Trading is an exciting field, and traders around the world make a living trading full-time and part-time. Many novice traders understand that achieving success requires not only possessing the necessary knowledge and tools, but also identifying a reliable broker who is committed to their success, rather than attempting to deceive them. In addition, a lot of new traders are now looking for brokers who offer them the best spread so that their hard-earned money remains in their pocket. In doing so, they are always searching for the next best broker that offers the lowest spreads and the best margin options. To accomplish this, they utilize various best forex broker comparison websites such as comparebroker.io or forexbrokers.

Being in the industry for over 15 years and having worked as the head of trading desk and head of research for many companies, the one question that I always used to come across was if the broker was going to work for me or if they were going to screw me. I have always determined my answer based on the following criteria:

Most Regulated Brokers 
It is essential for traders and investors that the company they are going to trade with is highly regulated. With major regulators like the FCA and others, it would be hard for the company to screw its traders. This is due to the fact that a significant number of brokers actively seek excuses to withhold payments from their clients, particularly when they generate substantial or consistent profits. On the other hand, a regulated broker closely monitors a trader who is performing well, and accordingly hedges their risk with their liquidity provider. They understand that engaging in inappropriate activities can negatively impact not only their license but also their reputation.

Look At The Cost 
When choosing a broker, it's crucial to consider both their hidden and obvious costs. Many traders focus solely on the spread cost, oblivious to the financing cost, also known as the margin cost or withdrawal fee. Additionally, some brokers may impose additional fees, such as platform fees. As previously mentioned, the best CFD broker comparison websites will undoubtedly include a page that allows them to examine specific costs for top brokers, after conducting thorough due diligence. Here, they will compare factors such as the spread cost and execution cost, specifically focusing on the raw spreads of their CFD accounts. This is due to the fact that even though the spread appears to be raw, brokers often add a margin on top, resulting in an execution cost that can range from 2 to 4 dollars. Therefore, a reputable broker comparison site would diligently examine the situation and compile a comprehensive list of all potential costs.

Reliability and Customer Service 
The third crucial aspect that I consistently emphasize is the dependability of the trading tools they provide. This encompasses the user-friendliness of the platform. While some features may be appealing, it's often the case that simplicity is the most effective approach, as trading doesn't require the use of over 1000 indicators on a chart. A simple platform that makes things easier is better than one that makes trading even more complicated than it is. When it comes to reliability, it is not just about the platform and tools and the jingle bells that they provide, but also about the customer service. This is highly important, and a lot of websites that claim themselves as the best broker comparison websites actually fail to look at things more closely. Every broker recognizes the significance of social media in today's world, and they dedicate a special department solely to enhancing their ratings on these platforms. A good comparison website would go above and beyond, seeking to engage with existing customers and understand their experiences. This is due to the inevitable occurrence of periods of low liquidity in a highly volatile environment. As a serious trader, you want to ensure that your trade executes at the best possible price. If this isn't the case, you can engage with a service provider who will make every effort to secure the best execution price or adjust your position accordingly.

Margin 

It is certainly important, as everyone wants a bigger bang for their money. But margin is a two-sided sword, and only pros should use a higher margin; otherwise, you would lose captial much faster than normal. Again, a decent website should do this job for you in such a way that it looks at your experience and then suggests you the best broker based on that. Comparebroker.io certainly has that good functionality built into that, and I have seen somewhat similar features that do a slightly similar job on other websites as well. 

Summary

Trading is a lucrative industry, and many new traders seek the right brokers to ensure success. They use forex broker comparison websites like comparebroker.io or forexbrokers to find the best brokers with the lowest spreads and best margin options. To choose a broker, traders should consider their regulated status, hidden costs, and customer service. Most brokers are regulated by major regulators, such as the FCA, and will hedge their risk with their liquidity provider. A good broker comparison site will list all possible costs and provide detailed information about their fees. Reliability and customer service are also crucial, as many websites claim to be the best broker comparison websites. They should also address exiting customers and ensure the best execution price during volatile trading environments.