Retail investing has taken off in the United Kingdom in recent years. Throughout 2020, as the Covid-19 pandemic provided individuals with generally more spare time and liquidity, we saw more retail investors take to trading platforms for the first time to attempt to capitalise on a recovering stock market and build their wealth.
Fuelling the rise of retail investing has been an unprecedented rate of growth among fintech platforms that offer trading options for investors. These trading platforms have helped to deliver more comprehensive open banking solutions for users – making it far easier to invest and build their portfolios online.
With this in mind, let’s take a look at 12 of the UK’s best and most promising trading platforms. But first, it’s worth exploring some of the finer details of stock trading, and how individuals can identify and buy the right stocks to add to their trading platform portfolios:
What is stock trading?
Firstly, let’s take a look at what stock trading actually is. Stock trading refers to the buying and selling of shares in companies as investors look for ways to make more money as their respective prices fluctuate. Skilled traders will explore various stocks and the performance of the company they belong to as a way of figuring out whether they’re likely to increase in value over time.
Most traders operate with the intention of buying low and selling high when it comes to the purchase and holding of stocks. Some stocks can offer short term price increases that investors can capitalise on, whilst others may be more long term holds – depending on what the company does and how it may prosper in the future.
When it comes to trading, most investors aim to buy and sell more frequently with the aim of generating more short term profits rather than holding for longer periods of time – hence the term ‘trading’, as opposed to ‘holding.’
Trading is generally more risky than holding over longer periods of time. This is because the practice is more speculative – meaning that the wrong call may ultimately lead to significant losses. Whilst stock market investing typically revolves around building a diversified portfolio to mitigate risk, trading is more dependent on choosing stocks that could rally in the short term – leaving more investors exposed. With this in mind, it’s worth considering that a single company’s fortunes can change quickly, and whilst this may mean extraordinary gains, it could also lead to heavy losses.
There are many considerations to take into account before you get started with a trading platform. One important factor is to understand your level of risk aversion. During your time as an investor, you’re likely to witness some of your stocks fall in relation to your purchase price. Whilst risk averse investors are likely to panic sell falling stocks, this guarantees that a loss will be made. In these circumstances, it’s far more beneficial to keep calm and understand why a stock may be falling. Subsequently, it will be easier to determine if and when a recovery is made.
Many trading apps offer some form of education for newcomers, and it’s certainly worth brand new traders taking the time to understand the markets that they want to embrace. Some platforms even offer dummy accounts whereby investors can play with pretend money to learn how to make smarter trades before exposing their real money to the market.
How to buy shares in the UK?
There are many ways for investors to hold shares in publicly listed companies. The primary ways to access shares is through specialist stockbrokers, financial advisors, or through opening a share-dealing account via an online trading platform.
These approaches to share ownership means that investors have the freedom to decide whether to own their shares directly, or by pooling their funds with others into a dedicated investment fund. By opting for the latter method, investment fund managers can then select the shares to be bought and sold in the fund on the investors’ behalf – these managers may also purchase shares in as yet unlisted companies.
For investors looking to take their first steps in the world of investing, you should initially consider opening an online share-dealing account with a trading platform. This method is generally the most cost-effective and straightforward when it comes to buying shares and investing in stocks.
Once you’ve chosen your platform, you must then add funds to your account, which can be done through adding a chosen payment method. You’ll typically add funds in GBP, though some online trading platforms may feature cryptocurrency wallets that accept alternative payment methods.
Most good trading platforms will not only allow users to buy and sell stocks, but they will include plenty of helpful information about stocks, helping users to better understand factors like performance history, market capitalisation, and trading volume.
When you select your shares, you can purchase them to begin trading. When the time comes to sell up, simply sell your shares to convert your money back into GBP, which can then be placed in other stocks.
To get to grips with some of the UK’s best trading platforms, let’s take a deeper look into 12 of the best options available to users looking to build their trading portfolios online:
With zero annual fees and zero-commission trading via Freetrade’s payment-for-order-flow operating model, this platform is a useful place to start for investors, and has won plenty of recognition from various bodies for its hassle-free approach to trading. It’s also worth noting that Freetrade does charge a forex rate of 0.45% – a competitive price for TX traders.
With no minimum deposit required, Freetrade is ideal for users who would prefer to feel their way into the world of stocks and shares. The fact that newcomers can also buy fractional shares is hugely beneficial for those who intend to build their portfolios piece by piece.
