What should you consider when choosing a broker? – Forex Brokers

Do your research before choosing a broker. Here is a list of the most important considerations:

  1. Is the broker legal in your jurisdiction? (Some countries, like the United States and India, have decided, in their wisdom, to limit your choice.)
  2. Is the broker properly regulated? The most reliable regulators are the United Kingdom, Switzerland, Australia, New Zealand and, despite some glaring failures, the United States. Avoid unregulated brokers or any "regulator" based on a small island off the coast.
  3. Does the broker offer good liquidity, spreads and execution?Compare the spreads and, if you have ambitions of scale, look for the depth of their book, the speed and the reliability of their execution.
  4. Does the broker propose a trading platform and / or an appropriate API? MT4 is perhaps the norm, but it has flagrant weaknesses, especially for serious automated transactions. A small number of brokers offer more powerful and flexible alternatives, and even fewer offer powerful APIs for serious automated trading.
  5. Does the broker offer a competitive fee structure? You can save a lot of money by comparing costs.
  6. Can you afford the minimum deposit? Many of the more professional brokers set a fairly high minimum compared to mass brokers.
  7. Does the broker offer decent customer service and technical support? I suggest testing them with some pre-sales questions to see how they respond.

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