Choosing a broker is very important. Because many brokers scams out there. Many of them go with investors' money and disappear.
Let's talk for a moment first. Say you've started your business in the field of forex and invest the money of $1,000. After several weeks, the money is turned into $10,000 because of your expertise in managing finances and the way how you trade. And it was a happy moment, it's time withdraw your earnings to be enjoyed. But the nightmare happened, in fact the company where you invest blurred, and belong to illegal enterprises. So, what would you do? Looks like you'll be daydreaming for the cessation of your dreams to enjoy the money. believe me, it is a nightmare.
In forex trading basically requires the buyer and seller. But the buyer and seller never met in person. Everything is done in the form of the agreement and is mediated by an arbitration institution commonly called broker.
Here is the task of the broker, they become a kind of collector transactions conducted by retail investors under it, then passed on to the market. There are many markets, such as in the United States has the NYBOT, London has the FTSE (pronounced "Footsie"), Japan has the Tokyo Commodity Exchange (TOCOM), etc..
Ok, back to the topic of choosing a broker. Of course we have to choose a broker that are legal, do not cheat, do not take away the money of investors, do not bla .. bla .. bla .. So we have to look at in terms of the legality of a brokerage firm.
In America, the regulators who oversee the activities of the broker is under the authority of the CFTC (Commodity Futures Trading Commission) and NFA (National Futures Association). CFTC and NFA can be said as a role model for other regulators in each State. Brokers who regulate under them, must follow strict regulations and strict selection. I think, an international brokerage firm who are members of the CFTC and the NFA should be proud with their membership status.
So the core of our topic is, avoid to invest in "brokerage firms" that do not regulate under these two institutions. That is my suggestion, if you are still forced to try,,, please ... but if something bad happens, do not impose your problems on my shoulders .. lol. Moreover, you open an account at a brokerage that does not regulate under any institution, it's called suicide. One more thing, many of the brokers that offer the promise of sweet and bonuses such as a birthday present to build up. But if the company does not regulate under any institution, you still have to avoid it.
Is there a broker that legal?
Of course there is, if no I will not make this blog ... lol
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