The checklist
- FCA authorisation and the legal entity
- All-in trading costs
- Account type that matches your style
- Platform and tools
- Deposits, withdrawals and base currency
- Markets and products you need
- Support, education and demo account
1. FCA authorisation and the legal entity
Start with safety, because it's the one factor you can't fix later. Your account should be held by a company authorised by the Financial Conduct Authority. That gives you:
- segregated client money,
- negative balance protection (you can't lose more than your deposit),
- retail leverage limits,
- access to the Financial Ombudsman Service, and
- FSCS protection up to £85,000 for eligible claims.
Search the firm on the FCA register yourself and confirm the website matches. Many brands run several companies in different countries — check the client agreement to see which one will open your account. Our guide on how to check if a broker is FCA-regulated walks through it step by step.
2. All-in trading costs
Headline spreads can be misleading. Compare the all-in cost per trade:
- Spread — the gap between buy and sell prices.
- Commission — charged per lot on raw-spread (ECN) accounts.
- Overnight financing (swap) — if you hold positions past the daily rollover.
- Non-trading fees — inactivity, withdrawal and currency conversion.
A 0.0-pip spread with a commission can be cheaper or more expensive than a 0.9-pip commission-free spread depending on how often you trade. We show how to calculate it in spreads vs commission.
3. The right account type
Most UK brokers offer two kinds of account:
| Account | How you pay | Suits |
|---|---|---|
| Standard | Wider spread, no commission | Beginners, occasional traders |
| Raw spread / ECN | Tight spread + commission per lot | Active traders, scalpers, algo traders |
| Spread betting | Spread, priced in £ per point | UK residents who want gains generally free of CGT |
If you're unsure, see ECN vs market maker accounts.
4. Platform and tools
Pick the platform you'll actually use every day:
- MetaTrader 4 — the most widely used retail FX platform; huge library of indicators and Expert Advisors.
- MetaTrader 5 — more timeframes and order types, multi-asset, faster strategy tester.
- TradingView — best-in-class charts, with trading through integrated brokers.
- cTrader — clean interface and depth-of-market, popular with ECN traders.
- Proprietary platforms and apps — usually the easiest for beginners.
Check that the platform you want is available to UK clients — some brokers only offer certain platforms through their non-UK entities.
5. Deposits, withdrawals and base currency
Look at minimum deposit, payment methods and how quickly withdrawals arrive. A GBP base-currency account avoids conversion fees if you fund in pounds. FCA brokers normally return withdrawals to the same method and name you deposited with.
6. Markets and products
If you only trade major currency pairs, almost any broker will do. If you also want indices, gold, oil or share CFDs — or spread betting — make sure they're offered to UK retail clients. Remember that crypto CFDs are banned for UK retail clients.
7. Support, education and a demo account
Test customer support before you deposit: ask which entity will hold your money and how long a card withdrawal takes. A free demo account lets you try the platform and execution with no risk.
Red flags to avoid
- Promises of guaranteed profits
- Bonuses for depositing (banned for UK retail CFD clients)
- Leverage above 30:1 offered to UK retail clients
- Pressure from an "account manager" to deposit more
- No FCA register entry, or contact details that don't match it
Comparison worksheet
Fill this in for the two or three brokers on your shortlist:
| Check | Broker A | Broker B | Broker C |
|---|---|---|---|
| FCA FRN and legal entity | |||
| Average EUR/USD and GBP/USD spread | |||
| Commission per lot | |||
| All-in cost per lot | |||
| Platforms for UK clients | |||
| Minimum deposit | |||
| GBP account available? | |||
| Withdrawal time and fees | |||
| % of retail accounts losing money |
Questions to ask customer support
- Which legal entity will hold my account, and what is its FRN?
- What are your average spreads on EUR/USD and GBP/USD during the London session?
- How long does a debit-card withdrawal take, and are there any fees?
- Do you allow scalping, hedging and Expert Advisors?
- Is my account eligible for FSCS protection?
Quick, specific answers are a good sign. Vague replies or pressure to deposit are not.
How our top pick scores on the checklist
Hantec Markets, our 2026 top pick, onboards UK clients through Hantec Markets Limited (FCA, FRN 502635), offers a commission-free Standard account and a Pro ECN account with spreads from 0.1 pips plus commission, provides MetaTrader 4 to UK clients, and has a $100 minimum deposit. It's a strong fit for MT4 users; traders who need MT5 or TradingView-native trading should compare alternatives.
Frequently asked questions
What is the most important thing when choosing a forex broker?
Regulation. For UK residents, make sure your account will be held by an FCA-authorised entity. Low spreads are worthless if your money isn't protected.
Which forex broker is best for beginners in the UK?
Look for an FCA-authorised broker with a free demo account, a low minimum deposit, a commission-free standard account and good educational material. See our beginners' ranking for current picks.
Is a low spread always better?
Not on its own. Compare the all-in cost — spread plus commission — and check financing charges if you hold trades overnight.
Should I choose MT4 or a broker's own platform?
Choose the platform you'll actually use. MT4 and MT5 are best for automated strategies and custom indicators; proprietary platforms are often easier for beginners.
CFDs and spread bets are complex instruments and come with a high risk of losing money rapidly due to leverage. Most retail investor accounts lose money when trading these products. You should consider whether you understand how they work and whether you can afford to take the high risk of losing your money.