FOREX (FOReign EXchange) is an over-the-counter foreign exchange market where virtual trade in world currencies is conducted. Dealing centers, or forex brokers, are intermediaries between buyers and sellers in the Forex market, which provide players with access to quotes, trading software, and leverage. There is a contract between the broker and the trader – usually in the form of a public offer, regulating their rights and obligations. Brokers earn receiving a percentage of transactions conducted through them. Forex brokers offer trading not only forex instruments, but also for precious metals, energy carriers, CFDs for stock indices and shares of the world’s largest companies. For example, FXGTrade has more than 100 different assets.

Forex brokers rating

A simple answer to the question, which forex broker is better, does not exist, but there are certain criteria that will help to make a choice. At the first stage it makes sense to get acquainted with the ratings of Forex brokers, which are regularly compiled by the largest analytical agencies. In addition, there are so-called user ratings, which are formed by voting (and they usually consist of large brokers like Alpari, 24Option or FXGTrade). For today it is possible to familiarize with a huge quantity of various ratings, we will consider the most known of them.

Ratings give some idea of ​​the leaders of the Forex market, but experienced traders know that when choosing you need to focus on some specific criteria that can be assessed only when working with a particular broker. Here are the main of these criteria.

Reliability and security

An important characteristic of the reliability of a forex broker is the duration of its operation in the market, financial performance, availability of reliable liquidity providers, terms of withdrawal and storage of client’s money. In particular, clients’ funds must be kept in reliable banks separately from the company’s funds. As we can see, the professional ratings of stock market brokers give a very limited idea of ​​forex brokers, because many global dealing centers are not in the jurisdiction, but nevertheless provide favorable conditions and quality service for trading Forex instruments.

Reputation

The reputation of forex brokers is built primarily on the feedback of real users. To assess this criterion, the aforementioned user ratings can be useful.

Quality of work

As a rule, forex brokers offer one of two transaction processing technologies: Instant Execution or Market Execution. Instant Execution – this is the conduct of a transaction for a specified price. If the price has changed during the processing of the request, the transaction will not be executed. Market Execution is the execution of transactions at a price at the moment of execution. This technology of automatic transmission of requests and quotations refers to the NDD (Non Dealing Desk) system and ensures the rapid processing of requests, so that the difference between the given and the actual price was not noticeable. NDD guarantees a minimum of “slippage” and lightning fast execution. Choose a broker that allows you to work on both transaction processing technologies: Instant Execution and Market Execution.

As for largest companies working with your assets, you can choose by looking at the trading conditions because all of them are mostly reliable – FXG Trade, or STForex, or Alpari, or InstaForex.

9 thoughts to “How Forex brokers work

  • HAMILTON

    I opened an account at FXG Trade on the advice of a friend. He used to work with them for a couple of months and was generally satisfied with the exception of certain moments and employees. I have no problems with support unlike him, although sometimes you can’t reach them from the first time. Well, spreads for the yen are good, the broker increases them rarely and they are never too high. My verdict is that you can trade because there is some space to grow. My score is four with a plus.

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  • Angelo

    Good afternoon. I absolutely agree with this article! but I also saw on the Internet critical articles about the FXGtrade so I want to supplement the article with my experience with FXG trade there is a small number of people claiming that FXG trade is a scam, I do not understand these people. I can assume that they just had a bad experience with the FXGtrade although judging by what they write it can be assumed that the same story they would have with absolutely any other broker. they are firmly convinced that forex in general is all this scammers. now regarding my experience with the FXGtrade having experience with other brokers, I already favorably singled out the “name” for the third month, I did not see any pains of sympathetic communication on the phone with the employees anywhere. very positive communication and willingness to help on any issue. secondly, the financial turn-over. open and close the transaction is a pleasure, all this is thanks to a very convenient program in this. Well, the last, the withdrawal of money. he is basically nothing less difficult to withdraw money there is no problem.

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  • AVELINE

    I opened an account at FXGTrade on January 1. There were no serious problems during this time; I’ve encountered only minor issues. Well, of course, the terminal disconnected a couple of times. Frankly, it made me angry but everything was restored in a couple of minutes so I did not lose much. It works almost without requotes, although I trade quite small transactions and each item actually matters. Withdrawal is also generally normal. Although it’s not instant because applications are processed manually. But money comes to your wallet in an hour.

