Should you have any improvement suggestions, questions or anything important regarding our broker’s rating methodology, you may contact us here.
How We Review Brokers
We at Best Online Forex Broker aim to be the best independent source of broker review on the web. There are many new brokers created each month, and it is very difficult for a retail trader to know what is trustworthy broker and what is bad broker. Since brokerages spend 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 lot of traders who had the impression that they signed up with a world class company, unfortunately it was a Ponzi Scheme.
- First and foremost, when we test, the broker is unaware.
- During the sign up we use VPN to mask the real IP address
- We open the demo account first to test the waters
- We make a small deposit using the credit card or Paypal ( we never do wire transfer as it takes time for money to appera on trading account)
- We need to submit documents for KYC customer verification purposes exactly as any other retail trader
- We place mini lot order
- Order is closed the same trading day
- We test the customer support with 2 simple questions. Here we measure the response time and accuracy of their answers
- We make a withdrawal back to the original card
Hardware / Software equipment that is used during the testing
We use the exact same configuration for each broker test:
- PC running on Windows 7 Enterprise / Screen resolution
1536×864 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 Apple store
How We Make Money
Some of you, want to know how we make money. In order to keep this web portal up and running, we need to generate revenue as we are not a non-profit organisation, in our case we do that selling advertisement space to companies mostly from broker industry. We have the strict rule that says, not selling the advertisement to promote the shady brokers that with bad reputation or to completely unknown new brands.