How to Find a Good Forex Broker

Before you start to trade on the Forex markets you will need to find a good broker. A good broker will be your life line in the world of forex and will often be your only point of contact in your forex trading. It should be pointed out that the broker will not actually decide what to buy and sell. The broker simply buys and sells currency according to your decisions.
There are literally thousands of Forex brokers both on line and in the real world. Some are good brokers and some are not so good. Like any trade there are cowboys. How do you choose a good broker and what should you be looking for?
Get a US based Forex broker and be sure that your Forex broker is registered as a Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission (CFTC) and a NFA member. Although the forex markets are unregulated it will show that your broker is committed and not just a fly by night mad man with an Internet connection. You can verify this by Phoning NFA at (800) 621-3570.
You should avoid non regulated firms completely and check the financial state of the company. They should have a clean record with regards to the telephone number above.
Your broker should allow you to trade over the Internet without any difficulties. This will include a good software system. Try out the demo account that they should offer. If you can not demo their software then don't even consider using them, it could be awful and most brokers will allow you to test drive it first. You should be able to view real time exchange rates as well as your current account balance and margins etc.
Not all brokers have the same terms and conditions, read them thoroughly and make sure they meet your needs. Their minimum lot size may exceed your means for example. You should check for rollover charges some brokers charge an extortionate amount.
Forex is a 24 hour trading market and your broker should follow this. Be sure to get a broker that is truly 24 hours, this includes their customer service. The brokers customer services should be 24/7 just like your trading will be.
Here are a few points you should look for in your broker:
1. Instant automatic execution of orders.
2. Low minimum account openings.
3. Some leverage, if you are a beginner then you want small leverage.
4. Low spreads.
Follow the tips above and you should be able to get a great forex broker and avoid the cowboys.