New leaders in the Forex market - Traders Union rating update
The results of the planned monthly research of brokers' activities, carried out by the Traders Union analytical department, served as the basis for the current update of the Forex rating. Brokerage companies were checked according to more than 100 basic parameters, which made it possible to form the most objective rating table.
TOP-5 Forex brokers in the Traders Union rating
RoboForex became the most popular broker in August 2020. He was able to regain his status as market leader in just one month and again topped the ranking table. RoboForex is the # 1 choice of Forex traders based on the results of the current audit.
Following RoboForex, Forex4you managed to restore demand for its services. At the same time, this company also restored its position in the rating, taking an honorable second place in it. Despite the unprecedentedly long (two months in a row) stay of Forex4you outside the TOP-3 rating, it still managed to return to the top three leaders of the Forex market.
Instaforex also managed to improve all its main indicators. Thanks to its active position and lucrative offers, it was able to attract the attention of new investors, who, in turn, increased Instaforex's trading turnover several times compared to the previous month. The success of Instaforex among traders is due to favorable trading conditions and prompt client support, which works at a high professional level.
Due to the increased activity of its competitors, which in August was observed at the level of the top five in the table, EXNESS again dropped one notch and consolidated its position in the fourth position of the rating. It cannot be said that the company reduced its turnover or lost some of its customers; it is just that EXNESS was unable to compete with stronger rivals in terms of its final indicators.
Unlike EXNESS, which has been declining for the second month in a row, FxPro, on the contrary, is increasing its trading performance. Compared to the previous reporting period, when FxPro took one step back, in August it was able to return one position in the ranking and closed its TOP-5. This growth was mainly due to the improvement in the quality of the broker's technical support.
Basic parameters on which the Traders Union broker rating is formed
The main feature of the Traders Union Forex rating is the absence of any influence from brokerage companies. The rating is based solely on the results that the Association's experts receive on a monthly basis in the process of conducting a scheduled audit of brokers' activities.
Groups of parameters that are checked by experts:
- Economic. The volume of trading and the presence of an increase or decrease in trading volumes are investigated. That is, these parameters are evaluated in dynamics - the current positions are compared with the positions for the previous period.
- Reputational. This group of parameters is determined to a greater extent by the reviews of traders. Moreover, only those reviews that have passed a preliminary check are taken into account. The speed of reaction of the broker's representatives is also taken into account in the event of a dispute or a claim from the client.
- Client. This is one of the most obvious groups of parameters, considering the number of new traders and investors. The activity of the broker's clients is also taken into account - its growth or decline.
- Financial. This group considers the speed of transactions for depositing / withdrawing funds, the options available for making a deposit and withdrawing profits. Here the task of specialists is mainly to determine the solvency of the broker.
- Service. In this group, the speed and quality of the broker's client support and its professionalism are inspected. It also evaluates the availability of communication channels between the broker and his clients, their effectiveness.
The second five of the Traders Union rating table was opened by Admiral Markets UK. The company managed to make a sharp breakthrough and improve its position in the rating despite the fact that earlier its capacity was localized within the boundaries of TOP-10 and TOP-15. Not lagging behind Admiral Markets UK and ICMarkets, which has firmly taken the seventh position of the rating and intends to continue climbing to its top.
The eighth and ninth lines went to WelTrade and AMarkets, which demonstrated an increase in all key indicators. At the end of August, WelTrade added three positions, and AMarkets as much as ten, becoming the record holder in terms of growth in the ranking this month.
XM Group slightly improved its performance and climbed one notch in the rating, closing the TOP-10 of the best Forex brokers.
Studies on which the rating was built were conducted based on analysis of trade indicators of the largest community of Forex traders in the world - Traders Union.