We don’t want Forex traders to feel misled by information that Forex and CFDs trading brokers deliver, and that means being upfront, honest, and providing them with the information that they need to make informed decisions. For this reason, we have developed a unified approach to rank brokers, including 3 stages:
1. Data Collection
2. Ranking methodology
3. Fighting Scam
How we collect data?
Our team of expert traders have developed a database of Forex and CFDs trading brokers websites using manual and automated web-crawling tools. We also collect data by user generated requests for Scam investigations.
In order to avoid manipulation of our results by dishonest brokers, we do not fully disclose the ranking factors we use. The main ranking factors we use include, but are not limited to:
– Withdrawals: should be up to 5 days for EXCELLENT grade;
– Low number of complaints (we receive 100+ complaints per day in our site);
– Accuracy of Promotions advertised: should be accurate, ethical and non-disruptive (see how we rank broker ads);
– Complaint handling (we act as a mystery shopper and submit complaints): Broker should respond to complaints & resolve issue in maximum 1-2 days;
– Deposit options: the broker should have at least 3 e-wallet providers for EXCELLENT grade;
Payouts: the lowest payout should be minimum of 80%;
– Financial Regulation: should have CySEC License with verification link;
– Broker Minimum Deposit – should be $200 or $250 for EXCELLENT grade;
Broker Popularity metrics – should have a stable growth, preferably with no spikes in search volume according to Google Trends. Spikes are interpreted as a bad ranking factor, since it may be caused by search terms related to scam cases. We thoroughly check spikes and why they occur to verify the broker is 100% safe and update the information on our site accordingly.
Every month, 10-25 of useless scam brokers are created. We fight scam through a combination of automated tools and manual review. The automated tools include, but are not limited to, web crawlers, automated trading software, etc. For manual reviews, we open a real account with the broker in question and act as a mystery shopper client. We record the data and publish it on the relevant sections of our website. Tracking of actual stock and currency exchange data feeds vs what the broker uses is key to finding out scam brokers.
How We Rank Promotions:
The most common method of scamming traders is through promotions. That is why we personally check and verify all promotions before including them on our site. We strictly prohibit:
– Promotions that prompt users to initiate a purchase, download, or other commitment without first providing all relevant information and obtaining the user’s explicit consent;
– Promotions that represent the broker, its products, or its services in a way that is not accurate, realistic, and truthful;
Our Message to Forex Brokers
Ethics matter! In every business it is crucial for both the buyer and the seller to feel satisfied with what they receive. We highly encourage Forex and CFDs trading brokers to provide ethical services to clients in order to maintain a fair and scam free industry.
Our Message to Traders
There is no free lunch. If something is too good to be true, it probably is. We remind you to always stay realistic and make your research before investing in Forex. Choosing the right Forex broker and robot imposes a high level of risk and you should carefully consider how you choose your broker. If necessary, submit a scam investigation request or seek independent help.