A forex broker is a middleman. He creates a link between the buyers and the sellers. An individual as well as a company can provide these mediatory services. The companies are often large financial companies with solid profile. The individuals can be either professionals or marketers trying to cheat the traders.
A professional should be registered with the regulating authority. Although there is no central regulating authority for this global business, there are authorities in almost every other country. These authorities will register only the right professionals. So if someone is registered with the authorities from his country, then he is the right person for the job.
The forex broker does not charge you anything for his services. He actually makes his money from the difference in currency prices also called pips or spread. It is the difference between the buying and the selling price of a certain currency. The traders buy currencies at a certain price and then they sell it when they feel that the trade is profitable. Moreover, in cases the currency price is continually going downwards, they will exit the trade by selling the currency at loss.
The spread or the pips are an important factor to compare various brokerage service providers. You can easily see these displayed on everyone’s website. You should select someone who offers better value to your money by charging less and giving more in return (experience and quality). If you can get that right, you will be happy with this business and this volatile market. However, if you fail to achieve that, there is no doubt that you are going to find this market and this business very unpleasing and you may quit soon.
The key is to find quality services and then you can implement your strategies successfully to become successful in this business.