Navigating the complex world of global trading, where potential gains and risks go together, hinges on the selection of a reliable Forex broker.
Traders Union, an esteemed association of Forex traders, has diligently conducted evaluations of 374 brokers worldwide in its latest round of assessment to declare the Best Forex Brokers of 2023.
Making it on this year’s shortlist is Land-FX and FXGT.com, with both platforms known for their low minimum deposit offers, highly-regulated operations, and wide-range of currency pairs that gives traders utmost flexibility with their investment moves.
Key Criteria for Evaluation
Traders Union’s experts meticulously weigh various critical factors to empower traders using a set of criteria below used in the evaluation process.
TU’s overarching objective is to provide reliable and complete guidance, enabling traders to make well-informed decisions in their investment ventures in the Forex market.
Brokers with Low Minimum Deposit Requirements are Advantageous
- Paramount for risk minimization.
- Especially critical for both novice and seasoned traders who are looking to reduce their spending upon entry.
A Demo Account Should be Available
- Invaluable for familiarizing oneself with a platform without burning cash
- Allows exploration without risking actual funds, serving as an important tool for traders at all levels of expertise.
Safety is Highly Prioritized
- Platforms regulated by esteemed bodies such as the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), and the Financial Services Authority (FSA) of Seychelles hold a distinctive advantage compared to unregulated ones.
- Brokers need to furnish a secure trading environment to provide traders with a sense of confidence and reliability.
Stellar Customer Reviews:
- Collective opinion derived from the experiences of the trading community serves as a valuable resource of knowledge.
- Delving into reviews shared by traders online offers real and unfiltered insights into the platform’s reliability.
Land-FX is a Must See Broker
According to Traders Union experts, Land-FX is a must see broker for those scouting for a brokerage company with a low minimum deposit requirement while protected by tier-1 finance regulators.
Land-FX has been operating since 2013, and its decade of experience speaks of its reliability. For a compelling reason, it presents one of the most minimal initial deposits available, starting at just $10, notwithstanding its exceptional safety track record and diverse product range.
The platform is also overseen by top regulators in the financial markets like the UK Financial Conduct Authority (FCA) and the Financial Services Compensation Scheme (FSCS).
Additionally, Land-FX offers a variety of over 65 currency pairs, providing traders with maximum flexibility in their trading endeavors, capped with a floating spread starting at 0.5 pips for non-professional accounts.
Despite its long-list of advantages, Land-FX received a low score in the TU Overall Score, garnering 3.06 out of 10.0.
This is attributed to its deficient customer support, lack of educational resources, and the absence of trading options in stocks, cryptocurrencies, and Contracts for Differences (CFDs).
In addition, deposits on the brokerage company are not always free from commission, a common problem for service providers that entice clients with low deposit fees while piling on hidden charges.
FXGT.com Makes it to TU’s 30 Best Forex Brokers of 2023
FXGT.com secured the 21st position among all brokers appraised by TU during this period, achieving an impressive overall score of 8.38 out of 10.0. This places it among the most-trusted brokerage companies alongside popular platforms such as RoboForex, Exness, Tickmill, and IC Markets.
Such an achievement attests to its notable reliability, excellent value for money, and a commendable level of fund protection on the platform made available to its strong FXGT community in more than 100 markets it currently services.
Experts highlight that platform’s regulatory oversight from esteemed financial market regulatory bodies such as the United Kingdom’s Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), and the Financial Services Authority (FSA) of Seychelles.
FXGT’s leverage is also one of a kind at 1:1000, making it an ideal platform for investors with a sharp risk appetite, looking to achieve their profit goals at the shortest possible time.
In addition, the broker’s minimum deposit, starting at $5, stands out as one of the lowest among highly-regulated platforms, complemented by enticing bonus and partnership programs that offer referees up to $12 in commission for each closed lot.
On the downside, Traders Union found out that fees paid on the platform are higher compared industry average, while customer support and brand popularity barely made it past the passing score at 5.0 out of 10.0.
The Traders Union Community
Traders Union, founded by seasoned Forex traders in 2010, has gone ahead of its initial role as a mere association of currency exchange enthusiasts to become a trusted resource for traders of all levels.
Offering unbiased and in-depth information across various asset classes, with a strong focus on the foreign exchange market, the community aims to empower investors of all levels to navigate the complexities of the financial landscape.
Central to the association’s mission is its commitment to comprehensive and objective assessments of leading Forex platforms. This dedication is evident in the meticulous process undertaken by TU’s experts, who painstakingly simulate the new trader experience on each platform.
This thorough approach ensures the accuracy and reliability of their assessments, covering critical aspects such as regulatory compliance, minimum deposit requirements, unique features, affiliate programs, bonuses, and service fees.
This unwavering commitment to transparency and unbiased information has placed Traders Union as a leading voice in the trading community, empowering individuals to make informed decisions and navigate the ever-evolving financial markets with confidence.
Traders Union’s unique scoring system
Traders Union employs the TU Overall Score, a unique scoring system ranging from 0.01 to 10.0, simplifying the search for trustworthy brokers.
The principle adheres to a simple rule that states that the higher the score, the more dependable the broker. The TU Overall Score has gained popularity in the Forex market due to its straightforward and fair scoring system.
Score Ranges and Recommendations by Traders Union Overall Score:
- 8.0 to 10.0: Deemed the most reliable, earning the highest level of endorsement. TU experts recommend opening and funding accounts with these trusted platforms.
- 7.0 to 7.99: Signify reliability, standing just a step away from the coveted status of being highly trusted.
- 5.0 to 6.99: Fall into the mid-level category, considered mostly reliable. However, experts say caution is advised, and thorough assessment is recommended before opening an account.
- 3.0 to 4.99: The risk is high, prompting experts to advocate for meticulous analysis before engaging in any trading endeavors.
- Discouragement for Lower Scores: Traders Union takes a firm stance, strongly discouraging trading on platforms scoring 2.99 and lower. Emphasis is placed on the substantial disparities in performance and reliability compared to their higher-ranked counterparts.