FX Empire Review Process Sections
FX Empire Broker Reviews
Our goal is to provide traders with reliable and objective information about financial products. We strive to ensure that our reviews are not influenced by our marketing or affiliate relationships, rather, they’re based on facts and on the general impression from the actual products that we review. As FX Empire is free for traders you can learn more about how we make money.
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FX Empire Forex Brokers Review Process
There are many different types of brokers offering a variety of different services and products for traders. The choice can be overwhelming and finding the broker that suits your needs can be challenging. Here at FX Empire, we try to make that job much easier for you through our independent broker reviews.
Editorial independence is critical in an objective review process and remains a key element in ensuring you get a well-rounded experience. To ensure you get an honest opinion, the reviewers are completely independent.
Brokers that wish to be reviewed by FX Empire team have to first fill out an in-depth data questionnaire. This robust 70-page document covers everything from the type of platform and features the broker uses, the number of asset classes they provide and most importantly proof of financial regulation.
Our independent analysts will aggregate the available data and produce a detailed written review as well as create a video walkthrough of the broker’s services and trading platforms.
The Written and video reviews aim is to provide our readers with a comprehensive view of the broker and its platforms.
Investor Protection & Regulations
Regulated brokers provide clients with a certain amount of added protection as they have chosen to abide by a set of rules and conditions set out by a country’s financial regulator. Knowing what protections you have as a client is critical in choosing a broker. We show you the broker’s confirmed regulatory licenses and list the ways a broker adds further protection to you if any.
Having the ability to trade different asset classes such as Forex, Stocks, Commodities, Indices, Cryptocurrencies, Bonds, ETFs and so on, is important to many traders. We will test the broker’s platform and descriptions to provide you with the asset classes a broker offers, as well as the number of asset classes available to trade.
Many brokers offer different types of trading accounts. Knowing which ones are available to you is essential. However, we take it one step further and walk you through the different account types as well as the account opening procedure so there are no surprises for you.
Deposit & Withdrawals Options
Moving money in and out of your trading account in the quickest time as possible, in the cheapest way as possible is important to many traders. We will list out all the different deposit and withdrawal options available to you as well as the time it takes to reach your account and the fees, if any, in depositing and withdrawing your funds.
Web & Desktop Trading Platforms
A broker’s trading platform is one of the most important products of their business as this is where traders can execute their orders. In this section, we will describe the main features of the desktop and web trading platform, as well as test the platform by taking live trades and share the screenshots of the broker’s platform with you.
Mobile Trading Platforms
Having the ability to trade on the move is ever more important in fast-paced markets. In this section, we will test drive the broker’s mobile trading app and describe its usability and use screenshots to help you understand more about the platform and its features.
In addition to trading accounts and tradable asset classes, many brokers often provide additional trading features such as no-fee trading, advanced charting tools, social trading and so on. We will list these features for you, so you know whether they work for you or not.
Commissions & Spreads
How much will it cost you to trade with a broker? In this section, we detail information related to spreads, commission and any other fees associated with trading individual asset classes and with the broker in question.
Bonus & Promotions
Some brokers may offer a bonus and promotional offers depending on where they are licensed globally. We’ll let you know if they provide any or if they don’t.
Knowing that you can access a responsive customer support agent can help put your mind at rest when choosing a broker. That’s why we test drive the broker’s customer support service by contacting them and reporting their response times and level of knowledge. We’ll also list all the different ways you can contact the broker with email addresses, phone numbers and social media accounts.
Having access to expert trading tools such as market reports and economic calendars is useful for many traders. Knowing what research tools the broker provides its clients can help you to make an informed decision on where you will get your trading insights from.
Does the broker help you grow as a trader by providing educational resources on trading and using their trading platform? We detail all the educational support that is on offer so you can decide for yourself.
In this section, our analyst will detail their general impression on the usability and benefits of the broker’s trading platform and whether or not it is geared towards beginner or advanced traders or a combination of both.
Find answers to the most frequently asked questions regarding a Forex broker.
Our analysts will provide you with a succinct summary of the broker, the pros and cons of the services they provide and who is most likely to benefit from using them.
Our analysts will provide a video review of the broker showing you all the information you need to know about, as well as live trading and testing the broker’s desktop, web and mobile trading platforms so you can see its functionality in real-time.
FX Empire Online Stock Brokers Review Process
Choosing a stock broker is a big deal. At FX Empire, we understand that you are rightfully concerned with who you trust to hold your money and investments. The fees and expenses charged by your broker could make-or-break a profitable trade or investment. That’s why we take editorial reviews seriously. We know you count on them.
Here are the most important criteria we look at when reviewing an online stock broker and some of the steps we take to ensure reviews are objective and helpful to our readers.
Editorial independence is critical in an objective review process and remains a key element in ensuring you get a positive, well-rounded experience. To ensure you get an honest opinion, the reviewers are completely independent of the FX Empire team responsible for sponsor relationships and sales.
In order to provide you with the most critical information, FX Empire reviewers and editors created a list of core evaluation categories relevant to the majority of traders and investors.
