What to look for in a broker

hey all, i’m a recent college grad with some extra cash. i’m new to this forum and this whole speculation thing. i’ve been reading/studying up and have decided to try my hand at the forex market. not sure if i’ll even get started anytime soon, but for now i’m wondering how i’ll know a good broker when i come across one? and conversely, how can i recognize a bad one so i’ll know to avoid them?

it seems to me that every one of each one of these companies wants me to believe that they can offer me the best tools at the lowest cost, but surely they can’t all be right.

for example, when i call a broker an suggest i might be interested in opening up an account, what should i be listening for to let me know that it’s the type of reputable/reliable company i’m looking or, and what types of claims should i be skeptical of when they’re trying to sell me?

thanks in advance

Are they regulated with NFA? Do they have a lot of cash on hand in the company? Are they publicly traded? Those are my top 3 I look for.

As you said all of the brokers you will talk to are going to tell you that they are the best and their offer is the best, but most important is what others are going to say about them and are they regulated, what is their ranking.
Also check for tied spreads, deep liquidity and fest execution.

In addition to above try this tool.
Forex Brokers Comparison

All brokers are not the same and you’re right it’s their job to sell you on their office. Certain things are more important to certain traders depending on their circumstances. That’s where this tool comes in. For example. I would not consider any broker who is: not a independent broker or bank, Only offers ECN/STP or STP, been in business more than 4 years, allows scalping, hedging, no commissions, no swap fees, to name a few that are musts for me. If you plug that information into the broker comparision, you will get a list of brokers that offer those services. Once I get a list of brokers, I compare those brokers side by side to see which one offers the most of what I’m looking for. After that I do a broker review on google to get opinions from other brokers. (by itself mostly useless, but taken as a part of the big picture more useful)

Assuming everything is still a go, next I open a demo account and do some tradeing to see how thy perform. While I’m doing that I fire off a couple of easy questions to support to see how long it takes to get back to me as well as the answer they give, then I throw a couple of harder questions to see what happens. Lastly I open a small live account $500 in my case and trade live to see how they preform. If all that works then I do a larger deposit.

My rule is trust no one, what they write or say, not because I could be cynical and old, but because you don’t have to take them at face value. You can take a small amount of time in the beginning test what they say or write and go step by step and that way there’s a better chance down the road you won’t have to post “ABC broker is a scam” Anyway that’s my 2 cents, hope it helps