When you are shopping around for the best online forex broker, you may ask yourself, what needs to be on your checklist? It is normal for brokers to do whatever it takes to draw you in. They will even call you and explain what they can offer to you if you open an account with them. Why are they willing to do all these? Simple, because they earn money on every single trade we make whether it is a loss or a win.
• Customer Service
The first to pay attention to, is their customer service as this is the most important thing you will need from who you are putting your money into. To check whether they have a reliable customer service is to try to contact via email or phone if possible. Look at the time frame on how long they reply and the answer they give to you.
• Order Execution
This needs to be done by opening a demo account with the broker company. Check the responsiveness whenever you are trying to open a trade position. You do not want to have your action requoted every time you open a position.
Even when the broker offers 1.5 pip spread of major currencies, you need to check it by having a demo account with them, because often it is only a marketing trick to draw your attention. In real situation, spread will vary depending on the market condition. There are some brokers that offer fixed spread but there are usual higher than variable ones.