EditorEditor: Björn MichelsUpdated: March 11, 2024
AuthorAuthor: Chris Cammack

Last Updated On March 11, 2024

Chris Cammack

Established in 2012, we at FxScouts embarked on a journey with a single goal: to become the world’s leading authority in delivering comprehensive and unbiased reviews of online forex brokers.

Fast forward to today, and our commitment to transparency and excellence in the Forex trading market remains steadfast. We conduct exhaustive broker reviews, in-depth platform tests, and employ our proprietary Broker Score and Trust Rating systems. 

We are forensic in our research, ensuring brokers’ claims align with their actual services, going beyond mere surface-level analysis.

We actively engage with each broker, opening trading accounts to meticulously scrutinise their product and service offerings. Our primary focus is validating the trading costs and regulation as advertised on the broker’s website. We also place significant emphasis on assessing a broker’s trading platforms, deposit and withdrawal charges, and withdrawal processing times. Acknowledging the rapid evolution of the industry, we ensure that our reviews are consistently updated to reflect the most current information.

Our commitment to our editorial principles has won the trust of millions of readers worldwide. Our editorial model encompasses the continual collection of data, evaluation of products, and ongoing research. Our ratings, rankings, and reviews are updated constantly, leading to more accurate content and deeper engagement with the Forex industry.

Our rigorous commitment to data integrity remains, even as we transitioned our research and data collection to a more dynamic model. We regularly perform audits and validate our data. This contributes to our rigorous data validation process with an impressive error rate of less than 1% annually.

We ensure impartiality through our unique testing and review process, leading to the evolution of the FxScouts Annual Awards – an embodiment of our rigorous standards. These awards, driven by independent research, recognise brokers exhibiting excellence in categories essential to investors, traders, and consumers.

With a rich legacy behind us and a commitment to providing accurate and data-driven content, we at FxScouts strive to remain the go-to guide for traders in the ever-evolving world of Forex trading.

FxScouts: Our Editorial Values

Our work at FxScouts is anchored in three cardinal principles: Independence, Honesty, and Impartiality. These principles inform our assessments, drive our recommendations, and guide our advice to our readers. To maintain our integrity, we always keep to the following guidelines:

  1. Risk Assessment: We make no concessions when it comes to safeguarding our readers’ investments. If a broker or service provider is assessed as a risk, we openly declare it, always prioritising your financial safety.
  2. Constructive Criticism: If we identify areas for improvement or deem a service avoidable, we share this candidly, prioritising our readers’ welfare above all else.
  3. Praising Excellence: When we encounter an outstanding company or service, we voice our admiration unequivocally, irrespective of external pressures or influences.
  4. Integrity in Evaluation: We will not amend our opinions or alter our evaluation process to appease or retain an affiliate partnership.
  5. Impartial Highlighting: We won’t selectively emphasise or intentionally obfuscate any product or service to secure or uphold an affiliate relationship.
  6. Unbiased Algorithms: Our proprietary data-driven Broker Score and Trust Rating systems will never be manipulated to favour an affiliate partner.
  7. Data Privacy: We commit to keeping marketing revenue information or advertising campaign data separate from our researchers or editorial team.

By rigorously adhering to these guidelines, we ensure that our readers receive reliable, unbiased, and valuable advice. As our readers, your interests remain paramount in all our endeavours at FxScouts.

Broker Evaluations and Testing Process

At FxScouts, we are dedicated to bringing transparency and accuracy to the forex trading market. We do this by reviewing brokers, rigorously testing their platforms on modern devices, and rating them based on over 200 metrics.

Devices Used for Testing

Our testing process utilizes a range of modern devices running on the latest operating systems. Our desktop testing is conducted on Intel Core i9-13900K PC and MacBook Pro M2 Max laptops. We use iPhone 14 Pro and Google Pixel 8 Pro devices for mobile testing.

Our Broker Score and Trust Rating: Ensuring Your Broker’s Reliability

Choosing a broker you can trust with your money is a crucial decision. At FxScouts, we’ve developed two proprietary tools, our Broker Score and Trust Rating, to assist you in this. Using extensive research on brokers and international regulators, we’ve designed an algorithm that provides each broker with a Broker Score ranging from 1.00 to 5.00. The same algorithm also provides a Trust Rating, measured on a scale of 1.00 to 5.00.

At FxScouts, we employ the following types of scoring:

Yes/No Scoring

 Our Yes/No scoring is based on over 100 proprietary variables that inform our final ratings and rankings. Points are assigned for each “Yes” answer, with varying weights depending on the variable’s significance. The final “Yes/No” score, or the broker’s Variable Score, is the total points earned divided by the total points possible.

Opinion Scoring

Opinion scoring complements Yes/No scoring by addressing important aspects that can’t be quantified. Scores range from 1 to 10, with half points used for more granular scoring.

