Originally Posted by sufyan

Just my 2 cents:

I have an account with FXCM. They have an excellent platform, but their execution at times is shocking. They're known for freezing quotes during data releases and fast moving markets. I would suggest having a look at Oanda instead.

Another important thing to note is that forex trading is currently unregulated and funds held at most forex brokers are uninsured. If the broker you are with goes bankrupt, you will most likely become an unsecured creditor. During the Refco scandal/bankruptcy, one of my trading friends lost over $20k.

However, there are brokers which do provide insurance against insolvency. Most of these are broker supporting ECN such as InteractiveBrokers or HotSpot FX. In addition to knowing your funds are safe, ECN type brokers are also more transparent in their fee structure.

Please note that this is only a suggestion, not a recommendation.