Part I. Some Talk About Brokers. Commander in Pips: Now I might say that we are almost finished with our Forex Military School, although I do not know if this will you glad you or upset. We’ve passed through a long way, so all that we have left is just some talk about some practical moments that still seem quite important. Once you’ve finished the initial education run – you are preparing to open your first account. And in the current chapter I would like to discuss different types brokers and how to to choose one particularly based on what you want. Initially we will talk just about theoretical types of brokers (in the current lesson), but later we will touch on the topic of those, with whom we are struggling without a rest – scam brokers. Pipruit: Interesting. I have to say that initially I thought that to open an account would be like a piece of cake…I can’t believe it – there are traps in any topic that relates to forex. Commander in Pips: Where money is - there always will be pitfalls and traps also. So, let’s start with brokers. Since we are small fish in the Forex Sea – our major preference and in fact only real possibility is retail brokers. We have too few assets to deal others when starting out. Just imagine, individuals with shallow assets like you and I had no access to forex markets not too many years ago. While online trading has not existed and internet technologies just have started to develop, the Forex market was only for special ones. Those special were banks, large financial companies, maybe couple of individuals – Gorge Soros is one of them. There were solid transaction costs; transactions themselves were not as fast as they now. At the same time, the currency market was under strict eye of governments and their regulators.