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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 2020

However, the situation in 2020 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 2020

Current reviews are always more valuable than those that were written even six months ago. Therefore, reviews about a Forex broker in 2020 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 2020 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 2020

It is a godsend that you can first go through practice on a demo account to try your hand before trading on a real account to avoid initial mistakes and losses. It was hard at first, but I was glad that their Technical Support is always ready to help and give an answer to any question at any time of the day. It was important for me because I work night shifts. In general, I had an additional income, after a few months, it became basic. The withdrawals are guaranteed, I am satisfied.
I looked for trading platforms, re-read many conditions, and chose the NordFX broker. The technical side pleased me, everything ran well. I invested more because only a loco does not understand that the more you invest, the more profit.

Forex4you is a great site for traders that offers a copy service and stability. I have never had delays in payments in the 2 years that I have been using their site. The work on bank payments is debugged and performed automatically. I also like their customer service desk. They were prompt and helpful in responding to all of my questions. I have tried different brokers and I can confidently recommend Forex4you as one of the best.

Interactive Brokers is one of the most respected brokers out there, and that says a lot. How many brokers do you know who have been on the market for over forty years?! I have never had any problems with this broker for more than two years. Many people complain that the broker has a very long and difficult registration and verification procedure. But I think that it shows that this broker is reliable, and is interested in long-term cooperation with their clients.

I noticed the broker OANDA six months ago. The reviews about this company are mostly positive, especially since OANDA is a licensed broker, which already gives certain guarantees that the rights of this company's clients are protected. Also, the financial regulator FCA does not distribute its licenses right and left, but imposes rather strict requirements on brokerage companies. Personally, this is an indicator that OANDA is interested in helping clients to earn; moreover, I have a couple of friends who have been trading at OANDA for over five years.

I'm keen on this phenomenal broker. The Thinkorswim's website has a well-designed interface, including several unique tools. For example, the Social Signals tool displays real-time information with algorithmically filtered brand-relevant messages.

The brokerage company TD Ameritrade Futures and Forex LLC is one of the prestigious brokers that offers retail Forex trading in the US. The company's shares are listed on the Nasdaq exchange. The company manages over $1 trillion in client assets. Brokerage services are used by over 11.5 million clients who make over 900,000 transactions a day.

I’ve been trading on the Libertex platform for 2 years. Its interface is convenient even when using a smartphone. It has over 45 indicators, fundamental and technical analysis tools. The broker offers many options for replenishment and withdrawal of money such as e-wallets, bank accounts, and cards. There are no problems or delays with withdrawal. Unfortunately, algorithmic trading cannot be conducted on Libertex as the platform's functionality is simply not designed for this.

I have been working in Admiral Markets for just over 2 years. Since I started with this broker, they have been more reliable than other brokers that I have worked with. They offer the most favorable trading conditions. The support service is always available and they are very responsive.
They have a good deposit and withdrawal of money service. I plan to continue to work with this broker in the future. Admiral Markets provides great opportunities for beginners. Their support team provides the necessary support. I highly recommend them.

PaxForex has its pros and cons. I have been working with this broker for several years now, I had some issues at the beginning, but now I’m used to the conditions. I solved all my issues using Customer Support. There are no problems with that service. A big plus is that the broker does not charge any additional fees for withdrawing funds. The only commissions charged is by third-party service agencies like when withdrawing funds to a bank or an electronic wallet. I haven’t found any hidden fees or other commissions yet. When I apply for a withdrawal, I know the exact amount that I will receive. All transactions are executed without delay.

I am a beginner trader and my impression from my cooperation with this broker is rather ambiguous. On the positive side, this broker is reliable and reputable. Not many brokers have been in the market for over forty years. I also liked that they have a lot of educational and useful materials on their website. On the other hand, this broker is clearly not for beginner traders. The beginner will just not be able to understand all the intricacies of the various trading conditions. Also, the constant “subscription” fees for the account does not contribute to growth among beginner traders either.

HYCM is quite good if you are looking for small spreads, fast order execution and relatively small slippage. I opened an account a few weeks ago and it was ready for work in almost an hour. The replenishment was also quite fast. I made a transfer in the bank in real-time and the funds were credited to the trading account instantly. I withdrew the part of my profit during the week quickly enough. HYCM is ahead of many brokers in this regard: everything is quite simple, and the support service helps quickly if a problem arises.
I now work with their affiliate program and reduced my active trading. In general, I have no problems with this company. I have recommended it to some of my friends.

I'd like to leave a review regarding RoboForex. They provide a lot of opportunities to start trading without investment. I started trading on bonuses three years ago. I got a Welcome and a secondary bonus. I was trading on bonuses received for communicating on the forum for about a year. I had a profit at that time but the profits were not steady. If it were not for the opportunities that the company gives, I would be in the red. Now I can safely recommend the company to those who still have doubts. Since joining I have traded on different types of accounts. Now I have an ECN account. I use cent accounts on which order execution is also pretty good. I'm fully satisfied.

Forex4you has always continually improved its service as they promised to do. It's really great for me as their client. I’ve been with this trader for 6 months and I have not found any reason to change. It would be perfect if they removed all of their commission fees. But overall, broker is convenient, the conditions are acceptable, and I am happy to be trading with them.

The Swissquote broker is a definition of Swiss quality. The advanced trading platform is lightning-fast and does not crash. The order execution leaves no one cold, and there are no screw-ups. Everything is on another level here and you can trade freely like a real ace. I am overjoyed to trade with an excellent European broker and make a packet. This broker deserves credible clients. The first time I came across this site and registered here seemed like a field day. The transaction was successful and the money was withdrawn on time. So I highly recommend this fabulous broker. Everything is running like a Swiss watch.

Trading conditions are incredible here and you can fund your trading account easily.IC Markets has a large selection of trading instruments, I trade metals and am wholly satisfied with the company’s work.
They are a genuine and honest broker company, the best I’ve ever worked with. I have already traded a decent amount, now I plan to withdraw it. I hope that there will be no difficulties with withdrawing money. This broker comes highly recommended and my friends are now working with this company who are also extremely happy with everything.

This broker has an American license to trade in the US stock markets. Everyone who trades there is familiar with them because they own the coolest, most sophisticated, and convenient trading platform. The broker is very old, reliable, and is legitimate. Surprisingly, they have attention-grabbing trading conditions and you can start trading from $1. The trading platform is superb: Thinkorswim rocks! It’s only for US residents, however, and only a few companies can compensate commissions.

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 2020 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 2020). 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 2020).

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.