For each category, the independent reviewer finds information on broker websites and publications. Brokers are asked to complete a form listing important details about platform, pricing, product offerings and additional features which is used in completing reviews when available.
Each broker is given a numeric score based on the evaluation categories as well as a written review focusing on the most important factors for beginner, intermediate, and expert investors and traders. Reviews assume you are familiar with basic investing terms and the risks involved.
The numeric scores that brokers receive in this category is based on how well the broker compares to others in its peer group. Editorial content is focused on the widest range of needs with comments aimed at both beginners and experts.
|Costs and fees||9%|
|Types of accounts||9%|
|Bonus and promotions||9%|
|Regulations, reputation, and security||10%|
|Research and education||9%|
Costs and Fees
Costs and fees are one of the most important parts of your broker experience. With a growing group of brokers that charge no fees, as well as market-leading discount brokers, consumers have shown with their dollars that this is what they care about most.
We agree and factor in the costs of stock, ETF, bond, mutual fund, and options trades, as well as other securities, offered. Brokers that offer flexible pricing catering to different needs earned extra credit.
Types of Accounts
The winners here serve users an array of account types including individual, joint, retirement, and business accounts. Some brokers do well in other categories but only offer a few types of accounts. In that case, they wouldn’t score well here.
You may not need all types of accounts, but we like it when a brokerage gives you the ability to handle all of your investment accounts under one roof with one online login and one place to call for help.
Investing doesn’t mean just stocks. The best brokers in this category offer more than the typical stocks, bonds, ETFs, mutual funds, and options. Those are all expected, and brokers that offer less than this list don’t score as well. Adding things like futures, cryptocurrencies, and of course, foreign exchange, help a broker earn top marks.
Opening a new investment account should be less painful than a trip to the dentist – sorry dentists. We looked into the account opening process and tested many of them ourselves. If you can easily and quickly open an account yourself online without jumping through additional hoops, a brokerage earns the best score. Offering in-person locations also helps. Requiring additional paperwork or forms in the mail, on the other hand, is a negative factor.
Active traders should look here first. Trading platforms are an important part of the experience for expert and active traders, while passive investors may not care at all about what a brokerage offers here. The best brokerages in this category offer desktop platforms with fast in-app trading, flexible windowed environments, lots of chart options, and the information you need at your fingertips. A lack of desktop or mobile app hurts scores here, as does a lack of support for popular operating systems like the Mac.
When possible, the reviewer downloads and tests both desktop and online platforms during the review process.
Every brokerage should offer market, limit, and stop orders. That’s the baseline for “average” brokerages. A small group offers a shorter list than this and earned low scores. The ability to offer complex trades and multi-leg options trades leads to the highest scores.
Not all brokers offer bank accounts, but it is a growing trend and for good reason. Having your bank at the same place as your broker is convenient and makes transferring funds lightning fast. If a brokerage offers banking, high scores are earned by accounts with low fees and competitive interest rates. If no bank accounts are offered, the broker earns a score of zero here.
Hopefully, your account hums along without any hiccups. On occasion, however, even investors with simple needs may need to call customer service. To get the best score, brokerages should offer 24/7 customer support online and by phone. A footprint of physical branches in large cities helps earn a perfect 10.
Limited hours or weekday-only hours customer service is negative for scores. Difficulty finding a customer service phone number, contact form, or online chat is poor for customer experiences and scores in this category.
Bonus and Promotions
Not all brokers offer a bonus or promotion, but it sweetens the deal when one is available. The best scores came from brokerages that offered something useful to the majority of people signing up. If only ultra-wealthy customers would qualify, the bonus gets a low score. No bonus or promotion leads to a zero score.
Regulations, Reputation, and Security
We expect financial institutions to uphold a high level of security and ethics while adhering to government regulations. Most brokers earn a 10 here. A history of security incidents, conflicts with regulators, or major fines lowers scores.
Research and Education
Both new and expert traders and investors can level up their skills. The best scores in this category come from a suite of education and research resources. For education, we look for courses, webinars, live events, videos, and articles that help users learn more about earning more and losing less.
For research, the most important factors are access to a wide breadth of timely information. That can include streaming prices, live charting, and news streams inside of trading platforms. Access to more reports from more sources helps scores while less information pulls scores lower.
We don’t give brokers a score in this category, as there is no right or wrong. In the editorial reviews, we use this section to explain why a brokerage is good for beginners, experts, or both.
Review Team and Updates
Reviews are compiled by a team of writers and editors spread around the world. The primary reviewers for each US brokerage is located in the United States and have tried many of these brokerages themselves for personal use in addition to review purposes.
Reviewers include Eric Rosenberg, a former bank manager with two finance degrees and more than ten years of writing about money online. The main office for FX Empire is located in Tel Aviv, Israel.
Reviews are dated based on the time they were created. We work to ensure reviews stay up-to-date and note the last update date on the review’s page on FX Empire.
We Are Investors Like You
The entire FX Empire team is passionate about finance. Our reviewers, editors, and production team are all investors ourselves with our own accounts. We apply this passion, experience, and insight into every single review to bring you the best possible experience.
We hope every trader and investor that passes by FX Empire goes on to reach success in the financial markets. We are honored to be a part of your journey.