When many countries entered the first lockdown in early 2020, it coincided with a surge in trading in the stock market by retail investors- people who bought and sold shares on the stock market through a website or app directly. In the UK, for example, workers were furloughed and still received 80% of their salary. With no commutes (and therefore no transport costs) and no expensive office lunches, many people’s net incomes stayed roughly the same. Many people found they had more time on their hands, nowhere to go and plenty of money to spend. The conditions were perfect for a rise in retail investing.
People living in the West are about to get some more time off due to the Christmas and New Year’s holidays. Will this result in another explosion in DIY investing?
At MuslimShareTrader, we thought it would be helpful to have a review of some of the most popular trading platforms out there. Instead of doing all the reviews ourselves, we’ve asked (mostly) Muslim professionals (who are active investors themselves) to review the trading platform they use. User reviews are always more valuable because it brings to light some of the niggling problems associated with any given trading platform (which the platform is keen to hide from potential new users).
None of the reviewers were paid by either MuslimShareTrader or the trading platform - so rest assured the reviews are completely impartial.
We’ve provided an overview of the reviews below. Please click on the the name of the platform to open the full review.
If you’re totally new to the world of stocks and shares and want to start trading and learning more, consider joining my 30 Day Trading Programme, where I cover the Islamic Principles of Invetsing, Basics of the Stock Market and how to trade using a trading platform.
Trading platform Name & profession Pros Cons
of reviewer
Interactive Investor Hamza Nazar, Has lots Expensive
Structural functionality compared to
Engineer challenger
Reliable platforms
Hargreaves Mohammad Financial Very expensive
Lansdown Samee, reports compared to
Teacher freely other platforms
(secondary) available
DEGIRO Shakir Monthly Have to pay flat
Miah, newsletter fee + commission
Automotive to buy stocks
Specialist Up-to-date
information on Complicated app
stocks
eToro Abu Yahya, Easy to discover Limited number
English new stocks of stocks
Lecturer available to buy
(university) Able to seperate
trades (even
same stock)
Freetrade Masuma Easy to use Buying and selling
Jahan, price is not 'real
Teacher Free to time'
(primary) use
Trading 212 Abu Humayra, Free to use Easy to fall into
Test Analyst day trading trap
Abdul Aziz, Phone-based Expensive
Teacher service
(secondary) & Website-only
founder of platform
Muslim Share
Trader
Lloyds Bank Razna Reliable Expensive
Miah,
Property
Investor
HSBC R E V I E W C O M I N G S O O N
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