There are hundreds of platforms out there but how do you find the right one?
Everyone has different requirements depending on their trading style and the markets they focus on. Equally Brokers specialise in different markets or have unique features that are better suited to some traders rather than others.
Here are 5 key things to look out for:
1. Find a Broker you can trust
Only work with a regulated broker – this the golden rule. Working with a regulated broker guarantees certain standards of operation and protections.
We recommend you start with an FCA regulated Broker as they offer the best protections. Your money is safeguarded as it is kept in a segregated account and the first £85,000 of any funds held in your account will be covered by FSCS balance protection scheme.
2. Review the Markets they offer
Make sure they have the markets you want to trade at the right price. Different brokers specialise in different markets. Some focus solely on FX and others offer 1000s of stocks and shares.
Once you have confirmed they have the range of markets that suit you, you can then compare prices and find the ones offering the best value. Use our Search Table to find out more
3. Only choose a Broker with good customer service
If you have a problem, you want to know you will be able to get through to someone and have your query handled efficiently and responsibly.
Make sure they have 24/5 phone service or live chat in your native language.
4. Test the Platforms
There is a very wide choice of platforms with different charts and risk management tools. Once you know what is most important to you the final choice is as much personal preference as anything else.
It always takes a while to get used to a new platform so make sure you try them out first by using a demo account. That way when you are ready to trade you won’t make any fat finger errors.
5. Be aware of additional costs and don’t focus too much on the nice to have extras
Check they are not hitting you with any hidden costs like deposit fees, high overnight financing rates or inactivity fees. It is important because any costs come out of your profit margin and trading funds.
While it is nice to have good Education, Research and News resources these should not play a crucial role in your decision making.
There is a lot to think about so to make it easier for you we have reviewed each broker in detail.
We have analysed over 100 individual feature and rated them across 12 key categories so you can easily find for the best broker for you.