Many novice traders in the UK were looking forward to the UK launch of Robinhood, an investment app that claims to be democratising finance for millions of traders. However, after facing pressure from US authorities and politicians, the app has announced it will be delaying its UK launch.
Trading Apps
The main function of the Robinhood app, which has over 13 million US users, is to allow new traders to buy and sell financial products without depositing a minimum sum or paying commission.
The current waiting list for the app in the UK has over 250,000 people, many of whom were looking forward to the app being launched later this year.
Read More About Trading Apps Here
Individuals on the waiting list were greeted this week with a message from Robinhood explaining the app launch would be delayed.
The email read, “We’re saddened to share that we’ve made the difficult decision to postpone our UK launch indefinitely… We’ll be closing our waitlist and taking down our UK website shortly.
The world has changed a lot over the past several months and we’re adapting with it.”
Media Focus
The app, currently valued at $8.6bn, received a lot of media and political attention after a 20-year-old US user, student Alex Kearns, killed himself in June.
Kearns is believed to have killed himself due to mistakenly believing he had lost $730,000 (£575,000) on the app.
Kearns, unfortunately, seemed to misunderstand the app, due to lack of trading knowledge as his account was actually up $16,000 at the time of his death.
Robinhood has received approval from the FCA (Financial Conduct Authority) and was expected to launch in Spring 2020.
Although the launch delay is ‘indefinite’, there is hope for UK residents who plan to use the app as Robinhood also stated in their email;
“although our global expansion plans are on hold for now, we will continue our work to democratise finance for all and we look forward to the day when we can bring this mission to the UK.”
Existing Robinhood employees in the UK are expected to move to the US, while a team of skeleton employees will remain in the UK under the guidance of Wander Rutgers, former TransferWise executive.
Best Trading Apps
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71.28% of retail traders lose money when trading CFDs -
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75% of accounts lose money when trading CFDs with this provider. -
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Learn how we test brokers and why you can trust our ratings.
Here is a short summary of why we think each broker belongs in this top list:
- Eightcap 4.6/5 Eightcap supports the MT4, MT5 and TradingView apps (the only FCA regulated broker offering TradingView), catering to mobile traders looking for advanced charting tools. While we don’t love the increasingly outdated design of the MetaTrader suite, its dozens of technical indicators and drawing tools, multiple charting styles, and straightforward overlays in horizontal mode are excellent. The push notifications and active social network on the TradingView app are also valuable additions for aspiring traders and Eightcap has published helpful videos on connecting TradingView accounts to iOS and Android devices.
- XTB 4.8/5 Year after year XTB's app stands out for its slick design and uncluttered interface that we love. It’s quick, responsive and packed with useful features, notably integrated sentiment data, market news, economic calendars and education. The user-friendly order panel underneath the trading chart also makes placing trades, including adding take profit and stop loss levels, really straightforward.
- Fusion Markets 4.6/5 Fusion Markets offers seamless integration with the cTrader, MT4, MT5 and TradingView apps, available on Android or iOS. Although we find the design of the MetaTrader app increasingly outdated, detracting from the user experience, it excels for its premium charting package, integrated news stream and push notifications. The cTrader app performed even better during tests, featuring a superior design and an extensive suite of over 70 indictors and 26 timeframes, making it the obvious choice for advanced day traders.
- FBS 4.3/5 FBS offers an intuitive proprietary app that is designed to be user-friendly for traders of all levels. Available on both Android and iOS, it's not only easy to navigate but also ensures swift trade execution with speeds from 0.01 seconds. This, combined with a user-friendly interface, provides excellent control over short-term trading strategies. More experienced traders will also appreciate support for the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) apps, featuring advanced charting packages and Expert Advisors (EAs).
- BlackBull 4.5/5 BlackBull offers one of the most complete mobile trading ecosystems we’ve seen, providing active traders with first-rate charting tools and the broker’s impress execution speeds of <100ms on a choice of MT4, MT5, cTrader and TradingView apps, catering to diverse preferences.
- FXCC 4.6/5 FXCC elevates mobile trading with the MT4 app on iPhone, iPad, and Android, perfect for day traders with its reliable, advanced charting featuring 30 indicators, 9 timeframes and 3 chart types. It's incredibly easy to dive into trading on the MT4 app through an FXCC ECN XL account, with just 3 simple steps. The app offers the flexibility to trade a great selection of over 70 currency pairs and other global markets on the go.
Community Sentiment
See how users rate these brokers based on the average customer ratings submitted on DayTrading.com, plus ratings from Trustpilot, the Apple App Store and Google Play.
| Broker | Our Users' Rating | Trustpilot Score | Trustpilot Reviews | iOS App Rating | Android App Rating |
|---|---|---|---|---|---|
| Eightcap | 3908 | ||||
| XTB | 2926 | ||||
| Fusion Markets | 9999 | ||||
| FBS | 10166 | ||||
| BlackBull | 3515 | ||||
| FXCC | 219 |
Eightcap
Eightcap delivers in every area for day traders with a growing selection of charting platforms, education via Labs, and AI-powered tools. Now sporting 120+ crypto CFDs, it's also become a stand-out choice for crypto trading, winning our 'Best Crypto Broker' award two years in a row.
