What is the Forex brokers rating?
With the development of the Forex industry, there are more and more brokerage companies offering their services to private traders, so it becomes more and more difficult to make the right choice of broker and not stumble upon scammers. In the fight for new clients, brokerage companies are ready to do almost anything, including self-promotion and unfair competition methods.
As a novice trader, it can be very difficult to decide among all this variety of companies and make a choice of a Forex broker that you can trust with your money. Now you can find a lot of information about brokers on the Internet, but there is a fair question, is it reliable?
There are cases when financial pyramids have been posing as brokers for a long time, just remember "MMCIS group" and "Forex Trend". The best option is considered to be the advice of your friend, who has been trading on Forex for several years, which means that he can recommend reliable brokers. But not everyone has such friends, so many beginners in Forex resort to the help of various forums and communities.
However, you may fail here as well. First, how many people – so many opinions, so reviews on such forums are not always objective and truthful. Secondly, unscrupulous brokers in the fight for their clients very often write laudatory reviews about themselves or engage in anti-PR of other brokerage companies, publishing negative reviews about them. It is almost impossible to check which reviews are true and which are false. There is only one thing left – this is the rating of Forex brokers.
Top 5 best Forex brokers for 2020
Why should you choose Our trade-Leader broker rating?
The situation with broker reliability ratings is similar to that with forums. Recently, there are as many of them as there are brokerage companies. Many of them are partners of brokers, top places in the rating are sold, and reviews are written to order.
What makes us different from most Forex broker ratings?
We are traders ourselves and understand how important it is to choose the right broker for successful trading. Therefore, we decided to create an honest broker rating aimed at ordinary traders who are looking for reliable Forex brokers. This is an independent rating of brokers, which we have nothing to do with forming. We have only created a convenient service, and you make a rating of the best brokers directly, leaving your reviews, as well as the advantages and disadvantages of companies, and voting for them.
It is important for us every opinion, if you once worked at the broker Forex trading or still in some company, then give us her opinion. It will be useful for beginners who are just starting their way as a trader. In addition, all real reviews of brokers form the rating of brokerage companies. You can find information about how the rating is calculated at the end of the statthe first one. For our part, we guarantee that all trader reviews are strictly moderated, and suspicious reviews are marked with a special icon and do not participate in rating formation. In addition, we collect all information about companies and make detailed reviews of brokers.
Review of Forex brokers
Our independent reviews of Forex brokers are compiled by experienced traders. You can find out where and by whom the broker is regulated, in which country it is registered, what trading conditions it provides, and much more. After reviewing various reviews on our website, you can make your own comparison of brokers and decide which broker to choose for Forex trading.
Criteria for the choice of Forex broker
As mentioned above, there are so many brokerage companies that it is simply impossible to list them all, especially to make a detailed review. But you are able to make your own list of Forex brokers, it is not so difficult, just follow our recommendations. Before choosing a broker, you need to check it according to the following criteria:
This is one of the most important criteria. As a rule, all major brokers have a good reputation. Reputation, first of all, refers to the company's image, without which it is impossible to be a leader in the financial services market and compete with other companies. The first thing you should pay attention to is the age of the broker. The longer it is on the market, the more likely it is that you are looking at the best broker, and not a fraudster or a pyramid scheme.
Give preference to companies that are on the market more than 10 years. Although sometimes there are exceptions. Often popular brokers with a good reputation provide worse trading conditions than a young company that opened a year ago and is ready to provide services at more attractive prices to attract its clients. Here you need to understand that you have to pay for a promoted brand, and when working with young companies, there is always a risk of running into scammers;
This is an equally important indicator of the broker's reliability. All Forex dealers can be divided into regulated brokers and offshore companies. The activities of brokers are regulated by the laws and Supervisory brokers of the country in which they are registered. If we talk about foreign brokers, they usually have a license from the FCA (UK) or CySEC (Cyprus) – these are the most reliable regulators that issue licenses, without which the activities of brokerage companies are illegal.
Regulators monitor the work of brokers, conduct regular inspections, act as arbitration between the broker and their clients, and in case of violations, apply disciplinary penalties in the form of fines and even revocation of the license. Offshore brokers are registered in the countries of the offshore zone (British virgin Islands, Saint Vincent and the Grenadines, Belize, etc.), which no longer have such serious regulation as in the EU countries. the best in terms of security are European brokers with a license, even if they go bankrupt, you can get a decent compensation;
Best Forex brokers offerwe offer the most favorable trading conditions. First, this is the minimum spread (now we are talking about ECN accounts, since the spread on classic accounts is usually higher than the average). The largest brokers cooperate with a large number of liquidity providers, so they can offer almost zero spread and instant order execution, which is very profitable for scalpers. Secondly, it is a large amount of leverage. This function allows you to open transactions without having a large Deposit on your account. Third, there are no requotes or slips. Instant execution of orders guarantees that your trade will be opened at a favorable price without repeated requests when a new price (requotes) appears, and pending or protective orders will be triggered at the price you set without slippage in case of increased volatility.
Finally, these are the minimum requirements for the Deposit size, which will be especially interesting for beginners, since they may not have enough funds to open an account. All these conditions are usually offered by the TOP best Forex brokers who are ready to compete with smaller brokers;
Another criterion for choosing a broker is the availability of a reliable trading platform. For beginners, such a platform is certainly considered to be MetaTrader 4. If a broker uses an unpopular platform, many traders will bypass it. Although today there are many modern trading platforms that work much better and faster than MT4, but they are not widely used, and therefore for a long time in the leaders of Forex software will remain MetaTrader. But experienced traders are already starting to look at other trading platforms, so nalthe presence of such terminals as cTrader and xStation in the brokers ' Arsenal significantly raises their rating.
