How to choose the Different types of Forex Broker?

#1
Hi guys

I think I have worked this out correctly but wanted to check it before settling on my broker.

Assume all other things are equal, fund security, platform tech etc...

Broker A
Typical Spread - 1
Commission - $5 round trip (1 lot)

Broker B
Typical Spread - 0.6
Commission - $7 round trip (1 lot)

Pip value (1 lot) - $10

Broker A total cost of single trade - $15

Broker B total cost of single trade - $13

Initially, I was distracted by the lower commission rate offered by Broker A but assuming the above is correct, and all other things are the same in terms of service and platform, Broker B is the right choice.

Am I missing anything, and in terms of charges it is just spread and commission that needs to be factored in right?

Thank you
 
#2
Keep these things in mind before choosing a forex broker

  1. Security. The first and foremost characteristic that a good broker must have is a high level of security.

  2. Transaction Costs. No matter what kind of currency trader you are, like it or not, you will always be subject to transaction costs.

  3. Deposit and Withdrawal.

  4. Trading Platform.

  5. Execution.

  6. Customer Service.
 

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