When considering opening an online Forex trading account, there are several factors to keep in mind. These factors will vary depending on your experience level, starting capital, and trading style. However, there are some core considerations that apply to choosing the best Forex account, no matter your status as a trader. These include transaction costs, spreads, and commissions; trade routing, such as Straight Through Processing (STP) or Electronic Communication Network (ECN); trading software and platform; and the range of markets available.

Transaction costs, spreads, and commissions are important to consider because they can impact your profits. The spread is a transaction cost that represents the difference between the buy price and sell price of a market. Spreads vary throughout the trading day depending on liquidity and supply and demand.

Trade routing is also important to consider, as some brokers may have business models that do not act in the trader's best interest. STP and ECN accounts are both non dealing desk accounts, which means they route your order straight through to their liquidity provider or the interbank market. STP accounts route orders directly to the broker's main liquidity providers, while ECN accounts allow individual Forex traders to trade directly with the liquidity provider without intermediaries.

Accessing the best trading software and platform is also crucial, as you do not want your trading platform to let you down. Most brokers offer MetaTrader 4 and MetaTrader 5 as their trading Forex account format, which offer features such as free indicators and charting tools, real-time market data, and mobile trading.

Lastly, it's important to consider the range of markets available, as accessing international markets has never been easier. Many traders diversify their Forex trading account by accessing other markets, such as trading CFDs on indices, stocks, bonds, and commodities, as well as direct investing in stocks and ETFs. Admiral Markets offers access to a range of markets through their trading platforms.