When you are looking for a trader to carry out your foreign exchange trading business for you, it is important that you look into the ownership, location and the regulatory status of the trading firm before you sign up for a trading account. You should also be aware that are quite a large number of websites that appear to charge very low brokerage fees, but are not registered with any of the relevant regulatory bodies.
If you are looking for brokers outside of the US, some of the main brokerage regulators in other countries include the Financial Services Authority (FSA) in the UK, the Financial Services Board (FSB) in South Africa and the Australian Securities and Investments Commission (ASIC) in Australia.
For brokers in the United States, you can check the regulatory status of a firm on an online tool that is provided by the NFA. To complete the check you will need the name of the firm, the ID of the firm and the name of the individual or the pool. You will also find some of the best Forex brokers listed on some specialist investment websites, but it is still advisable to do your own background checks before you invest any money.
As with all types of investments, it is always advisable to thoroughly check out any list of Forex brokers that you may find before you risk any of your money. One of the best ways to check the credibility of a firm is to check on its regulatory status in the country in which the firm is based.
If you are thinking about investing money in the foreign exchange markets, it is advisable to learn as much as you can about the business before you risk any of your money, so visit PipSPread, where you will find lots of very informative and helpful forex articles and a comprehensive forex broker list.
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