Accessible Markets
What is a Broker? Five quick broker reviews.
A broker platform — the online app or website that connects you to the markets, showing live prices and charts and letting you place trades.
What is a broker platform?
A broker platform is the website or mobile app that lets you access financial markets. It’s where you check live prices, view charts, place orders, manage margin and risk, and store your trade history. Some platforms give you direct ownership of assets; others provide derivative exposure (CFDs or spread bets) or connect you to a partner for spot crypto custody. Think of the broker platform as your dashboard and gateway to trading — the tool you use to make decisions and execute them.
UK rules you must know:
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Most UK retail traders are trading in the form of CFDs or spread betting. These are derivatives — you’re trading price movement, not owning physical assets.
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FCA protections and product limits: The Financial Conduct Authority requires retail protections (negative balance protection, margin limits) and has restricted some crypto derivatives for retail customers. That affects what products a UK retail account can access and the leverage offered.
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Spot crypto vs crypto CFDs: Some brokers provide spot crypto (buy & hold via custody partners), while others offer CFDs where allowed. Always check whether you’re buying the token or a derivative.
How to choose a broker (beginner checklist)
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Regulation: Open an account with a UK-regulated entity to get FCA protections.
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Product type: Confirm whether the broker offers the product type you want (CFD, spread bet or spot).
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Spreads & fees: Look at typical spreads and funding/overnight fees for the instruments you trade.
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Platform & tools: Demo the platform — charts, order types, alerts and mobile UX matter.
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Execution & liquidity: Fast fills and tight spreads matter for active trading.
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Support & education: Good help docs and demo accounts are vital for beginners.
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Account types: Check differences between retail and professional accounts (leverage & protections).
Broker profiles
Vantage
Vantage is a specialist focused on competitive forex and CFD pricing with low minimum deposits and straightforward account opening. It’s a good match for traders who prioritise tight spreads and a no-frills trading experience. Vantage offers demo accounts and multiple platform integrations, making it easy for beginners to get started and test strategies.
Tip: Start on the demo account and focus first on risk management before increasing position sizes.
IG
IG is a long-established UK broker with strong regulatory credentials and a wide product offering. It combines a polished web and mobile platform, useful education for new traders, and a demo mode that’s excellent for practising before risking real money. IG also provides spot crypto via partner services in jurisdictions where that’s supported. Good customer support and long trading hours make IG a strong, one-stop option for many UK users.
Tip: Try IG’s demo to compare live spreads during the hours you plan to trade.
OANDA
OANDA is a veteran FX broker prized for clear, easy-to-understand pricing, reliable execution and excellent market data tools. It offers web and mobile platforms and provides unlimited demo accounts so beginners can practise without risk. No minimum deposit required to open a standard account (you’ll of course need funds to place trades) and is popular with traders who value clean spreads, historical tick data for backtesting, and simple charting/analytics.
Tip: OANDA’s historical data tools are useful for backtesting simple strategies.
Plus500
Plus500 is designed for simplicity. The interface is uncluttered and onboarding is quick, which makes it attractive to new traders who want to focus on a few products and avoid advanced bells and whistles. Note: some product types may be restricted to UK retail clients; always check current availability.
Tip: Use Plus500’s simple platform to practice order placement, then move to a more advanced platform if you need deeper tools.
Pepperstone
Pepperstone is execution-focused and integrates well with platforms like MetaTrader and TradingView. It’s popular with traders who use automated strategies or value low-latency fills. The broker provides strong customer service and clear pricing. Many algorithmic traders pair Pepperstone with a VPS to keep EAs running 24/7 and minimise latency; beginners should try strategies on a demo and monitor slippage and overnight costs before trading live.
Tip: If you plan to use algorithmic tools, test your bots on a demo with Pepperstone’s execution settings.
Before you start trading - quick note on risk management:
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Use stop-loss orders and size positions so a single trade can’t damage your account.
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Respect leverage limits — higher leverage increases risk.
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Start with a demo account until your strategy is consistent.
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Keep a simple trading journal: entry, exit, rationale, outcome.
More on this on our Risk Management section.
Broker Comparison
What’s the difference between a CFD and spread betting?
