In the United States, forex industry is regulated by CFTC (Commodity Futuers Trading Commission) and NFA (National Futures Association). Forex brokers must register with CFTC as a FCM ( Futures Commercial Merchant ) before they can accept deposits from investors. If companies or individuals are involved in soliciting clients and not able to accept deposits, then they are not FCMs. They are introducing brokers. Introducing brokers recruit cilents for FX clearing house and usually compensated by FCMs. Each Futures Commercial Merchant has an unique NFA ID number so perspective clients can check standings of FCMs with the regulatory authorities. Before selecting your forex broker, you must know who they are, what kind of products or services they offer and what their ratings are with the government authorities. We provide you with a check list to help you determine which forex broker is the right one for you. - Is there a demo account that I can try out?
- Does the broker offer commission free trading?
- What kind of spreads does the broker offer?
- How fast are the trade executions?
- Is the trading platform reliable?
- Does the broker offer free charting package?
- Does the broker offer free live news?
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