Arincen

Item: FXTM
Rating: 7.8

Key Takeaways

ForexTime (FXTM) is an established and stable broker founded in 2011.
FXTM is regulated by the UK’s Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the Financial Sector Conduct Authority of South Africa (FSCA) and the Financial Services Commission in Mauritius (FSC).
Over and above this, FXTM has voluntarily enlisted added investment protections for client funds.
FXTM provides good access to financial markets, with Contract for Differences (CFD) in seven asset classes.
With more than 60 FOREX pairs, 11 major equity indices and 120 major US shares, FXTM customers have a range of investment options from which to choose.
FXTM uses the well-known third-party trading platforms MetaTrader4 (MT4) and MetaTrader5 (MT5) to supplement its proprietary mobile MyFXTM app.
FXTM offers low fees that are some of the most attractive in the industry.
FXTM offers traders a strong range of six different account types.
FXTM supplies quality 24/7 customer support in several world languages.
FXTM offers competitive levels of spreads and commissions across their account types.
New and experienced traders alike can get access to a powerful knowledge base of quality research and educational tools on FXTM’s trading platforms.
FXTM’s performance statistics, such as order execution speed, slippage, re-quotes as well as the FXTM Invest Manager Rankings, are independently audited by a Big Four accounting firm.

FXTM Evaluate - research result

Overall Evaluation 7.78

Regulations

Deposits and Withdrawals

Commissions

3.5

Assets

Trading Platform

Research and Development

Customer Service

6.5

Mobile App Trading

Learning

Experience with broker

5.5

Trading Tools

9.7

Website

Overall Summary

FXTM was set up in 2011 and was originally constituted and regulated in Cyprus by the CySEC. As well as offices in Cyprus, the company has had a UK presence since 2018.

With offices in London, FXTM is also licensed and regulated by the FCA in the UK. Further, it is licensed by the FSCA in South Africa and by the FSC of the Republic of Mauritius. The company is well-known and considered by many commentators to be a leading player in the FOREX trading field. This is in part due to its longevity, but also thanks to its FCA and CySEC registrations, both of which are some of the toughest and most rigorous in the world.

The company has more than two million clients across 150 countries. Its exceptional online trading services and products are suited to institutional and retail clients alike. FXTM observes industry-best practices, such as operating segregated accounts at top-tier banks, secure deposits and withdrawals, competitive leverage and tight spreads.

Moreover, the company provides traders with market access to over 250 instruments, a variety of optimized account types and platforms, exciting FOREX contests as well as trade-enhancing FOREX bonuses.

FXTM

Rating

Foundation Year

2011

Main Branch

Cyprus

Other Branches

Not Available

Languages

17 languages including English

Work Hours

Market Opening Hours

Who Is FXTM Good For?

The broker offers an attractive trading environment for both novice and more experienced traders. Here are some key factors to consider before opening an account with this broker:

Pros

Superb customer service.
Great educational tools.
Digital and fast account opening.
Low fees for stock index CFDs.
Relatively low EUR/CHF and EUR/GBP fees.
Credit/Debit card available.
No deposit fees.
Quick deposit and withdrawal – within three days.
Clear-fee report.
Good customizability for charts and workspaces.
Order confirmation.
Tightly regulated, giving traders confidence.

Cons

High stock CFD fees.
Limited product portfolio.
Lack of a safe two-factor authentication (2FA) login process.
Bank account withdrawals attract a relatively high fee.
Some of the charges for larger trades can be confusing.
No cryptocurrency offering for non-Mauritius customers.
No price alerts.

Is FXTM Safe?

As indicated earlier, the FXTM brand is regulated by the FCA, the CySEC, the FSCA of South Africa and the FSC. The CySEC and the FCA are widely recognized as rigorous, tier-1 financial bodies. To be regulated and licensed by these authorities, FXTM has demonstrated a consistently high level of financial accountability, as well as fair and transparent trading.

As with all FOREX/CFD brokers regulated in member states of the EU, like Cyprus, clients of FXTM are automatically granted negative balance protection. The “tail risk” of an unusual, extreme market movement, which can be exponentially raised by excessive leverage, is borne fully and voluntarily by FXTM in other cases.

FXTM maintains full compliance with its regulators. Non-European Economic Area (EEA) customers will deal with Exinity Limited out of Mauritius. The FSC, as the home regulator of this trading entity, does not require deposit insurance, as granted by the CySEC under the Investor Compensation Fund (CIF) up to €20,000, and by the UK’s Financial Services Compensation Scheme (FSCS) up to £85,000. FXTM rectifies this with its membership of The Financial Commission (TFC), the Hong Kong-based independent self-regulatory organization. The broker also uses the External Dispute Resolution (EDR) body for the FOREX industry, where the CIF protects deposits up to €20,000 per case.

