How to Buy Silver on Trading 212: SSLN, Fees & VAT Explained

Updated 31 July 2026

You can get silver exposure in minutes on Trading 212 without buying and storing physical bars. Instead, you invest in a product that follows the silver price and avoids the 20% VAT normally charged on physical silver in the UK. This guide shows exactly how to buy silver on Trading 212, the main products to consider, the costs to watch for, and how to place your order.

Silver has broken through long-standing highs as demand from solar panels, electronics, and the wider energy transition has outpaced supply. We also compare silver-price investments with silver mining shares, so you can choose the exposure that best matches your investment goals.

 

 

 

 

Key Takeaways

• You buy silver through a physically backed ETC that holds bars in a vault, not metal delivered to you.
• ETCs sidestep VAT: physical silver bars carry 20% VAT in the UK, but the ETC structure does not.
• The two standards are iShares Physical Silver (SSLN) and Invesco Physical Silver (SLVP).
• UK investors can choose the GBP-listed ETCs to avoid the 0.15% currency fee on USD products.
• Silver mining shares are more volatile and behave like a leveraged play on the metal.

What You Are Actually Buying (Digital vs Physical)

First, let us clear up the misconception that stops people starting. Buying silver on Trading 212 does not mean a bar arriving by courier, and you do not need to own a solid metal bar to get exposure to silver. For physical metal you would use a bullion dealer, and in the UK physical silver bars usually come with a 20% VAT hit that immediately puts you in the red.

This is a major disadvantage compared with gold, which is VAT-exempt because it is classed as investment gold. Silver is treated as an industrial commodity by HMRC, meaning it is taxed like a TV or a car.

But there is a legal loophole for investors: ETCs are VAT-free. Because the silver stays in a secure professional vault and you simply hold a paper or digital share representing it, the VAT is never triggered. You get 100% of your money working from day one, rather than losing a fifth to the taxman immediately.

So on Trading 212 you are buying an ETC, or Exchange Traded Commodity. In the UK these are technically ETCs rather than ETFs, but on the platform, they sit alongside ETFs and work the same way for you.

Silver is one of many raw materials you can hold this way, and our guide on how to buy commodities covers the full range.

Why Is It an ETC and Not an ETF?

Silver products in the UK and Europe are almost always labelled ETCs, and there is a specific legal reason. Under UCITS rules a fund must be diversified across a basket of assets, and a tracker that holds only silver does not meet that test.

So providers issue it as an ETC, technically a debt security that is 100% backed by the physical silver in the vault. For you it trades exactly like a share, but the ETC label helps you find the right products.

ETCs vs Mining Stocks: Which Is Better?

There are two main ways to get silver exposure, and they serve different purposes.

Physical silver ETCs track the spot silver price directly. They are backed by real silver bars in secure institutional vaults, often with banks such as JP Morgan or HSBC, so if silver rises 1% your holding moves broadly in line. It is the cleanest, most popular exposure for long-term investors.

Silver mining companies, such as Fresnillo (FRES), Pan American Silver (PAAS) or First Majestic (AG), are a different game and behave like a leveraged bet. Suppose it costs £20 to mine an ounce and silver sells for £25, giving £5 of profit.

If silver rises 20% to £30, that profit doubles to £10, a 100% jump from a 20% move. It cuts both ways, though: rising costs or a disrupted mine can sink the share even when silver is hitting highs.

Things to Watch Out For (Fees and Currency)

Trading 212 charges a 0.15% currency conversion fee, and some silver ETCs are priced in US dollars. If your account is in pounds and you buy a USD-priced ETC, you pay the fee when you buy and again when you sell.

The simplest way to avoid this is to buy the GBP-denominated version of the same fund. Tickers such as SSLN (iShares) and SLVP (Invesco) both have pound-traded lines on the London Stock Exchange.

Also check the ongoing charge, shown as the expense ratio. Silver ETCs typically charge around 0.19% to 0.20% a year, slightly more than gold but still very competitive. There is little reason to pay 0.60% or 0.70% when a similar product charges around 0.20%.

Over ten or twenty years, that difference can amount to thousands of pounds in lost gains.

The ETC Questionnaire

There is  also one quick step to know about before your first purchase. Because ETCs are classed as complex products, Trading 212 may ask you to complete a short appropriateness questionnaire before you can buy one. Our guide to the Trading 212 ETC questionnaire explains exactly what it asks and how to complete it.

How to Buy Silver on Trading 212: Step by Step

Step 1: The Search

Open the search, the magnifying glass icon, and type Physical Silver. You will see a long list of results. Some are leveraged products that use derivatives rather than holding real silver, and they are not suited to long-term investors who want to track the silver price. Filter to the ETFs section to find the standard trackers.

Step 2: Choosing Your Product

For 2026, the two standards are iShares Physical Silver (SSLN) and Invesco Physical Silver (SLVP).

SSLN is managed by BlackRock and is the biggest, most liquid silver ETC in the UK. SLVP is managed by Invesco.

Their ongoing charges are around 0.20% and 0.19%, respectively, and the key is to pick the London-listed line if you want to trade in pounds.

Choose SSLN if you value liquidity: it is a massive ETC, so you can buy and sell large amounts with almost no spread.

 

 

Choose SLVP if you trade smaller amounts, as the unit price is often cheaper per share, which some find easier for precise balancing.

 

 

WisdomTree Physical Silver (PHSP) is a specialist alternative with a long track record, though fees can be higher.

 

 

Step 3: Checking the Details

Click into the product and scroll to Instrument Details.

Check the ongoing charge, listed as the expense ratio, and make sure the currency says GBP or GBX, which just means pence, so you avoid the conversion fee.

 

 

Step 4: Market vs Limit Orders

When you press buy you have a choice in the top right.

A market order buys instantly at the current price, which is convenient but can slip if the price moves while it processes.

 

 

A limit order lets you set the exact maximum you will pay. If the ETC trades at 53.48 pounds you might set a limit at 53.40 pounds, and it only fills if the price dips to your level, giving you more control.

 

 

 

Market and limit orders are just the starting point. Trading 212 also offers stop orders, stop-limit orders, and other tools that can help you buy at a specific price or protect against sudden drops. For a full breakdown of how each order type works and when to use them, see our guide on Trading 212 order types.

Conclusion

For most investors, a physically backed silver ETC such as SSLN or SLVP is the simplest way to gain silver exposure on Trading 212. It also avoids the 20% VAT charged on physical silver bars in the UK.

Silver mining shares are a higher-risk alternative, but a silver ETC provides cleaner, more direct exposure to the metal’s price. Once you have chosen your product, you can buy it in a few taps, using a limit order if you want more control over the price.

 

FAQ

Do I Pay VAT on Silver via Trading 212?

No. Physical silver bars carry 20% VAT in the UK, but a silver ETC does not, because you hold a share representing vaulted metal rather than the bars themselves.

Is There Commission on Silver ETCs?

There is no dealing commission. The costs are the 0.15% currency fee on USD products and the small ongoing charge, around 0.19-0.20%. (Other fees may apply.)

Can I Hold Silver in an ISA?

Yes. Silver ETCs can be held in a Stocks and Shares ISA, so any gains are tax-free. (Tax treatment depends on your individual circumstances and regulations which may change.)

SSLN or SLVP – Which Is Better?

Both are solid. SSLN is larger and very liquid; SLVP has a marginally lower charge. Many UK investors simply pick whichever GBP line suits their account after checking the latest fees.