The platform is particularly easy to use, and from Freetrade’s website, the app can be downloaded via submitting a smartphone number or via a QR code. All users download an app that doesn’t bombard beginners with too much information and options, but for more experienced traders it’s possible to download Freetrade Plus for £9.99 per month which offers access to more trading tools.
Significantly, Freetrade offers access to over 6,000 stocks, and the platform also allows traders to buy and sell ETFs, investment funds, REITs, and different shares throughout the UK and the rest of the world alike.
- Arguably the most cost-effective trading platform available in the UK today
- No withdrawal fees
- Simplified dashboard for users
- Quick to get started
- No demo account option
- Relatively limited asset classes
- No cryptocurrency option
- Other platforms offer greater access to stocks
Revolut has fostered a global reputation as one of the world’s most reasonably priced international banking apps. With relatively low international exchange fees, the platform’s investment options are no different.
The trading platform’s transparent operating model means that Revolut customers can enjoy a transparent approach to stock market trading. Users are charged either 0.25% of their trade, or the minimum country-specific fee listed – which, in the UK, equates to £1. Furthermore, there are custody fees of 0.12% (annually) of the cost of the market value of your assets held. Revolut is also compliant with regulatory fees applied to US stocks – which the SEC levies at $22.90 for every $1,000,000 of principal sold.
Revolut pledges that users can get trading from as little as $1 throughout the platform’s range of 800 listed stock market shares.
With over 15 million registered users, Revolut stands as one of the most popular platforms on our list, and its easy-to-use services are a key part of its popularity. The fintech is a comprehensive open banking platform that allows users to hold and spend their money, convert their finances into different global currencies, buy and sell crypto, and make a wide range of investments.
When logging into the app, users are presented with a simple dashboard that displays their balance with the challenger bank. Towards the top of the screen there will be a list of tabs which help users to manage their bank cards, stocks, cryptocurrencies, and savings ‘vaults’. This simple navigation and comprehensive range of features is a key draw for Revolut – making the platform’s functionality a leading perk.
Although the company has specified that there are over 800 companies to invest in on the app, a recent count has noted that this figure actually exceeds 1,500. Still, this is a relatively low number of available companies to invest in, and could be relatively limiting for investors.
- The best example of an open banking account on our list
- Extremely easy to use and get started
- Relatively low cost
- Revolut’s continued growth indicates more options will be available in future
- Limited selection of stocks
- Poor customer service
- Significant lack of education tools for investors
- Not a specialist in the field of investing at this stage
Interestingly, Freedom24 offers its customers the choice of how to build their accounts. Different tariffs are available to choose from, whereby individuals can pick their commission rates, designated currency, and charges. For all users, a free 30-day promotional account is available whereby all trading costs absolutely nothing. Following on from that, it’s possible for users to pick a USD tariff which carries commission fees of 0.5% + $0.012 and a payment by card fee of 2.5%, or a EUR tariff which carries a €0.02 commission + a minimum order cost of €2, as well as the 2.5% card payment fee.
Freedom24 offers wider levels of choice when it comes to opening investment accounts, and users can alternatively opt to pay €10 per month to access the platform’s fixed rates, which offer a more competitive €0.012 fee per share + a €1.2 minimum order cost. The platform also carries no charges for the storage of stocks and shares.
Impressively, there’s no minimum investment required by Freedom24, although customers should be aware of the fixed commission rates which could eat into their stock purchases.
The great thing about Freedom24 is that it can be operated as an app or in a web browser – giving users the freedom to choose an approach that suits them best. Through an integrated web terminal, users are presented with a range of stocks based on respective global exchanges. The high quality functionality makes it straightforward for users to place market orders, limit orders, and stop orders on their chosen stocks.
Freedom24’s true strength comes from the array of trading options it offers users. Users of the platform have access to more than one million trading instruments. These are comprised of 35,000 stocks, 3,100 ETFs, 147,000 bonds, 855,000 options, and 500 futures spread across 15 global exchanges.
