How We Test and Review:
Our Broker Review Methodology
Our Mission
Our mission here at ForexBrokerListing.com is, to make information about forex brokers and forex trading available all around the world in the simplest form possible. As a result, we evaluate each broker based on unbiased information and using our expertise in the industry, across 8 key areas that define a broker’s performance, integrity, and trader experience.
How We Evaluate
We put emphasis in the following 8 key areas in each broker.
Areas We Evaluate and Weight
%
Safety and Regulation
%
Financial Instrument & Products
%
Broker Fees
%
Trading Platforms & Execution
%
Account Opening
%
Education
%
Deposit and Withdrawal
%
Customer Support & Sales
All brokers listed on our website are regulated by at least one financial regulator and have never been reported as a scam.
Our reviews and overall scores are based on the key areas above, in a combination with our opinion and commentary. The reviews are shared and discussed with the brokers, but the authors of our website always have the final word. Furthermore, we always strive to keep the information on our website updated and relevant for our readers.
What helps us stand out is that we always test our brokers with an anonymous live account, to ensure we deliver the most accurate information and experience to our readers.
Finally, our reviews and evaluation are always independent of any financial compensation we may receive from the brokers.
What are the Key Areas we Focus on
Safety and Regulation
We make sure that we make a thorough investigation in our brokers’ background ensure that the broker is regulated, provides the security of funds and provides investor protection to their clients.
Account Opening
Using a live account, we go through the whole registration process up to the point of placing the first trade. This is done to evaluate the registration process, the time needed, the information each broker requires and how efficient is the support team with any relevant queries.
Trading Platforms and Execution
We test our brokers trading platforms using both a live and demo account, across the web, desktop, and mobile. We put an emphasis on user experience, ease of use, tools available, and execution of orders. As any trader out there, we prefer brokers with no slippage and fast execution that is regularly audited by a third party.
Education
Every trader needs to start from somewhere or go back and have a look at the fundamentals. We examine the educational section and how adamant is each broker to educate their traders in novice and advanced concepts of trading. Also, we take a closer look to the webinars and local events and seminars offered.
Broker Fees
We take a closer look at any fees that might occur during your interaction with the broker. We make sure there are no hidden fees or commissions and provide an overview of the brokers’ spreads and trading fees compared to other brokers and the market. In other words, we determine if a broker is cheap and worth investing with.
Deposit and Withdrawal Methods
We make a deposit to our test account and withdrawal, in order to evaluate the process and the time needed to be completed. We take note of any hidden costs or relevant documentation needed to complete each action. We also evaluate the ease of financial access that a broker provides to traders from each country.
Financial Instruments and Products
We take a closer look at what a broker has to offer. A lot of forex brokers now have diversified their product offering, beyond spot forex and CFDs. A lot of them offer Stocks, Futures, and fun features like Copy Trading. The better the portfolio the higher the score.
Customer Support and Sales
Our final key area is focused on our brokers client-facing services. We try to test these anonymously and evaluate how supportive a broker can be, or how pushy their sales team can be. We tend to find brokers that focus on excellent customer support to score higher than brokers with pushy sales teams.
We hope that you found our methodology accurate and transparent. If you have any further questions or suggestions, please contact us.