The secret to being successful from a trading perspective is to have an indefatigable and an undying and unquenchable thirst for information and knowledge.”
Paul Tudor Jones Trader
Do they have a good reputation in the industry? Do they have a large number of clients? Ideally it is better to use a local broker that you can call and get a feel about them. Are they pushing you to have a binary options account rather than an available platform of your choice?
For most retail traders the Metatrader platforms have often been platform of choice and certainly for newbies. Because it is so universally used there are many options for customisation and also to integrate custom indicators and robots. The broker will also have their own web-based platform. Also in this modern age good to check if you can access your account from your smart phone.
Most platforms provide access to not just Forex but also indexes, stocks and commodities, some even cryptocurrencies! In reality you’re realistically only going to focus on a few instruments so its good to know a broker provides so many instrument but more important would be the spread or the cost of trading for you.
With countries around the world slowly co-ordinating their regulation efforts so it is similiar around the world you want to make sure that the broker is regulated. Ideally in the same country that you are in. On top of this you’d want to know how the Onboarding experience is for new clients.
Ultimately, until your funds are not in a bank account you own then there is always that risk that you’ve built up good trading account but if the broker goes under, so could your portfolio. So it makes sense to check whether there are any fees in putting money in and taking money out and if the process is a painless one.
In times of huge volatility the price feeds are sometimes slow to catch up, meaning your open positions could well be closed at adverse times. May not happen that often but you want to check the process for when it does as usually the closed trade ends up being one that significantly draws down your account.