News of forex rating of brokers. The work of traders is impossible without brokers, for they are as two sides of one medal with eternal antagonism, contradictions, and mutual pretentions, being unable to work without one another at stock exchange and forex, for at currency, stock, and commodities markets traders work only through brokers. For a long time several hundred brokers and forex DC, using the vague criteria of their estimation, have one and all been calling the quality of their dealing as “the highest” and themselves only as “the best brokers worldwide”.
Such absurd situation was being continued until the best European forex training project in 2009-2011 – Masterforex-V Trading Academy started its own international rating of brokers and forex DC, which is based on 16 independent assessment criteria of these DC. Each of these criteria is open and objective. As a result, everything immediately returned to its places: brokers, both leaders and outsiders, lost their opportunity to manipulate public opinion, and the dynamics of change according to each of the 16 criteria of Masterforex-V rating of brokers became the important source, the basis for hundreds of people, who study broker and trading services worldwide.
Which of forex brokers has the highest point for the quality of provided dealing according to traders’ poll?
One of the most important criteria in rating of forex brokers is the average point of traders’ poll in estimating the quality of dealing provided by forex brokers. Which of the brokers:
• has quickest quotations, and which of them has slips when the order is being executed?
• more frequently than others provides non-market quotations in order to beat traders’ stops so that they suffer losses?
• has a technical support, which reacts to the clients’ problems at the quickest pace, and which DC does not solve the problems of its traders at all?
• may have problems outputting the earned profit, etc.
Dealing of which brokers do CIS traders estimate better? The data can be provided in the form of the following table:
Traders’ high assessment together with other qualitative indicators of the companies provided the basis for the major league formation. Forex.com has been recognized as the leader company, which has not only 12 years of service, serious licensing, and numerous awards, but also high opinion of traders that work with it.
Numerous positive feedbacks of traders and very low spread enabled rather young (created in 2008) companies NordFX and EXNESS to enter the TOP 5 of the entire major league of the rating of brokers.
Which of forex brokers has received the lowest point for the quality of dealing?
As observed from the table, the lowest points for the quality of provided dealing have been received by the brokers of the 3rd (minor) league of forex brokers; namely, Ikon Group and Broco, which had not paid the earned profit to forex traders. For example, Ikon Group has received the worst point after in the leading traders’ forum appeared information about non-payment of profit by the broker company. Consequently, hundreds of traders voted against ever opening an account in it. The ultimate average for Ikon Group appeared extremely low – 0.01, and the broker company itself occupies the bottom position of the third, minor league of the rating of forexbrokers.
Among broker companies of the major league the lowest points of traders’ poll have been received by Forex Club, FXPro, OANDA, and SaxoBank. These companies received their positions in the major league only due to high points according to other independent assessment criteria of brokers and DC; namely, branch network, obtained licenses, media publicity, service at forex market, etc.
Low points of traders’ assessment have also been received by 2nd league members (Nefteprombank, AvaFX, and FOREXYARD), which have serious licenses... and traders’ complaints concerning the quality of dealing in these companies. It is this combination that prevents these broker companies from entering the major league of recommended forex brokers.
Inability to set “locks” and beating the stops, noticed by traders while working with Kalita Finance company, allowed the market “old-timer” (the company was created in 1999) to be set only in the second league.
Positions in the major league top ten are currently distributed in the following way:
Among the minor league members there also are some “dark horses”, which have a small number of feedbacks or none at all. For example, created in 2010 IronFX company has not received a single vote. Of course, no news is good news, but not when this refers to offering own means for working at Forex market.
The minor league is closed by the companies that have extremely negative assessment from traders’ community mostly due to a large number of pretentions. These are Finmarket, which has a 9-year service at the market, and created in 2008 Broco, which has an extremely negative reputation among traders and which has not paid the profit to the students of the Academy.
The Editorial Board of “Market Leader” magazine, jointly with experts of Forex Academy and Masterforex-V Stock Exchange Trade, holds a questionnaire in the traders’ forum: what is most important for you, as a trader, for opening a real account in a forex broker company? The DC that obtains:
• licenses;
• long service at the market;
• traders’ feedbacks about the DC service.
