Forex Trading Reviews 2021 - Avoid Scam Brokers

Arlen Fedchuk

February 2021

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Reviews are one of the main tools used to determine a reliable Forex broker. The offered trading conditions, instruments, terminal capabilities, and available investment programs are all vital in the evaluation process. But no general information or statistical data can replace the real assessment of the broker's work by real traders. The reviewing traders are not necessarily experts or third-party specialists but are clients who are working directly with the broker, and who can speak from personal experience.



Forex Trading Reviews 2021

However, the situation in 2021 looks like there are several problems with real Forex reviews. First, no one will see negative reviews about the broker on its official Forex website. The reason is quite obvious, which is, no broker wants a negative review on its website. This results in the broker himself removing negative reviews and replacing them with positive reviews, sometimes written by the manager of the site. Second, the Internet is flooded with positive reviews scripted by or for the targeted website but posted on multiple websites.



The solution is to only check out reviews for brokers posted on the Traders Union website. Only genuine reviews are published here because Traders Union experts verify each review according to several objective criteria to determine their authenticity. And if it turns out that a review has been compromised or is false, it is deleted, and its author loses the opportunity to post future reviews. Traders Union has been collecting real Forex reviews for over ten years and is the most authoritative Forex site on the web. It is simply impossible to place a fraudulent review written for money on the Traders Union website.

The goal of Traders Union

is to supply objective, genuine reviews written by knowledgeable reviewers who are actual clients of the broker.

Latest Forex reviews of brokers in 2021

Current reviews are always more valuable than those that were written even six months ago. Therefore, reviews about a Forex broker in 2021 are preferable to reviews written in 2019 or earlier. This is because brokers improve constantly as they continually develop their platforms, adjust to market and traders' demands, introduce new options, and adapt new trading terms and conditions. Also, the previously successful Forex broker may be facing serious financial problems today, and vice versa.



For example, if a couple of years ago a Forex broker’s conduct raised suspicion as to its reliability, today it may have gained substantial experience in the Forex market place and may now hold a Level 1 brokerage license. That is why we publish only the latest reviews of Forex brokers of 2021 in a separate block. So that Traders Union clients always have access to the newest information about the current standing of all brokers in the Forex market.

Latest Forex reviews of brokers in 2021

He estado trabajando en Admiral Markets por más de 2 años. Desde que inicié con este bróker, ha sido más confiable que cualquier otro con el que he trabajado antes. Te ofrece condiciones de trading más favorables. El servicio de apoyo siempre está disponible y son muy receptivos. Tiene un muy buen servicio de depósito y retiro de dinero. Planeo continuar trabajando con este bróker en el futuro. Admiral Markets proporciona grandes oportunidades para principiantes. Su equipo de soporte provee la ayuda necesaria. La verdad, lo recomiendo mucho.

Me gustaría dejar un comentario con respecto a RoboForex. Ofrecen muchas oportunidades para empezar con trading sin ninguna inversión. Empecé a hacer trading con bonos hace tres años. Recibí un bono de bienvenida y uno secundario. Hice trading por bonos recibidos por comunicación en el foro durante el año. Tuve ganancias en ese tiempo, pero no eran fijas. Si no fuera por las oportunidades que la compañía da, mi cuenta estaría en rojo. Con certitud, puedo recomendar esta compañía a aquellos que aún tienen dudas para ingresar. Desde que ingresé, he hecho trading en diferentes cuentas. Ahora cuento con una cuenta ECN. Uso las cuentas cent, en las cuales puedo ejecutar órdenes y es muy bueno. Estoy completamente satisfecha con los resultados.

Descubrí al bróker OANDA hace seis meses. Las opiniones sobre esta compañía son principalmente positivas, especialmente desde que OANDA es un bróker licenciado, lo que ofrece ciertas garantías de que los derechos de los clientes de esta compañía están protegidos. Además, el regulador financiero FCA no distribuye sus licencias a diestra y siniestra; más bien, impone requisitos estrictos a las compañías de corretaje. Personalmente, lo considero un indicador de que OANDA está muy interesado en ayudar a sus clientes a ganar dinero. Además, tengo un par de amigos que han estado operando en OANDA por más de cinco años.


A simple vista, tiene una dispersión ligeramente grande durante el período de volatilidad. Si no tomas riesgos en las novedades del mercado y no haces caso a la publicidad, entonces tales spreads no son particularmente aterradores. También depende de la estrategia del trader y mi opinión es que no todos se sentirán cómodos con AvaTrade. Me inscribí a su plataforma patentada y resultó ser no muy conveniente y además tiene demasiados inconvenientes, por lo que cambié a MT4. En esta plataforma, el trading es mejor y tiene menos problemas.