- Massive selection of trading options
- Usable in both an app or browser
- The platform offers IPO access – an extremely rare feature in trading apps
- Zero fee 30-day trial can be a relatively low-risk way to start trading
- No cryptocurrency support
- The €7 withdrawal fee can hinder small scale traders
- This is a platform that’s likely to benefit more serious traders more
eToro is arguably the most well-known platform on this list and is unsurprisingly a marketing juggernaut. The platform is excellent at serving traders also. The fees associated with creating accounts and trading are relatively low – for instance, the platform operates a zero-commission model, and there are no associated management fees, rollover fees, or additional broker fees attached.
However, the platform can get a little expensive when it comes to non-trading fees. These stings can occur when you’ve finished trading and would like to withdraw or hold your assets. To withdraw your money, a flat charge of $5 is incurred per bank transfer. In addition to this, eToro charges an inactivity fee of $10 per month following one year of inactivity – meaning that you should by no means invest and leave your portfolio to grow over time.
Besides this, eToro has made it very easy for new customers to learn the ropes of their platform. Upon signing up, users are offered a free $100,000 dummy account to help them to understand the world of trading, and the company’s CopyTrader function means that users who don’t believe in their own trading skills can simply copy other successful investors instead.
Furthermore, the eToro Academy is an excellent resource for users to learn the ropes of trading and to take their first steps with confidence.
eToro offers crypto functionality. However, despite a wide range of different options, there aren’t very many individual stocks for investors to buy. In total, eToro features 2,979 stocks, 73 cryptocurrencies, 32 commodities, 49 currencies, 15 indices, and 264 ETFs to trade.
- Low fees for active traders
- Useful platform for learning the ropes with dummy accounts
- Wide variety of different types of investment options – including crypto
- Steep charges for withdrawals and inactivity
- Not the largest array of stocks to invest in on this list
- Poor customer service
Capital.com’s low-cost fees are truly impressive, even among this list of highly competitive trading platforms in the UK. The platform requires no commission fees due to its payment-for-order-flow model. Further to this, there are no associated fees with deposits, withdrawals, real-time quotes, accessing educational material, or informative charts and indicators.
Further to this, there are no fees for the holding of accounts, or for prolonged periods of inactivity. However, Capital does require a relatively high minimum deposit of $20 USD, so smaller scale investors may struggle to make smaller investments spread over time.
The great thing about Capital.com is the ease of opening accounts. Firstly, users are offered access to a practice account to learn the ropes. Once you’re ready to begin trading, simply fill out a quick form, select your preferred currency, verify your ID, and you can generally expect to become fully verified and ready to trade on the same day.
Capital.com also features a fair selection of stocks, ETFs and cryptocurrencies to choose from. To date, the platform features some 3,600 stocks, 100 ETFs, 30 stock index CFDs, 33 commodities, and over 200 cryptocurrencies to trade.
- Even by industry standards Capital.com is cheap to use
- Strong crypto options
- Demo account accessibility
- Not the widest range of options to trade
- Smaller account currencies unavailable
- Overnight fees can cost investors
Interactive Brokers is a more serious trading platform on our list, and investors may need to be more mindful of the fees that they incur in comparison with other options. For stocks, Interactive Brokers can charge between $0.0005 to $0.005 per share in commission, whilst $0 is incurred for ETFs.
The platform also features a range of account minimum fees that can be incurred depending on levels of activity. For all accounts, monthly charges of between $3 to $20 can occur should commission minimums not be met. Interactive Brokers is liable to take the difference from account holders should their trading fail to generate enough fees.
Although this may be a daunting prospect for newcomers to the world of trading, it shows that Interactive Brokers is a platform for individuals who are serious about trading.
Whilst it’s easy to open a trading account with Interactive Brokers, and all new users are offered the chance to use a dummy account to learn more about trading on the platform, the interface used by the platform is admittedly complex for novices.
Despite this, Interactive Brokers enjoys an extremely good reputation in the world of trading, and certainly suits more active traders far better than long-term investors. With access provided to around 150 exchanges worldwide, users have the ability to trade stocks, ETFs, forex, funds, bonds, options, futures, CFDs, and cryptocurrencies.
- Comprehensive platform for seasoned traders
- Low trading fees
- Strong suite of educational tools
- Unsuitable for long-term stock holders
- Interface can be tricky to get to grips with
- Customer service quality is a little weak
IG is another platform that prioritises trading over long-hold investors. The company allows users to open new accounts for free and offers a fairly flexible payment structure. When it comes to commission fees, the more trades you make, the cheaper your costs become. In fact, trading more than three US shares per month is free, however, 0-2 US trades per month incurs a £10 fee, or a £8 fee for UK shares respectively. Likewise, for three or more trades of UK stocks, it costs £3 per month – making more busy accounts more lucrative.
