I am smiling sometimes - hearing people's talks about brokers. I suppose many people are driven by promotions, but not really understand basic things. So here is my "promotion" (analysis I mean)
- EVERY broker's site is saying that it's advantage is "almost zero spread" - it is true, but it is not advantage - it is standard for cTrader ECN accounts.
- EVERY broker is saying that it is "Regulated by ... " and "Your Money is Safe" , but it is also not advantage, but just standard.
I am trying to say - most brokers are just like smartphones - they have different names but becoming more and more same shape and size.
So, let's talk about Real Differences .
- --- Commissions per trade --- I thought it is also very similar, but my gaze settled on a screenshot of my friend's platform with open trades on which I saw that his broker's commission was much higher. (I will not say which broker he was using - I don't want to write bad things here, trying to be positive only) I suppose we should not read some conditions on broker's sites, but just look into our real trades. Here is another comparison I have done recently.
One man told me that he found broker with small commission - his history is white. I have opened same size 75K (0.75 Lots) position at the same GBP/USD pair to compare with broker I am using.
His total commission per this trade is 2.27 + 2.27 = 4.54$ and mine is 4.04$ . I think both are Good. I think if commission is covered by less than 1 pip - as we can see at the right side of screenshot - it is ok.
Here is one more screenshot for you to compare - past several days, and several currencies - I hope you understand - different currencies - different commissions - so if you will compare - you should open same currency and same or proportionally size.
As I mentioned - most brokers are similar - but now you will have some point to make compare.
- --- Withdrawals --- Most broker's will charge no commission for withdrawals, but banks or e-wallets will charge. Not a big deal, but some brokers are more client friendly - and covers even third party payment provider's commissions.
- One more tiny but client-friendly feature - is Up to 10% on account balance. It is a program, which is working on the permanent basis and implies that the Company’s clients receive regular annual percents on their accounts balance. (Paid every month)
- The only sad thing is cTrader Copy - it was available at a start, but disabled later. I think it is due to inactivity of RoboForex clients. They are still using Meta Trader mostly. So - let's add more cTrader accounts - for broker to make sense of enabling this feature.
- I think my site is for traders who are not very much interested in copy someone, but more to be a trader - to be better in this occupation, to use up-to-date technical tools, to exchange experience - so if your country is not in the list of restricted countries (list can be found at the bottom of RoboForex official site) you will have one more special offer from me - if you will join my partners group with my affiliate link RoboForex - professional services on Forex market or if you are already using this broker - you can just open new account with "efnp" affiliate code - you will have the best support and tools from me.
