Which broker to choose, recommendations and error analysis.

Mistakes made when choosing a Forex broker are usually very costly for any trader. Besides simply losing some money as a result of a failed order, there is also a high risk of losing your entire deposit.

Which broker should you choose to protect yourself from such problems? This is one of the main questions every trader faces. There are many nuances that aren't always taken into account, but they can be a sign of a dealing center's reliability or, conversely, a negative.

What should you pay attention to when reviewing the contract and trading terms?

1. Trade duration – this clause can be an unpleasant surprise for any trader. Some dealing centers limit the minimum order duration to 1-3 minutes, while others, on the contrary, automatically close trades lasting more than 2-3 weeks. Therefore, be extremely careful if your strategy doesn't fit into these limits.

2. Automated trading – while reading the agreement more than once, I've come across a clause prohibiting the use of various automated trading programs in trading. The penalty can be account blocking and a fine, and that's the best-case scenario.

3. Withdrawals – this varies from person to person. Some Forex dealing centers prohibit withdrawals earlier than two weeks after account opening, while others insist that your funds can only be withdrawn using the same method you deposited them. This clause usually doesn't cause major problems, but it can create some inconvenience.

4. Stop order sizes – the minimum take-profit and stop-loss values.

5. Other issues – in addition to the options mentioned above, when choosing a dealing center, you may discover other pitfalls when reading the contract.

Signing a contract with a broker is a very important matter, and you shouldn't treat it carelessly. By spending just a few minutes, you can avoid making some serious mistakes.

Technical aspects when choosing a Forex broker.

Unfortunately, the only way to truly understand how the trading terminal of your chosen dealing center works is through hands-on experience. Some issues can even become apparent when trading on a demo account. To test the dealing center, or more precisely, its operation, simply open a few trades with a minimum lot and check the following:

1. Order opening speed – should be no more than 1-2 seconds.

2. No slippage – before placing an order, record the opening price and compare it with the result afterwards.

3. No requotes – if you are constantly being rejected when placing an order, your order simply isn't keeping up with the market price. Therefore, if you trade short-term periods, you might want to look for a different broker.

4. Stable operation of the terminal – no freezes or connection interruptions.

5. Order execution – one of the most important aspects; if your stop-loss isn't triggered, you could simply lose all your money.

Before you begin testing, you should know exactly which broker to choose— for scalping , with cent accounts, or with other necessary criteria. Don't hesitate to clarify all the necessary details with customer support before depositing.