There are many factors that need to be taken into account before settling on a certain broker. Some of the most crucial factors to consider are regulation, trading cost, leverage, and the number of trading instruments offered.

The first thing traders should do is check whether the broker is regulated. Regulated brokers are more trustworthy and have more experience in the industry. They are also required to adhere to strict financial guidelines and divulge the necessary information about their performance.

Trading cost refers to a forex broker's commissions and spreads. The commissions for forex brokers can vary.