Our broker comparison rankings bring transparency to the Forex trading market as no other Forex broker comparison site has done before. FxScouts compares the best brokers available able to our audience. We maintain memberships at each broker we review, in an effort to continually review the top brokers. For every broker we have looked at:
Forex Trading Has Some Dishonest Players
Forex trading has a reputation for being a dishonest industry, and this notion is perpetuated because a lot of bad players exist in the marketplace. Every week we receive emails from individuals who have questions about how to get money back from brokers, or professional Forex traders, who have cheated them.
This review process is our response to helping traders find reputable brokers to trade with. We maintain our data sheets that are updated every 3 months, and we update our reviews to keep them in line with that data.
We review brokers on their reputation and real metrics
Identify Forex brokers
We first do a quick review of the broker’s website and get an idea of their business model, their industry recognition, and regulation. We review:
- Awards Won
- Broker Type
- Years In The Business
- Office locations
Regulation is the single biggest trust and reputation factor for brokers. There are many financial regulatory organs located around the world, of which a handful are considered to have more oversight than others. In our review, we give preference to these regulators as well as local regulation. We review
- Memberships of major regulators (CySEC, FCA, ASIC and the FSCA)
- Memberships of minor regulators
Review Trading Conditions
Trading conditions have an impact on how profitable trades can be, and how much profit a broker makes from your trading activity. Our checks include:
- Currency Pairs Available
- Minimum Spread on Majors
- Minimum Deposit Required
- Max Leverage Available
Trading platforms that are available to traders will have a big impact on everyday ease-of-trading. There are market standards like MetaTrader that are both respected and independent, and there are other platforms that are proprietary and only used by a single broker. Our platform review covers a wide review of the platform availability.
- MetaTrader Availability
- Web-based Trading Options
- Mobile Trading Options
- Copy-Trading or Social Trading Functionality
We have done our research, now you can choose your broker.
This research process produces side-by-side comparisons of brokers, on all the right merits. Each of these data points is researched and published to create the ultimate in transparency with our visitors.
Our broker rankings are available in this Google Spreadsheet publicly available for transparency. If you notice any discrepancy for these brokers pertaining to the South African audience, please contact us on [email protected]
FxScouts is a reader-supported magazine. When you sign up for an account through our links, we sometimes earn a commission, which enables us to continue making our website better for you and continue our work. To read more about who we are, and how we work, read our about us page.