It’s also important to note that IG charges an inactivity fee on dormant accounts that have been inactive for 24 months – charging £12 per month. With this in mind, it’s essential that IG users only sign up if they intend to remain active on the platform.
One perk of IG is the lack of withdrawal fees associated with account holders taking out their profits.
Whilst you can open an IG account entirely online with no associated minimum deposits for bank transfers, the ID verification process can be a little more long-winded than some of the other options on this list.
One of the biggest perks of IG is the relatively large array of stock trading options. With around 10,500 stocks to choose from, alongside some 205 currency pairs, 1,900 ETFs, 47 commodities, and 8 cryptocurrencies, users are unlikely to be stumped for ideas of where to place their investments.
- There are lots of educational resources for newcomers
- IG’s key strength is its trading options
- Zero fee withdrawals makes taking profits easy
- Customer support is slow
- The platform mostly only benefits more active traders
- Relatively high fees for stock and forex trading
8. Trading 212
Trading 212 is a trading platform that’s amassed a huge range of clients over 18 years of operations. Whilst it’s a zero-commission investment platform, it’s important to note that the platform now charges 0.15% for trades that are in a different currency to that held by the account holder.
It’s also worth noting that Trading 212 charges 0.7% for deposits made by credit or debit card, or Google/Apple Pay – though bank transfers don’t incur any charges. Importantly, Trading 212 appears to be far more lenient with less active traders, with no inactivity fees associated with the platform.
Getting to grips with Trading 212 is simple, and the minimum deposit to begin trading is just £1. Whilst getting set up on the account can be quick and fully digital, the verification process can take a little time – so it may not be a case of getting set up and ready to trade instantly.
Being one of the older platforms on our list, Trading 212 has built an interface that’s evolved over time into a simple to use dashboard that can be accessed both online or in-app. However, the range of trading options for investors has struggled to undergo the same level of evolution. At the time of writing, Trading 212 offers around 1,530 stock options, 179 currency pairs, 28 ETFs, and 28 commodities.
- Trading 212 offers commission-free trading
- The platform itself is very user-friendly
- One of the oldest and most trustworthy names on our list
- Fairly limited range of options
- USD isn’t a supported currency
- Forex fees can become high
Interactive Investor offers a different approach to online trading. The platform features a flat-fee stance when it comes to account management. This means that traders can pay £9.99 per month for the platform’s investor plan. Should the account holder invest £25 per month, they will incur no trading fees. Alternatively, the platform will offer users one free trade each month before charging £7.99 per trade.
This monthly fee covers most of Interactive Investor’s other fees – meaning that there’s no inactivity fee to pay, and no costs associated with withdrawals and deposits. The only concern investors will have is being active enough to meet the minimum usage requirements each month.
Interactive Investor is a solely UK-based platform, and this makes the process of opening an account extremely straightforward. Most users can get started and make their first trades on the same day of sign up, and a free demo account helps to build confidence in the platform before real-money trading takes place.
Unfortunately, Interactive Investor is a little limited in terms of the volume of options it offers. The platform offers access to stocks, ETFs, funds, and bonds – although there’s no option to trade forex, options, futures, CFDs, or crypto. Interactive Investor provides exposure to some 16 markets worth of stock options, and some 1,680 ETFs.
- Easy to use dashboard
- Responsive customer service
- Fast and free deposits and withdrawals
- Relatively limited choice for portfolios
- Flat rate structure may not suit all users
- Quality of analysis and insight could be better
FinecoBank is a platform that certainly benefits serious traders, and the platform has won recognition from renowned firms like Forbes for its suite of competitive services. With zero fees attached to deposits, withdrawals, and account inactivity, the platform can be a useful tools for traders who are looking to buy and hold their assets whilst regularly withdrawing their profits. However, flat fixed-commission fees of around $3.95 for US trading shares, and £2.95 for UK trading shares can rack up for small-scale investors.
With no monthly fees and no minimum deposits, Fineco can act as an investment option that’s free of nasty surprises each month.
