Best Trading App United Kingdom (UK)
Hello and welcome to our brand-new monthly round-up of all the updates you need to know about the top trading apps in the UK right now!
A bunch of new features has just dropped for Free trade Plus members. Free trade Plus is the app’s premium paid-for account that’ll set you back £9.99 a month. First among those features are analyst ratings. According to Free trade, these ratings essentially distill analysts’ research content, which could be on anything from a company’s annual revenue to their business model, into a “single actionable output” for investors, for example giving investors the nugget of information they need to know to decide whether to buy, sell or hold. Free trade has also announced that even more analysis tools will be coming in the future.
Secondly, Free trade is also beta testing desktop trading, which means that Plus members are able to access their portfolios on a desktop browser of their choice and give Free trade their feedback. It’s very basic, so sadly you can’t buy shares through the platform yet, but it’s planning on adding this in soon. US share traders will love this new update.
Wombat allows instant trading for US shares in the UK. Whereas before you’d have to place an order and then pay the price listed when your transaction went through, now, as long as the markets are open, you can invest at the price you see on the screen, and all this for no additional fee. Wombat Instant is free to use, but it is only available for US shares in a general investment account, and not in an ISA for example. The trading app DEGIRO has now extended its open hours, so you can now make trades from 7 am to 9 pm, even if the market you’re trading in isn’t open yet. An additional fee per transaction will apply.
Plum has released its Six Step SIPP, which claims to “put pensions on autopilot” much like their original savings tools which you could program to squirrel away what you could afford each month on your behalf. As the name suggests, it takes six steps to sign up, which can be done in minutes, and investors can combine their old pensions into one, easy-to-manage place.
As of 1 July, AJ Bell has changed its fees. Strap in, there are a lot of numbers coming! Firstly, foreign exchange fees have been reduced, and continue to go down the more your trade. The foreign exchange fee for trades up to the value of £10,000 is now 0.75%, down from 1%. Secondly, there is a new flat fee of £1.50 for reinvesting your dividends. Previously, AJ Bell charged a 1% fee with a minimum and maximum charge of £1.50 and £9.95. And finally, AJ Bell has made some changes to their fund’s custody charges, but this will only affect people investing over a cool half a mil.
Last, but not least, is the news that Orca is closing its share trading platform. If you have an account with Orca, you can choose to either transfer your stocks to another platform or sell your investments and withdraw the cash or move it elsewhere. And, as a show of good faith, it looks like Orca is planning to waive any withdrawal or transfer fees. If you have an ISA, you’ll need to transfer it to a new provider, rather than sell down your investments, to ensure you don’t lose out on your full annual allowance. When you do a transfer your new provider will help sort the move, a bit like a bank transfer. Whereas when you sell down or sell and then re-buy your investments, it’s a lot of faffs, and in the best case, you make a gain, worst case, you make a loss on what you had in your account. Every month we’ll be bringing you the latest updates on all your favorite trading apps so like, these articles. To see our round-up of the best trading apps in the UK at the moment, visit www.finder.com by clicking this link here. Until next time, thanks for watching.