In order for you to start trading on the Forex market, you need to setup an account with a Forex Broker. A Forex Broker is a person who handles customer orders to buy and sell currency pairs, acting as a middleman between the FX and the individuals or companies that place the order. FX Brokers get a commission when you trade. The number of brokers you will discover online is overwhelming, hence choosing the right Broker requires a little bit of research. Different brokers have different terms and conditions for opening an account. Some require a minimum deposit between $400-$2000, while others do not.

Forex Brokers make money by charging their clients a certain commission to trade. Usually, the price indicates the level of service, so cheap is not always better. There are two types of bBrokers - full-service and discount. Your choice will depend on your level of expertise and your comfort level with the market. It is better to pay a higher commission initially rather than loosing all your money as a result of inexperience. Until you get a better handle in it would recommend the higher commission - full service approach.

Choosing the right Forex Broker can be challenging. This market is not regulated, so you are responsible for your own actions and choices. According to U.S. law, a FC broker must be registered as a NFA member and registered with the Commodity Futures Trading Commission as a Futures Commission Merchant. Therefore, before you sign up with someone, check their status by calling NFA at (800) 621-3570 or by checking the website of NFA - www.nfa.futures.org/basicnet/.

A very important aspect to consider is the customer service. Remember that FOREX is a 24-hour a day market so you may need support 24×7. Company representatives should be made available by phone, email or chat. Support levels vary from one broker to the next, so contact the support team of the different brokers and then decide. Use the speed of their reply and whether the answer is satisfactory to your question or not to determine your selection.

With the development of the Internet, most Forex Brokers are offering some type of an online trading platform to help facilitate your online transactions. Get familiar with their system by testing a demo account. There are two types of trading platforms - web or client based. The advantage of the web based software is that it allows you use the system on different computers, anywhere there is an internet connection. The client-based software is actually an application that you must install on your personal computer.