Performance statistics, which include order execution speed, slippage, re-quotes, FXTM Invest Manager Rankings as well as Client Satisfaction surveys, are independently confirmed by Big-Four accounting firm PricewaterhouseCoopers Limited (PwC). It satisfies the International Standard on Assurance Engagements (ISAE) 3000. Transparency represents an essential attribute at FXTM, where it delivers well. The company meets strict financial standards and is required to report periodically to its regulators.

The overall trading environment is safe, and traders can trust FXTM with their personal information and deposits. Additional steps taken by this broker, like independent verification by PwC of published statistics or enhanced deposit protection as granted by TFC, show that FXTM is willing to commit to measures that are not mandated by regulators. Therefore, FXTM is quite a safe broker for trading.

Its multi-jurisdictional set-up allows FXTM to differentiate its offering depending upon where its traders are located. It is worth mentioning that acquiring regulation is not an easy feat for any FOREX broker, and so the mere fact that FXTM has acquired regulation in several jurisdictions is extremely admirable.

FXTM’s story of steady expansion adds to its level of credibility. After its initial establishment in Cyprus in 2011, FXTM grew and acquired its South African license in 2016, and then its UK license in 2018. In line with this, FXTM’s client base globally has grown quite steadily.

Trading Account Information

Account Currency

USD

Minimum Deposit

10$

Segregated Accounts

Yes

Payment Methods

Bank transfer, Credit Card, Electronic Banks

America Accepts

Available Markets

FOREX, Metals, Commodities, Indices, US Shares as CFD

Trial Duration

30 Days

Offering of Investments

Instruments offered will vary based on the country of residence of the trader. FXTM offers opportunities to trade in the following instruments:

FOREX: More than 60 currency pairs and crosses, including exotic currencies.

Metals: A category somewhere between FOREX and commodities that deserves to stand on its own, in the opinion of many traders, so let us treat it that way. FXTM offers trading in spot gold and spot silver. Gold is paired with the USD, the EUR and the GBP. By contrast, silver is paired with only the USD and the EUR.

Commodities: A narrow selection of commodities, with both types of crude oil and natural gas as the only energies offered.

Equity Indices: A selection of 11 major equity indices, offered from approximately 10 developed nations (no emerging markets are included within the selection).

Cryptocurrencies (available under Exinity Limited): Four major cryptocurrencies are paired with the USD. At the time of this review, the only cryptocurrency not offered from the top five largest cryptocurrencies was Bitcoin Cash.

US Shares as CFDs: A wide selection of 120 major US shares may be traded as CFDs.

FXTM also offers US stock trading, both as CFDs and as individual stocks that are fully owned. The company has since expanded its stock offering from 10 stocks to many more, with nearly 100 options. The change reflects the company's continuing push to improve its offerings. With stock trading becoming increasingly popular, FXTM has certainly grown to provide a competitive stock selection.

In totality, FXTM’s offering of tradable assets is quite favorable, with a range of asset classes that should satisfy traders looking to trade FOREX, major equity CFDs and individual leading US equities. Its offering is sufficient for traders who are not particularly interested in diversification across a wide range of commodities or emerging market equity indices.

The FXTM brand does not offer its services to residents of the US, Mauritius, Japan, Canada, Haiti, Suriname, the Democratic Republic of Korea, Puerto Rico, New Zealand, and the Occupied Area of Cyprus.

Account Types

FXTM offers the following accounts:

Standard Account: This account is also available without the swap option. There is fixed leverage for each instrument, fast actioning, and hedging permitted. Traders, who choose this account, will benefit from narrow floating spreads, where all commission is clearly displayed. The account is offered in three different currencies: the EUR, the GBP and the USD.

Cent Account: Users will get fixed leverage for each instrument. The account also comes without the swap option. There are narrow floating spreads, rapid execution and rigid leverage for each instrument. The account is offered in GBP pennies, USD cents, and Euro cents.

Stock CFDs Account: This account does not charge commission. It features over 170 US shares. Traders will get rapid transactions, where hedging is permitted. The account comes in three currencies: the EUR, the GBP and the USD. The fixed leverage ratio is 1:5, and an account without swap can be opened if required.

Electronic Communications Network (ECN) Zero Account: This account has narrow floating spreads and a static leverage for each instrument. Both scalping and hedging are permitted, but no swap option is available. The account does not allow re-quotes.