Although the ID verification can take some time, the process of opening an account with Fineco is fully digital and the platform’s trading platform boasts a high quality search function, and ergonomic design – particularly in the case of the mobile app.
FinecoBank’s array of options is strong, even if crypto is currently not a trading option. The platform supports investments across 13 stock markets throughout Europe and the US, and with 5,500 ETFs, there are plenty of strong alternative options for investors.
- Free deposits, withdrawals, and cheap account management costs
- Fineco’s mobile app is among the finest on our list
- Relatively easy to get started with the platform
- Deposit options are limited to bank transfers only
- Lack of demo account and learning tools means it may not be best for beginners
- Quality of insight can be lacking in comparison to other platforms
Hargreaves Lansdown is another prestigious name among our list of UK trading platforms. As one of the most trustworthy options on this list, the fees associated can be relatively high compared to emerging challengers. Depending on trading volumes in recent months, commission per trade can range from £5.95 for users making more than 20 trades in the prior month, to £11.95 for those making between zero to nine trades respectively.
Despite the higher associated commission, Hargreaves Lansdown doesn’t charge for deposits, withdrawals, or account inactivity.
With no minimum deposit requirements, it’s easy to create an initial account with Hargreaves Lansdown, and as an exclusive perk for UK customers, the platform supports fully digital account registration.
Although the platform is lacking a little in educational tools, Hargreaves Lansdown offers a fair web and mobile app for users to get to grips with. One key concern stems from a safety point of view, however, with the platform as yet failing to offer two-factor authentication as an added layer of security.
The suite of trading options offered by Hargreaves Lansdown is also a mixed bag. Although the platform features stocks from 21 markets around the world and some 2,500 ETFs, there’s no coverage for options, forex, futures, CFDs, or crypto. Despite this, Hargreaves Lansdown is a reputable and prestigious name amidst our lineup that caters well to experienced investors.
- The platform is easy to get to grips with for newcomers
- Customer service is responsive
- Prestigious name established in 1981
- High trading fees
- Only GBP available as a base currency
- Limited selection of investment options
Degiro stands as one of the most cost-effective solutions available for traders in the UK. Whilst the platform doesn’t charge anything for the purchase of US shares, stocks bought on the London Stock Exchange can impose a £1.75 fee. In the case of London and US-based stocks, a £0.50 or €0.50 fee will be incurred per trade. Elsewhere, the platform’s core range of ETFs are free to trade for investors.
The platform also doesn’t charge anything for withdrawals or deposits, there are also no inactivity fees associated with Degiro account holders.
With no minimum deposit, it takes a matter of hours to open an account with Degiro, and the process can take place solely online. With two-factor authentication and high quality charts, it’s far easier for traders to make safer and better informed decisions on a user-friendly mobile app. However, some drawbacks can be found in a lack of price alerts and limited levels of customisation.
As for Degiro’s suite of market options, there may be no access to crypto, or forex trading, but with access to stocks across 31 global exchanges and 5,400 ETFs, this platform is just about as comprehensive as it’s possible to get.
- Excellent range of stocks and ETFs to trade
- Highly competitive fees for users
- Secure and well-regulated
- No forex or crypto trading
- Not possible to deposit via debit or credit card
- Lack of demo account means that some users may have insufficient access to learning tools
How to pick stocks?
Particularly if you’re new to the world of investing, choosing the right stock can be a tricky task. However, if you’re clear in what your goals are, and fully aware of the level of risk that you’re willing to take on, the process can become second nature after you familiarise yourself with the trading process.
The best stock pickers generally know in advance what they want their portfolio to look like, and generally stick to their goals the best they can. It’s also essential that traders keep up to date with the news surrounding their chosen stocks and their respective industries. Research surrounding relevant companies, and the wider economy is all vital in achieving a comprehensive understanding of how any given stock is likely to perform.
In sticking to goals and following the key indicators derived from strong market analysis, the best traders can build their portfolios with confidence. Whilst these methods can be time consuming, they will ultimately deliver the best rewards. Furthermore, the comprehensive nature of stock picking is generally the reason why investors who are short on time generally opt to trust investment fund managers instead.
Picking stocks also comes down to your individual financial goals. After all, an investor who’s planning on saving for retirement is likely to have different ambitions to someone who’s aiming to generate enough of a windfall to buy a new car.
