The retail forex market is so competitive that just thinking about having to sift through all the available brokers can give you a major headache.

Choosing which forex broker to trade with can be a very overwhelming task especially if you don’t know what you should be looking for. here are some tips, how you can recognise top forex brokers: 

1. Regulatory Compliance

The first thing to check when selecting a forex broker is their reputation. In the United States, a reputable forex broker will be a member of the National Futures Association (NFA), a self-regulatory organization for the futures industry. It will also be registered with the Commodity Futures Trading Commission (CFTC), which regulates the commodity futures and options markets in the U.S.

2. Account Features

Each forex broker has different account offerings. Here are four areas to consider when comparing features among brokers: leverage and margin; commissions and spread; initial deposit requirements; and ease of deposits and withdrawals.

3. Security

Forex Broker ChecklistThe first and foremost characteristic that a good broker must have is a high level of security. After all, you’re not going to hand over thousands of dollars to a person who simply claims he’s legit, right?

Fortunately, checking the credibility of a forex broker isn’t very hard. There are regulatory agencies all over the world that separate the trustworthy from the fraudulent.

4. Transaction Costs

No matter what kind of currency trader you are, like it or not, you will always be subject to transaction costs.

5. Customer Service

Forex trading occurs 24 hours a day, so a broker's customer support should be available at any time. Also consider whether it's easy to get a live person on the phone. A quick call to a broker can give you an idea of the type of customer service they provide and average wait times. You can get more information, good and top forex brokers list here.

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