ECN Account: Traders will find the EUR, the GBP and the USD options available. Spreads are attractive and start as low as 0.11. Commission commences from a low $4. Both scalping and hedging are allowed, but there is no swap choice on offer. Re-quotes are not permitted.

FXTM Pro Account: This zero-commission account offers rapid market execution without re-quotes. A swap-free account with these benefits is also available. Users have direct access to liquidity from high-caliber providers. There is also zero last-look pricing and fixed leverage.

This range of accounts covers the needs of most customers, including Islamic. All accounts offer a good range of benefits and can be tailored to suit individual requirements.
Demo Account

FXTM offers a high-grade demo account that enables individuals to hone their trading skills before investing their hard-earned cash. FOREX is traditionally seen as a risky form of trading, so making sure that you have the correct live trading skills is essential.

FXTM offers a wide range of alternative account types, but some are better value and more meaningful than others. Our call is that the best all-round account offered by FXTM is the ECN Account, which requires a minimum deposit of $500. The Cent Account can be opened with a deposit as small as $10, and at this level of capitalization, even with the high average spread on EUR/USD of 2.2 pips, at such a low deposit level is certainly competitive.

Account Opening

The FXTM review process is fully digital, easy, and fast. An account should be ready within one to two business days. The required minimum deposit is different for the various account types. For the ECN Account, $500 is required, for the Standard Account $100, and for the Cent Account a $10+ balance is necessary. The ECN Zero Account requires a $500+ balance.

In addition to providing personal and account details, new clients are required to verify their identity and prove their place of residence, as is customary.

Available assets

Markets	Available	Number of Assets
Currency Pairs		60
Stocks		900
Commodities		10
Crypto
Indices		10
ETFs

Deposits and Withdrawals

FXTM offers multiple deposit and withdrawal methods, all geared toward inclusive trading. The broker promises to develop as many methods as possible for the comfort of its clients.

Deposits

FXTM caters primarily to new retail traders and has many clients from emerging economies. Given its diverse client base, a complex account structure with various minimum deposits has been put in place. The two main categories are standard accounts and ECN accounts, which have three and four sub-categories, respectively.

The minimum deposit for the Cent Account is only $/€/£10. It is an ideal substitute for the Demo Account and allows new traders to practice in live-trading conditions. The Standard Account requires a minimum deposit of $/€/£100, and so does the Stocks CFDs Account. Regrettably, the trading conditions are unacceptable due to high spreads, except for equity CFDs. FOREX traders face excessive mark-ups, geared toward broker profitability, another standard operating procedure among market makers.

Traders are asked for a higher minimum deposit across the board in the advertised ECN account types. Typical ECN accounts offer raw spreads for a commission. At FXTM, no version lists one except for the labeled ECN Account, for a minimum deposit of $/€/£500, which is typical for most ECN brokers. The Stocks Account (available under Exinity Limited) commands the same, while the ECN Zero Account requires less at $/€/£200. FXTM offers the FXTM Pro Account for a minimum deposit of $/€/£25,000. Though traders may be momentarily confused by so many account options, the range of choices and low minimum deposits offer excellent trading opportunities.

Deposits and withdrawals can both be completed through the following methods:

Bank Wire Transfer.
Neteller.
Skrill.

Withdrawals

Withdrawals are usually processed on the same working day. The money can be withdrawn in USD, GBP or EURs. Commission is set at €2/$3/£2. Meanwhile, Neteller withdrawals are processed during the same working day. Money can be withdrawn in USD, GBP or EURs. No commission is charged. Similarly, Skrill withdrawals attract no commission and are processed on the same working day.

While bank transfers also take 24 hours to process, the only available currencies are the GBP or the EUR. The fees for bank transfers are €10 or £5.

If you intend to withdraw, the best methods are via a credit card, Neteller or Skrill. It is noteworthy that FXTM may ask for additional information before authorizing a withdrawal. If this is not forthcoming promptly, the withdrawal may take much longer than the stated period.

Deals and Promotions

At FXTM, several bonuses and promotions are available. These include, among others, the 30% bonus, as well as the FXTM Loyalty Program. All promotions and contests come with Terms and Conditions (T&C).

Forextime Limited and Forextime UK Limited only offer the Loyalty Program (T&Cs apply), which is applicable only to Elective Professional/Professional Clients or Eligible Counterparty.

FXTM regulation in the UK and the EU (Cyprus) prohibits new bonuses and promotions due to regulatory restrictions. Therefore, FXTM grants bonuses to international traders through its Mauritius entity.

