I have personally developed an Auto-Ranking system for forex online brokers which is automatically updated after every 2 days.
Below is the list of top 10 latest successful forex brokers.The ranking system has been developed on the basis of their platform,Spread,support,customer reviews(CR) and Website(WB).To know more about a broker,you may click at the broker's name to visit their site.
Errors and omissions are expected.
The total rating is calculated upon following criteria:
Platform(30%)
Spread(20%)
Support(20%)
CR(20%)
Website(10%)
Note:Brokers which are not registered or affiliated with their respective authorities doesn't qualify for this list.
Rank Name Platform Spread Support CR WB Rating
1 Hotforex 80.00 53.79 56.25 46.67 40.0 276.71
2 Xemarkets 80.00 48.00 60.00 49.99 37.50 275.49
3 Oanda 62.61 60.00 52.50 60.00 30.00 265.11
4 HyMarkets 80.00 53.79 45.00 45.00 27.50 251.29
5 MIG Bank 78.26 51.72 41.25 41.67 32.50 245.40
6 FX Pro 69.57 49.67 46.88 48.33 30 244.44
7 DukasCopy 59.13 57.93 52.50 40.00 32.50 242.06
8 FXCC 78.26 53.79 48.75 40.00 20.00 240.80
9 Ava Trade 73.04 47.59 48.75 43.33 25.00 237.71
10 CitiFx 71.30 49.66 43.13 48.33 25.00 237.42
*While MB trading needs only 0.37 points to beat CitiFX and qualify for top 10.
Scamming:
Yeah,some forex brokers are scam too.
I repeat that there are some forex brokers who cheat their clients.
Of course they can do this is many ways:
-by manipulating bid/ask spreads.
-by stop hunting
-by .............{Oops,I forgot ;)}
I know you are an honest person and you love your hardly earned money and don't want to lose it blindly specially because of scammers.
It's a big problem now!Trading is already very difficult and horrible and now we also have to beware of these scammers?
You Don't have to:
First of all,make sure that your broker is registered with it's respective money regulatory authority.Let me tell you an interesting fact:According to NFA website there are about 2,000 retail brokerages which are not registered yet.Only 24 are registered with them!!(That's only 1%)
Regulatory agencies:
1-CFTC(Commodity & Futures Trading Commission):
The agency was established in 1974 in United Stated to protect commodity traders and individuals trading in futures market.
Forex market is very unreliable and in this unreliable environment if someone could help if a company is reliable or not than i think it's great.
CFTC's Official web site can be found here:
CFTC
In order to file a complaint or report suspicious activities:
Complaint Department
If you are an experienced trader than you must be aware of the word "COT report".Yeah,CFTC is responsible for publishing COT report every Tuesday.
1-NFA(National Futures Association):
If CFTC is the boss than i would like to call NFA his little brother.
For an organization to be a member of NFA,they have to pass a screening done by NFA and meet NFA regulations and standards.
NFA's mission is to provide investors and individuals with security
and protection from frauds and scams.
The NFA's website can be found here:
NFA
Foreign regulatory agencies:
Some foreign regulatory agencies are following and their website links have been given below their name:
FCA(UK):
Link to FCA's website:FCA's website
Link to Finanstilsynet's site:Finanstilsynet's website
Swiss federal department of finance(Switzerland):
Visit FDF's website:FDF's website
Hong Kong Securities & Futures Commission(Hong Kong):
The link to SFC's website is:SFC's website
Australian Securities & Investment Commission(Australia):
ASIC's website can be found here:ASIC's website
For any comments or queries,don't forget to add your 2 cents below.
Below is the list of top 10 latest successful forex brokers.The ranking system has been developed on the basis of their platform,Spread,support,customer reviews(CR) and Website(WB).To know more about a broker,you may click at the broker's name to visit their site.
Errors and omissions are expected.
The total rating is calculated upon following criteria:
Platform(30%)
Spread(20%)
Support(20%)
CR(20%)
Website(10%)
Note:Brokers which are not registered or affiliated with their respective authorities doesn't qualify for this list.
Rank Name Platform Spread Support CR WB Rating
1 Hotforex 80.00 53.79 56.25 46.67 40.0 276.71
2 Xemarkets 80.00 48.00 60.00 49.99 37.50 275.49
3 Oanda 62.61 60.00 52.50 60.00 30.00 265.11
4 HyMarkets 80.00 53.79 45.00 45.00 27.50 251.29
5 MIG Bank 78.26 51.72 41.25 41.67 32.50 245.40
6 FX Pro 69.57 49.67 46.88 48.33 30 244.44
7 DukasCopy 59.13 57.93 52.50 40.00 32.50 242.06
8 FXCC 78.26 53.79 48.75 40.00 20.00 240.80
9 Ava Trade 73.04 47.59 48.75 43.33 25.00 237.71
10 CitiFx 71.30 49.66 43.13 48.33 25.00 237.42
*While MB trading needs only 0.37 points to beat CitiFX and qualify for top 10.
Scamming:
I repeat that there are some forex brokers who cheat their clients.
Of course they can do this is many ways:
-by manipulating bid/ask spreads.
-by stop hunting
-by .............{Oops,I forgot ;)}
I know you are an honest person and you love your hardly earned money and don't want to lose it blindly specially because of scammers.
It's a big problem now!Trading is already very difficult and horrible and now we also have to beware of these scammers?
You Don't have to:
First of all,make sure that your broker is registered with it's respective money regulatory authority.Let me tell you an interesting fact:According to NFA website there are about 2,000 retail brokerages which are not registered yet.Only 24 are registered with them!!(That's only 1%)
Regulatory agencies:
1-CFTC(Commodity & Futures Trading Commission):
Forex market is very unreliable and in this unreliable environment if someone could help if a company is reliable or not than i think it's great.
CFTC's Official web site can be found here:
CFTC
In order to file a complaint or report suspicious activities:
Complaint Department
If you are an experienced trader than you must be aware of the word "COT report".Yeah,CFTC is responsible for publishing COT report every Tuesday.
1-NFA(National Futures Association):
If CFTC is the boss than i would like to call NFA his little brother.
For an organization to be a member of NFA,they have to pass a screening done by NFA and meet NFA regulations and standards.
NFA's mission is to provide investors and individuals with security
and protection from frauds and scams.
The NFA's website can be found here:
NFA
Foreign regulatory agencies:
Some foreign regulatory agencies are following and their website links have been given below their name:
FCA(UK):
Finanstilsynet(Denmark):
Swiss federal department of finance(Switzerland):
Hong Kong Securities & Futures Commission(Hong Kong):
Australian Securities & Investment Commission(Australia):
For any comments or queries,don't forget to add your 2 cents below.
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