As you know, in order to make an order in an exchange currency market, we need to have a broker.  Fortunately, there is no problem to find them. We can have a problem rather with a good choice. Brokers can be divided into groups:

• those who take a commission (to the value of the order, spread)
• those who use a specific way to make an order in the market (ECN, MM)
• those who use trading platform for ex. Metatrader or accept orders on the phone.

Let us begin with the way of taking a commission. I have personally met with two ways. One of them is a fixed percentage of the value of the order. Which does not mean it is always points the same. For example orders with a value of $100-10000 are charged for 2% of the sum and for orders with a value of more than $100000 are charged for 1% It happens that the commission is charged for the submission of the order and its closure. In such a system of the commissions you should refer to the table of fees in order to avoid later misunderstandings.
Another method connected with commissions is SPREAD.

Spread it is the difference between the buying and selling rates, in Forex market it is the difference between the Ask and the Bid price.

Spread is usually referred in pips, for each currency pairs separately. Its value depends on the liquidity of the currency, its volatility, market developments. It happens that spread is variable, on what you need to pay attention. In any case, the smaller the spread is the lower expenses we incur.

I am going to say more about Bid and Ask another time.

The subjects quite often discussed on the forums are ECN and MM brokers. The difference between them is that ECN brokers let the orders directly into the interbank market. MM brokers do not have to do this because they create an internal market. It is believed that it is better to have ECN broker because, he has no possibility of price manipulation,  he only releases our order. It is said MM brokers sometimes collect a couple of orders together and later release them into the market, but I am not going to elaborate on this subject, because the voices are divided (mainly in terms of MM).

Being an investor you should be interested in the form of a transaction. It is important to have a few options not just one. It may happen that our computer damages, the internet stops and we forget to set the SL. It’s good then to have access to our orders on the phone.

You should also pay your attention where you are going to have a case dealt with in a court, when needed (hopefully never). Very important is the issue of taxes and accounts, whether a broker has the right to conduct such activities in your country, and many other matters not described here.