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Masterforex-V Names Worst Forex Brokers in September 2019


Worst Forex Brokers

 
Masterforex-V Academy's rating of forex brokers gives you an unbiased and up-to-date picture of what's going on in the industry based on 20 criteria. One of the criteria is the amount and degree of the negative feedback provided by each broker's clients. In this article, we are going to dive deeper into the matter and find out which brokers turned out to be the worst ones in September and why.
 
RoboForex - #1 broker in terms of reclamations from Masterforex-V traders
 
Masterforex-V Academy experts are sure that RoboForex has created a nearly perfect system for preventing traders from making any money with the broker due to the following factors:
 
1. RoboForex claims they offer some of the lowest spreads out there but this claim is far from being true. In particular, their cryptocurrency spreads on Pro Affiliate RoboForex accounts turned out to be 25-120 times worse than those of NordFX. For instance, when it comes to the BTCUSD spread, RoboForex charges 800 points while nordFX charges just 10 points. In poth cases, we are taking about pro accounts but the difference is as huge as 80 times! On top of that, when it comes to forex spreads, RoboForex charges 2-3 times as much as most of its rivals!
 
2. The same holds true for the swaps charged by RoboForex. Which the positive swaps are tighter than those offered by most rivals, most of the currency pairs come with negative swaps. With that being said, long-term trading or swing trading with RoboForex will eat a considerable share of your potential gains.
 
3. 115% Bonus by RoboForex is not a bonus but rather a dirty trick played on the trader. Why? For starters, the bonus is given by an offshore company only. Secondly, the bonus is taken into account when calculating a drawdown. And lastly, you need to trade as many lots as the amount of dollars you are going to clear! So, if you want to clear $50000, you need 50000 trading lots! RoboForex, are you serious?
 
4. All of the respect to the Muslims that RoboForex boasts, boils down to simply renaming 'swap' to 'commission'. Which is more interesting, if other traders can actually benefit a bit from positive swaps when trading long-term (the way Masterforex-V traders do), swap-free traders won't be able to do so because the commission is paid AT ALL TIMES!
 
5. And even if you don't know much about trading and have decided to become an investor, you will fail to make money from RoboForex's CopyFX and RAMM for a simple reason: each and every account available in those systems will sooner or later end up with a complete loss of the deposit. Masterforex-V traders have already proved that by losing their test investments. So, don't try this at home!
 
6. Non-market quoting, spikes, platform freezing, and slippage by RoboForex have already become the talk of the town.
 
7. However, their is one positive thing among this negative sea. If you have managed to make some money despite all of the pitfalls, you will be able to get your funds withdrawn.
 
FreshForex - #2 broker in terms of reclamations from Masterforex-V traders
 
An offshore online forex broker FreshForex has moved two number 2 in the rating. These are the reasons for that:
 
1. In 14 years, the broker's management hasn't bothered themselves getting a major license like FCA, FINMA, BaFin, CySEC, or ASIC.
 
2. The spreads chared by FreshForex are way higher than those charged by the top=ranking forex brokers (the top of the Masterforex-V premier rating). For instance, compared with NordFX (#1 forex broker), FreshForex charges spreads 3-5 times as big. We hope that you understand that with such high spreads, you should never try scalping strategies.
 
3. At the same time, professional traders say that you won't be able to benefit from swaps when trading with FreshForex. The positive swaps are tight, if positive at all. They offer negative swaps for even for those currency pairs that enjoy positive swaps with other forex brokers. If, say, you sell 1 standard lot fo EURUSD and hold the trade for 12 months, you will gen $2673 of extra money just from the swaps while FreshForex will charge you with $14.
 
4. Consider the failed PAMM service that was abandoned by FreshForex, probably to retain what's left from their repitation. FreshForex managing trades used to continuously lose investor money. 
 
5. Forex analytics provided by what they call "the best financial experts" is another story. Not only does ForeshForex ignore the fact that financial regulators forbid any trading advice from brokers (but FreshForex doesn't care since the broker isn't regulated by any of them), they turned out to look real amateurs in this business. Masterforex-V Academy's pro traders were shocked fund out that those guys had been recommending EURUSD sales during the entire spring of 2019, i.e. during a big-scale downtrend.
 
 
 
NPBFX - #2 broker in terms of reclamations from Masterforex-V traders
 
 
NPBFX has been constantly claiming that this is a part of a famous Russian bank called Nefteprombank. But in reality, this is certainly not the case. NPBFX is yet another offshore online broker registered somewhere in an island in the middle of the Caribbean sea. 
 
1. As of the second half of 2019, broker can actually offer their clients just 40 currency pairs, 5 CFDs on futures, and 6 cryptocurrencies!
 
2. The broker lies about their spreads. When you read the contract specifications, all currency pairs come with 0,4-point spread. Sounds really good, doesn't it? Well, that's a lie! The actual spreads are at least 20 times as high!
 
3. The same holds true for the swaps. Most currency swaps are negative while others are really tiny, which makes long-term strategies much less profitable, if profitable at all.
 
 
This list of other brokers with lots if claims and questions from Masterforex-V traders:
 
Forex club, RoboForex, InstaForex, TeleTrade, Dukascopy Bank SA, MaxiMarkets, EXNESS, AMarkets, Larson&Holz, Key to Markets, FXOpen, FinmaxFX, XM.com, Renesource Capital, Esplanade Market Solutions, E-XUN Asia Company Limited, IronFX, and a range of other countries.
 
 
Which brokers enjoy the least amount negative feedback?
 
According to Masterforex-V Academy, only a handful of forex brokers can boast a really small amount of negative feedback. These are Nord FX, FXPro, Interactive Brokers,  Alpari, Swissquote Bank SA, OANDA, FXCM, FOREX.com, Fort Financial Services (FortFS), Finam.
 
The bottom line is this. Apparently, client feedback is just one of many criteria used to make up the rating, Masterforex-V Academy experts say. However, this is a goof one when it comes to revealing the real state of affairs in the international forex industry.
 

 

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