Christian Harris, Reviewer
Eightcap quick facts
- Mobile Apps
- iOS & Android
- iOS App Rating
- / 5
- Android App Rating
- / 5
- Demo Account
- ✔Yes
- Instruments
- CFDs in Forex, Stocks, Indices, Commodities, Crypto
- Minimum Deposit
- $100
- Account Currencies
- USD, EUR, GBP, CAD, AUD, NZD, SGD
Pros
- Eightcap stands out with a selection of powerful trading tools and resources, including MT4 and MT5, and more recently the 100-million strong social trading network TradingView.
- With tight spreads from 0 pips, low commission fees, Eightcap provides cost-effective and flexible trading conditions that can accommodate an array of strategies, including day trading and scalping.
- Eightcap has brought in GOLD247 for 24/7 trading opportunities on a gold/USD CFD with leverage up to 1:20, minimum trade size of 0.01 lots, and no commission, appealing to weekend traders interested in the precious metal.
Cons
- Eightcap needs to continue bolstering its suite of 800+ instruments to match category leaders like Blackbull Markets with its 26,000+ assets, featuring a particularly weak selection of commodities.
- Despite a useful library of educational guides and e-books in Labs, Eightcap still trails IG’s comprehensive toolkit for aspiring traders with its dedicated IG Academy app and 18 course categories.
- In spite of an increasing variety of tools, Eightcap doesn't offer industry favorites like Autochartist or Trading Central, which offer cutting-edge charting analytics, live news, and market insights for short-term traders.
XTB
XTB stands out as a top choice for new day traders with the terrific xStation platform, low trading costs, no minimum deposit, and excellent educational tools, many of which are seamlessly integrated into the platform.
Christian Harris, Reviewer
XTB quick facts
- Mobile Apps
- iOS & Android
- iOS App Rating
- / 5
- Android App Rating
- / 5
- Demo Account
- ✔Yes
- Instruments
- CFDs on shares, Indices, ETFs, Raw Materials, Forex currencies, cryptocurrencies, Real shares, Real ETFs
- Minimum Deposit
- $0
- Account Currencies
- USD, EUR, GBP
Pros
- XTB offers fast withdrawals with payment within 3 business days, depending on the method and amount.
- The xStation platform continues to impress with its user-friendly interface and intuitive features, including customizable news feeds, sentiment heatmaps, and trader calculator, reducing the learning curve for newer traders.
- With an excellent range of educational materials, including training videos and articles integrated into the platform, XTB supports traders at all levels.
Cons
- The research tools at XTB are good but could be great if they went beyond in-house features with access to leading third-party tools such as Autochartist, Trading Central and TipRanks.
- XTB discontinued support for MT4, limiting traders to its proprietary platform, xStation, potentially deterring advanced day traders familiar with the MetaTrader suite.
- Not being able to adjust the default leverage level of XTB products is frustrating, as manual adjustment can significantly mitigate trade risk, especially in forex and CFD trading.
Fusion Markets
Fusion Markets is a standout option for forex traders looking for excellent pricing with spreads near zero, industry-low commissions and recently TradingView integration. It’s a particularly good broker for Australian traders where the company is headquartered and regulated by the ASIC.
Jemma Grist, Reviewer
Fusion Markets quick facts
- Mobile Apps
- iOS & Android
- iOS App Rating
- / 5
- Android App Rating
- / 5
- Demo Account
- ✔Yes
- Instruments
- CFDs, Forex, Stocks, Indices, Commodities, Crypto
- Minimum Deposit
- $0
- Account Currencies
- USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD
Pros
- Fusion Markets offers best-in-class support with very fast, friendly and helpful responses during tests and no frustrating automated chatbot to navigate.
- Withdrawal processing times have been slashed to under an hour and can be processed 24/7, making it faster and easier for active traders to withdraw any gains.
- Fusion Markets continues to impress with its pricing that provides tight spreads with below-average commissions that will appeal to active day traders.
Cons
- There is no proprietary trading platform or app built with beginners in mind, a notable drawback compared to AvaTrade.
- The demo account expires after 30 days, limiting its potential as a useful trading tool alongside a real-money account.
- While the selection of currency pairs trumps most rivals, the broker's alternative investment offering is average with no stock CFDs beyond the US.
FBS
FBS is an excellent choice for day traders at every level and budget, with just a $5 minimum deposit and intensive academy for aspiring traders alongside access to MT4 and MT5.
