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Great Forex Broker the 6 steps Selecting the best Forex Broker is an important as a winning trade. A bad broker will cost you a fortune. This is a must read article If you are just starting to test the bodies of water of foreign exchange trading or what we advert to as Forex, you will finally have to build a relationship with a Forex broker. 1. Account types – The total of capital you are willing to invest will dictate what type of account you will open with a brokerage. Typically, virtually brokerage firms will offer a “mini” and a “standard” account. As the term involves, a mini account can be opened for as little as $200. This is suitable for the beginner looking to gain experience in trading. However there are cases when trading options such as leveraging can be limited in a mini account. A standard account, on the fiat currency other hand, offers more options over the mini account but the minimum deposit is also much greater (around $1,000.00). 2. Platform – The platform is basically the program that you will use to get such information like live quotes, graphs and charts, your exposure, your profit and loss, the margin required, every your open positions with their current profit and loss status and further useful data. A good brokerage will very likely be using sophisticated technology in their platforms so be sure to find out if it is user-friendly at Every. every the buying and selling should be easily done in as little as one click. Many platforms also gives you access to daily analyses in Forex, news reports and Forex signals including support and resistance levels. 3. Leverage – Leveraged financing is a feature common in Forex trading.