XTB

All the red tape involving documents made me mad. To open an account through XTB, I had to contact support and fill out each item under their direction. After registering, an account was opened, but I couldn’t replenish it. The bank blocked the card at the transfer stage, they thought that the transfer was being made by scammers, although I did the transfer myself. I had to deal with the bank to prove that it was just a Forex broker. With the second card, the payment took 2 days to register. They also made me nervous. I clarified the situation with my bank. Honestly, the money is now hanging on the account, but there is no longer any desire to work with this broker. Clearly, they have some skeletons in their closet because such nonsense with money is a common occurrence with XTB.

Surprisingly, I received my first withdrawal through Fx open on the second day after the approval of the application. I got it directly to the card, so I was surprised by the speed. I have proceeded with verification earlier, and long before the withdrawal, which accelerated the withdrawal process as a whole.

Reliability is above all! So I rate the broker an “A”
There are pretty decent commissions and that’s the “wow” moment. As I am a medium-term trader, it is relatively beneficial for me. My income has noticeably leveled off for the year that I trade with FxPro.

Good conditions for novice traders. I mean that notwithstanding my experience I don’t want to risk large amounts, I was able to test the company from the inside with $500 in a week. That ain't hay for Forex, but it was quite enough to assess the situation. I increased the start by $70. Bonuses were also used. Replaying is not easy but possible. I’d like to describe Admiral Markets as a company to make a turnover of $5,000-10,000 without any problems. The regulator will make it worth your while.

I sent an application for withdrawal of $100, and I saw the money was written off after some time. However, I haven’t received it. I asked what was the issue; they are trying to sort it out now. It all seems seedy and shady in this system.

I’ve been trading with FXCM for about 2 months. I opened a Standard account and used an advisor to it. In principle, the spread is quite low, especially on majors, where you can pips. During trading here I ordered a withdrawal once. The amount, though small, it was withdrawn during the same day. I aim to open Active Trader. I’ll inform you of the result.

I recently started to cooperate with Swissquote Bank SA, so I'm just testing for now. At the moment, everything is fine. Spreads on news are widening, but not critical, there is no frantic sliding at 40 pips, execution is at a normal level. We'll see how it goes on. At the moment, the opinion about the company is positive.

Nice broker. Previously, I worked with a broker with a “big name’, but I did not see any advantages from him apart from the name. I am glad to have found IG Markets. It is a promising company. There are good trading conditions, a good team, withdrawal of money is always without problems, which cannot be said about many brokerage companies. And although the broker is not perfect, I am happy with it.

I opened an account on Insta in January 2016. The deposit was replenished immediately for $500. What can I say at the moment? Good promotions, the Chancy deposit (however, it did not work out to hit the jackpot). Order execution at the proper level. Technical support works well. The disadvantages include the difficulty of working out bonuses and also once delayed for one day with the withdrawal.

A normal broker with acceptable trading conditions. Not perfect, but not bad either. The main thing is that it is possible to trade for profit here, and then withdraw cash you’ve earned. The minimum deposit is feasible, and there is a choice of accounts, even a demo.

Once again I was convinced of a good call choice of the AvaTrade broker. On my mind, this is the best company. I have traded with many companies, but only here I realized what customer care and a respectful attitude are. It is possible to make money with AvaTrade. My feedback about AvaTrade is the most positive one for sure!

How to properly analyze Forex brokerage reviews

Fraudulent reviews can be positive or negative because, in the highly competitive Forex market, one company or trader may post negative reviews about other companies to disparage them in bad faith. Such posts are unreliable and therefore confusing to unsuspecting traders.

Traders Union participants can distinguish real reviews from fraudulent ones with maximum accuracy by relying on our experts who only post reviews on our web portal that have been meticulously verified as accurate, true, and posted by a real trader who has actually worked with the brokerage firm. You should be on the lookout for the following

  • Slang


    Slang is not a sign of expertise, and real traders write in easy-to-understand language because their goal is not to persuade a reader one way or the other but to simply share information;

  • Emotional


    Emotional or strongly-worded reviews are to be avoided because they are most likely written by the broker himself. When self-promoting their website, whatever the content of the review, the brokerage firm will be inclined to overstate and exaggerate the conditions of its platform;

  • Broker reputation


    Suspicions about the reputation of a broker may also be confirmed if there are, say, 100 very positive reviews and only one mildly negative review. Then, most likely all 101 reviews were probably written by the broker-owner, and are therefore not reliable;

  • Moments described in the review


    The issues described in a review should be very specific and should discuss in detail the workings of the website. So, if the language of the review is written in very general language like “everything is cool, I recommend it”, then that review is most likely fraudulently composed, and should not be relied upon;

  • The ratio of negative and positive


    If the review of the broker is not too critical and not too complimentary, then it is probably genuine and written by a real trader who is associated with that broker because it represents impartiality and fairness toward the broker's work.

