TradeProofer provides traders with a free tool to check execution rates during Brexit

TradeProofer provides traders with a free tool to check execution rates during Brexit

TradeProofer tool

It’s hard to exaggerate the importance of the EU Referendum for global markets. As low liquidity and extreme volatility is expected, it would be even harder to tell whether a poor trade execution is due to general market conditions or it’s just the broker`s fault. That is why it would be useful to add to your Brexit trading arsenal a tool with which you can check your execution rates against the quotes of a bunch of other brokers as a reference price.

TradeProofer`s monitoring tool provides just that and is currently made public only for the time of Brexit, as the company that created it suspects that many crooked brokers will do their best to exploit the hectic times and blame the markets for the wide spreads, stop-hunting and other dirty practices.

With this online tool all traders can benchmark their trade fill prices against the aggregated quote of more than 50 brokers, and no community membership is required. What is more, the service is provided free of charge.

Traders have to just input their trade details, and the tool, which is in fact a chart rendering engine, compares customer price executions with those of the overall market. TradeProofer not only uses spreads from numerous brokers as a reference, but also crowdsources execution prices from connected accounts.

The online tool will be available in the coming days for the use of retail and institutional traders here.

Over the Brexit turmoil most FX brokers have hiked their margin requirements and advise traders to take these execrcise caution when planning their trading strategies, to carefully choose their order sizes and closely monitor open positions.

TradeProofer is a community of industry professionals, that provides a bunch of useful trading tools, such as BrokerCompass, Traders` Advocate, Broker Spread Report and TickRadar.

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