December 13th, 2023 at 1:46 pm UTC · 5 min read
/Traders Union/ – In the dynamic world of Forex trading, the selection of a broker becomes a defining factor for traders aiming to navigate the market successfully.
With its promise of unlimited potential earnings, the foreign exchange market is an enticing but risky investment where expenses can accumulate swiftly.
Recognizing the paramount importance of this decision, Traders Union, a globally recognized association of Forex traders established in 2010, consistently updates its rankings to guide traders toward the Best Forex Brokers of 2023.
This year, FXGT.com and Land-FX made it to the highly-anticipated TU ranking of the Best Forex Brokers of 2023.
Traders Union experts have assessed 378 brokerage companies in its latest deliberation to find out which brokers are worth investing in and which ones are not.
FXGT.com placed 21st among all brokers evaluated by TU during the period, garnering an overall score of 8.38 out of 10.0. This score speaks of high reliability, good value for money, and impressive level of protection of funds under the platform.
Experts highlighted the presence of oversight from prominent regulatory bodies in the financial markets, including the United Kingdom’s Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), and the Financial Services Authority (FSA) of Seychelles.
The minimum deposit starts at $5, one of the lowest for highly-regulated platforms, with the presence of attractive bonus and partnership programs offering up to $12 commission on each lot closed by the referee.
On the downside, FXGT’s fees are higher than its closest rivals in the Forex space, and its customer support score is just a little over 5.0 out of 10.0.
Trending brokerage company Land-FX also made it to Traders Union’s evaluation this year. For a good reason, it offers one of the lowest minimum deposits out there at only $10, despite its stellar safety record and wide range of products offered.
Like FXGT, Land-FX is regulated by the UK FCA, which means it legally operates in markets outside the jurisdictions of the European Union. Moreover, there are over 65 currency pairs that can be traded on the platform which gives traders utmost flexibility in their trading activities.
On the downside, Land-FX scored low in the TU Overall Score due to its lack of proper customer support, absence of educational materials, and the unavailability of trading stocks, cryptocurrencies, and Contracts for Differences (CFDs).
At the center of Traders Union’s evaluations is the TU Overall Score, a unique scoring system crafted to simplify the search for secure and trustworthy brokers. Ranging from 0.01 to 10.0, the TU Overall Score operates on a straightforward principle – the higher the score, the more dependable the broker.
Brokers earning scores between 8.0 and 10.0 emerge as the most reliable platforms, receiving an unequivocal endorsement from TU experts recommending opening and funding accounts with these esteemed brokers.
Those scoring between 7.0 and 7.99 are considered quite reliable, standing just a step away from achieving the coveted status of being highly trusted.
Brokers scoring between 5.0 and 6.99 fall into the mid-level category, characterized as mostly reliable. However, TU experts caution traders to exercise thorough caution before initiating an account with these platforms.
The risk escalates for brokers scoring between 3.0 and 4.99, prompting experts to advocate for meticulous analysis before embarking on any trading endeavors.
In its firm stance, Traders Union strongly discourages trading on platforms scoring 2.99 and lower, emphasizing the substantial disparities in performance and reliability compared to their higher-ranked counterparts.
Investors are increasingly becoming aware of the growing number of scams in the Forex industry. This leads to a higher level of anxiety before one decides to invest in any brokerage.
This is why Traders Union publishes its rankings regularly, with the purpose of serving as an ultimate guide for brokers of all levels seeking informed advice on their investment decisions.
Recognizing the aversion of traders, especially novices, to risk a good amount of capital, Forex brokers such as FXGT and Land-FX are placed among market leaders, offering the lowest cost of entry in 2023 while maintaining good quality service.
These platforms not only facilitate a lower financial barrier for entry but also maintain their status as reputable and leading entities within the Forex market due to the presence of strong regulatory oversight from some of the most trusted financial regulators worldwide.
Through the comprehensive assessments and rankings provided by Traders Union experts, traders can confidently navigate the complex landscape of Forex, equipped with the knowledge needed to select a broker that aligns with their goals and risk tolerance.
Traders Union, or TU, stands as a leading financial portal formed by Forex traders with decades of market experience.
Beyond its role as a mere traders association, TU now serves as a guiding light for traders of all levels, offering unbiased and complete trading-related information on varied asset classes, while paying careful attention to its main niche which is foreign exchange.
Through in-depth assessments of prominent Forex platforms, TU endeavors to keep traders well-informed about critical aspects, including regulatory status, minimum deposit requirements, unique features, affiliate programs, bonuses, and fees of service providers in the market.
In fact, Traders Union experts go through the entire process of what a new trader would go through in a brokerage platform to ensure the accuracy of its assessment.
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