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Basically, if the broker's "licensed", then it's just as good as "regulated". It means that the broker has obtained a license to operate as a broker in the country and is protected by its laws. Just like regulated brokers, if there is a legal issue, it will be resolved in the area of origin of the broker's license.

Continue Reading at Forex Regulation Insights: Defining Your Broker's Status

1. The first reason is that forex investments generally don't receive the same protection in the eyes of the law compared to instruments like stocks and futures.
2. The second reason is modern forex trading through the net, where people could easily get in and out, even erasing their trails.
3. Third, forex traders often deal with foreign brokers, which means that fund reimbursement becomes more complicated due to legal differences.

Investopedia mentioned that US NFA settled 166 cases in 2008, but only 23% received lost funds.

Continue Reading at How to Recover from Forex Broker Scams

Because, prizes obtained from a trading contest usually are easier to withdraw, so it's more reliable than other bonuses.

Continue Reading at How to Successfully Use a Forex Broker Bonus

Generally, there are five major factors to consider when choosing a broker and they are:

1. Level of regulation: You need to know if the broker is subject to the regulations of the Central Bank of Nigeria and if they operate accordingly. A lack of regulation should be a red flag and set off alarm bells in your mind.
2. Trading platform: How does the trading platform look? Is there a registration number on the website that can be verified? Is a demo account available where you can test strategies and other account features?
3. Currency pairs being offered: What kind of currency pairs does the broker have on offer? Is it just the minor pairs or exotic pairs that have low liquidity? Are major pairs that have high liquidity and are more profitable available?
4. Account features: how are charges and commissions deducted and what are the percentages? What kind of leverage and margin accounts are offered? And what are the terms of deposit and withdrawal? 
5. Customer service: Is the customer service reliable? Can they provide succinct answers to your inquiries?

Continue Reading at Identifying Fake Forex Brokers in Nigeria