There are many factors to consider when picking the right broker to work with. This article will compare Forex.com, eToro, and IG against Dominion Markets. We will examine latency, leverage, and customer support and explain why Dominion Markets is your best choice.
| Broker | Latency | Leverage | Customer Service |
|---|---|---|---|
| Dominion Markets | 30 MS | 500:1 | Excellent |
| eToro | 40 MS | 400:1 | Could improve |
| IG | 141 MS | 200:1 | Could improve |
| Forex.com | 50 MS | 50:1 | Could improve |
LOW LATENCY
In trading, latency is the time difference between placing an order and having your broker execute it. Successful traders know the value of low latency and choose brokers with the lowest delay in execution. Dominion Markets is one such broker.
Dominion Markest stands out among most brokers as it focuses on giving its clients low latency and quotes that could previously only be accessed by the rich. With low latency, traders reduce slippage, manage risk better, and gain a competitive edge over other traders.
MAXIMISE PROFITS
When execution speeds are high, your orders are executed at the price you placed them. Therefore, the difference between the placing price and the execution price is reduced, allowing you to maximize profits.
IMPROVED RISK MANAGEMENT
At the same time, when latency is low, risk management improves significantly because you can exit bad trades quickly. Moreover, traders can lock in profits rapidly when the market suddenly reverses.
COMPETITIVE ADVANTAGE
Furthermore, low latency gives traders a competitive advantage. When you pick a broker with high latency, you experience a lot of slippage, and it becomes difficult to manage risk, making it hard to have a competitive edge.
Dominion Markets has collaborated with several industry partners to ensure its clients get the lowest latency. This means ensuring that technology and software are up to date and there is little network congestion.
However, that is different with most brokers. Traders experience high latency with other brokers because of outdated technology, overloaded servers, and inefficient data centres, among other issues
COMPARISON
Moreover, most brokers fail to show their average execution speeds. When they do, a practical test shows that the execution speeds are higher. A test done by compareforexbrokers.com revealed that the execution speed for IG is 141 milliseconds.
Meanwhile, Forex.com shows that the average execution speed is 50 milliseconds. Finally, eToro only says its execution speeds are below 1000 milliseconds. None of these compare to the speeds you get with Dominion Markets. At 30 milliseconds, Dominion Markets has the lowest delay in execution.
Dominion Markets' execution speed
HIGH LEVERAGE
Leverage allows traders to access more capital using small amounts of money. Trading requires a lot of funds, and for many years, it was reserved for those who could afford it. However, with leverage, traders with little money can access large markets, allowing them to take advantage of trading opportunities.
Moreover, leverage amplifies potential profits, allowing small traders to grow. Just like taking on loans to grow a small business, traders sometimes take on risks to grow. However, leverage must be used carefully as it also increases losses.
Some of the benefits of high leverage include,
MAGNIFIED GAINS
Since you can control a more significant sum of money, leverage allows you to magnify your gains. This means you can grow your account at a faster rate. However, it is essential to remember that your losses also go up. Therefore, using sound risk management is essential to stay in the market.
EFFICIENT USE OF MONEY
With high leverage, you can use the little money that you have more efficiently. It allows you to spread the money across more positions and assets so you don't have all your eggs in one basket.
ORDER SIZE FLEXIBILITY
Controlling more money means being more flexible with your order sizes. For instance, you can increase your lot sizes when there is low volatility in the market and reduce it when volatility increases. This flexibility is impossible when you have a small amount of capital in your account.
ACCESS TO MARKETS
With high leverage, small traders can now access big markets and assets requiring significant initial capital. This evens the playing field, allowing more people to participate in the forex market.
However, remember to match your risk tolerance, goals, and strategy to the leverage you use. From the benefits above, you can see why it would be advantageous to work with a broker that allows you to use high leverage, depending on your preferences. Dominion Markets will enable you to pick a leverage of up to 500:1.
However, this does not mean you must use such high leverage when starting. Instead, it allows you to grow whenever you are ready. Low leverage limits traders who are more experienced and prepared to grow. A comparison of leverages across our forex brokers list shows that the best option is Dominion Markets.
COMPARISON
The maximum leverage for forex.com clients is 50:1. This means you can only control up to 50 times your initial capital. eToro offers a maximum leverage of 400:1 for Seychelles clients. Most other clients get low leverages of 30:1. Meanwhile, IG provides a maximum leverage of 200:1. Therefore, Dominion Markets is one of the best forex brokers with high leverage.
Dominion Markets leverage
STRONG CUSTOMER SUPPORT
Before deciding to work with a broker, you must ensure you can reach them whenever you need assistance. This will make your trading journey easier. Customer support is important for several reasons.
RESOLVING ISSUES
When you start working with a broker, you might experience some technical issues that require a quick response. For instance, you might get a technical issue with the trading platform or the withdrawal process. Being able to reach someone who can help you to fix any emerging problems is extremely important.
GUIDING TRADERS
As a new trader, it might be challenging to understand all the features a broker offers. It might also be difficult to navigate the website and the trading platforms. This is where good customer support comes in. A good broker will allow you to reach out anytime and get the guidance you need.
A strong customer support system is essential for resolving issues and guiding traders. On Dominion Markets, you can reach out through the contact page or the live chat and receive a quick human response. The support team is warm and empathetic. They will listen to all your problems and help you sort them out. Moreover, you can reach then anytime during the weekdays.
However, this is not the case with most brokers, who have weak customer support systems that can frustrate their clients.
- For instance, some brokers are not easily reachable by phone, and even if they have emails, they take too long to respond.
- Weak customer support also comes in the form of automated responses. Most times, these automated responses are not enough to help a client solve their issues. Moreover, they lack empathy and the ability to understand what you are going through. As a result, most are frustrated.
- Waiting times and being transferred from one person to another can also frustrate clients. Some brokers take too long to respond on the phone, and when they do, they keep transferring clients so much that by the end of the process, you feel frustrated.
Dominion Markets contact page
COMPARISON
Many customer service reviews show the best broker to work with. BrokerChooser.com has a detailed review of the customer service of each broker on our list. Forex.com's biggest weakness is answering emails. Moreover, they don’t give detailed information via email.
With eToro, customers cannot get assistance on the phone. Additionally, their live chat response time varies. Some days, they are quick to respond, while others are slow.
For IG, you can wait more than 5 minutes to be connected on the phone which can be frustrating. Moreover, their live chat speeds vary from time to time.
Meanwhile, Dominion Markets' customer service is quick, and you get a response from a wonderful support staff, as the testimonials show. Traders can also get quick assistance via phone, email, and live chat. Join Dominion Markets today and experience low latency, high leverage and the best customer support.