Real reviews about Forex brokers for 2021 can be a double-edged sword. Just as it is impossible to evaluate the work of a broker using pallid statistics, it is also impossible to assess it based on reviews alone. You have to correlate all the available information and compare and analyze it. It is the only way to make the correct choice. We use this approach when evaluating brokers when applying our proprietary methodology. And, as a result, we produce the most objective rating of Forex brokers in the Forex industry. We have produced these quality results every month for over ten years.

Signs of fake Forex reviews

Sometimes brokerages don't invite copywriters to write customized reviews for a fee, but they assign the task to their employees. This makes sense because their traders may know the real (negative) truth. Here are several criteria that will indicate whether a review is genuine or fabricated by the broker’s employee.

  • Brevity without specifics.

    Brevity without specifics.


    Reviews like "Excellent broker, I withdraw money without problems, fast customer support!" are hardly credible. Compare: "In 2 weeks from $300 I raised $54. I decided to withdraw my profit, and it was promptly deposited on my Visa card the next day." In the latter example, the review is also small in volume, but it is clear from specific figures why the trader is satisfied with the work of the broker.

  • Baseless arguments.

    Baseless arguments.


    For instance, "I have been working with a broker for a long time, so I recommend it to everyone." The fact that a trader has been working with a broker for a long time does not necessarily mean that the quality of the service is outstanding. Here the trader's arguments have a specific justification: "I have been working with this broker for four months already. Withdrawals to Visa and WM require 3-4 days. Technical support responds in 1-2 hours on average, never a full day. So far, I am very satisfied."

  • The dominance of slang.

    The dominance of slang.


    For instance, "We will trade here, bud, until the cows come home." This is how traders sometimes communicate with each other, but this is not how they write reviews. Because the purpose of the review is to simply and precisely convey the impression of the working conditions of a broker. Don’t confuse novice traders by inserting control words like "I'm happy with everything, I wholeheartedly recommend this broker" at the end of the text.

These are the main signs of contrived reviews about Forex brokers. On the other hand, everything is not always unambiguous, so below, we will consider another list of criteria that will allow you to recognize legitimate reviews.

How to identify real reviews for Forex brokers

First, make sure you understand what a real (e.g., legitimate) review is. A real review is written by a real trader who has actually used a broker’s platform for a reasonable time and writes about the conditions of the site honestly and without ulterior motives (such as to defame or demonize the broker for personal or competitive reasons). The review should reflect the actual state of affairs currently — not 2 or 3 years ago. If for example, a trader writes about a spread of EUR/USD 0.4 but today the spread is very much larger or smaller, in the context of the fact that earlier the spreads of this broker were wider, then the review is not of significant value to you as a reader, even though the statement is true. Hence, here are some criteria for useful and truthful reviews:

How to identify real reviews for Forex brokers

applies to a real situation;

the information is relevant and timely (today or very recent);

the information is specific;

there is no ill-purpose to the review, such as to impress or to demean.

applies to a real situation;

the information is relevant and timely (today or very recent);

the information is specific;

there is no ill-purpose to the review, such as to impress or to demean.

The last point is especially important. A real review of a Forex broker is not tasked with producing a specific attitude in others towards the brokerage. As we have already said, reviews are written without emotions, and their goal is to convey the author's state of mind at a given moment, i.e., what he is pleased about or what he does not like about the platform. But this does not mean that such a review will necessarily be brief. It may be well-deployed.

Note!


Any site that claims independence is obliged to check the reviews posted at the expert level. Therefore, all the reviews that traders leave on the Traders Union website are carefully moderated and verified. If necessary, the experts of the Union will conduct a full-fledged investigation of the situation reflected in the essay. Only this approach can ensure that the review is real and useful. And given the fact that reviews of traders affect the rating of Forex brokers, verification of their validity is given particular importance.

Reviews at the Traders Union forum

You can find and read genuine and verified reviews about Forex brokers on our Traders Union website. Thousands of traders each day share the most useful and relevant information about the Forex market. Of course, traders also regularly exchange opinions about the work of brokers on the forum. So, you can find the most unbiased information from those who are cooperating with some broker right now.



