Counterparty
Question: What is the legal name of the counterparty to my trades?
Why this Matters:
This may seem like a minor point. However, this is as important as the spreads you are offered. Why? Because a firm's policy on crediting client's accounts in the event of a trade error on their part can mean a difference of thousands of dollars in a single trade.
If you deal with a multi-bank or multi-counterparty platform, it is very likely that your account will not be credited if something goes wrong with a trade (even slippage of 50 pips). If you deal with a large, reliable, single counterparty, it is more likely that your voice will be heard, although the process of trade investigation is time-consuming and in many cases frustrating.
Be sure that the legal name of the counterparty to your trades matches the name of the party you are sending funds to, the entity listed in the regulator's records, etc.
One more thing: getting a "match" is not enough. Make sure you understand where your trades are routed to, and do not allow any broker, bank, or ECN to avoid the question. If you are dealing on a no-deal desk platform, chances are high that your trades will not be investigated to your satisfaction. Keep in mind that this is appropriate for many clients, who prefer the lower-cost solutions over the long term and are willing to give up other factors in exchange for lowest price.