Choosing a Forex broker for beginners and professional traders

This is the very first question that any trader faces; in my time I made a lot of mistakes that I would like to warn newcomers to Forex from.

Choosing a Forex broker is a primary and rather difficult task, so you should approach the process with maximum responsibility, it is better to spend an hour more time, but then not have problems with withdrawing funds and blocking your personal account.

To make your choice easier, at the end of the article I will give an example of several brokerage companies where trading usually does not cause problems.

And this is how I chose a Forex broker

The first mistake was opening an account with a fairly well-known brokerage company, without carefully reading the agreement (who reads it anyway), I did not notice that the first withdrawal of funds is possible only after 2 weeks of trading.

Faced with a delay in the execution of orders, I decided to withdraw the money, but as a result I had to wait 10 days.

My second choice of a Forex broker was more disastrous; having opened an account with another broker, I did not pay attention to the fact that the minimum transaction duration should be at least 15 minutes. That is, the broker admits that a certain percentage of orders can be closed faster, but not more than 30%.

Scalping trading went sideways two weeks later, it just started to work out and now the broker canceled most of the transactions, at least he didn’t completely block the account.

To avoid repeating this mistake, immediately clarify whether scalping is allowed and, if any, restrictions on transactions - quantity or lifetime. And it’s easier, just use proven broker options for scalping .

The third time I was finally lucky, I found a suitable company, which I still trade with, it is AMarkets .

Ways to choose a broker.

• Search – it is clear that at first glance, the most successful option for choosing a broker for Forex trading seems to be Google or Yandex, but, unfortunately, it is not the most reliable ones that get to the first lines of search engines, but those who paid for advertising . Therefore, this search method should be discarded immediately.

• Analyzing trading conditions is an almost useless waste of time at the moment, since most brokers use a floating spread, and the fixed spread size is usually the same for everyone.

• Rating of dealing centers is a more acceptable option, especially if little-known companies are not in the first positions. Otherwise, the rating is corrupt and it is difficult to vouch for 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, since 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 stably operating companies:

Alpari - suitable for both large and small investors, the minimum lot is only 0.01. A couple of my friends have had accounts with this broker for more than 4-5 years and have not complained.

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

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

I hope I helped you find the answer to the question “Choosing a Forex broker”; if not, then you can familiarize yourself with the trading conditions and test the companies from the “ Dealing Centers ” section.