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.

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.

Trust

We verify regulatory credentials, assess the reputation of regulatory bodies, and scrutinize measures for money protection.

Accounts

We analyze key details such as minimum investments, accepted currencies, and perks for active traders. We also evaluate the suitability of account types for different trading styles.

Deposits & Withdrawals

We investigate accepted payment methods, transaction speeds, and associated fees, comparing them with industry standards.

Investment Offering

We review market access and assess the competitiveness of the product portfolio

Fees

We evaluate pricing models and uncover additional charges, ensuring transparency for traders.

Platforms & Apps

We assess trading platforms for compatibility and functionality across different devices.

Additional Tools

We compare supplementary tools and assess their impact on the overall trading experience.

Trading Restrictions

We clarify any limitations on trading strategies and provide suitable alternatives.

Customer Support

We evaluate contact methods, language support, and responsiveness.

Suitability

We summarize key pros and cons tailored to specific trader profiles.

Hardware/Software equipment that is used during the testing

We use the same configuration for each broker test:

  • PC running on Windows 7 Enterprise / Screen resolution1536×864 with 16GB RAM, i5 Pentium processor
  • Android smartphone – to test mobile trading apps from Google Play store
  • iOS Apple iPad 2 – to test mobile trading apps from the Apple store

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.

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