At present the list of forex brokers is very surprising and extraordinary. There are so many online forex brokers available, how should a trader choose? Thus, here is a list of things you have to do (for a thorough test) before joining a forex broker:
Regulation – One of the first steps is to check and see whether the broker is governed by the Financial Services Office or Organization. Brokers usually will be asked to provide a public license number in public on their website and also available if someone asks for it. You can check out forex broker in Nigeria via online resources.
If you ask the broker to provide a registration number from their supervisory body and they refuse, it causes a red flag. Another method is to check the Regulatory Body website and ask or search for brokers. Note that various regulatory agencies enforce different rules for brokers, thus researching the requirements and reliability of regulations is also a good idea.
Reviews – another method is to find out what other people say about forex brokers and their experiences with them. You can do this through forums, websites review independent brokers or by mouth to mouth. Some websites to check maybe forex peace soldiers or 100 forex brokers.