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Saturday, 21 October 20:47 (GMT -05:00)

Foreign exchange market

NordFX is the best broker, FIBO Group, XM.com and FxPro are the worst brokers based on trader feedback

Many of those who make their first steps in forex trading usually search for customer feedback before going with a certain forex broker. Evaluating a broker through customer feedback, including various review on the Internet, is a major factor to consider, though a rather biased one. Basically, that’s the reason why customer feedback is only one of those 20 criteria (licenses, expertise, offices, trading conditions, and so much more) used by Masterforex-V Expo to create various ratings of FX brokers.




Market Leader and Masterforex-V Academy experts have conducted research to find out the brokers with the biggest amount of positive and negative comments from their clients – international traders and investors. The research results look fairly interesting.
NordFX, Fort Financial Services and TeleTrade are the leaders in positive feedback


The chart below shows that NordFX, Fort Financial Services and TeleTrade can boast the biggest amount of positive comments on the Internet. 


What do their clients pay attention to?

NordFX leads the rating in terms of positive comments on the quality of dealing, both from beginners and professional traders and investors.
Actually, this is one of the few forex brokers with spotless reputation. Since being founded over 8 years ago, NordFX has had zero complaints about the quality of service. Not only did NordFX survive the Swiss Franc crash in 2015, and the Brexit that was followed by a British Pound downtrend, the broker paid everyone who had managed to make money on this extraordinary volatility. The traders value tight spreads, favorable swaps, fast quoting even during major news releases, as well as the ability to enter and exit the market at any time (no client of NordFX has ever seen the “trade flow is busy” message), no slippage or non-market quotes (like spikes, for example), fast and commission-free withdrawal (often times, even faster than expected).


According to Andrey Tsvik, he hasn’t had to contact NordFX’s support team with a complaint ever since he became an NordFX client many years ago. He says that this is the only forex broker of that kind he has ever worked with.


Another user nicknamed DimonORLOV fully trusts NordFX by saying that NordFX is one of the best forex brokers to date. He has several trading accounts with NordFX connected through Masterforex-V Academy’s auto-copying and rebate systems. Over the last 2 years, he hasn’t encountered any problems with either Masterforex-V Academy or NordFX. At this point, the amount withdrawn has exceeded the amount invested. The broker has never tried to play any dirty tricks on him.


 The same holds true for the instant withdrawal of funds and really low fees.



It’s also important to mention the highly positive feedback on the exceptional professionalism and quality of service by NordFX’s support and software maintenance team. 


In particular, international traders value both the personnel’s high level of professionalism and the fast speed of processing requests and verifying new users. For example, one of the traders says that NordFX is one of the very few brokers out there who have gained a purely positive image in his mind. Since opening a live account with NordFX 12 months ago, he has been enjoying really fast execution of his orders, with no connection breaks or notifications like “the trade flow is busy” and no fake quoting. And the withdrawal of funds has been instantaneous, which is also a very important factor for any trader. That’s why he thinks NordFX is really great.


Even skeptics have nothing to complain about when it comes to NordFX. For example, one of such comments reads:
“My comment, as always, is neutral by nature but since it’s either plus or minus in this voting, I’m gonna give it a plus”.

Fort Financial Services, the forex broker leading the “cent accounts” segment of the industry, comes second with 148 positive comments. The strongest positive sides of the broker are fast and guaranteed withdrawal of funds, CFD and forex trading on the same account, decent and fast support, and so much more.
Apparently, one of the key events for the forex market took place in 2016. We are talking about the Brexit referendum in the UK. This event turned out to be some kind of a test for forex brokers. As for Fort Financial Services, the test proved the high quality of the broker’s technical equipment. International traders reported stable connection to the company’s servers during that period as they were able to open and close GBP-related trades without any problem.  


They call FortFS the leading forex broker in the segment of cent accounts. Here is one of such comments:
“I would definitely recommend FortFS to anyone with under $1500 to deposit. Such traders are recommended to open cent accounts in order to manage their funds wisely according to Masterforex-V Academy’s money management system. On top of that, FortFS means tight spreads, favorable swaps, stable connection, regular contests with decent prizes, deposit bonuses, guaranteed withdrawal of funds (which is really good), and so much more... This is an ideal option for those who are just getting their feet wet in forex trading”.

Many of those comments also name stability and precise execution of orders as some of the key advantages of FortFS.

