Everyone rightly recommends that you should thoroughly research a Broker before committing funds but its not clear exactly how this should be done.
It’s clear from this forum and others that you should run a Demo from the broker to make sure that they are suited to the way you like to trade but it’s unclear on how to pre select brokers whose Demo you should try.
It’s often difficult to determine from a Brokers web site exactly where they are domiciled or how they are regulated.
It’s even harder to figure out if they are legitimate, well established and financially strong or just some boiler room operator.
Is their a database where you can input the brokers name and it will tell where his offices are and where he is regulated.?
Is their any possible way to research from the the internet exactly how big and /or strong he is financially?
Each regulators website allows you do a search of the database to see if the broker is registered.
The CFTC website has financial data for brokers registered in the US. Financial Data for FCMs
Keep in mind some brokers are registered in multiple locations throughout the world so viewing capital reported to one regulator may not be total capital the broker holds if looking at all entities. But it’s a good start.
My 2 cts - if the site or their representative does not offer full transperancy, move on. Lots of good ones and trying a demo is one way; if you re satisfied during demo then see if you can start with a very small amount, 100 bucks or so. Some will say they can’t offer such a small acct but tell them that if you are satisfied after 90 days then you will fund the acct to their minimum requirement. You might be surprised. A broker I really liked made it hard to change TPs & SLs once a trade was initiated. I left. d.