Traders Union Analysts Presented Top 100 Forex Brokers

If you’re looking for a reliable forex broker, Forex Broker Rating can make your search easier. The rating provides a detailed analysis and comparison of the best brokers, trading centers, and platforms in Europe and worldwide. It’s based on the votes and reviews of traders of all levels, from beginners to professionals. The rating also provides monthly analytics on the voting results.

Choosing the best forex broker

Choosing a reliable broker is crucial for successful forex trading. Even if you have a winning strategy, an unreliable broker can prevent you from making money or withdrawing your earnings. To avoid this, it’s important to choose a broker with a good reputation. One of the main criteria to consider is the length of time the broker has been in business. The longer they’ve been on the market, the more likely they are to be a legitimate dealer with a large client base, high turnover, and authority.

According to traders union one of the primary factors to consider when selecting a forex broker is their longevity in the industry. The longer a broker has been in business, the more likely they are to be a legitimate dealer. Additionally, established brokers are easier to research, and it’s easier to find references and reviews about them. If a broker operates dishonestly, it’s relatively simple to uncover and their reputation will suffer as an unreliable dealer.

Brokers with a long history in the market often have a larger client base, higher turnover, and greater authority. It’s not in their best interest to suddenly vanish or deceive their traders since it would negatively impact their profitability and reputation.

Security

Having a trustworthy broker is crucial, but it’s equally important to safeguard your trading account. Losing profits to fraudsters who gained access to your account would be a huge disappointment. Therefore, it’s wise to examine the broker’s information security methods carefully. At the very least, the broker should provide email and phone identification and two-step authorization. For maximum security, an app that generates QR codes ensures that only you can access your account.

Traders Union Experts also suggest that traders look for an SSL-certificate, which encrypts all data, protecting sensitive information like credit card numbers and transaction amounts from falling into the wrong hands. A reputable broker will require personal identification documents, such as a regular or international passport, from the trader before proceeding with a full verification process and agreement. Without this data, it’s impossible to complete bank transfers. A broker that doesn’t ask for identification should raise red flags, as asking for such documentation is a sign of legitimate activity. That’s why the experts have compiled a list of the top 100 forex brokers.

Promotions and bonuses

When evaluating the reliability of a broker, their bonus policy is another important factor to consider. It’s important to remain objective and understand that excessively generous bonuses can actually be a red flag. Such behavior could indicate that the broker is aggressively trying to attract new clients in an effort to increase their assets and trading volume, potentially leading to bankruptcy — even deliberate bankruptcy.

There are several warning signs to look out for, including overly generous affiliate programs that typically offer remuneration in the range of 1–2% of the attracted trader’s turnover. Additionally, be cautious of brokers that charge large fees for depositing money and offer the possibility of withdrawing “spent” funds. Reliable brokers typically only allow withdrawal of profits and not bonuses, as they need to retain enough funds to honor their obligations to clients.

To find a comprehensive list of reliable brokers, visit https://tradersunion.com/ratings/forex/common/.