Alex Bobrov
Choosing a reliable broking company is a challenge for any trader. Yet, it is an inseparable part of the way to success in Forex trading. What makes a reliable broker? There are many aspects, from competitive trading conditions coupled with innovative solutions and client-oriented approach to major licenses and awards.
How to Find a Reliable Broking Company?
Hundreds of broking companies offer their services to various kinds of trades and investors these days. Therefore, making the right choice can sometimes be really challenging.
Luckily, Masterforex-V Academy can help you whit that. If you need a really valuable opinion on a certain broking company, it is enough to study the results of comprehensive test drives conducted by the Academy's experts within the scope of Masterforex-V Expo, a promising project embracing dozens of related ratings.
More on Masterforex-V Expo's Test Drive
First of all, test drive is a whole-new kind of comprehensive practical tests aimed at defining the genuine level of quality of the products and services offered by a certain company. Any test drive is performed by several trading experts and includes a series of criteria. The whole idea is to give the audience a true and reliable picture when it comes to evaluating Forex brokers.
All the tests are performed on live accounts (no demo accounts included). On top of that, the work is done to the full in order to estimate the broker's true potential, capacity and performance and to find out whether the real state of affairs matches the one described within the scope of their advertising campaigns. The test does not take into account the time factor (including the operational history). Instead, the tester is focused on the quality, which is a more important factor.
The broker's trading conditions are some of the primary factors to consider along with the quality of services, deposit/withdrawal options, bonuses etc. If you need more information on the essence of test drives, you are welcome to visit Masterforex-V Expo's website.
Testing TurboForex
The first broker to be tested was TurboForex. The broking company claims that it gives traders unprecedented trading conditions coupled with absence of limitations in any aspect, including trading strategies, automated trading etc. At the same time, it boasts almost instantaneous execution of client orders – under 0,5 seconds. It also claims that all the orders are sent to the interbank market and executed by major liquidity providers.
Other promises include:
· absence of requotes
· low floating and fixed spreads
· leverage up to 1:500
· 2 types of order execution − Market execution или Instant execution
· a pretty wide range of trading instruments, including exotic ones like Bitcoin
· a wide range of trading accounts for rookies, advanced traders and trading experts working with big volumes
· a series of interesting contests and bonuses coupled with exclusive educational content
These are the things that will be tested during the test drive.
Petr (PetrDavy), a MasterForex-V Academy trader, reports:
My trading experience with TurboForex within the framework of the test drive looks as follows:
Deposit Withdrawal
Deposit options are abundant: bank transfers, debit/credit cards, online payment systems, automatic currency conversion (so you can deposit in any currency), no ID needed to deposit funds. I rate it as «A» (excellent).
Withdrawal
Withdrawal takes up to 24 hours. Any withdrawal is commission-free and unlimited.
I rate it as «A» (excellent).
Trading
Execution is instantaneous. Sometimes, order execution is subject to tiny slippage (a couple of points). Still this is a common thing. Moreover, the opposite would look strange and suspicious. Pending (limit) orders are executed at the set price. I haven't seen requotes.
I rate it as «A» (excellent).
Closing Trades
Sometimes I saw some slippage on closing. Stop orders were executed at the set price.
I rate it as «B» (good).
News Trading
There was slippage (a couple of points) when I entered a trade on news. Still, there were no requotes. So, you can trade the news pretty good with TurboForex.
I rate it as «B» (good).
Points
The testing period included 50 trades. Only a few trades closed with 3 pips of profit. The rest of them brought me 0,24 points or 0,12% of the initial deposit. Apparently, this is a tiny bonus, but still a pleasant one.
Test Drive Results by Igor (Alligator):
I tested a TurboForex live account for 6 weeks – from Feb 17th till March 31st. The results look as follows:
Opening an Account
Opening a live account is pretty easy, simple and relatively fast. We can say that this aspect is nearly perfect. The only thing you need is to fil out a short form. Another benefit is that a few minutes after opening a live account, a representative of the support team contacts you to confirm the details. You don't need an ID to open an account. You have 5 types of account to choose from. The minimal deposit is $50.
I rate it as «A» (excellent).
Deposit/ Withdrawal
I tested Webmoney as a deposit option. The deposit was instant. The broker covered the commission charged by the payment system, which is definitely a benefit.
At the same time, a deposit is subject to a substantial bonus 25%-100% depending on the deposited amount. The bonus can be withdrawn once it freed up by means of generating the minimal required trading volume. The benefit is that any deposit is subject to bonuses!
I rate it as «A» (excellent).
Trading (Quotes, Execution, News Trading, Spreads, Connection etc.)
I opened a Standard trading account suitable for advanced and experienced traders and can boast optimal trading conditions, allowing traders to reduce their trade expenses.
This is one of the best offers in the Forex industry! Some 50 trades were made during the test drive.
I tested virtually every single type of trading orders: stop orders, limit orders and market orders. Trading during calm market conditions was better than during volatile markets. The execution was fast and slippage-free.
I rate it as «B» (good).
Summing up, I can say that this is a pretty suitable option for intraday traders and scalpers. Long-term trader won't see any difficulty trading with such a good broker.
Test Drive Results by Egor (i4l) :
I tested TurboForex from Feb 20th till April 4th. The trading was performed 24/5 automatically by a trading robot (a Standard account was used). 125 trades made.
I liked the following things:
Execution speed – instant. No complicated registration routine, excellent support.
Deposit: fast, convenient (deposited through a debit card). The deposit wasn't big but still, there were no commissions, which is a benefit. By the way, you can hire VPS hosting.
Other benefits include a wide range of trading instruments coupled with bonuses up to 100%
By the way, the were several cases of slippage, which were positive for me!
Slippage on market orders is a controversial issue since everything cannot be perfect when it comes to execution.
I rate it as «A» (excellent).
Test Drive Results by George (Bay_Yol):
The testing period: February 17th – March 31st, 2014
Opening an Account
Opening an account is fast and easy. You can optionally confirm your ID.
Trading (Quotes, Execution, News Trading, Spreads, Connection etc.)
Over 70 trades were completed during the reporting period. The quoting is pretty good.
Execution of Orders
On executing market orders there are isolated pauses with the sign reading «the order is being processed by the server». Still, the pause is tiny and barely noticeable.
Take-profit and stop-loss orders are subject to slippage from time to time depending on volatility. Pending orders see no slippage.
Support
Support was excellent in every aspect. They helped me a lot when explaining all the peculiarities I needed.
Alex Bobrov
