There are hundreds of Forex broking companies offering their brokerage services to retail Forex traders and investors worldwide. Apparently, there are fakes, scams, mediocre and reputable world-class companies out there. Reputable brokers are mostly old, operating for many years in the international Forex industry as true heavyweights. Still, there are young but promising Forex brokers deserving respect and trust...
Who Can a Young Forex Broker Win Traders' Hearts and Minds?
It is not a secret that most retail traders, especially rookies and intermediate traders, have difficulty telling fakes and scams from truly reliable companies operaing in the Forex industry. Indeed, the task is not an easy one. On the other hand, these days there emerge new, young and fairly promising client-oriented brokers with ambitions, which also have a hard time finding their own place in an extremely competitive environment, which the contemporary Forex industry has gown into.
The thing is that a young company is usually associated with a lack of professionalism and reliability, which is certainly not always the case.
With that in mind, Masterforex-V Academy and its project called Masterforex-V Expo launched a new way of verifying brokers' consistency and reliability. It is called a test drive. Indeed, the best way to prove or disprove something is to put it into practice. With that said, Masterforex-V Academy asked some of its practicing traders to give some brokers a try.
This time, they have tested Concord Bay, another young and ambitious broker claiming to be render premium-quality services coupled with innovative solution for more efficient Forex trading. Let's have a closer look at the results of the test drive...
Concord Bay Given a Try
We remind you that Masterforex-V Academy conducts these test drives of various Forex brokers within the scope of MAsterforex-V Expo, a project embracing dozens of unbiased and truly objective ratings of Forex brokers and binary brokers. At this point, the have tested several brokers. With that said, the audience has already got a true and unbiased image of each of those companies operating in the Forex industry.
Now let's proceed to the testing results:
The first tester's review:
Firstly, there was no problem with opening a live account. It was as easy as filling out the registration from and verifying your ID via a scan / screen shot. As for withdrawal, it was pretty quick.
The list of assets available for trading includes a lot of currency pairs as well as precious metals, crude oil (Brent) and stock indices and futures.
The quality of execution is pretty decent at calm markets. On higher volatility during major news and ater it, the order was executed longer than usual - around 10 seconds.
All in all, there were no requotes and connection breaks. With that said, this aspect can be rated as good.
As for the quality of support, it was pretty fast, responsive and professional.
Another tester got almost identical results. Still, he saw some minor slippage, both negative and positive - some 0.1-0.3 points. He also reported good news-trading conditions and no spread expansion. The connection to the server is stable as well.
A 3rd tester reported positive feedback as well, including fast account activation - some 30 minutes after the ID verification was sent to the support team.
As for the quotes, they are almost identical to other brokers, including ForexClub and TDA. Still, Concord Bay can boast tighter spreads, which is a benefit for any trader. The screen below confirms this fact:
The orders are executed almost instantly at calm markets, with a slight delay during volatile markets triggered by news releases. As for pending orders, they were executed almost instantly even during news releases. The slippage can be both negative and positive.
The quotes are delivered in the form of a figure with 5 digits after the decimal point, which is a benefit allowing you to be more precise in setting SL and TP orders and to enter trades with lower risk of requotes and slippage.
The spread remains tight over the course of the entire trading week. The only exception is an expansion later on Friday before the weekend.
At the same time, they have lowered the spreads for CFDs on commodities and stock indices, which is also a huge benefit for those who like trading CFDs on top of currencies.
The bottom line is that Concord Bay can actually be considered a reputable broking company keeping its word and delivering the very same performance it has promised...
