I also think it is important to check reviews about a broker. Within that, it is worth checking whether you can withdraw your funds easily if you want to - if a broker makes it difficult to withdraw your money, that raises concern. User-friendliness can be another aspect you might want to check, along with the functions a broker can provide such as charting tools and market news. Speed is important, too, so that your trades are executed quickly, especially if you trade on short timeframes - for major brokers this is pretty basic, though.
And of course, fees are very important to check out and compare.
according to me, we the traders have to choose broker which is more appropriate to the concept of trading that will be used , if love doing scalping should choose the broker which allows trading concept such as this.
Pay attention to regulation (should be FCA or ASIC), execution type, market-making activities (should be described in ToS). Although the most valuable source of information about quality comes from experience (i.e. trading itself).
The very first and most important thing to consider before choosing a trading broker is regulation. Now, regardless of the level of security, various platforms are full of scam brokers that can take all your money. In such a situation, it becomes important that the broker protects your rights and your interests. It also ensures that your funds are kept safe in a separate account than the broker's account.
In addition, such rules help maintain and encourage fair trading practices. This ensures that your trades are made at proper and current market prices.
However, to get all of the above benefits, you need to go with a licensed brokerage.
If you are starting out in trading, you need a broker with a responsive and reliable support team. You are constantly faced with problems that need to be resolved as soon as possible. A broker with good client support can help you effectively solve your problem if you ever encounter one. They will also always be there to answer any questions or concerns you may have. Possible problems you might encounter could be deposits, withdrawals, improperly executed trades, and other such problems. This is why you need someone you can turn to to help you solve the problem immediately.
There are many Forex and CFD brokers out there, so choosing the perfect one can be confusing. Make sure you do your research and choose a broker that will help you succeed while keeping your money safe.
Regulation is the first step for choosing a broker and prefer choosing one after reviews from other traders that currently trade or previously have traded with them just to be sure you are trading with a reliable one.
you have said well that regulation should be the first step above all when it is time to choose a right broker but so many regulated brokers in online who still cheating with their clients in every single day.
Important Things to Consider When Choosing a Forex Broker are:
The first and foremost characteristic that a good broker must have is a high level of security.
A license from a regulatory body is an important accreditation for a Forex broker.
You should find out what funding methods the broker offers. For example, almost all brokers accept Credit/Debit cards, Bank Wire transfers, and PayPal. It’s recommended that you check what are all the available funding methods and what fees are applied for each method. Also, check out if the broker has any minimum deposit and withdrawal requirements.
Is your broker is giving good customer service. Since Forex is traded 24 hours a day it is expected that your broker can offer you uninterrupted customer service.