As the popularity of Forex trading increases, more and more would-be investors will be looking to brokers to help them manage their investments. Here are a few tips for finding a broker that handles currency trading:
If you are completely new to investing, the first place to go is the National Futures Association (NFA) website. This association maintains high standards for its voluntary members, and is one of the best resources for brokerage firms that are involved in currency trading.
If you already have a broker that is handling your investments for stocks and mutual funds but doesn’t handle Forex trading, ask them for a referral. Be sure to clarify whether or not they know of the person or firm’s reputation.
You can also use NFA’s Background Affiliation Status Information Center (BASIC) to do a search on any of the firm names that are referred to you.
Once you’ve been referred a couple of brokers or brokerage firms, call and talk to a customer service representative or in-house broker. If you don’t get a good vibe, or feel that they’re not going to be able to give you the kind of assistance you think you’ll need, move on.