How We Rank These Brokers
Here are the parameters that we used in order to provide you with a real and unbiased review of the forex brokers. Each parameter is given importance based on the assigned scores and the total value of these scores is exactly 100. We constantly update our scoring methods based on the current data that we were able to acquire from these brokers.
The platforms that are offered by the broker are tested for their responsiveness and quality. Also included in the evaluation are trading features including the support for web-based and mobile trading.
We look at the cosmetic efforts that are done to make the interface more pleasing to the eye. This includes checking if all the necessary trading tools are well laid-out and easily accessible from the core interface.
The minimum account size is evaluated if it is reasonable enough for traders. Of course, lower is always better but if a higher deposit includes a number of value-added features then it surely compensates for the huge amount of capital that was required to open an account.
This factor has a strong impact on your risk management strategy. Determining which lot size will work best for you will depend on your trading style but a smaller one is generally the better since you have more flexibility in managing your trades.
Not only do we check if the broker has a good range of assets but we also verify if these assets are diverse enough for all types of trades and if they have a high profitability rate. It’s basically checking both the quantity and the quality.
People trade forex because they want to make money and for this reason we take a look at the pip value which is one of the best ways to calculate how much you profit or loss you can make on a trade. In our reviews we always basebase this on the spread of the EUR/USD currency pair.
The time it takes for the broker to process withdrawal requests until they transfer the funds is also considered in this review. Most brokers experience a lot of delays in processing such requests which is why it is good to see how well a particular broker compares in terms of speed.
It’s important to know the variety of payment methods that are supported by each broker especially because most of them have a global coverage. This will test if it will cause any inconvenience to traders in being able to deposit funds into their accounts.
The support team is tested not only for the speed and quality of service that they provide but also for their availability and way of being contacted since they serve as the first point of contact of traders.
The platform is tested to seeif they are showing real-time executable prices and if the frequency of requotes is high. If there is a difference between the indicated price when you made the purchase and the market value when your order reaches the broker then there is a slippage.
The background of the broker is checked and evaluated to determine if they have a good credibility in the industry. This can be done by determining if they have passed the requirements for regulation from financial authorities and if the feedbacks are coming from real traders are positive.
Final Score: 100