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When choosing a broker, pay attention to:
What people say
-What opinion do other traders have about this broker?
Client protection
-Is the broker regulated?
-What is the reputation of the regulatory organisation/s they are registered with?
-Are client’s funds protected against fraud or bankruptcy?
Trade execution
-What is the business model (MM, ECN, NDDB)?
-Does their execution speed match your needs?
-Are orders executed manually, automatically or both?
Spread
-Is the spread small enough for you?
-Is it fixed or variable?
Slippage
-How much slippage can you expect in normal and fast moving markets?
Margin
-What is the margin requirement, and does it change for different currency pairs?
-When will a margin call be issued?
Commissions
-Does the broker charge any commissions? Usually they are built in into the spread.
Rollover policy
-Is there a minimum margin requirement in order to earn rollover interest?
-What are the swap rates for going long or short in a particular currency pair like?
Trading platform
-Is it user-friendly and reliable during fast moving markets?
-Are the currency pairs that you are interested in available to trade?
-Does the broker allow clients to automate their trading systems?
Trading account
-What is the minimum deposit and the minimum trade size?
-Can you earn interest on the unused margin in your account?