For Forex traders, choosing a broker is like picking a climbing partner. Trusting the wrong one when trying to reach financial peaks could end in a painful plunge.
Established in 2010, Traders Union has been at the forefront of introducing unbiased and thorough reviews of Forex brokers in pursuit of providing unbiased, complete, and free assessment of service providers in the space.
Over time, the platform has transformed into an all-in-one hub, featuring a team of financial experts who apply the Traders Union Methodology to assess global brokers. The team looks into every service provider’s financial stability while considering factors such as reliability, customer service quality, and unique features, among other crucial qualities.
GO Markets Review by TU
GO Markets is one of the most leveled-up platforms in the Traders Union ranking in 2023. The broker was rated 4.24 out of 10.0, classified among brokers that are to be avoided due to the significant amount of risk they carry, earlier this year.
Today, GO Markets review shows an outstanding score of 9.4 out of 10.0, placing it among the best-rated Forex brokers of 2023. Explore the comprehensive review and user feedback on Traders Union for a deeper understanding of GO Markets’ performance and offerings.
The broker, which has been in operation for 17 years, offers one of the widest range of instruments in the market including Forex, commodities, metals, indices, stocks, and Contract-for-Differences.
It is also highly regulated by Tier-2 and Tier-3 financial regulators led by the Cyprus Securities and Exchange Commission (CySEC), the Financial Services Commission (FSC) of Mauritius, and the Australian Securities and Investment Commission (ASIC).
Account opening is straightforward, with the approval done within 24 hours. The minimum deposit starts at $1, which is worth it for beginner traders considering that it offers low spreads and competitive commission per lot.
On the downside, TU experts found that CFD trading fees on GO Markets are higher than its closest competitors which can easily turn potential clients off.
Moreover, the brokerage company is known for having low-quality online chat support, which explains its 3.87 out of 10.0 score in the User Satisfaction category.
XM Group Review
Another platform that made it to Traders Union’s shortlist this year is XM Group, a broker founded in 2009 and known for its copy-trading feature.
XM has ranked 14th among 378 companies assessed by TU experts during the period due to its low minimum deposit requirement, attractive leverage which ranges between 1:30 to 1:1000 depending on one’s location, and no-commission for withdrawal policy.
The XM copy trade is currently its most notable feature, with copy trading generating a high amount of attention among Forex traders lately as it presents a passive way of earning money. Traders Union offers insights and reviews to help traders explore and understand the effectiveness of XM’s copy trade feature in the dynamic Forex market.
The platform offers copy trading for MQL5-registered accounts and requires users to download either MetaTrader4 or MetaTrader5 to use its functions. Users are required to pay a subscription fee starting at $50, in exchange for guaranteed information from the best traders in the industry.
As of this writing, the XM copy trade feature is available only in certain markets, including the United Kingdom, the European Union, and Australia.
Before going all in, traders are advised to gauge their level of risk as this feature’s spreads range between average to high.
Traders Union Methodology
Traders Union employed over 100 parameters across five fundamental categories to ensure the accuracy of the rankings.
1). Financial and Economic Status:
- Thirty-eight criteria evaluated the financial soundness of brokers, considering solvency, trade growth or decline, and the current economic status of the company.
2). Reliability:
- Twenty-seven criteria assessed the level of trust in a broker, examining reputation since launch and customer satisfaction.
3). Level of Security Funds:
- Eighteen criteria evaluated the safety of funds in the broker’s accounts, considering factors such as the availability of licenses and adherence to regulations.
4). Trading Conditions:
- Fifteen criteria assessed the compliance of trading conditions with real-world scenarios.
5). Client Service:
- Nine criteria checked the quality of technical and customer support offered by the platform.
Wrapping it Up
In Forex trading, selecting a broker is akin to choosing a climbing partner, as an erroneous choice may lead to a perilous financial descent.
Traders Union has been a pioneering force for 13 years, providing impartial and thorough reviews of Forex brokers, with a commitment to delivering unbiased, comprehensive, and free assessments.
The Traders Union Methodology delves into each service provider’s financial stability, evaluating factors such as reliability, customer service quality, and unique features.
Making it in the latest TU rankings is GO Markets, one of the most improved Forex platforms in 2023. The broker is known for its impressive regulation and low minimum deposit, maintaining its reputation as a trusted player in the field for nearly two decades.
In addition, Traders Union experts have also given their verdict on XM Group, a platform currently making headlines due to its novel XM copy trade that many experienced traders are using to optimize their investment activities.