TradersUnion.com Review 2023 Review 2023
Traders Union (tradersunion.com) is a for-profit organization that provides reviews and comparisons of forex brokers. The platform also hosts some educational content and information on bonuses. But how reliable are the reviews and ratings on TradersUnion.com?
In this guide, we cover what Traders Union is, the services they provide, the benefits and drawbacks of being a member, and how they make money. We also look at the best alternatives to Traders Union in 2023.
For user-friendly broker reviews, bonuses and information for beginners:
What Is TradersUnion.com?
Traders Union—or the International Union of Forex Traders—provides reviews and information about trading brokers.
But while it may market itself as an ‘association of international forex traders’, TradersUnion.com is a profit-seeking company that is compensated for sending users to some of the brokers it reviews.
TU has had an online presence for over a decade and claims to have 300,000 members and over 200 affiliated brokers. However, there is key information about the website’s management that remains a mystery:
- The site is owned by IAFT Ltd, an obscure company registered in Cyprus
- There is no information about the registered directors and management team
As a result, it is difficult to establish who owns or runs TradersUnion.com, which also makes it challenging to verify its credibility.
Products & Services
Traders Union offers three main services:
- Information on the forex market and online brokers
- Educational materials to help beginners and active traders
- Bonuses and spread refunds for signing up with brokers through TU
Note, bonuses often come with demanding terms and conditions, including wagering requirements. We recommend caution before signing up with brokers just for sign-up offers. Alternatively, use our list of brokers with trading bonuses that have been reviewed by our experts.
Forex Brokers & Market Analysis
TU assesses each broker using criteria, including reliability, security, trading conditions and customer support. Comparative analysis is then performed to rank brokers, with ratings adjusted monthly. TU also aims to list the best brokers for certain types of traders and products, for example, beginners, bitcoin etc.
However, when we used Traders Union we found the reviews can be long-winded and time-consuming to navigate. It is also worth highlighting that TradersUnion.com has commercial partnerships with many of the brands it reviews, making it difficult to establish their authenticity. Head to our broker reviews for easy-to-digest ratings and comparisons.
Professional Services & Support
Traders Union provides legal support and investment security through a compensation fund. Legal assistance is given to members in the event of disputes with brokers. The idea is that the collective efforts of TU will give users more negotiating power.
The main types of claims that are considered are those that involve bankruptcy or failure to fulfil obligations, quote accuracy issues, platform problems, and other contract violations by brokers.
If TU is unable to resolve the problem, they may provide compensation from their own funds, though no guarantees are made.
It is also worth noting that most tier-one regulated brokers are already signed up to investor compensation schemes to the tune of tens of thousands per client.
TradersUnion.com provides education to traders. This includes guides for beginners and articles on popular software solutions.
But while there is a large amount of educational material available on the TU website, the quality and depth of content varies. Most of the content is on the introductory end and may not be useful for professional forex traders.
Monthly trading contests are available to Traders Union members, with prize pools of $200. These contests take place using demo accounts, meaning you don’t risk real money.
It is worth noting that some leading brokers run demo competitions with higher prize pots and additional rewards.
TradersUnion.com offers members monthly rebates in the form of refunds on spreads.
How do they do this? TU essentially acts as an advertising platform for forex brokers. As such, some brokerages are willing to pay a commission to Traders Union to be affiliated. This commission can then be used to refund traders on their spreads.
Traders Union also runs an affiliate program. To be a part of the program you will need to attract new users to TU. Any traders you directly refer (first referral level) will get you 10% of the trading income received by TU. Those at the second referral level (those attracted by first-level referrals) provide an income of 5%.
How Traders Union Makes Money
Registering to become a member of the TU is free. But if there are no membership fees, legal or consulting costs, or registration charges, how does Traders Union make money?
There are a few sources of revenue for TU. Firstly, they make money from the commission they are paid by partner brokers. Traders Union is partnered with over 200 brokers, and each member that opens and trades on accounts with these brokerages provides the organization with income.
TU also receives money from contributions and relationships with groups that provide access services to international financial markets. This forms part of the compensation fund.
- No membership fees
- Legal and consultancy services
- Rebates on spreads & commissions
- Limited to forex and crypto broker ratings
- Broker reviews can be difficult to navigate and understand for beginners
- Educational resources vary in quality and are geared toward entry-level traders
Traders Union Verdict
Traders Union is home to some useful content for retail forex traders, including broker reviews. The platform is also free. The catch is that TU predominantly focuses on forex and crypto markets, so those looking to trade other instruments will need to look elsewhere. In addition, when we tested Traders Union we found some of their services tricky to navigate.
Finally, TradersUnion.com is ultimately a for-profit company with an obscure management structure, making it difficult to confirm the authenticity and legitimacy of their reviews and content.
What Is The Traders Union?
Traders Union is a profit-seeking enterprise that markets itself as an ‘association of international forex traders’. TU primarily provides information on brokers, who compensate the website for traders it sends to their platforms. Other services include legal advice and consulting, educational resources, market analysis, and fee rebates.
How Does Traders Union Assess Brokers?
Traders Union evaluates brokers using various criteria, such as minimum deposit, customer support, and security. This results in an average score that is comparable between brands. Reviews by other members are also included in the overall rating.
What Financial Benefits Are There For Joining Traders Union?
Traders Union offers a monthly rebate made up of partial refunds on the spreads and commissions traders have paid during the month. Monthly trading contests are also run with prize pools of $200. Additionally, the affiliate program allows traders to generate passive income by referring new traders to TU.
What Are The Drawbacks Of Traders Union?
Traders Union predominantly focuses on forex and crypto brokers, making the association less useful for those looking to trade other assets. In addition, while they are affiliated with over 200 brokers, some more niche markets may have less representation, thus limiting the choice of brokers.
It is also worth highlighting that TradersUnion.com is a profit-seeking company that is paid by some of the brokers it reviews. There is also limited information about who actually owns and runs the website, which may concern some users.
Is Traders Union Trustworthy?
Traders Union claims to be made up of 300,000+ members, with 200+ affiliated brokers. The organization has also been active for over 10 years and has been featured in some well-known websites and magazines. However, there is limited information on the official website about the leadership team behind the group. The site also receives compensation from some of the brokers it reviews, raising questions about the authenticity of its ratings.
|Traders Union provides reviews of trading brokers, education for beginners, and offers from partners.|