How to Find a Reliable (Regulated) Online Broker in the UK
The first step you have to take before you start trading is finding an online broker to use. Now, this might sound like quite an easy task, but considering the number of brokers in the UK, today, you would be surprised at how difficult it could be, especially for beginners with little experience.
There are just too many choices and too many factors to consider. That’s why you should always combine the opinion of professionals with your own research.
Safety Has to Be Your Number One Priority
When looking for a broker there is one thing that you have to consider before everything else and that is your and your fund’s safety. Unfortunately, there is an abundance of unhonest and illegal operations in the industry, whose only goal is to cheat.
Luckily, there is one easy way to ensure that a UK broker is legal, namely that it is regulated and licensed by the Financial Conduct Authority (FCA). The FCA has been tasked with safe-keeping the entire UK financial industry, from banks to brokers and everything in between.
Therefore, the first thing to check with any broker that you consider using is whether or not it is regulated by the FCA. In addition, there are several other regulatory agencies around the world, and the more licenses a broker has, the safer it is.
Rely on Unbiased Broker Comparisons
As mentioned, you should also rely on the opinion of experts. And unless you know a trading expert that can help you, you should locate unbiased broker reviews. In the UK, there is an up-and-coming company that operates tradingguide.co.uk, which is one of the most comprehensive broker comparison sites in the world. Here, you can find detailed and completely fact-based reviews of every top-tier CFD broker available in the UK today.
In addition, the company has done a massive study where they compared all the brokers in a massive “Broker Award”. You can read the study here and find a broker that suits you within a few minutes.
On the website, there is also a range of guides to help you understand what to look for in a broker as well as guides on how to trade to help you get started.
Combining Expert Opinion with Real User Reviews
In the name of transparency and unbiased reviews, the above-mentioned company has done something completely unique in the world. Besides detailed reviews written by their team of financial traders, the company has included millions of real user reviews.
These reviews are automatically scraped from major review platforms, including Trustpilot, the App Store (iOS), and Google Play (Android). The reason they scrape reviews from the app store is that every top-level online broker has a trading app.
Use More Than One Source
Lastly, we want to recommend that you use more than one source to evaluate which broker you should use. By doing this, you can ensure that the broker you want to use is recommended and top-rated by more than one company, which in turn enhances your chances of finding the perfect broker for your specific needs.