Recently, traders have made demands on the availability of a web-based terminal that does not require installation on a PC, and with the development of mobile trading, mobile applications of trading terminals are becoming more popular. This feature is very convenient for busy people, as it allows you to quickly respond to the latest market changes while at work or on a trip. Therefore, the best brokers of 2017 offer both stationary trading platforms and their official mobile versions;
Availability of additional functions.
To make trading even more convenient and comfortable, brokerage companies offer additional features. For example, beginners will benefit from a free demo account with a revolving Deposit, with which a novice trader can practice opening trades, develop their own trading strategy, or test an expert Advisor.
For novice traders, brokers often provide training, including free of charge. Having cent accounts will allow you to switch to real trading with minimal risks, which will allow you to get a better feel for the market. More experienced traders will be interested in Analytics and forecasts. A large number of trading instruments, including precious metals, CFD contracts, stocks and indices, as well as the ability to scalp and hedge your positions-all this significantly raises the rating of Forex brokers;
The presence of bonuses is not a determining factor when choosing a particular broker, but for beginners it serves as a bonus.additional incentive for investment. Here you should understand that the presence of large bonuses (more than 100% of the Deposit amount) is more likely a sign that you are facing a fraudster. So, many financial pyramids, realizing that the flow of new customers is beginning to decline, launch bonus promotions to attract new funds, and then they are closed. While the most reliable brokers have abandoned the bonus system altogether, as traders try to win them back, this eventually leads to an increase in trading volumes and draining the Deposit.
All bonuses are arranged in such a way that your own funds are spent first, and when the amount of your funds approaches zero, the bonus is debited. It turns out that the whole point of getting bonuses is lost, it would seem that the Deposit increases, but the bonus does not participate in the drawdown, and it is almost impossible to win it back, as a result, you start to take risks and merge.
However, there are tradable bonuses (usually no more than 20-30% of the Deposit) that participate in the Deposit drawdown, and no Deposit bonuses that are offered by the broker to evaluate its trading conditions and the performance of the trading platform. Here they can and should be used, but not all brokers provide them;
A wide variety of Deposit and withdrawal methods increases the rating of companies, as it is convenient for some traders to use electronic payment systems (WebMoney, PayPal, Yandex.Money, QIWI, Skrill Moneybookers), others can withdraw profits to plastic cards or by Bank transfer.
The more payment methods, the better, because the trader would rather change the broker than work in a payment system that is not comfortable for him. But there are usually no problems with this, as brokers are well aware of this and are constantly expanding the list of available payment systems.
Some brokers already provide the ability to withdraw to bitcoin wallets, which is progress in the handicapcs of the industry. Moreover, recently brokerage companies have started to compensate for payment system fees, which is also a great advantage;
Technical customer support service.
Another important criterion for the reliability of a broker is the availability of a professional customer support service. Before registering with the chosen broker, contact the support service, as it is the link between you and the company. Write to the chat, ask who regulates the company, what trading conditions it provides, and so on.
The speed of responses and politeness of managers largely determines whether it is worth working with this company or not, since in case of any controversial issues, you will have to communicate with technical support. It is also useful to have local support, since not everyone can explain themselves in English. In addition, ask how the support service works, the best Forex brokers usually provide support to their clients 24/7, as well as provide a free hotline.
How is the rating of Forex brokers formed in 2020?
Before being included in the list of the best brokers according to the Trade Leader website, the company passes moderation and parameter verification. Each parameter is assigned a certain number of points depending on its significance:
|Forex broker parameter||Number of points|
|Year of work||2 points|
|Support language||3 points|
|Payment system on input||3 points|
|Payment system for withdrawal||5 points|
|Currency of account||3 points|
|Demo account||5 points|
|bonuses, training, contests||10 points|
|Trading platform||15 points|
|The functionality of copying||20 points|
|ECN account availability||30 points|
|Scalping is allowed||40 points|
|The level of fee||0/20/50 points|
|The status of a reliable broker||30 points|
Brokerage companies carefully check the information about the availability of regulatory licenses available on the broker's website. Depending on the authority of regulatory organizations brokers are assigned a certain number of points:
- low (Financial Commission, NAFD, kroufr, NAUFOR) from 5 to 15 points;
- average (CySEC, FSCL, BaFin) – from 20 to 35 points;
- high (FCA, NFA, FINRA, SIPC, MiFID) – from 40 to 50 points.
For each positive review that has passed moderation, the broker is awarded 2 points, for each plus – 0.2 points, and for leaving a negative review, the broker is deducted 2 points.
Thus, using our independent rating of Forex brokers, you save your time and money. You no longer need to spend your time searching for reliable brokers and risk your funds by investing in little-known brokerage companies. On Trade-Leader you get already verified recommended brokers, thpositive reviews and formed TOP 10 brokers. Moreover, we are open to communication with our users, and are ready to listen to your comments and suggestions (to do this, go to Contacts and send an email to the email address specified there). We wish you successful trading!
What is a Forex Broker?
This is a company that provides access to the Foerks financial market for private clients.
What is the rating of Forex brokers?
Forex broker rating is a classification of brokers by various parameters and identification of the best brokers.
How do I start trading Forex?
First, you need to choose a Forex broker and learn how to trade on a Demo account.
How to choose a Forex broker?
Choosing a Forex broker is a very important first step and we made the Trade-Leader project to help you choose the best Forex broker.