So you're interested in trading currency on the foreign exchange and you want to find a regulated Forex broker. Smart move.
Many online Forex brokers are located in countries that have lax laws and do not carefully regulate the brokers. You want to use a regulated Forex broker for your own protection.
In the United States, Forex brokers are regulated by the Commodity Futures Trading Commission or the National Futures Association. A regulated Forex broker in Australia is governed by the Australian Securities and Investments Commission. Other countries have similar governing bodies.
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It doesn't really matter where your broker is located since the Forex market is global. But here are a few other qualities to look for in a regulated Forex broker:
Low Transaction Costs. Obviously the smaller the spread the better. Pip spreads vary by broker (and also by currency pairs), so shop around for competitive rates.
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Currency Pairs Available. Whatever broker you choose should at least have the big seven currencies (AUD, CAD, CHF, EUR, GBP, JPY, and USD). But if you are planning to trade Danish krones or New Zealand dollars, you'd better be certain that your broker is able to do so.
Immediate Execution of Orders. Currency prices are constantly moving up and down and any delay in the
execution of your order can cut into your profits or add to your losses. Look for a broker that can consistently execute your trade at the price you see on your screen. An occasional delay is understandable, but if you find it happening frequently, start looking for new broker.
Free Research Tools. In order to spot trends and analyze prices, you need access to charting and technical analysis tools. Most brokers offer the basic services for free, as well as an expanded array of tools at an added charge.
Low Minimum Account Balance. These days a small investor can start trading Forex with only a couple hundred bucks.
A Low Margin Requirement. Trading with leverage is what makes Forex such a powerful investment for smaller investors. Look for a broker that provides at least 1:200 Leverage.
A User-friendly Trading Platform. Stay away from brokers that require you to download a program in order to make trades. This limits you to only making trades from that one computer. Instead, use a broker that allows web-based trades which can be made at home, at work, on vacation, or anywhere else in the world.
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