If you are a forex trader, there are dozens of online forex brokers looking to win your business. Choosing a forex broker is the first and most important step for new traders entering the market. There are several features to consider when finding a broker, most notable selecting a broker with low spreads, a variety of markets to trade, a demo account and resources to help improve trader knowledge. Sadly most of the forex brokers are not worth your hard earned money. 

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5 Tips For Selecting A Forex Broker

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1. Regulatory Compliance: The first thing to check when selecting a forex broker is their reputation. A flashy website and advertisements on internet does not guarantee that a broker is regulated. If you love your hard earned money and concerned about the safety of deposits and withdrawal, accounts should only be opened with brokers that are duly regulated.

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2. Customer Service: Forex trading occurs 24 hours a day, so a broker's customer support should be available at any time. A good broker should always provide the best customer support.

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3. Spread: The Forex brokers make money from the spread of their customers. A good forex broker will always have a spread spread because they put their customer first. If a broker is charging high spread, it means the broker is greedy and you should also stay away.

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4. Ease of Deposits and Withdrawals: I get many emails every month where people are unable to withdraw their fund from the account. In some cases, the broker has vanished with the capital of their clients. As a result, it is very important to have easy deposit and withdrawal. Regulated brokers have good deposit & withdrawal service. 

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5. Execution speed and Slippage: For most traders, execution speed is important as it provides more accurate pricing in a fast-moving market. However, it’s especially important for traders who use scalping strategies or Expert Advisors that process many transactions in a short time. In these scenarios, delayed trades – even by milliseconds – can cost money.

It’s important to note that slippage cannot be eliminated by brokers, especially during events like NFP. But it will be very less with good brokers.