Our mission at ForexBrokers.com is to provide thorough and unbiased reviews of global forex brokers.
For the ForexBrokers.com 2020 Review published in January 2020, a total of 3,180 data points were collected over five months, and nearly 50,000 words of research were published. 30 brokers from across the globe were assessed.
Like our sister site, StockBrokers.com, our rigorous data validation process yields an error rate of less than 1% each year, providing site visitors quality data they can trust.
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: 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 S8+, 6.2" 4K Super AMOLED (2960x1440) 64-bit Octa-Core Snapdragon 835 Processor 2.45GHz, 4GB RAM 6.2" with the most current (Android 9 Pie) operating system.
For the ForexBrokers.com 2020 Review, all brokers were assessed on 105 different variables across eight primary areas: Commissions & Fees, Offering of Investments, Platforms & Tools, Research, Customer Service, Trust Score, Mobile Trading, and Education.
The weightings of each category were as follows:
|Commissions & Fees||20%|
|Platforms & Tools||15%|
|Offering of Investments||9%|
ForexBrokers.com awarded “Best in Class” distinctions for all seven categories, as well as additional categories Social Copy Trading, Professional Trading, MetaTrader, Crypto 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
Both Commissions & Fees and Customer Service apply separate scoring rubrics due to their 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.
To score Customer Service, ForexBrokers.com partnered with UK-based customer experience research group Customerwise to conduct phone tests of international broker offices located in the United Kingdom. In total, 330 customer service tests were conducted. View infographic.
Our staff used separate unique templates (on average, three questions are asked) to assess each broker.
To score each test, the tests were divided into three separate groups and scores were given for the time taken to connect with each support representative and the ability of each representative to professionally (and thoroughly) answer each question. A Net Promoter Score was also given for the overall experience. Response times are 15% of each test score, representative assessments are 35%, and Net Promoter Scores make up the remaining 50%.
Once all individual test scores were compiled, they were combined to determine an overall score for Customer Service.