Choosing a broker is mostly about avoiding the wrong one. Get the safety basics right and the rest is fit. Here's the checklist we run on every platform we review — in order.
1. Regulation first, always
Before anything else, check who regulates the platform and which legal entity you'd actually be signing up with. A broker can hold a strong FCA or ASIC licence and also operate an offshore entity that onboards most international clients. The licence on the homepage isn't necessarily the one protecting your money.
Look for: tier-1 regulation, segregated client funds, and an investor compensation scheme. If you can't find a licence number, walk away.
2. The all-in cost, not the headline spread
"Tight spreads" means little on its own. Add up the spread, any per-lot commission, overnight/swap charges, currency-conversion fees, and the inactivity and withdrawal fees that only appear later. Model it against how you actually trade — a scalper and a buy-and-hold investor should optimise for completely different things.
3. Execution and withdrawals
Can you get your money out, quickly, without a fight? Withdrawal friction is the single most common serious complaint against brokers. Check real user reports, not the marketing.
4. Fit
Only now does the fun stuff matter: platform quality, app, available markets, demo account, copy trading. A platform can be excellent and still be wrong for you.
A note on bonuses
Deposit bonuses almost always come with trading-volume conditions that are hard to meet and can lock up your funds. Treat them as a reason to be more sceptical, not less.
Trading is risky and most retail traders lose money. The goal of choosing well isn't to guarantee profit — there's no such thing — it's to make sure the platform itself never becomes the reason you lose.