As a trader, finding the right broker is critical to your trading success. In order to ensure a smooth trading experience, the broker you choose must be regulated in the UK, have a decent amount of positive customer reviews, and must also fit other unique trading needs that you may have. You should check if the financial instruments you want to trade are available with a broker, the available trading platforms accepted by the broker, associated trading costs, and the required minimum trading deposit on different account types.
There are different ways to find reliable brokers in the UK. You can choose to ask friends, post comments in blogs and social media forums or just avoid the stress and check out our professional opinion on the TOP UK forex brokers article. This article you are currently reading is a checklist on how to find a reliable broker in the UK that fits your unique trading needs.
Regulated in the UK
A broker can be legally regulated in another region and may not be regulated in the UK. Trading is already risky in itself and using an unregulated broker can lead to possible financial disaster wherein your funds are not secure with the broker. On the other hand, trading with a broker that is regulated in the UK has its advantages and it is the safer route to finding a reliable broker. The Financial Conduct Authority (FCA) is the financial regulatory authority in the UK responsible for overseeing operations in the region’s financial markets. Any broker that is seriously interested in onboarding UK clients will ensure they are regulated by the FCA. Hence, as a UK trader, it is advisable to ensure the broker you choose is regulated by the FCA.
Customer Reviews
Every normal business will most likely display the best version of itself to the public. This is where it is important to check out real customer reviews on trusted websites like Trustpilot. It is not enough for a broker to excellently execute traders’ orders, other factors like customer service are equally important. As a trader, there is a high probability that you will encounter some challenges with a broker during your trading career. This is where excellent and 24/7 customer service is crucial. Though companies usually display some customer reviews on their website, we believe the best place to get unbiased customer reviews is on trustworthy third-party review websites.
A Suitable Trading Platform
In order to trade any financial market, you will need access to a reliable trading platform. Popular trading platforms are MT4, MT5, and TradingView. Apart from these three popular trading platforms, there are some brokers that have their own trading platform that is also equally great. You should note that the broker you choose will influence your choice of the trading platform. For instance, there are some MT4 and MT5 brokers that do not integrate with the TradingView platform. While there are some brokers like IQ Options that have their own award-winning trading platform which is suitable for both advanced and new traders. As a trader, you should check out the available trading platforms that can integrate with a broker before choosing the right broker that fits your unique trading needs.
Trading Costs
Trading is an investment process where both traders and brokers plan how to generate profits. To achieve this, brokers normally charge some sort of trading costs which could come in form of spread, swaps, or commissions. On the other hand, traders do not wish to pay high trading costs so that they can maximize potential profits from the financial markets. As a result, traders are often attracted to brokers offering low spreads, positive swaps, and zero commission. Reputable and reliable brokers are often very transparent about the trading costs that will be charged. As a trader, you should compare trading costs among brokers before making a choice. Consistent profit is very important to a professional trader. Hence, it is advisable to choose reliable brokers that offer low trading costs in order to maximize potential trading profits.
Minimum Trading Deposit
Brokers usually set a minimum trading deposit that a trader must have to open a trading account with them. Oftentimes, this minimum deposit may vary across different types of trading accounts offered by a broker. You should check and compare the minimum trading deposit across brokers to ensure you have the financial capacity to fund the live account when it is finally time to live trade. Reliable brokers will be transparent with such information and will even have great 24/7 customer support to assist you in opening your trading account.
Conclusion on How to Find a Reliable Broker in the UK
The broker you choose to trade with can make or mar your trading career. There are so many unregulated brokers that have glittering offerings but underneath they are scam brokers waiting to take away a trader’s hard-earned trading capital. This article is a checklist to help you know the important things to look for in order to choose a reliable broker in the UK.
Author: Michael Kuchar of TradingBeasts
