First of all, make sure that the forex broker has the right leverage, tools, and services for the amount of capital that you are able to work with. Check the margin rules. Since you are trading with borrowed money, your forex broker may limit risk you are able to take. You agree to this when you sign a margin agreement for your account.
This means your forex broker can buy or sell at his discretion, to cover the brokerage firms interests, which could have repercussions for you. Check whether the broker is licensed and in which country. Make sure the broker accepts clients from your country otherwise you will be just wasting your time. Determine what type of broker is that (ECN, STP, dealing desk or combined). If you do not know what these notations stand for, read about different type of brokers. Register on facebook, linkedin and other social networks and communicate with other traders. Ask them about slippage, re-quotes and types of accounts. Again, if you do not know what these words mean, read about them. Ask the experienced traders whether anybody actually traded with the broker and withdrew the money. Ask to share his/her experience. Do not be shy to ask the questions. The forex trader community is in general very friendly and open. Of course, everybody has the secrets, but as far as the initial advice is concerned you will get plenty.
Register a demo account. Do not play with it too long. Trading the real money will be very different. Deposit a small amount of money on the live account and go through all steps including money withdrawal. Some professional trades advice to skip the demo entirely since it does not help you out at all in test driving your broker. They suggest to open an account, fund it, make a withdrawal 10 minutes later and see how they react. A good broker does not ask questions and simply processes it. Then trade, check out how and if your orders are filled properly, re-quotes, slippage etc. After all, may be it is your broker.
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