How We Test Brokers

At Forexassociation.co.ke, our primary goal is to assist traders of all experience levels in discovering the most suitable broker for their trading needs. We achieve this by delivering unbiased and meticulously researched broker reviews.

Our team dedicates thousands of hours each year to thoroughly evaluating trading platforms, ensuring our readers receive accurate and comprehensive insights.

Our Core Values

Our editorial process is anchored by several principles that prioritize integrity and transparency. We uphold objectivity and openness in our assessment of products and services, irrespective of any potential affiliate partnerships.

The security of your funds is paramount to us. Therefore, we disclose information regarding the legitimacy and regulatory standing of brokers or services, and we promptly label any unsafe entities accordingly.

We are committed to offering candid opinions based on our rigorous evaluations. We refuse to present a biased viewpoint of a product or service to our readers. If we believe a broker can enhance their services, we will address it.

Testing Devices

Hardware/Software equipment that is used during the testing

All testing is conducted on the devices listed below. Mobile device testing is conducted using an 802.11n wireless WiFi connection; 4G connections are used when WiFi is not available. Unless noted, all websites and web-based platforms are tested using the latest version of the Google Chrome browser.

Desktop: Windows 10 Pro, 32 GB RAM, 64-bit Operating System, Intel Core i7-9700 CPU @ 3.00 GHz with Radeon RX 550 Video Card and 100GB of SSD Flash Storage.

Laptop: MacBook Retina 12”, 1.2 GHz Intel Core m5, Memory 8 GB LPDDR3 RAM, Intel HD 515 1536 MB Graphics card, 500 GB SSD Flash storage with the most current macOS (Mojave) operating system.

Smartphone: Samsung Galaxy S9+, 6.2″ 4K Super AMOLED (2960×1440) 64-bit Octa-Core Snapdragon 835 Processor 2.7GHz, 6GB RAM 6.2″ with the most current (Android 10 ) operating system.

Our Evaluation Methodology

We adhere to a stringent methodology that encompasses quantitative metrics covering over 100 data points and qualitative insights gathered during our evaluation process. This ensures that our conclusions are grounded in credible data sources and our assessments.

To assign brokers an overall rating, we assess various key areas:

1. Trust – Regulatory status and reputation.
2. Accounts – Accessibility and suitability for different requirements.
3. Deposits & Withdrawals – Convenience, cost-effectiveness, and security.
4. Investment Offering – Availability and diversity of global markets.
5. Fees – Transparency and competitiveness of trading costs.
6. Platforms & Apps – Reliability, features, and user-friendliness.
7. Additional Tools – Availability and usefulness of extra features.
8. Trading Restrictions – Limitations on trading strategies.
9. Customer Support – Responsiveness and helpfulness.
10. Suitability – Which type of trader does the broker best serve?

We elaborate on our testing approach for each category below.

Review Categories

For the Forexassociation.co.ke 2024 Review, all brokers were assessed on 113 different variables across eight primary areas: Commissions & Fees, Offering of Investments, Platforms & Tools, Research, Trust Score, Mobile Trading, Education, and Overall.

The weightings of each category were as follows:

Category Scoring

ForexBrokers.com awarded “Best in Class” distinctions for all seven categories, as well as additional categories Social Copy Trading, Professional Trading, MetaTrader, Crypto Trading, Algo Trading, Beginners, Ease of Use, Trust Score, and Overall. A “Best in Class” designation means finishing in the top seven for that category. Individual Industry awards were also distributed.

An explanation of how the categories are assessed is shown below. For detailed commentary, view our broker guides.

Yes/No with Opinion

First, points are awarded for each “Yes” answer. The number of points awarded depends on the variable. Next, the total points earned from “Yes” answers are then divided by the total points possible to calculate a final Yes/No score.

To determine a final score for the category, this Yes/No score is then combined with an opinion score (1 – 10, with one being “very bad” and ten being “very good”). The weighting of the Yes/No score compared to the opinion score varies for each category. For example, 70% Yes/No, 30% Opinion.

Categories assessed in this manner include Offering of Investments, Platforms & Tools, Research, Mobile Trading, and Education.

Commissions & Fees

Commissions & Fees apply a separate scoring rate due to its complexity.

To score Commissions & Fees, first, multiple scenarios are assessed for placing trades. For example, the average reported and/or observed spread for the EUR/USD pair. Brokers are awarded points depending on how inexpensive they are relative to their peers.

Next, multiple scenarios are assessed for different investor types on a monthly basis, incorporating any miscellaneous account fees, alongside any active trader or VIP rates. The goal is to determine a net, “all-in” cost per trade.

Finally, all data is analyzed to determine an overall score for Commissions & Fees.

How We Review Brokers

We at Best Online Forex Broker aim to be the best independent source of broker reviews on the web. There are many new brokers created each month, and it is very difficult for a retail trader to know what is a trustworthy broker and what is a bad broker. Since brokerages spend an insane amount of money on marketing, it is usually unclear if the company is trusted or not. Some companies who scammed lots of traders in the past invested millions into PR campaigns that fooled a lot of traders who had the impression that they signed up with a world-class company, unfortunately, it was a Ponzi Scheme.

This is how the testing process goes:

1. First and foremost, when we test, the broker is unaware!
2. During the sign up we use VPN to mask the real IP address
3. We open the demo account first to test the waters
4. We make a small deposit using a credit card or Paypal ( we never do wire transfers as it takes time for money to appear on the trading account)
5. We need to submit documents for KYC customer verification purposes exactly as any other retail trader
6. We place a mini lot order
7. Order is closed on the same trading day
8. We test the customer support with 2 simple questions. Here we measure the response time and accuracy of their answers
9. We make a withdrawal back to the original card

By offering a comprehensive review of brokers through our detailed methodology, we empower traders to make informed decisions aligned with their financial goals, trading styles, and budgetary constraints.

Should you have any improvement suggestions, questions, or anything important regarding our broker’s rating methodology, you may contact us here.