particularly good option for more advanced traders. The platform offers plenty of technical detail on each investment, extensive company information and a news feed feature.

Methodology

When ranking these eToro alternatives, we considered their fees and charges, the range of investment options on offer and app functionality.

We also considered whether advanced trading features were available, the level of customer support, and the amount of research customers could access.

In addition, we checked that each trading platform was authorised by the Financial Conduct Authority (FCA).

We overlaid this research with editorial judgement to arrive at our Forbes Advisor star ratings.

Frequently Asked Questions (FAQs)

How much money do I need to use a trading app?

You can generally invest as much or as little as you like through a trading app, although some providers stipulate a minimum investment.

You can start investing with Trading 212 from £1, for example, while Hargreaves Lansdown imposes a £100 minimum.

Are these apps suitable for day trading?

Day trading is an investing strategy that involves buying and selling shares over a short period of time, typically within a single day, in the hopes of profiting from short-term price fluctuations.

The apps above can be used by day traders – but individuals who choose this route should watch out for trading fees, which can quickly add up when multiple trades are being carried out every day.

What tax might I pay on buying and selling shares?

Investors may be liable for a few types of tax when buying and selling shares:

Stamp Duty Reserve Tax (SDRT) kicks in when investors buy UK shares. The tax is charged at 0.5% the value of their purchase. It’s not usually charged on the purchase of overseas shares.

When shares are purchased at one price and sold later at a higher price, the profits made count as capital gains. Each individual can earn up to £3,000 in capital gains each tax year before becoming liable for Capital Gains Tax (CGT).

Income tax may also apply on any dividends an investor earns from their holdings if it falls outside their personal allowance (£12,570 for the current tax year) and their dividend allowance (£500 for the current tax year).

Any investments held in an Individual Savings Account (ISA), Junior ISA or Self Invested Personal Pension (SIPP) are not liable for income tax or capital gains tax, however.

Bear in mind the content of this article is provided for information purposes only and is not intended to be, nor does it constitute, any form of tax advice.

What is a ‘limit order’ and ‘stop loss’?

‘Stop loss’ and ‘limit orders’ are automated tools that help investors buy and sell shares at a defined price without constantly monitoring the market.

A limit order allows investors to buy or sell shares at a specified price or better. If an individual set a buy limit order of £1, for example, their chosen investment would be automatically purchased as soon as its price fell to £1 or less.

A sell limit order works in a similar way. Investors set a price at which they’re happy to sell a given investment, and the sale is carried out automatically as soon as this threshold is passed.

With ‘stop loss’ orders, investors leave instructions for a particular share to be sold if its price falls below a certain level. This can help reduce losses if an investment falls in value.

How does monthly investing work?

With monthly investing, individuals invest their cash at regular intervals, rather than investing a lump sum all at once.

All of the apps above offer an automated monthly investing service.

Can I buy US shares through a trading app?

Some, but not all, trading apps offer access to US shares.

Individuals who purchase them will need to complete a W-8BEN form, which entitles UK investors to a reduction in tax (from 30% to 15%) on any dividends or interest they earn on US shares.

As with all shares, profit may be subject to capital gains tax if they aren’t held in an ISA or SIPP.

Investments in a currency other than sterling are exposed to currency exchange risk. Currency exchange rates are constantly changing which may affect the value of the investment in sterling terms. You could lose money in sterling even if the stock price rises in the currency of origin. Stocks listed on overseas exchanges may be subject to additional dealing and exchange rate charges, and may have other tax implications, and may not provide the same, or any regulatory protection as in the UK.

What regulatory protection should I look for?

Before downloading an investing app, individuals should check the FCA register to ensure the platform is properly authorised.

This means that customers have access to the Financial Ombudsman Service, which will consider complaints if the investing platform itself has failed to resolve them.

Any cash savings or investments held with the platform will also be protected up to the value of £85,000 by the Financial Services Compensation Scheme in the event it goes bust. Note that you are not protected in the event you lose money because the investment has performed badly.

What should I consider before I start investing?

In the long term, investing has the potential to produce higher returns than cash savings. However, the value of investments can go down as well as up, and investors might get back less than they invested.

For this reason, it’s best to have a cushion of cash savings in place – worth three to six months’ living expenses – before starting to invest.

Building a diversified portfolio may also help investors manage their losses if an individual share underperforms.

If in doubt, it’s best to seek professional financial advice.

Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results.

Forbes adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by ourpartners.

Bethany GarnerEditor

I’ve been writing for a broad array of online publications for four years, always aiming to make important insights accessible. It’s my goal to ensure that as many people as possible can make informed decisions about their money, and get the most out of their finances with the least amount of stress.

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