The realm of foreign exchange trading is both exciting and rewarding. It holds immense profit potential and is one of the reasons it’s the world’s largest financial market. This very potential makes the concept of “Forex ratings” incredibly important.
Traders Union recently published the list of 9 Best Forex brokers for 2023, an initiative to guide traders toward the industry’s most trustworthy and efficient brokers. In this post, we’ll delve into the concept of Forex brokers, what they offer, how to choose them, and who ranks the best in the world today, according to TU.
How to choose the best broker?
According to Traders Union experts, it’s important to consider the below-mentioned tips before choosing a broker:
- Broker’s footprint. Longevity in the market often signals a broker’s reputation. Established brokers garner more client reviews, enhancing their credibility, and ultimately leading to increased trust among traders.
- Licenses. A valid license is a non-negotiable aspect of a trustworthy broker. Regulatory bodies strictly monitor these licensed brokers, ensuring they adhere to established trading standards and offer optimum protection to traders’ investments.
- Broker’s country of registration and physical offices. The geographical footprint of a broker, including its registration country and physical office locations, can reflect the broker’s professionalism and commitment. A wide network indicates a solid foundation and potentially better local support for traders.
- Trading conditions. Optimal trading conditions are pivotal in a broker’s offerings. Competitive spreads, a broad selection of trading instruments, and attractive bonuses could provide traders with a more beneficial trading environment.
- Customer support quality. The responsiveness and effectiveness of a broker’s customer service can significantly impact a trader’s experience. Top brokers prioritize customer support, providing swift, comprehensive assistance to trader inquiries.
- Traders’ reviews. Genuine reviews from traders provide invaluable insights into a broker’s operations. They offer an unbiased evaluation of a broker’s performance, trading conditions, and reliability, thereby guiding potential traders in their decision-making process.
- Broker’s position in Forex ratings. A broker’s standing in TU’s Forex ratings indicates its overall performance and reputation. The rating results from rigorous auditing of over a hundred objective characteristics, presenting traders with an informed assessment of the broker’s competence.
The score of the top 5 brokers
Traders Union experts have selected top companies and rated them, taking into account over 100 different criteria. TU factors in the trading volume of each company, leveraging the valuable insights from hundreds of thousands of traders. Additionally, they carefully consider and curate traders’ reviews of brokers on their website. As a result, their rating system stands out as the most impartial and independent in the Forex market. Here are the top 5 companies and their ratings provided by the team of Traders Union analysts:
- RoboForex: 9.78/10.
- Exness: 9.71/10.
- Tickmill: 9.64/10.
- Pocket Option: 9.57/10.
- VantageFX: 9.5/10.
Best Forex brokers in the world
Take a closer look at each broker:
-
- RoboForex: Launched in 2009, RoboForex is a leading software developer in the Forex industry. With a client base exceeding 3.5 million in 169 countries, RoboForex is lauded as a reliable partner by market experts.
- Exness: Exness.com has been active in the Forex market since 2008 and operates legally in more than 130 countries. Known for its low commission, instant order execution, and fund withdrawal, Exness ranks highly in Forex ratings.
- Tickmill: The broker’s trading conditions, featuring minimal spreads, are highly valued by scalpers and traders using EAs. The Tickmill group of companies includes Tickmill Europe Ltd (CySEC), Tickmill Ltd (FSA), Tickmill UK Ltd (FCA), Tickmill Asia Ltd (Labuan FSA), and Tickmill South Africa (Pty) Ltd (FSCA).
- Pocket Option: Pocket Option was established in 2017. The broker offers its clients access to a diverse range of trading options, including currency pairs, commodities, stocks, cryptocurrencies, and indices, totaling over 100 global assets. The broker extends its services to more than 95 countries and regions worldwide.
- Vantage FX: Since 2009, Vantage Markets has been an STP broker offering various trading options. The company operates under FCA, ASIC, VFSC, and CIMA licenses.
Conclusion
While the Forex market offers opportunities, its complex nature necessitates informed decisions, especially when choosing a broker. Forex ratings are a powerful tool in navigating this world, ensuring you engage with the best brokers offering optimum conditions. We hope this review will guide you in your Forex journey. For more detailed insights and comprehensive Forex ratings, we encourage you to visit TU’s official website.