Work towards your goals and expectations, and remember to never make emotional decisions. You may love a company that’s publicly-listed for personal reasons, but that should never inform your purchasing decisions alone.
FAQs – see resources below for examples of questions
1. Is online trading safe?
In terms of safeguarding your wealth, no trader is guaranteed to make money – and many will ultimately make losses on their investments, especially if they’re new to the trading landscape.
It’s also important for traders to always remain vigilant in the face of ‘get rich quick’ schemes or meme-based trading. It’s very rare to see retail investors manipulating the market based on sentiment alone, and the notion of turning a profit via a scheme is often the work of scammers.
When it comes to mitigating the level of risk you expose yourself to is through operating with a functional trading strategy, and by dedicating a fair amount of time towards learning to trade confidently.
2. Which trading platforms are best for beginners?
It’s essential that beginners adopt trading platforms that offer a comprehensive level of education services. These platforms should also be simple for users to navigate and offer low costs for traders.
With this in mind, there are a number of different trading platforms worthy of consideration. These include:
- IG: This platform features a strong emphasis on education, and the app itself is highly functional, cheap to use, and features a simple interface.
- Freetrade: The best thing about Freetrade is that it offers fractional shares, meaning that investors can buy and sell shares at a smaller cost than through purchasing whole shares at their chosen companies. The app is also relatively low cost and easy to navigate.
- Trading 212: Operating a zero commission payment-for-order-flow model, Trading 212 not only offers dummy accounts for users to get started without risking their wealth, but it’s also straightforward to get to grips with.
- FinecoBank: One of the most cost-effective options for beginners. The platform is largely reliable with a healthy range of handy features for novices and experienced traders alike.
3. What is the cheapest trading platform to get started?
For traders who would prefer to feel their way into the world of investing with smaller stock purchases, there are plenty of platforms that allow users to buy fractional shares and to build their respective portfolios for less.
Today, most trading platforms allow users to open their accounts with as little as £25. In the case of Freetrade, it’s even possible to begin stock market trading from as little as £2.
4. Which trading platforms also allow investors to buy cryptocurrency?
Although it’s worth investors revising the regulatory circumstances surrounding the trading of cryptocurrencies like Bitcoin, a growing number of trading platforms are confirmed to accept crypto.
The most notable platform to accept cryptocurrency trading alongside more traditional stock market options is eToro, which allows investors to buy into the likes of Bitcoin and over 60 other cryptocurrencies on a commission-free basis, whilst other growing fintechs like Revolut has also ramped up its level of cryptocurrency acceptance.
5. Which platforms offer the best range of investment funds?
Investment funds are a collection of capital that’s owned by a group of investors. These investors collect shares together whilst each member retains full ownership and control of their own individual equity.
The perk of investment funds is that users have a broader selection of options and opportunities for investments. There will generally be far better access to management expertise and lower commission than would otherwise be possible through respective commission costs.
The main forms of investment funds are hedge funds, money market funds, mutual funds, and exchange-traded funds (ETFs).
When it comes to the platforms that best support these funds, Freetrade offers a strong range of low-cost ETFs, whilst FinecoBank boasts an array of over 20,000 investment options to choose from – including investment funds.
7. Which platforms offer social trading?
Social trading can be great for investors who trust sentiment-driven stocks, or those who believe in the potential of meme-stocks. If you’re interested in finding a platform that offers social trading options that allow copying the buying and selling decisions of other traders, there are few better options than eToro, which has a CopyTrader function designed specifically for social trading.
The key perk of CopyTrader is that traders can utilise the experience of others whilst learning the ropes themselves. There are many other social integrations within eToro, and it’s even possible for users to ask questions to other traders about their various decisions via social feeds similar to that of Twitter.
8. How do ‘zero-commission’ trading platforms work?
Naturally, there are very few things in life that are truly free, and this extends to the world of trading. In most cases, when a trading app claims to be ‘commission free’, it tends to mean that they make money through a payment-for-order-flow (PFOF) model.
In a nutshell, PFOF involves trading platforms selling their orders to designated market makers which pay for the privilege of trading traffic. Whilst the lack of fees can be an attractive prospect for traders, it’s important to be wary of PFOF, as trading platforms are under no obligation to use the lowest cost market makers, and stock prices can vary depending on who is buying order flow. With this in mind, it pays to be vigilant when considering any ‘commission free’ platform.