Another advantage of the Traders Union forum is the casual communication among visitors and traders. Here traders do not hesitate to ask each other for help. And this is important because sometimes a trader can leave a negative review about a broker because the trader did not properly understand how a certain service or trading tool works. And on the forum, other traders will give comprehensive and understandable explanations to help avoid ambiguity. Here you can find answers to almost any question, although, of course, the forum does not replace the broker's technical support.

Advantages of the Traders Union forum:

  • an international platform uniting thousands of traders;

  • both beginners and professionals communicate on the forum;

  • a friendly atmosphere of colleagues, not competitors;

  • many real reviews about Forex brokers;

  • the ability to find an answer to any trading question;

  • separate forum threads are devoted to investing, cryptocurrencies, etc;

  • discussion of special topics like binary options;

  • discussion of strategies, platforms, tools, and news.

In summary, the Traders Union forum provides an opportunity to get real reviews about Forex brokers, without the risk of stumbling upon a fabricated review or a review written by an employee of a brokerage company. It is a universal platform for communication between traders working with dozens of different brokers from all over the world. Our database contains gigabytes of personal experience and social interaction based on trading and investing in Forex. Our site has no analogs.

How to leave feedback about the work of your broker

To leave a comment, a trader has three options:

  • through your Personal account after registering with Traders Union;

  • by logging in through your Facebook account;

  • by signing up and writing directly on the forum.

Leaving feedback using your FB account is the easiest option. If you want to leave reviews on the main Traders Union forum directly, you must first register on our website. Otherwise, the algorithm is the same:

  • 1

    go to the Traders Union Forex brokers ratings page;

  • 2

    choose the broker you want to write a review about;

  • 3

    by clicking on the broker's logo, you will be sent to his profile;

  • 4

    in the profile you can study all the reviews about the broker;

  • 5

    you can also leave your review in the broker's profile.

As you can see, everyone can leave a review of a Forex broker at Traders Union. But be careful, do not leave false or fabricated reviews, our experts check all the information and quickly identify fakes, and those reviewers may be banned from the forum. Besides, we try to publish mainly reviews of those who add accounts to Traders Union and work with brokers through us. So we know 100% and instantly whether a particular trader works with the broker he left a review about.

Expert opinion on how Forex reviews help you to choose a reliable broker

Real reviews about Forex brokers are a must-see for a novice trader when choosing a broker. For an experienced trader, this is also important if he decides to change brokers. In summary, the need to study reviews about Forex brokers is determined by the following scenarios:

  • real reviews allow us to evaluate the level of the broker and the quality of his work — from available trading instruments to technical support;

  • reviews will give an unambiguous answer to the question of how comfortable it will be for you to work with a particular broker and whether there will be problems with the withdrawal of funds;

  • in combination with official information, reviews allow you to form a comprehensive impression of a broker and make a decision on cooperation;

  • real reviews ensure that a trader does not start working with an unreliable broker or scammer.

Reviews are also a guarantee of protection for a trader from Forex bucket shops, financial pyramids, dishonest brokers who deceive customers and offer conditions that differ from what their official terms and conditions contain for their official website. The main thing is that the reviews should not be conjured and must be relevant (within 2021). But these questions are not even raised if you use the Traders Union website and forum.

Antony Robertson, Traders Union Trader and Analyst

Author of this article on Forex reviews

Arlen Fedchuk
Arlen Fedchuk
IndependentTrader and Analyst
Total experience in Forex: 18 years
  • In 2005, he graduated from the courses "Innovative Economics and Labor Management" at the Graduate School of Business TURIBA (Riga, Latvia);
  • From 2009 to 2019, he worked as a leading trader-expert at the Latvian Financial and Capital Markets Commission;
  • Since 2019 to date, he works as an independent trader-analyst as a freelance expert at Traders Union.

FAQs regarding Forex reviews

How useful is it to study reviews about Forex brokers?

Reviews are one of the main tools for determining the reliability of a broker because it allows you to evaluate the work of a company with an open mind, without official, hard to understand language, while using the examples of real people and situations.

What is essential to consider when studying Forex reviews?

Two points are important. First, the reviews should be real, that is, written by traders, and not “written to order” or by the broker or his employees. The second point is that reviews must be current (at least with 2021).

How to distinguish real reviews from paid-for reviews?

If you are not an expert and/or a professional trader, then this is quite difficult to do. It is necessary to evaluate the context, the emotionalism, and the language of the review, then compare it with other information about the broker.

Why is it more logical to look for reviews on the Traders Union website?

Because the experts at Traders Union analyze each review in detail. There cannot be paid or fake reviews because all claims are checked thoroughly and independently.