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It means a financial regulator has authorised the firm to offer its services in that regulator's jurisdiction, and the firm has to follow the regulator's rules. To check, search for the firm's name or licence number in the public register on the regulator's own website, and make sure the company name, website domain and licence status all match.

The spread is the gap between the buy and the sell price, a cost built into the price every time you open a position. A commission is a separate fee charged per trade. Some accounts charge only a spread, others a narrower spread plus a commission, so compare the total of both.

A demo account uses virtual money, so you can learn a platform and try out a way of trading without risking real funds. Results can differ from a live account, where slippage, liquidity and emotions come into play.

Check the licence on the regulator's register, read the terms for deposit, withdrawal and inactivity fees, find out whether client money is kept separate from the firm's own funds, and keep in mind that leveraged trading can lose money quickly.

Brokers usually send a withdrawal back to the method used to deposit, into an account in the trading account holder's own name, and may ask for identity documents or proof that the card or bank account is yours before approving it. How long it takes depends on the method and each broker's terms.