Quantitative Scoring

 Our Quantitative Scoring System refers to our proprietary system, driven by Artificial Intelligence algorithms, which evaluates broker entities such as their financial products using measurable data. It utilises a set of defined metrics that are quantifiable, such as trading fees, withdrawal times, number of trading instruments, platform uptime, and customer service response times by: 

  1. Establish Scoring Criteria: Defining the criteria or variables that will be measured. The choice of variables would depend on what aspects are considered important in the evaluation process. 
  1. Assign Weightage: Each criterion is assigned a weightage according to its perceived importance. A criterion deemed to be more critical will be assigned a higher weightage. This ensures that the score reflects the priorities of the evaluation process.
  1. Data Collection: The next step involves collecting data for each of the defined criteria. This is done through a variety of methods, including direct observation, market research, data feeds, or directly from the brokerages.
  1. Calculation of Individual Scores: After collecting the data, scores are calculated for each criterion. This involves complex calculations such as normalising scores to common scales and converting raw data into a score using algorithms.
  1. Aggregation of Scores: The individual scores are then multiplied by their respective weightages and summed up to produce an overall score for each entity being evaluated. 
  1. Analysis & Reporting: Finally, the scores are analysed, compared, and reported in a format that provides useful information to the end user.

Scoring and Review Process

Our evaluations begin with a comprehensive analysis of each broker’s products and services, scrutinising their advertised offerings and user experience. We pay special attention to the accuracy of trading costs mentioned on the broker’s website. We also emphasise the assessment of a broker’s trading platforms, deposit and withdrawal fees, and withdrawal processing times.

Our process is dynamic, not static. Understanding that brokers often modify their product offerings, we ensure our reviews are consistently updated with the most recent and accurate data.

Brokers are scored in seven different areas, with each area awarded up to a maximum of 5.00. The final score is calculated by weighting each area according to its importance in the review process. In total, we consider over 200 individual metrics grouped into the following categories:

  1. Trust and Regulation – 20%
  2. Trading Conditions – 20%
  3. Platform and Tools – 17.5%
  4. Instruments/Assets – 12.5%
  5. Deposit and Withdrawal – 10%
  6. Education and Research – 10%
  7. Customer Service – 10%

Forex Broker Scoring 

Through this balanced and comprehensive approach, we ensure that our reviews, ratings, and recommendations are honest, impartial, and geared towards providing the best guidance for forex traders.

FxScouts Awards

Our unique awards are data-driven, relying on rigorous analysis and carefully considered expert opinions. We celebrate excellence in diverse aspects of forex trading, from trading conditions and customer support to platform functionality and educational resources.

Our awards act as a gold standard in the forex industry, championing brokers who exceed the industry standards and elevate the trading experience. Explore the categories and discover the brokers that lead the way in setting benchmarks for the forex trading world.

Here’s a detailed breakdown of our Forex Broker Awards:

  1. Best Overall Broker
    This coveted award recognizes the broker that consistently excels in all facets of their operation, providing traders with an exceptional trading experience across the board. From high-quality trading platforms and tools to top-tier customer support and educational resources, the winner of the Best Overall Broker award sets the standard in the industry.

Trading Environment Awards

  1. Best Trading Conditions
    This award goes to the broker that provides the most favourable trading conditions. Factors taken into consideration include low spreads and commissions, fast execution times, minimal slippage, and superior price transparency. The winner of this award offers a trading environment that is not just fair but also advantageous to traders.
  2. Best for Beginners
    The Best for Beginners award acknowledges the broker that offers the most comprehensive and user-friendly resources for novice traders. This includes easy-to-use trading platforms, introductory guides, easy-to-understand educational materials, and accessible customer support. This broker makes starting a trading journey as smooth as possible.
  3. Best for Advanced Traders
    The broker winning this award provides a breadth of advanced tools, sophisticated trading platforms, and in-depth educational materials that cater to the needs of experienced traders. Factors like access to comprehensive market research, advanced order types, and high-level customization are paramount in deciding the winner in this category.
  4. Best Charting Options
    The Best Charting Options award is given to the broker, providing comprehensive and versatile charting tools that allow traders to analyze current and historical market prices effectively. Factors like the range and quality of tools, indicators, and features available on the broker’s charting software are crucial for winning this award.

Customer Experience Awards

  1. Best Customer Support
    This award recognizes the broker that provides exceptional customer service. From the availability of support (24/7, live chat, phone support) to the efficiency and knowledgeability of the support team, the winning broker ensures that traders receive prompt and effective help whenever they need it.
  2. Best Education
    The Best Education award recognizes the broker that excels in providing educational resources. It is given to the broker that provides high-quality, easily accessible learning materials and resources for traders at all levels. Whether through in-depth articles, webinars, or interactive quizzes, the winning broker invests in educating its clients.

State of the Forex Market Report

The results of our broker research are published in the State of the Forex Market Report, a detailed breakdown of our broker ratings, designed to help beginner traders find the most reliable and best-value brokers in the world.

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