We don't list or rank providers — this site is education only. What we can give you is the checklist: six checks that separate an informed choice from a marketing-led one. They take under an hour and cost nothing.
Want names to run these checks against? See the A–Z directory of FCA-authorised providers — alphabetical, no rankings, official links only.
1. Verify FCA authorisation — from the source
Look the firm up on the FCA register yourself; don't trust a logo in a footer. Authorisation means segregated client money, FSCS protection up to £85,000 if the firm fails, negative balance protection, and margin close-out rules. No FCA entry — or a "clone firm" warning — means walk away, whatever the website looks like.
2. Read the loss-rate disclosure
Every FCA-regulated provider must publish the percentage of its retail accounts that lose money — it's in the risk warning on their homepage, and it's the most honest number in the industry. Typical figures run from around 60% to almost 90%. Compare it across the firms you're considering, and let it set your expectations.
3. Price the markets you'll actually trade
Headline FTSE spreads converge at about 1 point across major providers — differences hide in individual shares, small-caps, out-of-hours index pricing and overnight funding on rolling bets. If you'll hold positions for days or weeks, funding charges matter more than the spread.
4. Test the platform before depositing
Open the demo account first. Place orders, set stops, check how margin is displayed, try closing a partial position. A platform that confuses you in a calm demo will cost you money in a fast market.
5. Check the risk tools
Guaranteed stops (the only true cap on losses in gapping markets), price alerts, and clear margin-call communication. Ask how the firm handled clients in past volatility events — the answers are usually documented in reviews and forums.
6. The red flag: anyone offering you an incentive
The FCA banned sign-up bonuses and deposit offers for these products in 2019. A "bonus" from a firm targeting UK retail clients means the firm is either not FCA-regulated or not following the rules — either way, that's your answer. The same applies to anyone cold-calling, DM-ing you trading tips, or promising returns.
Checklist done? Before you fund anything, read the risk-management guides and size your first stakes with the margin calculator.
The rule that outranks every guide: never bet more than you can afford to lose.
Risk management →