A forex broker is a company or body that will manage our BUY/SELL to the forex market. Forex brokers are not all right. Some are right and some are wrong.
The main feature to find a forex broker is to have a legitimate forex broker registered with a strong Regulator. These regulators are usually the government bodies that control financial institutions in the region. Among the examples of a strong and good regulatory body are:
- FCA/FSA from the United Kingdom
- NFA from the United States
- Commodity Futures Trading Commission (CFTC) of the US
- CySec from Cyprus
- ASIC from Australia
The regulatory bodies mentioned above are among the regulatory bodies that are firm in dealing with any misconduct on the part of the broker.
So if we use a broker registered with the above regulatory body, it means our capital deposit funds are safer and if anything untoward happens, we have nowhere to complain.
Continue studying the next chapter.
