⭐ HOW TO CHOOSE a Forex Broker in 5 Steps?

"Quick Start" Research

The very minimum every trader needs to know:

1. How much will you deposit?
2. Does the broker accept clients from your country?

Go to Broker Search Wizard and find your initial match list

LIST your "WANTs" to narrow down brokers list

• Broker type: MM, STP, DMA, ECN?
• Regulated broker? Investor protection?
• Trading restrictions: scalping, hedging, news trading?
• Preferred trading platform?
• Leverage?
• Lot size?
• Trading costs: spread, commission?
• Funding method?
• Traded markets besides Forex (cryptos, indices, commodities)?

There could be a few important points, or many... There is no "right or wrong" approach

DIG DEEPER

• Google reviews about Forex brokers you are strongly considering
• Avoid Red Flags, there are plenty...
• If in doubt and/or the Broker is a small company, do extra steps:
  • Check their physical address in Google maps
  • Write an email to customer service (for example: at which Bank client funds are held?)
  • Test chat, call center to confirm business "well-being"
  • Verify business/regulation licenses directly at websites of licensing Authorities

DO READ CLIENT AGREEMENT

Besides standard terms, it contains key information about:

• Broker's legal address
• Broker's dealing model
• Conflict of interests (if any)
• Negative balance protection
• Inactivity fees
• Prohibited activities & scalping policies

Also check other legal documents: Risk Disclosure, Terms & Conditions, Conflict Policy, RTS-forms & reports to find out about liquidity providers and detailed execution policies

Give it a test run

• 1. Demo first = test platform & instruments
• 2. Deposit the smallest possible amount = test account opening
• 3. Trade for at least 1 week = test live execution, live spreads & overall performance (Live trading always differs from Demo)
• 4. Request a withdrawal = ensure you get paid & in a timely manner
• 5. If all passed, congratulations! Proceed to depositing more & full steam ahead!