Please help me to know a really genuine broker because I am new to forex and want to get involved.
Brokers with ASIC, FCA, and NFA regulations are credible brokers. However, there are also many brokers to choose from. Adjust it to the capital you have. Some brokers prohibit certain trading systems.
Try to cross-check:
These are brokers from the UK with FCA licenses. And I keep some of my funds with one of these brokers.
Thanks
@mujito: When choosing a good forex broker, you should at least pay attention to the 3 things below:
1. Country of Origin. A good broker originates from developed countries such as America, England, the EU, and Australia. Avoid brokers originating from Cyprus, New Zealand, Russia, Belize, British Virgin Island (BVI), Seychelles, Panama, St. Vincent and the Grenadines, Vanuatu, because these countries are often misused by unscrupulous brokers.
2. Regulation. Use brokers that are registered and regulated in their country of origin. FCA UK, NFA, CFTC, FINRA, MFSA, MIFID, and ASIC regulators are very strict and will immediately impose sanctions if brokers violate the terms.
3. Transaction Conditions. Do not use dealing desk (DD) brokers. Use brokers that are ECN, STP or DMA.
The brokers I recommend: OANDA, IC Markets, Dukascopy, IG, FXCM, Saxo Bank, and City Index.