Risk warning: spread bets are leveraged products — most retail accounts lose money.
HOW TO CHOOSE

Choosing a provider: the checklist, not a ranking

We take no referral fees and recommend nobody. Work through six checks in order — any provider that fails an early one doesn't need the later ones.

1
Is it FCA-authorised? Verify it at 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.
DEAL-BREAKER
2
What is its published loss rate?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.
DEAL-BREAKER
FIG. 1any-provider.co.uk72% of retail investor accounts lose money when trading these products with this provider.This sentence — with the firm's real number — is required on every FCA-regulated site.72% is an illustrative figure. Find each provider's own, and compare before depositing.
The most honest number in the industry, published in plain sight. Let it set your expectations.
3
How wide are the spreads on your markets?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
Does the platform survive a demo?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
Are the risk tools real?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
Is 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.
RED FLAG

Checklist done? Before you fund anything, read risk management (chapter 11) and size your first stakes with the position-size calculator.

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