I’m looking to open up my first Forex account. What should I look for in a Forex broker?
A: You should be looking for basically the same things you would look for when trading any other market. That includes things like speed and accuracy of execution, safety of funds deposited, and low transaction costs (spreads or commissions). Beyond that you get in to more personal things like customer service and the features of the broker’s trading platform.
Depending on your trading timeframe, you may also want to take the broker’s rollover (carry interest) policy. Some brokers will only charge or pay carry on positions held overnight. Others do so on a continuous basis. For a longer-term trader this is not a big deal. For the short-term trader, however, it can definitely come in to play.