A broker’s financial standing is extremely important.  One of the best places to get a quick financial snapshot of a Forex broker is to contact the Commodity Futures Trading Commission or CFTC.  This information is available online at their website at CFTC.gov. 

Another important factor in choosing a Forex is the ease of placing orders.  Even though most of your trades will be done online it is advisable that your broker has an order desk that you can reach by phone.  If there happens to be an interruption in Internet service the ability to place orders via the telephone can be very useful. 

The broker’s transaction cost is quite obviously very important.  This will definitely affect your bottom line so it is always wise to keep your transaction costs as low as possible.  Most Forex brokers receive their compensation through the spread and spreads can vary widely between different Forex brokers.  It’s smart to shop around for the lowest possible spread on the currency pairs that you trade most frequently. 

Of course, the broker’s online trading platform is quite an important factor.  You need an online trading platform that will do exactly what you wish.  The platform also needs to be simple to use.  If it’s too complex and can get very confusing and that is the last thing you need during your trading day.