If you want to protect your money and deals, you should take your time to find a trustworthy forex broker. There is a self-regulatory government organization called the National Futures Association (NFA) that regulates all U.S. forex brokers. You can check the NFA website for complaints or disciplinary proceedings that may affect your decision.
The safety of your funds and private information is crucial because forex brokers can be hacked or go bankrupt. Unlike stockbrokers, who safeguard their clients' funds if the brokerage closes, U.S. forex brokers do not provide account protection. If a position falls through, you may be sued for more than your account balance if a forex broker doesn't offer negative balance protection.
Before giving money to a broker, make sure you understand how the broker funds and withdraws funds. There are some banks that charge substantial fees when withdrawing funds or closing an account, while others impose lengthy waiting periods when funding through checks or wire transfers. Account closure can be stressful when a broker requires you to fill out long forms, take surveys, or meet with a representative. It can take a week or longer for less reputable organizations to return your money.