Privacy - TopForex.Trade

Privacy

How does our reviewing process work? In order to provide you with comprehensive forex broker reviews and rankings, we created a detailed methodology that assesses over 200 different criteria points in 10 key areas. Our methodology was devised using our years of trading experience. We’ve seen enough good and bad brokers to know which are worth your time. Our methodology […]

How does our reviewing process work?

In order to provide you with comprehensive forex broker reviews and rankings, we created a detailed methodology that assesses over 200 different criteria points in 10 key areas. Our methodology was devised using our years of trading experience. We’ve seen enough good and bad brokers to know which are worth your time. Our methodology is also revised each year to ensure that it considers new products and services. In these revisions, we also listen to our users’ feedback, so that we can be confident that we’re accurately representing your wants and needs.

Discover our 10 key areas and 200+ criteria points

Each broker we review is judged on the same 10 key areas. This not only makes our rankings and broker comparisons fair, but it also guarantees that all of our recommended brokers excel in all departments. For example, to receive a good ranking from our experts, a broker cannot simply offer good trading platforms. It must also have a diverse range of instruments, low fees, quality educational materials and so on. Below you can learn more about each key area.

1. Licenses and Regulation
The first and most important key area we look at is licensing and regulation. Your safety is always our priority and so an unregulated broker will never gain a high score from us. We check not only the licenses the broker claims to have for different countries, but whether these licenses are up to date too. We do this by verifying these facts with the regulatory bodies themselves. We also award a range of points based around the strength of a broker’s regulation. Brokers who boast licenses from strict authorities, such as CySEC, ASIC and the FCA, for example, will gain more points.
2. Reputation
We check a broker’s reputation by taking an in-depth look at its history. We examine the company owners, where their operating capital comes from, and how long they’ve been providing their services. Our experts also uncover any scandals or rogue activity that a broker may have buried. We then question current traders about their experiences with the broker and gauge public opinion. All of this gives us a complete picture of the broker and their trustworthiness.
3. Fees
To assess the fees a broker charges, we make a range of real trades. This includes trading different instruments and holding positions overnight. As a result, we can calculate trading fees with complete accuracy. We also deposit and withdraw funds to check transaction fees and survey the broker’s terms and conditions to reveal any non-trading fees, such as inactivity charges. Brokers gain points in this area by being upfront about their costs and by offering value for money.
4. Trading Platforms
We test every trading platform the broker offers. This includes common platforms such as MT4 and 5, as well as proprietary platforms. We look for specific features such as customizability and trading signals. Brokers are also judged on how fast orders are filled, whether or not the platform supports robots and EAs, and whether the platform runs well on all devices.
5. Product Portfolio
In this wide-ranging key area, our experts look at what instruments and products are available to you. We look at trading instruments, social trading platforms, trading tools, and bonuses. To score highly, a broker must offer an all-inclusive product. Their product portfolio should be suitable for all types of traders and it should allow you to diversify your trading plans, should you wish. As such, a broker offering everything from cryptocurrency pairs to copy trading will be awarded more points than one offering only futures, for example.
6. Mobile
Each time we create a new review or ranking score, we do so by testing the broker on more than five different devices including the latest iOS and Android smartphones. The best forex brokers should allow you to trade anytime and anywhere you want. Brokers will gain points for offering complete functionality on mobile. Aside from offering a mobile-compatible trading platform, our high scoring brokers also offer you mobile deposits, withdrawals and customer support.

 

Subscribe for our newsletter

Get Forex brokers reviews, market insights, expert analytics and education material right into your inbox for free!

You can unsubscribe any time by clicking the link in our letters.

How we award points in different areas

As you can see, our experts have put a lot of thought and time into ensuring our reviewing process considers everything which is important to you as a forex trader. All that’s left to learn, then, is how we award points in each area. Yes/No Points To start with, we award points on a yes or no basis. For each criteria point, we award 1 point if the broker offers this feature. For instance, if the forex broker offers a demo account, it will receive a point. Opinion Points Alongside a yes or no score, a broker will receive points on a sliding scale for how well they offer something. For example, when we consider the strength of a broker’s licenses, we award between 1 and 3 points. The full 3 points are only given to those brokers who have obtained licenses from strict and trustworthy bodies (such as CySEC or the FCA). To make sure these points are awarded fairly, our experts use their own years of trading experience and also factor in real feedback from our users. Have a look at our Top Rated Forex Brokers in your country: