Location

If you don't care about the location of your forex broker you would probably be sending your money to some remote corner of the world with little chance of accessing it when you need it the most.

Regulatory Approvals

If you don't choose a broker with proper regulatory approvals you have no guarantee your broker would really act on your decisions. Then you will have no one to complain to.

Type of account

What’s the point in going for a broker with only a standard account facility, if all the money you have for forex trading is just $500? You should be looking for a broker with a “Mini account”, as the type of account should suit your wallet.

Leverage

Without leverage you will never be able to factor in high risks against the possibility of big profits accruing. Beware; it’s a double edged sword if you don’t pay heed to leverage.

Spread

If you are not bothered about spreads then you shouldn't be doing day trading. After all a 2-3 point spread will easily make you more money than trying to make a profit on 5-10 point spreads.

Trading Platform

This is the key to trading. If you don’t feel comfortable using the trading platform, believe me you will never end up making profits.

Support

If you don't look at the support function critically what is the guarantee of your broker giving you real time live support on a 24-hr basis?
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