Making the choice between and choosing a spread betting company is not so easy these days due to the increased number of brokers out there. Below I have highlighted my Top 10 criteria in order of importance to me. This list is for sure arguable and so it should be, priorities will be different from one person to another and will change over time.

1. Regulation

This has to be top priority. If the broker is not regulated, I will walk away without hesitation. As with any organization you place your money with you have to make sure that it is protected and that it is as safe as can be. As a minimum your broker should be FSA regulated.

2. Reliability

Everybody relies on the internet now and it's now expected that any service we wish to use will be available round the clock, the same is now expected of a broker.

Pick a reputable broker, they will by and large only be popular if they have shown to be consistently dependable across a big client base.

3. Markets/Availability

I normally only trade the highly liquid and widely available Foreign Exchange and Indices markets. For this reason, I can be reasonably sure the markets I will want to trade will be on offer, if not it will be quite a poor broker and therefore can be avoided.

What I do check though is that the market is tradable at the times I wish to trade it. This does not simply mean the times I wish to place orders it also means the market has to be on offer at times when I may perhaps wish to exit a trade or when I might expect a Stop/Target to be honored.

Therefore, for me, as I regularly hold Foreign Exchange positions overnight with a Stop and Target in place it is meaningless for me to have a broker that only offers the Foreign Exchange market from 06:00 to 22:00. I need a broker that offers 24-hour execution.

4. Interface

What's significant here for me is: ease of location of markets, effortless order/trade entry and efficient trade management of open trades.

It is absolutely essential to me that I can easily find the markets I wish to trade and be able to set up orders/execute a trade (with Stops and Targets defined (I never trade without them)). I also need to be able to monitor and amend those open positions, gauge my exposure, move Stops, etc. Without constant screen watching or feeling nervous when I am not at the screen.

5. Execution

Efficient execution is very important. I need execution at the price I stipulate and for it to happen instantaneously. Yes, slippage is an accepted overhead of trading, but it is not one that should be tolerated. I would expect less than 5% of my trades to incur slippage, any more than and I would be thinking about changing my broker.

6. Spread

Not as imperative as it used to be. With the increase in competition, it means that for the more liquid instruments I usually trade the spreads are now quite uniform across most brokers.

7. Support

It is Important to know that the broker has a solid support infrastructure. Again, this can be checked on the internet (forums, etc.) for general consensus but at least once a quarter I put it to the test.

Always know how to contact your broker, email, phone, online chat, instant messaging, etc. Make sure you are aware of what these details are and have them to hand. I keep them printed in large font on the nearest wall.

Do not learn this lesson the hard way!

8. Charting Package

Some may find it surprising that this is almost at the bottom on my list. But the reason is quite simple, I am already happy with the Charting packages I have. I have used them for years; I am familiar with them, and they offer everything I need for my day-to-day trading. As a result, when looking for a broker the Charting package they offer has no real relevance on my decision-making process.

I have found that by the time The majority of traders get to the "reasonably experienced" stage, they too will already have their established Charting package(s) of choice.

9. Guaranteed Stops

As I generally trade Forex or Indices with brokers who provide round the clock trading Monday to Friday, I tend to accept the risk of intraday market gaps instead of paying the price of an increased spread for a guaranteed stop. This is a matter of personal choice based on one's approach to risk and acceptance of the increased spread that comes with guaranteed stops.

10. Additional Functionality

Although this is the last on my list, it could well be number one these days. The increase in competition has meant that Most brokers now offer and satisfy many of the above requirements by default. They have to or they would not be in business.

Additional functionality is a "nice to have" and it is number ten on the list simply to make a point that you should by no means stop looking around, every year or so, for a broker that may better suit your requirements. Most are rolling out new functionality more often than not and some offer reasonable incentives to encourage you to try their new functionality.