There are many online Forex brokers and lots of them are actually scams cheating on their clients. To avoid unnecessary issues, it's better to entrust money with a regulated Forex broker. Regulated Forex brokers are under supervising of a trustworthy regulatory agency. The strictest broker regulations exist in Europe, Northern America, Japan, and Australia. So, before depositing any money on your Forex trading account, check whether or not your broker is registered with a minimum of one among the following agencies:
- United Kingdom :
Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA)
- United States :
National Futures Association (NFA) and Commodity Futures Trading Commission (CFTC)
- Australia :
Australian Securities and Investment Commission (ASIC)
- Switzerland :
Swiss Federal Banking Commission (SFBC)
- Germany :
BundesanstaltfürFinanzdienstleistungsaufsicht (BaFIN)
- France :
Autorité des Marchés Financiers (AMF)
No matter what kind of currency trader you are, like it or not, you will always be subject to transaction costs.