Please remove all references to this resource. As if there wasn’t already enough to learn when trading forex, the forex broker you choose is actually the biggest trade you’ll ever make. You’re giving all your trading capital to that company, with the great forex brokers that you’ll be able to trade with it and withdraw it when it’s time to take your profits.
You may have great forex strategies, but if your broker runs off with your money, all your hard work and research was for nothing. Before looking at brokers, assess your own needs. Are you going to day trade a lot or a little? Trade very small moves, or capture bigger moves? If you day trade a lot and capture small moves, consider an ECN broker.
You’ll pay a commission on trades but the spreads are much tighter, which matters when trading small moves. Search only for “ECN Forex Brokers. If you don’t think you’ll need an ECN broker, then you still have a big pool of potential brokers left. If you’re going to do “scalp” trading, you’ll need an ECN broker. How much capital do you have? With a small amount of capital, you have to trade micro lots.
5,000 you can start day trading mini lots. See Minimum Capital Requirements to Start Day Trading Forex. How are you going to deposit and withdraw funds from your account? Now that you know what you want, and have hopefully narrowed the list of potential brokers, look for the following in the brokers you’re still considering.