There are so many online brokers now that choosing between them is like selecting an insurance representative: there’s a lot to look at, but sometimes it just comes down to who you like.

All online brokers within the United States are regulated by the Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA). Other governments, of course, have their own regulating agencies.

If you’re contemplating working with a broker from another country, consult their rules and make certain they’re on the up-and-up; there are people within the Forex market right now who are somewhat akin to the snake-oil salesmen traveling the frontier during the previous century, and it’s very much a case of “let the buyer beware.”

Computer security has come a long way in recent years, and any reputable broker offers the highest possible, so that shouldn’t be a deciding factor.

Most brokers offer both standard and mini Forex trading accounts. Some even offering “micro” accounts (one-tenth of a mini) to ease the novice trader into the feel of winning and losing real money without blowing their budget while they’re learning. So there’s not much to choose from there, either.

But be careful of hidden charges. The best brokers make their money on trading spreads, and a small overnight renewal fee for trades that continue past a certain time. Some others charge for whatever they can, including the online live feed for up-to-the-second charts and price quotes, or withdrawals and deposits, or a monthly maintenance fee.

Are their spreads competitive? Three to five pips is the average in the U.S.; anything more is highway robbery. Are their spreads fixed or do they fluctuate with the time of day or the amount of money in your account? Are your trades executed at the stated price or is there some slippage?