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  • Wilson

    FXGTrade reviews called the average office, well, it somehow is. As a whole and in the common everything is fine, but there are drawbacks, which of course necessary to take into account and to take into consideration. FXGTrade quotations is quite for the market, they do not overstate specifically, suddenly they do not change either. The execution of orders is fast, the maximum I had was five seconds on high volatility, so on average it is a second or two. And I think that scalping is possible, although honestly I did not try it. I trade mid-term, did not notice the requotes. Consultants work by phone and by e-mail. If something big and not urgent, it’s easier to write to them, urgent of course by phone, you can usually get on the first try. But there are exceptions) I once hung for ten minutes, then droped, because the market has already changed and the need has disappeared. Actually, because of this I would have reduce scores.

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  • Bruce

    I traded with Light Forex, and there was a controversial situation, which the broker decided in his favor, because I added a new clause in the contract without notice. Well, in general, this happens often and densely, so I withdrew the money, to be honest, I spat and forgot, still, you can not prove anything to anyone. Now I’m working with FXGTrade. When I accepted their agreement, I spoke with their manager every point specifically so that I could not get into it the second time. I’ve been trading for two months with an open account, like everything’s fair. At least some tangible problems do not arise. There were no disconnects of the terminal, slippage was literally once or twice on high volatility. In fact I try to trade limit orders, they are executed immediately. And urgent one for closure is processed in 2-3 seconds more often. The first profit has already been withdrawn. The sum of 50 dollars, has come somewhere for an hour. With this everything is ok.

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  • Mark

    I used to work in the bank, now it’s boring in the maternity leave, and I decided to work with exchanges. Colleagues advised to open an account with FXGTrade, trading conditions are normal and support is more or less. I helped, while I’ve been figuring out. To be honest, I did not work with Meta Trader before, but I quickly understood how it was arranged and where everything was. I mostly trade analytics, but I also gradually dig into technical analysis. A quick one, accuracy of forecasts of 60 percent, so that profit is still not large. Orders are opened and closed quickly. My orders did not fly away, there were no cancellations either, the spikes did not draw. And the withdrawal is quite normal. I do not like that support is only on the phone. When the children are at home, it is not convenient. The text would be more comfortable.

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  • Jonathan

    I can say that an experienced trader will be quite comfortable to work with FXGTrade. Spreads are quite low, so you can try almost any strategy on a real account, not on demos or micro. Orders are also executed quite quickly, there are no special slips. Platform Meta Trader, which you can practically hang anything, although the basic set of tools is more or less normal. Consultants … well, they work. There was an impression that they have experience, but these are certainly not brilliant traders – they would not be here. But as for analysts, yes, their level is above average, forecasts in most cases are correct. I tried to trade purely on their news and reports, there is profit. For beginners I not that did not recommend FXGTrade… Simply here is no demo. If you will combine with free lessons or courses, it is quite normal.

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  • Benjamin

    I traded with Adamant Finance, a weird office to be honest. It seems normal as a whole, but then disconnect, then the hour in support of dial up, then the withdrawal is protracted. Anyway, I decided to change the broker, and moved to FXGTrade. What can I say. This broker is understandably new business. When I had registered an account (at the end of January) there were not enough feedbacks as for it. But those who worked wrote that is quite sane company, they came to work and not to throw. In general, it is. Orders quickly fulfils, the transaction does not draw, the spreads are normal. Withdrawal, again, for half an hour or hour, the maximum thing if you create an bid in the evening, it can be enrolled in the morning. Kit of terminal Meta Trader is normal. I tried different strategies, I had enough indicators. But there are no contests, no bonuses, no insurance. It would certainly be more interesting to work with all of this.

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  • Roy

    I’ve worked with Tikmil for a month, started with a bonus. Well, at first, of course it’s interesting, sort of like an income on an equal place. But in the end, I still had to top up, and on the spreads the deposit dissolved. And I decided to no longer replenish and switch to FXGTrade. Here is of course no any bonuses and other attractions, but the trading conditions are more convenient and the spreads are much lower. I threw three hundred on the deposit. With a leverage of 1: 300 with this amount, you can start relatively normally. And I began to trade in cautious strategies, to see what works. What I will say: deals open very quickly, close slightly slower, but I have not seen it for more than 3 seconds. So almost without requotes. From disadvantages – do not give to choose a terminal, for example. Typically, brokers offer several terminals, and FXGTrade has only Meta Trader. I do not like him much, it’s easier for me work through Quick.

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