Christian Harris, Reviewer
FBS quick facts
- Mobile Apps
- iOS & Android
- iOS App Rating
- / 5
- Android App Rating
- / 5
- Demo Account
- ✔Yes
- Instruments
- CFDs, Forex, Indices, Shares, Commodities
- Minimum Deposit
- $5
- Account Currencies
- USD, EUR, AUD, JPY
Pros
- FBS offers lightning-fast execution speeds from just 10 milliseconds, placing it among the industry leaders for highly active traders like scalpers who demand rapid order processing.
- FBS strikes the balance between robust features and ease of use, with a sign-up process taking <10 minutes, an intuitive app, advanced research through Market Analytics & more recently VIP Analytics, plus immersive education through the FBS Academy and Trader’s Blog.
- The introduction of the FBI Assistant has given active traders useful, AI-powered intelligence to assess charts and patterns with potential trade ideas that can be executed in one click.
Cons
- Although the FBS app offers a terrific mobile trading experience for aspiring traders and MT4/MT5 cater to advanced traders, the absence of cTrader and TradingView, which are increasingly offered by alternatives like Pepperstone, will deter day traders familiar with these platforms.
- There are only four base currencies available - EUR, USD, AUD and JPY (region dependant) - which isn't practical for minimizing currency conversion fees for many global traders, and is especially striking given the broker’s user base spans over 150 nations.
- Despite enhancing the selection of currency pairs, now providing over 70, FBS still trails industry leaders like BlackBull Markets in its market offering with a particularly narrow selection of commodities and indices.
BlackBull
After improving its trading infrastructure with Equinix servers in London, reducing latency for traders, BlackBull is an obvious choice if you want to day trade stock CFDs with ECN pricing. With competitive spreads and no commission on a growing roster of digital tokens paired with USD, BlackBull also works for active crypto traders.
Christian Harris, Reviewer
BlackBull quick facts
- Mobile Apps
- iOS & Android
- iOS App Rating
- / 5
- Android App Rating
- / 5
- Demo Account
- ✔Yes
- Instruments
- CFDs, Stocks, Indices, Commodities, Futures, Crypto
- Minimum Deposit
- $0
- Account Currencies
- USD, EUR, GBP, CAD, AUD, NZD, JPY, ZAR, SGD
Pros
- BlackBulls’s research is superb, especially the daily ‘Trading Opportunities’ articles that break down complex market movements into easy-to-understand insights, making it simpler to capitalize on emerging trends.
- BlackBull is a much greater fit for aspiring traders following the overhaul of its ECN Prime account, now featuring improved spreads averaging 0.16 on EUR/USD and a more accessible minimum deposit of $0 compared to the old $2,000.
- With two ECN-powered accounts (Standard and Prime), plus Prime+ - an active trader rewards program offering trading rebates - BlackBull accommodates beginners through to high-volume active traders.
Cons
- Despite a growing selection of 2,180+ assets, including additions to its Asia Pacific indices, they are mainly stocks with an average selection of currency pairs and indices.
- Unlike most top brokers, BlackBull charges an irritating $5 withdrawal fee, which can detract from the overall cost-effectiveness, especially for active traders who frequently move funds.
- Although the Education Hub now features improvements like webinars and tutorials, the courses we’ve explored need more focus on explaining the wider economic factors influencing prices.
FXCC
FXCC continues to prove itself an excellent option for day traders with a particularly strong selection of 70+ currency pairs, ultra-tight spreads from 0.0 pips during testing, and a free VPS for qualifying traders.
Jemma Grist, Reviewer
FXCC quick facts
- Mobile Apps
- iOS & Android
- iOS App Rating
- / 5
- Android App Rating
- / 5
- Demo Account
- ✔Yes
- Instruments
- CFDs, Forex, Stocks, Indices, Metals, Energies, Crypto
- Minimum Deposit
- $0
- Account Currencies
- USD, EUR, GBP, CAD
Pros
- FXCC’s ECN XL account has been built with active traders in mind, featuring spreads from 0.0 with no commission, while also passing our execution speed benchmark for day traders.
- FXCC has stepped up its offering over the years, adding MT5 to its suite of platforms, hundreds of stocks and more cryptos to its product line-up, plus a copy trading feature and greater margin trading opportunities.
- The free VPS for qualifying traders and the ability to build or buy EAs on MetaTrader make FXCC a strong option for algo traders.
Cons
- Although the economic calendar has benefited from a facelift, FXCC still offers very little in terms of market research beyond basic daily technical analysis and aggregated market news, with no tools like Autochartist or social sentiment data.
- FXCC charges steep withdrawal fees on many of its payment methods, including $45 for bank transfers and 2% crypto transfers, which may cut into the returns of traders making regular withdrawals.
- Although FXCC has bolstered its range of markets with US, European and Asian stocks, the choice of metals and energies is light, and there are no soft commodities.