TeleTrade comes third in terms of the number of positive comments. There are 142 of them out there. Most of those positive comments boil down to the respect for decades of expertise, reliability, and a major European license. Many of those traders say that they started their forex trading career with TeleTrade and have been loyal to the company ever since. They recommend that beginners visit one of the local offices in more than 30 countries all around the world and take the company’s offline course on trading basics. Also, they value really comprehensive analytics available on TeleTrade’s website. As for 30 negative comments, they mostly boil down to not-so-tight spreads and the absence of new products and services over the last few years. The company has been following the conservative business model, which explains the situation. 

Traders value TeleTrade’s expertise and those opportunities the company offers them:
“Good old Teletrade! This is the broker that deserves scolding and praising at the same time. The stability and persistence do amaze me! Younger brokers still have a lot to learn from TeleTrade. I’ve been staying with TeleTrade for a long time!”


The mentioned brokers are followed by FXTM, FIBO Group, Nas broker, SFX Markets, FxPro, eToro, ActivTrades, HYCM, Vipro Markets, Swissquote Bank, EverFX, Dukascopy Bank SA.

FIBO Group, XM.com, and FxPro have the biggest amount of complaints from forex traders


FIBO Group is number one in terms of negative feedback with 197 negative comments. Most traders say that there is a huge difference between FIBO Group in 2017 and the FIBO Group in 2007. They say that the trading conditions got worse after a change in the company’s top management.  
In particular, traders say that the company cancels the promised interests on free capital, widens spreads, cuts positive swaps, cuts affiliate payouts to make them 3-4 times as little as those paid by other companies. Those who have their FIBO Group accounts connected to auto-copying through pro-rebae.com testify that their financial performance has been lagging behind the performance of similar accounts with other brokers by 20%, mainly due to some quoting manipulation. Most of them say that FIBO Group has been spamming them continuously, not to mention endless phone calls from the company’s managers.
At the same time, investors report about manipulation with the company’s PAMM accounts. For instance, often times, poorly-managed PAMM accounts somehow get decent financial support ($200K-300K) before going broke while really decent accounts with 100% (or even bigger) profits made in 12 months get very little financing – only $100 or so. The last straw that broke the camel’s back was the news that Webmoney, a major online system of electronic payments, stopped working with FIBO Group.


Masterforex-V Academy traders have been indignant over this situation and are now thinking about moving to other brokers since this is the first wakeup call that something’s wrong with FIBO Group, and alexa.com confirms that.


Many of them ask themselves what is so special about FIBO Group that makes it better than others. And the question is, there is no such thing. Actually, FIBO Group happens to be worse than the leading forex brokers.

Once again, traders make a lot of spam complaints.

A trader nicknamed valerys says that FIBO Group used to be a decent broker 5-9 years ago when it was managed by Maxim Anisimov. He met with successful traders and big-scale investors to discuss major topics. There was no spam or stupid and useless webinars. They used to give you 2% a year on the spare funds not used in trading. They didn’t charge you with HUGE swaps back then.

The second biggest broker in terms of negative feedback is FxPro with 107 negative comments against 10 positive ones. Traders report about rather wide spreads, which get 3-5 times wider during major news releases, not to mention endless requotes, slippage, frequent software lags (not only during news releases).


Those investors who were connected to the auto-copying service by pro-rebate.com were shocked to see their funds vanishing gradually because of insanely huge swaps (20 times as big as the average swap in the industry). How can you even dream of making money when you have to pay that much money every single day? This is what FxPro traders and investors ask themselves on a regular basis. On top of that, extremely wide spreads often make FxPro traders end up with tiny profits or even losses while their peers trading with NordFX and Alpari keep on gaining substantial profits.


XM.com is number 3 on the list of those brokers that have got tons of negative feedback. There are 22 negative comments about XM.com. The key focus of those complaints is the technical side – terminal lags, spread widening (2-3 times) on news, endless requoting, sometimes even non-market quotes (like spikes). Many of those who used to trade with XM.com say that as soon as you start making money on a regular basis, your account may get blocked for whatever fake reason they may come up with.
Masterforex-V Academy strongly recommends against trading with XM.com, especially if you are a mid-term or long-term trader since the swaps are so huge that you may get broke within a couple of weeks. For instance, holding a locked GBP/DKK position will cost you $80 dollars a day per 1 standard lot.
These guys are followed by Oanda, Interactive Brokers, YA-HI.com, FOREX.com, Saxo Bank, ActivTrades, Swissquote Bank, FXCM, Larson&Holz.


The bottom line is this:
Without any doubt, each and every opinion on the Internet may be biased and reflecting someone’s positive or negative experience. Still, many brokers should think about improving their products, services, and trading conditions rather than searching for newbies to make money off their losses. The time of dirty brokers is gone forever, Masterforex-V Academy experts are convinced.


You are free to discuss this article here:   forum for traders and investors


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