by Michael on March 12, 2015

A frForex podiumiend of mine who wants to start FOREX trading has just asked me what he should look for in opening a FOREX account. Whereas I am not an expert in this

I did give him a list with my personal ideas of what he should ask for when searching for a Forex broker.

My 8 (eight) rules for a newbie to follow are:

  1. FCA (in UK) regulation with a guarantee (up to £50K) to return your equity (after closed losses) should the company go bankrupt
  2. Minimum deposit only of £100 (newbies want to start with low risk)
  3. Transfer / withdrawal within 24 hrs and no minimum amount
  4. Example of personal testimonies
  5. Leverage 1:500
  6. Lot size possible from 0,01 (again to reduce risk)
  7. Possibility to hedge (trade both ways in the same currency in the same account (not allowed with US firms)
  8. Possibility to open multiple accounts with the same broker.
  9. Possibility to trade on a MT4 (best system in my opinion)
  10. A demo account should be available and this should be opened prior in order to test how well the software works.

As you spotted that was 10 rules 😉 I was just checking you were all awake.

Let me know if you have even more to add and I will revise the list !!!

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