InvestEngine or Firstrade – which is better for UK traders 2024? Compare InvestEngine and Firstrade in this detailed breakdown of their platforms, features and fees.
InvestEngine was founded in 2019 by the founders and CEOs of Gumtree and Ramsey Crookall, a successful independent wealth management firm. The company is regulated in the UK by the FCA and has planted itself as a strong competitor within the retail stock trading space, offering managed and DIY investment portfolios and access to more than 550 global ETFs.
Firstrade is a US-headquartered discount broker-dealer with authorization from the SEC. The company is also a member of FINRA/SIPC. With welcome bonuses, powerful tools and apps, plus commission-free trading, Firstrade Securities is a popular and top-tier online brokerage. It is also quick and easy to open a new account.
Pros
We were impressed by the company's provision of analytics reports and strategy advice, as well as top product picks and a detailed blog
Hands-on investors can benefit from completely free access to InvestEngine's services, only paying for any dealing charges
We think the firm's investment platform is intuitive and impressive, making the whole experience simple and stress-free
InvestEngine clients have a wide choice of investment and savings accounts to tailor solutions to their goals
Managed portfolios provide professional advice and expert picks for a commission of only 0.25%
Enhanced stock trading environment with overnight trading and fractional shares added
One of the first brokers to add AI-powered analysis through FirstradeGPT
Excellent broker for budget-conscious traders with low OTC fees
Highly trusted US-regulated brokerage and SIPC member
Cons
Any clients looking for long-term gains from individual company stock investments must look elsewhere as InvestEngine limits its products to ETFs
Despite offering several account types, the firm does not support Lifetime ISAs or Self Invested Pension Pots (SIPPs)
No tiered services for high-net-worth investors
Firstrade focuses on stocks at the expense of forex, limiting diversification opportunities
No demo/paper trading account found at over 90% of alternatives evaluated
Customer support still needs work following testing with no 24/7 assistance
Visa credit/debit card deposits and withdrawals are not accepted
Awards
Best for ETF & Active Investor Commission & Fees - 2019
Take positions on dozens of leading cryptocurrencies with low fees and 24/7 investing. Traders need just $1 to start speculating on popular tokens like Bitcoin. Clients can also buy cryptos instantly in a few straightforward steps.
