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Imagine a world in which all FX brokers have your best interests at heart, show you the quick and easy way to astronomical profits, the market moves only in your favour and your earnings appear in your bank account as if by magic… Sounds good, right?

If only this were the case. But, as anyone of us who has been in this industry for more than a minute knows only too well, it is sadly not. So, how do you choose your first broker?

How do you overcome confusion, uncertainty and exasperation and step into that beautiful peace of mind that comes with finding a broker that is actually not looking to steal your money? Find a broker that is regulated. If a broker has a licence to operate, this ensures that they are expected to meet the highest of standards and very specific capital requirements at all times, that they handle deposits as required by legislation and not as per your worst nightmare, and that they act in accordance with all accepted codes of conduct.

Truth is, online forums are brimming with horror stories of traders who signed up with unregulated brokers and never saw their money again.

Ok, the truth is there are no costs that are actually hidden, just costs waiting to be discovered, and discovered they will be. You probably know that a broker will either charge you for the spread or charge a commission. Yes, it really is. Now, you should bear in mind that fund safety and segregation is usually associated with whether or not a broker is regulated, and reputable brokers usually keep client funds in separate bank accounts in major banks.

Such brokers are usually also members of compensation schemes to ensure that your funds are further protected, should disaster strike. Very simply put, you should compare the downloadable, web-based and mobile platforms offered, see which instruments are available for trading, learn about available leverage and whether you can trade mini or micro lots, and ask if hedging, scalping, algos or anything else you have in mind are permitted.

So consider the following: Can you contact Support Officers via not only email but also telephone and live chat? Are they available at any given moment and capable of answering your questions? To get a taste of what to expect you can sign up for a demo account, which is a service that many brokers offer and is usually free of charge.

Six Factors to Consider". You forgot the biggest one of all. Did you write this article Abdul and who do you work for? My guess is that you work for a Market Maker. Defending B book over A Book is laughable to the extreme. I nearly burst my appendix from laughing so hard.

I have to go to the hospital now because of you. Huge paragraph on customer services but no mention of Market Makers, ECN, STP, NDD, DMA etc. Choosing a broker is very difficult. I had an account with a several brokers, but unfortunately not professional. Now I have account in SGT Markets. They have a very fast execution of orders and see that they do not want to cheat their clients.

Choosing a broker is really a difficult task. And I agree with you that there should be transparency about everything. Your article has made my idea clear about finding best forex broker. So far i get from it that market market makers broker have possibility to scam. So we should be careful about it.

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Our Quarterly Report incorporates unique data on trading volumes and traders, in-depth insights, special guest articles, regional information, regulations, updates and much more. This exclusive report aims to serve as a manual, answering all of the questions on the Chinese multi-asset trading industry that you were always afraid to ask.

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Not to mention that trading A Book means you are essentially trading with the biggest Market Makers in the world, the LPs themselves, whose job it is to ensure they are making money. It seems to me that now to choose a reliable broker who earns only on the commission is very difficult.

I thought that only small offshore scammers could act against clients and forge documents. Welcome to Finance Magnates' Thought Leadership program, where we share content sponsored by our partners, as they feel it connects with our editorial content - and we agree.

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