Opening your first trading account? Here are 7 tips every smart trader checks before they begin
To open your first trading account, follow this checklists that professionals use to select a broker, from licensing to fees, ensuring you start safely and confidently
Investing in 2025 is more open and convenient than ever. Accessing global financial markets is no longer a distant affair. Whether it’s the foreign exchange market (Forex), indices, commodities like gold and oil, or even stocks of leading global companies, anyone can get started easily by opening a trading account with a brokerage firm (also referred to as a broker).
However, having numerous options can be a double-edged sword for new investors. That’s why the decision to choose the first broker is extremely important, as it is like selecting a partner to journey with in the investment field. A good broker is not just an order executor but also a tool that helps support smooth, secure, and efficient trading.
Professional traders understand this well. They have clear selection criteria based on information gathered from professionals. Here are 7 essential checklists they use, which you can adapt to start your trading journey in the right direction.
What is a broker, and what do they do?
First, we want you to understand the role of a broker. A broker is a financial intermediary company that connects retail investors, like FP Markets, to the large financial markets (liquidity providers), which are the sources of buy and sell orders from around the world.
The main duties of a broker are:
- Provide a trading platform: Supplying software or applications for placing orders, analysing charts, and managing accounts.
- Execute orders: When we submit a buy or sell order, the broker sends that order into the market for matching.
- Manage accounts and finances: Securely handle the deposit and withdrawal of funds.
- Provide information and tools: Offering real-time price data, news, economic calendars, and various analytical tools.
We’re sure that by now, you’ll begin to see just how important it is to choose the right broker. Now, let’s start with the 7 checklists.
1. Regulation and licensing
This is the most important first line of defence that must not be overlooked. A broker without a license from a reliable regulatory authority is no different from entrusting your money to an unknown person with no guarantee of safety.
Why is it important?
- Protection of funds: Regulatory bodies often require brokers to segregate client funds from the company’s funds (segregated accounts). This means that if the broker faces financial problems, our money remains safe.
- Fair operations: These agencies monitor the broker’s operations to ensure transparency and prevent price manipulation or unfair practices against clients.
- A channel for complaints: If a dispute arises, they can raise the issue with the relevant regulatory bodies to seek justice.
What to look for?
Look for licenses from leading global financial regulatory authorities, such as:
- ASIC (Australian Securities and Investments Commission) from Australia
- CySEC (Cyprus Securities and Exchange Commission) from Cyprus (a gateway to the European market)
Usually, a broker will display its license number at the bottom of its website. You can take that number to verify it directly on the regulatory body’s website. FP Markets is one of the brokers regulated by leading authorities like ASIC and CySEC, ensuring confidence in international standards and security.
2. Trading platform
The trading platform is your main workspace and tool. It must be stable, easy to use, and responsive because, in a market where prices move every second, a delay of just a fraction of a second in placing an order can mean a completely different outcome.
What to look for?
- System stability: The platform must not freeze or disconnect frequently, especially during important news events.
- User-friendliness: The interface should be easy to understand and not too complicated for beginners.
- Analytical tools: It should have a complete set of basic tools, such as price charts, technical indicators (Moving Average, RSI, MACD), and trendline drawing tools.
- Order execution speed: Placing buy and sell orders must be fast and accurate.
The most popular platforms in the world are MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which are standards that most leading brokers provide. FP Markets is no exception, offering both platforms for use on both computers and mobile applications.
3. Fees and trading costs
Trading costs are a factor that directly affects your profits and losses. Each broker has a different fee structure, so transparency in this matter is important.
What to look for?
- Spread: The difference between the buy and sell price. This is the main cost of trading. The narrower (lower) the spread, the better.
- Commission: A fee charged per opening and closing of an order, often found in ECN or Raw account types with very low spreads.
- Swap: A fee for holding an order overnight. It can be positive or negative, depending on the currency pair and the direction of the order.
- Other hidden fees: Such as fees for deposits/withdrawals or account maintenance fees for inactivity.
A good broker will clearly display details of these costs. FP Markets is known for its competitive spreads and transparent fee structure, allowing investors to calculate their costs accurately.
4. Account types & products
Variety means opportunity. A good broker should offer account types suitable for the style and capital of each investor, as well as a variety of assets to trade, to diversify risk and create investment opportunities.
What to look for?
- Account Types
- Standard Account: Suitable for beginners, no commission, but the spread will be wider.
- Raw/ECN Account: Suitable for experienced traders, with very narrow spreads, but with a commission.
- Demo Account: Very important for beginners. It’s an account that uses virtual money to practice trading in real market conditions, allowing you to learn the platform and test strategies without risk.
- Assets Offered: Check if the broker offers the assets you are interested in, such as:
- Forex: Major currency pairs, minor currency pairs.
- Indices: Stock market indices like S&P500, NASDAQ, DAX.
- Commodities: Gold, oil, silver.
- Shares CFD: Stocks of leading companies like Apple, Tesla, and Amazon.
FP Markets offers both standard and raw accounts, with the option for a free demo account. Additionally, it has over 10,000+ assets to choose from, covering all major markets worldwide.
5. Deposit and withdrawal channels
The convenience, speed, and security of getting money into and out of your trading account are other key factors that investors must consider.
What to look for?
- Variety of channels: Platforms should have withdrawal channels that are familiar to Thai people, such as local bank transfer, QR code, credit/debit cards, or E-wallets.
- Speed: Deposits should be credited to the account almost instantly. Withdrawals should not take too long (typically 1 to 3 business days).
- Fees: Check for any fees on deposits or withdrawals.
- Security: The process must have robust identity verification to prevent fraud.
A broker that supports transactions directly through Thai banks is a significant advantage, reducing complexity and saving costs.
6. Customer service
When you encounter a problem, there is nothing better than having a team ready to provide timely assistance. The financial markets are open almost 24 hours a day, 5 days a week, and the customer service team should be available as well.
What to look for?
- Contact channels: A variety of channels, such as live chat, email, and telephone.
- Operating hours: Should be available at least 24/5 to align with market hours.
- Language of service: This is a very important point for Thai people. Having a support team that can communicate in Thai will help resolve problems quickly and accurately, reducing communication barriers.
- Quality of service: The team should be knowledgeable, able to answer questions clearly, and eager to help.
FP Markets has a clear strength in this area, with a dedicated Thai customer service team ready to provide full assistance, making Thai traders feel at ease and confident that every problem will be taken care of.
7. Resources and education
A good broker doesn’t just see clients as order placers but wants investors to grow and succeed together. Therefore, they often provide tools and knowledge resources to develop traders’ skills.
What to look for?
- Market analysis: Daily or weekly market trend analysis from experts.
- Educational materials: Articles, tutorial videos, or online seminars (webinars) for beginners to advanced levels.
- Trading tools: Such as an Economic Calendar that informs about the schedule of important data releases that could affect the market.
Choosing a broker that emphasises education reflects a genuine intention to support clients in the long term.
Choosing wisely is the best start
Choosing a broker to open your first trading account may seem complicated, but if you use these 7 checklists as a guide, you will be able to filter and decide with principle, just as professional traders do.
Investing has risks, but the biggest risk for a beginner might not be market volatility, but rather choosing the wrong business partner from the very first step.
Taking the time to study and choose a broker that meets all international standards, like FP Markets, is not just about opening an account; it’s about laying a solid foundation for your investment future.
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