Select a Broker
Check what other traders say about the broker.
Check the home country of the broker.
Check their customer service/dealing desk.
Check what regulatory organizations they are registered with and what protections this affords you.
Check if client funds are insured against fraud.
Check if client funds are insured against bankruptcy.
Account
Check the minimum balance required to open an account.
Check the minimum trade size.
Check if you can adjust the standard lot size traded.
Check if you can you earn interest on the unused margin balance in your account.
Margin
Check the margin requirement.
Check if it changes for different currency pairs or days of the week.
Check if the broker increases it in volatile market conditions.
Check at what point the broker will issue a margin call or close open positions.
Check if the same applies for standard and mini accounts.
Trading
Check reliability during fast moving markets and news announcements.
Check how many different currency pairs you can trade.
Check for any special features.
Spread, Slippage and Commissions
Check how tight is the spread.
Check if it's fixed or variable.
Check how much slippage can be expected in normal/fast moving markets.
Check if they charge commissions.
Execusion
Check the business model they operate.
Check how fast is their order execution.
Check if the orders are manually or automatically executed.
Check what is the maximum trade size before you have to request a quote.

Forex Checklist

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