In a significant move for British investors, a well-known American financial institution is expanding its services to the UK, offering a fresh avenue for buying stocks and shares. However, this newcomer will face stiff competition from existing top-tier platforms.

Current platforms like Prosper and Trading 212 are already enticing investors with the option of fee-free investing, providing a strong value proposition that will be challenging to beat.

JP Morgan Chase, a prominent US bank, has announced plans to introduce a new investment platform in the UK starting November. This initiative will lead to the phasing out of its Nutmeg brand, an online investment service known for its low-cost, managed portfolios. By 2026, the rebranded JP Morgan Personal Investing platform will allow users to trade stocks, bonds, and funds.

Nutmeg, established in 2012 by the late Nick Hungerford, was a pioneer among robo-advisers, offering a cost-effective, digital-first approach to investing. JP Morgan acquired Nutmeg in 2021, and sadly, Hungerford passed away in 2023 at the age of 43.

JP Morgan will fold the Nutmeg investment platform into its new offering

With its entry into the UK market, JP Morgan will find itself competing against seasoned players such as Hargreaves Lansdown, Interactive Investor, and AJ Bell, as well as the widely-used app-based service, Trading 212.

Trading 212, in particular, has shown remarkable growth. In a rare conversation with This is Money, co-founder Ivan Ashminov disclosed that the platform had recently reached over 4.5 million customers and managed assets totaling £25 billion.

The UK’s highly competitive DIY investing platform market has been good news for investors, who have seen their options expand substantially and costs fall dramatically.

Some platforms offer fee-free share dealing and zero account fees but may not offer investment funds, while others are better for fund investors, or offer greater customer service and extra perks.

Platforms that do not charge account and dealing fees make money in different ways. For example, Trading 212 charges a small foreign exchange fee on overseas transactions, while Prosper does not pay interest on uninvested cash. 

Five of the best: Simon Lambert highlights five investing platforms that stand out

Until recently, investors found their ability to take full advantage limited by rules that prevented them from paying new money into more than one provider’s stocks and shares Isa in the same tax year.

But this was swept away by a change in the Isa rules at the start of the 2024 tax year, to allow new money to be paid into multiple accounts of the same type.

For example, this can enable an investor to have one stocks and shares Isa with zero share-dealing fees to buy and sell stock market-listed investments, and another account with a platform that offers investment funds.

You can find out more in our full guide to DIY investing platforms and also read our guides to the best stocks and shares Isas and the best Sipps.

Here are my five platforms to consider for different reasons.

These platforms were independently selected by Simon Lambert. If you open an account using links which have an asterisk, This is Money will earn an affiliate commission. We do not allow this to affect editorial independence. 

Hargreaves Lansdown

Hargreaves Lansdown* is dubbed the Waitrose of investing platforms. The UK’s biggest player has high costs, with a 0.45 per cent account charge and share dealing at £11.95 but offers free fund dealing and good telephone-based customer service. That 0.45 per cent fee is capped at £45 per year for shares, investment trusts and ETFs and regular investing from monthly direct debits is free, so if you are savvy you can make HL cheap.

Interactive Investor

Interactive Investor* has promoted itself as the Netflix of investing platforms, due to its flat-fee subscription model. This starts at £4.99 per month for smaller pots and rises to £11.99 for larger accounts. If you want to add a Sipp, you will have to pay more though. Share dealing and fund dealing is £3.99 and customer service is good, and phone based. It offers a full range of investments and flat fees are great for big pots. 

Trading 212

Trading 212* is UK based and regulated but originated in Bulgaria, where its headquarters are located. The app-based platform has seen meteoric growth thanks to offering fee-free share dealing and zero account fees. It makes its money from other charges, mainly a small 0.15 per cent foreign exchange fee. You can buy investment trusts and exchange traded funds but not traditional investment funds. It’s a slick app, with online customer service and offers a great cash Isa rate.

Prosper

Prosper*, launched by Tandem bank co-founder Nick Perrett, stands out as it offers completely free investing, with no dealing fees, no account fee and investment charges refunded on 30 funds. It has a range of investment trusts, ETFs and investment funds but you can’t buy individual shares. Prosper’s totally free investing offer stands out and it can be a really cheap way to run an Isa or Sipp. It also has a cash savings platform with boosted rates.

Charles Stanley

Charles Stanley Direct* is the 230-year-old investment firm’s platform. It has an account fee of 0.3 per cent and charges £4 for fund dealing and £10 for share dealing. None of that makes it stand out but what does is that it gives investors £50 in free trades every six months and has no charges on its own multi-asset funds. It also offers free 15-minute financial coaching sessions.