So to give a more accurate reply, anything below 100~ ping/latency should be more than acceptable, 200ms~ and your really starting to push your luck. Your ping/latency is how long it takes to send information from your computer, to the server and then back so its very important. Ping isn't the only thing that effects online play however, you could have the best ping in the world but if you have a high jitter and/or aren't sending all of your packets then you will equally have a bad experience online.
http://www.pingtest.net/
Use that to check what your quality of connection is.
ping result was ranging 45-55 ping and around 2-15 jitter. changes a lot but the grade seems to be a "B"