Bylaw: The first thing you need to check before you choose a forex broker is the broker's firm is being regulated by forex regulatory body. Also, ensure that they are fully registered with the commission that oversees forex trading in your country of abode. It is not a very difficult task to undertake. You can simply go to their website and check the status of their membership.
Official Website: Any forex broker that does not have a company's website is not ready for real business in this age. That can be accepted in the olden days but not now. So check if actually, the forex broker you are willing to deal with has an official website. Through the website, you can be able to get some concrete information about them.
The website gives you access to get to know more about them before meeting them physically. Also, check how the official website is designed. Is it designed in such a way that someone can easily find his way around it or is it very complicated to understand? Is the website looking professional? These and other questions like this can go a long way in helping you know about them.
Check How Good Their Spread Is: Different forex brokers offer different spreads. This means the gap between the selling price and the buying price. Make sure that the gap is not more than five pips for any of the main currencies. The main currencies are USD/CAD, USD/CHF, EUR/USD, GBP/USD and AUD/USD.
Check How Good Their Customer Service Is: Find out if the forex broker has a functioning customer service. There are some trades that can do without customer service, not forex trading. When there is no customer service or the one that exists is not functioning very well, it can inculcate many losses. The forex broker that does not respond to calls quickly is not a good forex broker to sign up with. The same goes for a customer care that does not reply mail quickly or promptly attend to online chat.
If you get involved with forex broker whose customer service delays a lot before closing or opening a position, you are in for a great loss in forex trade. You can try out this by opening a demo account to see how effective they are in attending to their customers.