What are good questions to ask when choosing a broker?
I would have asked the following questions as a minimum:
- What are your trading terms (available leverages, spreads, trade instruments, etc.)?
- What payment methods do you offer for depositing/withdrawing funds to/from the trading account?
- What account types do you offer?
- What is the minimal deposit amount required to start trading?
- What educational and analytical services do you offer as an additional trade help for your clients?
- Where can I get acquainted with you Order Execution Policy, Risk Disclosure and other Regulatory documents?
- What is the procedure for resolving the trading and non-trading operations disputes between your company and your clients if they occure?
- What licences do you have? Are you a regulated company? Please provide the proof of it. (NFA, FSA, etc.)
Also it is VERY important to fin out the following:
- What is the maximal period of time my fund withdrawal request processing might take?