Choosing a Forex broker for beginners and professional traders

This is the very first question any trader faces. I've made quite a few mistakes in my time that I'd like to warn Forex beginners about.

Choosing a Forex broker is a crucial and rather complex task, so it's important to approach the process with the utmost responsibility. It's better to spend an extra hour to avoid problems with withdrawals and account blocking.

To make your choice easier, at the end of the article I will give examples of several brokerage companies where trading is usually not a problem.

So, how I chose a forex broker

My first mistake was opening an account with a fairly well-known brokerage company. Without carefully reading the agreement (who reads it anyway), I didn't notice that the first withdrawal of funds was only possible after 2 weeks of trading.

Faced with a delay in order execution, I decided to withdraw the money, but ended up having to wait 10 days.

My second choice of Forex broker was more disappointing. When I opened an account with another broker, I didn't notice that the minimum trade duration had to be at least 15 minutes. This means the broker allows for a certain percentage of orders to close faster, but only up to 30%.

Scalping trading backfired after two weeks. Things were just starting to work out when the broker cancelled most of the trades. At least they didn't completely block the account.

To avoid repeating this mistake, immediately check whether scalping is allowed and, if so, what restrictions apply to trades, such as quantity or duration. Or, more simply, use proven brokers for scalping .

For the third time, I finally got lucky and found a suitable company, with which I still trade, AMarkets .

Ways to choose a broker.

• Search – it’s clear that at first glance, the best option for choosing a broker for Forex trading seems to be Google or Yandex, but, unfortunately, the top lines of search engines are far from the most reliable , but those who have paid for advertising. Therefore, this search method should be discarded immediately.

• Analyzing trading conditions is currently a practically useless waste of time, since most brokers use floating spreads, and the fixed spread size is usually the same for everyone.

• Dealing center ratings are a more acceptable option, especially if the top positions aren't occupied by little-known companies. Otherwise, the rating is venal, and it's difficult to guarantee its independence.

• Advice from friends is the best way to form your own opinion about a dealing center, but you can use the experience of your friends and acquaintances who trade Forex.

If you don't have any, I'll try to replace them for a while, as I have quite a lot of experience working with most of the existing brokers.

At the moment, I can recommend several more or less reliable and stable companies:

Alpari is suitable for both large and small investors, with a minimum lot size of just 0.01. A couple of my friends have had accounts with this broker for over 4-5 years and have no complaints.

AMarkets – I trade myself and like the individual approach to clients, the speed of execution, and the tolerance for scalpers.

RoboForex is suitable for those who decided to open a cent account. I tested this broker for a long time at one point. The only drawback is the potential for requotes, but I traded on a cent account, and some friends assure me that such problems do not exist on other accounts.

I hope I've helped you find the answer to the question "Choosing a Forex broker." If not, you can familiarize yourself with the trading conditions and test the companies in the " Dealing Centers " section.