Finding a suitable Forex broker is the first step towards a successful online trading experience. Although this task may seem difficult at first, there are a number of brokers’ features that can prove critical to your final decision. We have tried to limit the list to the seven most important things that you should look for in a Forex broker.
1. Forex Account Types
If you are just starting to trade Forex with a broker, you will have to decide on the type of account you wish to open. Account types are based on the amount deposited and have different names like micro account, mini account, standard account and VIP account etc. Each of them has a minimum deposit and minimum lots requirements. For example, the standard lot has 100 000 units, while owners of micro and mini accounts are allowed to trade with lots that are equal to 10 000 or even 1000 units. The leverage is also different for each account type and can be anywhere from 1:1 to 1000:1. Check out what account types are offered by