Vlad Demochko
Choosing a suitable broker remains to be one of the most important tasks for those who want to open a real trading account (to trade for real money). Following the principle of not putting all eggs into one basket, it is necessary to chose 2-3 broking companies, being guided by the variety of trading conditions, financial assets and many other factors (from licenses to support). Probably every single trader is familiar with this type of difficulties.
In order to make it simpler created its own rating of Forex brokers, which takes into account all the necessary data and is based on the universal principle of binary patterns (which is familiar to each student of ). A single criterion presents no objectivity. The final rating of each broker is composed of the elements independent from each other. As a result, each company gets a certain amount of rating points.
By now a team of experts form has analyzed 80% of all the info that the Academy accumulated during the 7 years of its existence. However, there is an opportunity to make some preliminary conclusions (including some unexpected changes in the rating positions of certain brokers).
After processing the main share of data (year of foundation, regulation and licenses, trading conditions etc), 3 groups traders cast their votes: Staff, their students and visitors, including the representatives of numerous dealing centers and broking companies. That is why the value of the votes of each audience was different: the average points were multiplied by 60, 30 and 15 correspondingly. The voting results have had a significant impact on the rating. The results are the following:
Number1 – FIBO Group. It managed to gain its status of leader thanks to the votes of Staff and their students and due to considerable experience and fairly serious regulation.
The 2nd place - Nord FX. It has been popular with all kinds of traders due to the high quality services. They say no client has had any complaints so far. The broker got 4.75pts from the Academy staff and 4.25pts from the Academy students.
The 3rd place – FOREX.com. Its main advantages are reliability and safety confirmed by 12 years of experience, FSA and NFA licenses, strict control and transparency.
The 4th place – Admiral Markets. 10 years of experience and FSA regulation eliminate all the doubts about the company’s reliability.
The 5th place – EXNESS. The key criterion influencing the decision implied unique trading conditions: a huge variety of trading assets, very low spread, instant execution of orders and auto-withdrawal of funds.
Thanks to the fact that the average grade was introduced to the voting, 3 brokers moved from the 2nd league to the 1st one:
· FINAM. The visitors credited the broking company with 2.5pts. Masterforex-V traders gave it 4.21pts. The company got 526potins and moved to the 8th place of the 1st league.
· BMFN (Boston Merchant Financial). The visitors credited it with 3.50pts out of 5. 327points, which allowed BMFN to move to the 15th place of the rating.
· FxPro. The users also gave it 2.5pts. Now it occupies the 20th position of the 1st league. The key event influencing the rating of FxPro was the introduction of ECN FxProxTrader, next-generation trading software.
ECN platforms are used by almost all the top broking companies of the rating:
FiboGroup, NordFX, Admiral Markets, EXNESS, MIG BANK (6th place), Dukascopy (9th place), ForexTrend (10th place).
We would like to remind you that the Masterforex-V rating of Forex brokers is calculated basing on 15 criteria, which are independent from each other. That is why such companies as Alpari , Broco, FOREX MMCIS group, MasterForex and others (they also provide the ECN software) didn’t manage to get into the 1st league because of numerous complaints and poor voting results.
(created by traders for traders) does have an unbiased blacklist of Forex brokers. Nevertheless, the dealing centers and brokers that have been caught playing dirty tricks on their clients are allowed to participate in the rating. The thing is that these companies are deprived of a certain amount of rating points for multiple negative comments and complaints. That is why such companies as OANDA, Alpari, Deltastock, SaxoBank, BMFN, X-TradeBrokers, ISIGroupLtd, Forex4you, KalitaFinance and others have found themselves in the 2nd league.
The 3rd league is represented by young and unknown companies that will have to gain reputation and client confidence but their image is stained by some dirty techniques like “catching” the client’s stop-loss orders (executing the order deliberately to deprive the clients of money), non-market quotation and non-payments. That is why such companies as Forex MMCIS, Broco, Forex Euro Club that have a couple of complaints about non-payment are unlikely to get even into the 3rd league.
The following broker companies have managed to gain 150 rating points required to move up to the 2nd league:
• IkonGroup – 15th
• iFOREX – 19th
• IKON Brokers – 20th
• NWFB (Nord-West Financial Broker) – 22nd
• GCI FinancialLtd – 23rd
These are the results of the second week the rating exists. New facts are being revealed, trading conditions are changing, the voters are getting more numerous and more active. All the changes are being taken into account and are influencing the rating. Next week we are going review the rating once again.
If you want to get acquainted with the current standings of the Forex brokers, to vote or to share your own opinion on some of the brokers, just visit the forum of .
Vlad Demochko
