The financial experts at the Traders Union recommend using a well-planned approach when selecting a broker. Traders need to thoroughly study and analyze all aspects of potential brokerage companies to start a successful and profitable career on Forex.
Specialists at the Traders Union suggest that traders should pay attention to the reliability of the brokerage and confirm that it is licensed by a reputable financial regulator.
How do the Traders Union experts compile the list of the Top 5 Forex brokers?
The Traders Union financial experts apply more than 100 proprietary parameters to objectively assess, analyze, and investigate a broker’s trading activities. They are divided into five main groups, which assure a comprehensive approach during the evaluation process
Indicia employed to analyze the broker’s performance
- Whether the broker is licensed and supervised by at least one reputable governmental agency and regulator that has jurisdiction within the state where the broker is headquartered.
- The duration of the company’s work on the financial market. The advantage should be given to those brokers that have been actively and continually providing untarnished brokerage services for at least 5 years.
- Professionalism and effectiveness of the broker’s support service. It is important to have support working around the clock and have the ability to be contacted via several communication avenues.
- The trading conditions of a broker must be both favorable and comfortable to the client. These include a reasonable minimum deposit, leverage, adequate training materials, a variety of basic trading instruments, and multiple methods to deposit and withdraw funds.
- The broker’s reputation and the level of its clients’ satisfaction and quality of its services may be assessed by a thorough examination of a broker’s online reviews. Several parameters are employed to make sure that (1) the reviewer is actually a present or recent client of the broker being reviewed and (2) that the review is, in fact, objective in its overall scope and comments. The team of TU experts also looks at: how a broker takes care of its reputation; whether it reacts to negative customer feedback; and how quickly it reacts to improve its conduct or the working conditions at its business.
Every trader can study these five main areas of each broker because the information is publicly available on each broker’s website. It requires a substantial amount of work to dig out the important details and compare the results to competing brokers. But you don’t have to do the hard work because the Traders Union has already done it for you. You can find the results of TU’s comprehensive analyses and list of the Top 5 Best Forex Brokers on the Traders Union website.
Top 5 Forex brokers according to the Traders Union
Based on a comprehensive review of Forex brokers, Traders Union experts compiled the Top 5 brokers in the Forex trading industry. This list consists of the brokers that have regularly earned top scores on all the basic metrics, have achieved the highest level of their clients’ trust, maintained a positive reputation, and also have sterling trading conditions compared to their competitors.
- RoboForex. The minimum deposit is $10. Suitable for independent trading and investing through the CopyFX service.
- Forex4you. The minimum deposit is $1. It will suit beginning traders because it has a cent account with optimal leverage.
- Exness. The minimum deposit is $1. The company offers a variety of trading instruments as well as liberal leverage with equity up to 999 USD.
- Admiral Markets. The minimum deposit for traders is $100 and for investors, it is $1. The company operates under the control of authoritative financial regulators FCA, ASIC, and CySEC.
- FxPro. The minimum deposit is $100 with leverage up to 1:500. The company has a 24/5 support service and its activity is regulated by FCA, CySEC, and FSCA.
These brokers are the most popular among traders because they are client-oriented and provide high-quality professional support. This is evidenced not only by the test results of Traders Union experts but also by traders’ reviews of cooperation with the brokers.
How the Traders Union helps traders to choose a broker and protect themselves from fraudsters?
The Traders Union is an association of Forex traders. It has been working in the financial markets since 2010. Registration and participation in Traders Union are free of charge for all traders. In return, traders working with brokers through the Traders Union get additional income for each executed transaction — whether profitable or unprofitable — and the right to legal assistance in case of a conflict with a broker.
The Traders Union site has many expert articles on various financial and economic topics, as well as instructions and training guides on how to choose a broker for Forex trading, and how to distinguish scammers from trustworthy companies. In addition, the financial experts at the Traders Union make recurring evaluations of brokers, formulate objective ratings, and release to the public, free of charge, a list of the Best Forex Brokers by category:
- Top 3 CFD Brokers in 2021. On this page, you can explore the eToro Review which is the leader of the best of the CFD brokers.
- Forex Brokers for Beginners. The leader of the list is Admiral Markets UK.
- Forex Brokers for Investors. RoboForex is the leader of this genre.
- Bitcoin Forex Brokers. The best broker for trading cryptocurrencies is RoboForex.
- Top 5 European Forex Brokers in 2021. Here you can see the most popular brokers among European traders and also explore FxPro Review which is the company that leads in this category.
Thus, each member of the Traders Union has access to the results of comprehensive and in-depth research, as well as detailed and objective information about the best brokers. Also, those traders, who cooperate with brokers through the Traders Union, work in Forex under the protection of TU’s highly-qualified legal specialists, all of whom are members of the bar.