A CFD (Contract for Difference) is a derivative that tracks the price movement of an underlying instrument — you profit if the price moves in the direction you predicted, and lose if it goes the other way. A spread bet is similar in mechanics (you’re speculating on price movement) but is a UK-specific tax wrapper: profits from spread betting have historically been free of Capital Gains Tax for private individuals. Both are offered by many CFD brokers UK and carry the same market risk — you don’t own the underlying asset. Tip: choose CFD or spread betting based on tax preferences, reporting convenience and the broker’s offering; always confirm current tax rules with HMRC or an accountant.
What is “spot crypto” and how does it differ from crypto CFDs?
Spot crypto means you’re buying (or selling) the actual token — the asset is held in custody for you (either with the broker’s custody partner or a crypto custodian). A crypto CFD is a derivative contract that tracks the token’s price but doesn’t give you ownership. In the UK, leveraged crypto derivatives have been restricted for retail customers, while some brokers offer spot crypto UK services via partners. Always check whether the product is spot or a CFD before you trade. Tip: spot ownership brings custody and tax implications (see tax FAQ); CFDs can be simpler for short-term trading but may be limited for crypto.
How much money do I need to start trading?
You don’t need a large sum to start — many brokers let you open accounts with low minimum deposits and provide demo accounts to practice first. However, start with an amount you can afford to lose; trading derivatives is high-risk. Focus on position sizing: many beginners risk 1% (or less) of their trading capital on any single trade. Tip: open a demo account to practise order placement and risk management before using real capital.
Are crypto derivatives allowed for UK retail traders?
The FCA has placed restrictions on certain crypto derivatives for retail customers. As a result, many brokers do not offer leveraged crypto CFDs to UK retail accounts. Instead, some regulated brokers provide spot crypto trading through custody partners or separate services. If crypto trading is essential to you, check the broker’s UK product pages to confirm whether they offer spot crypto and what protections are in place. Tip: if a broker offers crypto, check custody arrangements, fees and whether the product is only available to professional clients.
What fees should I watch for on broker platforms?
Common costs include spreads (the difference between buy and sell prices), commissions (some accounts or platforms charge them), and overnight financing / swap fees for positions held past the trading day. There may also be deposit/withdrawal fees, inactivity fees and currency conversion charges. Compare total trading costs (not just headline spreads) across platforms — that’s what affects returns in practice. Tip: for active trading, low spreads and transparent overnight fees are often more important than marketing claims of “zero commission.”
Are my funds protected if a broker goes bust?
If you open an account with an FCA-regulated UK entity, client money is typically held segregated and eligible for FSCS protection in certain failure scenarios (subject to limits and eligibility). Important: FSCS coverage concerns the return of client money or certain claims if the firm fails — it does not protect you from trading losses. Also, retail protections such as negative balance protection limit how much you can lose below zero on most CFDs. Tip: always check which legal entity holds your account (UK-regulated vs non-UK arm) before depositing.
What is leverage and how do leverage limits work in the UK?
Leverage lets you control a larger position with a smaller deposit (margin). The FCA imposes leverage caps for retail clients that vary by product — these limits are designed to reduce catastrophic losses. Higher leverage increases both potential gains and potential losses. Retail traders should treat leverage cautiously and size positions accordingly. Tip: use low leverage or none at all when starting, and always set stop-losses.
Do dedicated platforms provide real-time market data?
Most dedicated charting tools deliver real-time or near real-time data for a wide array of asset classes, often via direct data feeds. Broker charts also offer real-time pricing, but only for the instruments supported by that broker.
Which order types should beginners know about?
Start with the basics: market orders (execute at the next available price), limit orders (execute only at a specified price or better) and stop-loss orders (automatically close a position if the price hits a set level). As you get comfortable, explore take-profit, stop-limit and conditional orders. Knowing order types helps you manage entries, exits and risk without staring at the screen. Tip: practise different order types on a demo account to see how they behave in volatile markets.
How are trading profits taxed in the UK?
Tax treatment depends on the product and your personal circumstances. Spread betting has traditionally been tax-efficient for many private individuals (often exempt from Capital Gains Tax), while CFD profits are usually subject to income tax/capital gains tax rules depending on how HMRC classifies your activity. Spot crypto disposals are typically subject to Capital Gains Tax. Tax rules change and can be complex, so always get tailored advice from a tax professional. Tip: keep detailed records of trades (dates, amounts, fees) to make tax reporting straightforward.