Unfortunately, we’re unable to recommend a broker due to securities regulations.
Many of my readers and subscribers are not US citizens in the first place. And even for those who are US citizens, I’m not comfortable making brokerage recommendations.
However, I can offer some useful advice on what to look for in a good broker:
Make sure your prospective broker is regulated by the local regulating authorities. Being registered doesn't necessarily mean the broker is honest and competent, but not being registered is a major red flag.
In the U.S., a reputable forex broker will be a National Futures Association (NFA) member and will be registered with the U. S. Commodity Futures Trading Commission (CFTC) as a Futures Commission Merchant and Retail Foreign Exchange Dealer too.
Other countries have their own regulatory bodies, of course. I've listed the most common ones for you right here:
· United States: NFA, CFTC
· Canada: BCSC, CIPF, OSC
· United Kingdom: FSA UK
· Switzerland: SFDF, ARIF, FINMA
· Sweden: Swedish FSA
· Denmark: Danish FSA
· Spain: CNMV
· Japan: FFAJ, FSA Japan
· Hong Kong: SFC
· Australia: ASIC
· Dubai: DMCC, DGCX, DFSA, ESCA
Make sure your prospective broker is registered in any jurisdiction in which it's operating.
Also be sure to check out each broker’s policies on deposits and withdrawals and what happens in the event of a dispute.
Test their customer service with an email or a phone call or two to see how readily and capably they answer questions.
And make sure they offer all 28 currency pairs from the 8 major currencies (plus the precious metals and stock indices) that I reference for my trade recommendations in The Pattern Trader too.