The first thing I think about a broker is whether he is accountable. I dedicate bags of brains (thoughts) to this issue because once you miss this; all your dreams would be fairy forex castles built in the air. Worst of all is that this virtue is not guaranteed by even regulated brokers. This could be shocking as some highly reputable brokers still racket, stop hunt their clients and even bite them with hidden charges. All in all, transparency of a broker comes first before the spread, leverage, customer support, execution speeds, platforms etc comes in. And if a broker has this primary ingredient, then I am sure he can cook me enough pips, whether he is licensed or not.