A guest post on this week’s Brexit Poll by a forex broker!
Please leave your feedback or questions in the comments section at the bottom of the page…
– the author of this article is the founder of the TradeProofer self-defense community for forex traders and beside this works full time for a brokerage firm as head of online trading.
Will Brokers Try to Rip You off at the Brexit Poll?
Some inevitably will, but which ones? Use the following tool to see if your broker is honest…
“I am thrilled to announce that we at TradeProofer.com just made available to all traders our members-only trade execution monitoring tool called TickRadar for the Brexit week. You can check it out here:
The tool renders a chart about latest 3 mins of EURGBP where we expect highest volatility, but you can set custom time period and custom fx cross.
With this tool traders can benchmark their trades’ fill price against 50+ brokers’ aggregated quote in 40+ fx crosses or just get laid back and watch how quotes move second-by-second.
Why is it so cool?
We experience that brokers tend to blame volatile markets for poor execution and for most of the cases ordinary traders cannot really check whether poor execution was really down to general market conditions, or to the broker’s nasty practices.brokers blame volatile markets for poor execution (and traders can't tell) but it may be just their nasty practicesClick To Tweet
The unfolding Brexit event will certainly be one of the most volatile period of the year comparable only to the Swiss franc event last year and I am sure that crooked brokers will do their best to fish in troubled waters and exploit the lack of timely information on market conditions.
Therefore, we decided that we must give access to our trade execution assessment tool to all traders as nothing could be more in line with our mission to bring transparency to the forex industry.
If you don’t want to proof your trades one-by-one manually, we have a TradeProofer EA for MT4 users that can upload all trade history and get them proofed seamlessly.
If you think it can be an interesting piece of information to other traders, please share it!