In the following post, we will guide you through the exact process that you go through to register a trading account with a broker in the UK. The process is fairly straightforward but it involves quite a few steps so you have to pay close attention.
Therefore, we strongly suggest that you read through this step-by-step guide on how to open a trading account. If you have any questions about opening a trade account or have gotten stuck in the process, you’ll find the answer below.
In This Guide
How To Open a Brokerage Account
Finding a Broker
Obviously, you have to find a broker before you can open an account. Now there are several ways you can do this. The easiest is, of course, by relying on our comprehensive broker recommendations and comparisons.
Since we’ve already done all the hard work examining each and every broker on the UK market in detail, you can save yourself a lot of time and frustration by using our information instead of researching the market on your own.
To get a better idea of how we can help you find the best broker for your needs, we invite you to check out one of our many broker guides. Preferably a guide related to the market or types of instruments that you are interested in.
For example, forex traders can read more about the best forex brokers in the UK, while complete beginners might wanna find the best spread betting broker for beginners.
Well-Researched and Unbiased
This site was created to help make a more transparent and open trading environment in the UK. Therefore, we strive to only provide honest recommendations and reviews based on well-research data.
This creates a great resource for anyone looking to find a reliable broker to open a trading account with since all the information needed is summarized under the same roof.
Read about the best options trading platform in the UK and best trading books in our other guides.
Millions of Users Reviews
One thing that makes this site stand out from the competition is the fact that we pull millions of users reviews from platforms such as Trustpilot, Google Play, and the App Store. These reviews are included in our recommendations to further enhance the transparency.
We do this because we believe the best way to find a brokerage account is to rely on other traders that have been in your very position.
Opening a Brokerage Account: The Registration Process
Now to what you all came here for: a step by step guide on how to open a brokerage account.
The following three steps are all that’s needed to register a new trading account online in the UK.
Register an Account
To get started, you visit the website of the broker that you’re registering with and follow the registration button.
Then you have to provide personal information that will be used as the foundation of your new trading account. This includes your first and last name, address, email, phone number, etc. You will also be asked to set a password for your account as well as answer a few short questions about your trading experience.
Keep in mind that your personal information will have to be verified later on and has to be accurate.
If you’re registering using a smartphone, the process will be the same. However, a few select brokers require you to download an app to start the process.
The Verification Process
At this point, you will have opened a brokerage account and you can access it by logging in to said broker using your new username and password. You can also enjoy the broker’s demo account (if offered) where you can trade real market conditions using virtual funds, thus no risk and no real reward.
To gain full access to your account and start trading, you will have to verify your identity. This is enforced by law in the UK and the EU and cannot be avoided. It’s put in place to enhance trader safety as well as to combat money laundering.
- In case you found a broker that allows you to open a trading account without verification it is a licensed broker and most likely a scam!
Luckily, the process is very easy. To verify your identity, you will have to provide proof of identification and proof of residence. This means you have to submit a copy of your ID (national ID, driver’s licenses, passport). You will also have to submit a bank statement or recent utility bill that clearly states your address and full name.
For most, this is enough to verify and open a brokerage account but in some cases, brokers as new traders for additional information or proof which has to be submitted.
Your First Deposit
Once you’ve opened a trading account and verified your identity you will have full access to your account. All that’s left to do before you can get started is your first deposit.
The best brokers in the UK all support a range of deposit methods that you can choose from. For example, brokers allow you to deposit using:
Pick whichever payment method that suits you best.
Minimum Deposit: What Does it Cost to Open a Brokerage Account?
Almost all of the best brokers in the UK have a minimum deposit limit that you have to fulfil before you can start trading. This only applies to your first deposit and is a part of the verification process.
The typical minimum deposit level is between £50-£200 but a handful of brokers have slightly higher limits. It has also become increasingly common for brokers to remove this requirement altogether.
Set a Budget Before Opening a Trade Account!
In addition to the minimum deposit, you always need to have a budget before you open your brokerage account.
All forms of trading and investments are associated with the risk of losing the invested funds. There are ways to protect yourself against this with strategies, experience, and tools such as stop-loss features.
However, you are never completely trading without risk. Therefore, the golden rule of trading is to NEVER invest or trade using money you cannot afford to lose. That means that the money you deposit to your new trading account is spending money left after all bills are paid.
Setting Up Your Trading Account
Today’s trading platforms are rather advances and can usually be set up and adjusted after your trading needs.
Whether you’re trading on a desktop, laptop or mobile device, you should try different graphs, interface layouts, short cuts. As a beginner, we strongly advise that you start by using a demo account. This will allow you to gain a feel for the tools that you like and the set-up that you would prefer.
Other than that, you are allowed to set up your newly-opened trading account however you like.
FAQs
You can easily open a new brokerage account with only three easy steps: registration, verification, and your first deposit.
For more details, refer to the step-by-step guide further up on this page. Alternatively, you follow your broker’s instructions as they will be the same as the instructions provided by us.
There is only one place to open a trading account: with your prefered online broker.
To find a suitable broker, we suggest you check out our broker guides and recommendations. We have categorized all the top UK brokers in a range of categories to make it easier for you to find the right one.
For example, a list of the top forex brokers, a list of the top stockbrokers, a list of the top futures brokers, etc.
A brokerage account is an account that you will use to access your brokers trading platform, thus also the markets that the said broker offers.
It’s your key to all the financial markets in the world and is something you will use every time that you trade.
Please note that your brokerage account will be the same whether you’re using a desktop or mobile device and you can seamlessly switch between the two.
Conclusion
By now, we hope that you have a clear understanding of how to open a brokerage account with a broker registered in the UK. If you still have questions or concerns, you’re more than welcome to contact us so one of our experts can help guide you.
Also, don’t forget to take a look at other trading guides and broker recommendations to ensure that you have all the best tools and right knowledge to start trading profitably.
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25,000 hours of testing 70+ brokers. Our recommended broker is Pepperstone.
Our recommended broker is Pepperstone.
You need to spend time learning and using a demo account for as long as necessary before risking any money!!