Basics · Guide 4 of 5

5 things to check before choosing a broker

Regulation, execution, spreads, and withdrawals — the things that actually differ between brokers.

First: why does regulation actually matter?

Regulation means the broker is supervised by a recognized financial authority (such as the FCA in the UK, CySEC in Cyprus, or FSCA in South Africa), which gives you basic protections like:

  • Client funds kept segregated from company funds
  • Clear rules for dispute resolution
  • Oversight of pricing and execution practices
💡 Always verify a license number on the regulator's own website — not just the broker's marketing page.
Second: what does "execution quality" mean?

Execution is the speed and accuracy with which your trade opens or closes at the price you see on screen. A common issue is a Requote — where the broker refuses your requested price and offers a different one, usually worse for you.

Brokers running Market Execution generally give faster execution closer to the real price, especially during news events.

Third: how do I properly compare spreads and commissions?

Don't just compare the number advertised on the website — open a demo account and check the actual live spread on gold specifically at different times of day. And pay attention to account type:

  • Commission-free accounts: usually have wider spreads (the cost is "hidden" inside the spread)
  • Raw/Zero accounts: near-zero spreads, but a separate fixed commission per trade

(See the "Gold spreads" guide for the full breakdown.)

Fourth: what should I focus on with deposits and withdrawals?

The key isn't just "lowest minimum deposit" — also check:

  • Does a withdrawal take hours, or days?
  • Are there hidden withdrawal fees?
  • Are the payment methods you actually use (bank transfer, e-wallets) even available?

The easiest way to check: read real reviews from traders who've actually withdrawn funds, not just general platform ratings.

Fifth: why does customer support matter this much?

When issues come up (an execution problem, a withdrawal question, a technical query), support quality makes a real difference. Before depositing, try:

  • Sending a simple question via live chat and timing the response
  • Confirming support is available in your language if needed
  • Checking support is available at least 24/5, since forex markets trade nearly around the clock on weekdays
Quick summary — who do you personally recommend?

Weighing all five criteria, our current recommendation is Exness — regulated by recognized authorities (FCA, CySEC, FSCA), Market Execution with no requotes on Raw/Zero accounts, and flexible deposit/withdrawal options.

See the full detailed comparison (spreads, commissions, account types) in the broker guide on the homepage.

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Your first trade on MT5 →
Opening a position, lot size, and risk management — the first steps
 See the broker guide →