In order to trade you’ll need a broker to trade with and for that you first need to identify the criteria which are the most important to you. With so many brokers to choose from these days this process can be very frustrating as many of them offer a lot of the same things. So, let’s focus in on a few major clear-cut items that help separate these brokers so you can feel confident in your decision.
Regulation
When selecting a prospective Forex broker find out which regulatory body governs them, and forget about any others that are not regulated, it simply isn’t worth it. The easiest way to tell if a firm is regulated is to look at the footer at the bottom of their home page or their About Us page. Firms that are regulated are proud of it, and usually have to display it all over the place anyways – per regulation guidelines! If you can’t find it, you’ll have your answer.
Some common regulatory bodies you will see are:
- Commodity Futures Trading Commission (CFTC) in the United States
- Financial Services Authority (FSA) in the United Kingdom
- Financial Services Agency (FSA) in Japan
- Securities and Futures Commission (SFC) in Hong Kong
- Australian Securities and Investments Commission (ASIC) in Australia
- Investment Industry Regulatory Organization of Canada (IIROC) in Canada
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