A dedicated FOREX contest section is maintained, where FXTM introduces demo and live account contests. Demo contests continue to gain popularity among new retail traders, as real cash prizes in the form of deposits into a live trading account represent the most common reward. Many contests last between one week and one month, allowing traders numerous chances to qualify for one and boosting their capital base.

The most rewarding promotion maintained by FXTM is the Loyalty Program. It consists of five tiers, where traders receive between $2 and $5 per complete lot every week. The classification depends on total deposits, but with tier-1 extended to $15,000, most clients will qualify for $2 per lot. A minimum cumulative deposit of $60,000 is required to unlock $5 per lot. The maximum rebate amount is just $500 for tier-1 members, which increases to $10,000 for tier-5.

Customer Service

The actual Website is open 24/7, 365 days a year. That said, not all markets are open all the time. This means that trading is limited to those hours when the markets under consideration are open. During this time, customers may contact the highly rated FXTM customer care team by phone, email or via several different online chat options.

FXTM offers multilingual customer support in Arabic, Czech, Chinese, English, Farsi, French, German, Hindi, Indonesian, Italian, Korean, Malaysian, Polish, Russian, Spanish, Urdu and Vietnamese.

Advantages of Trading

Maximum Leverage

1:2000

Minimum Lot Size

0.01 Lot

Available FOREX Pairs

60 Currency Pairs

Scalping

Yes

Hedging

Yes

Spread

Starting from 1.5 pips with a Standard Account

Trailing Stop

Yes

Islamic Account

Yes

Trading Platforms

Proprietary Platform, Web platform, mt4, mt5

Regulatory Bodies

FCA

Broker Type

STP

Commissions and Fees

Commission percentages are relatively low for FOREX traders and around the industry average for CFD trades. With ECN account options, spreads can be as low as zero pips, along with low commissions of $0.2 per lot. With the Standard Account, spreads start a little higher, but remain very competitive. In this respect, FXTM is a good provider with which to trade. It is noteworthy that with FXTM spreads are floating, and they may increase during specific periods of the day, depending on market conditions.

Fees

The average round-trip cost of trading the benchmark EUR/USD FOREX currency pair is two pips with the company's Standard Account. This is slightly on the high side for the industry. The Cent Account, FXTM’s account with the lowest minimum deposit (only $10), averages slightly higher at 2.2 pips. However, this falls to only 0.8 pips with one of the ECN-style accounts, which represents a very competitive rate considering the minimum deposit is only $500 for this account type.

The average round-trip fees and costs for other CFD instruments offered, such as commodities, individual stocks, and equity indices, are average for the industry.

Finally, FXTM’s offering of real share trading through its accounts based outside the EU is not only a relatively unique service, but its trading costs in this area are also competitive and slightly lower than its direct competitors.

These levels of spreads and commissions are broadly competitive on the ECN side, especially for clients with low deposit amounts. The minimum deposit required to open a “true” ECN account is a mere $500, so for traders depositing anything close to this sum, these fees are competitive. However, traders with larger sums to deposit, such as a few thousand dollars, would find the trading fees average, but nothing special, at least for trading FOREX and CFD products.

An often-overlooked element of the trading fee structure is overnight financing, which is typically a net charge applied to any trade open at 5pm New York time. These fees are calculated from interbank tomorrow/next intrabank fees, but retail brokerages usually give less favorable rates. This can make swing or position trading expensive, particularly when a trader wants to be long on a currency with a relatively high interest rate and short on another currency with a relatively low (or even negative) interest rate. FXTM is transparent regarding its overnight financing rates, while not making grand claims about how they are derived. This is a sign of its trustworthiness, as brokers frequently do not publicize their existing rates. However, they can always be found within the relevant trading platforms if you know where to look for them.

The company does introduce several additional charges that, if applied, can make it an expensive choice. For example, there is an inactivity fee of $5 per month after six months, which means that if your account is not used for that period, trading may become expensive.

Leverage

Leverage is a facility that enables you to get a much larger exposure to the market you are trading than the amount you had deposited to open the trade. Leveraged products, such as FOREX trading, magnify your potential profit, but also increase your potential loss. FXTM offers flexible leverage from 1:1 to 200:1 and trade sizes from $0.1.

Leverage rates vary depending on the trade being considered. For the majority of the major FOREX pairs, leverage is set at 1:30. These include trades for major pairs, such as the EUR/USD. This is a level imposed by European Securities and Markets Authority (ESMA) regulation and is the same across most regulated brokers. For minor FOREX pairs, leverage is set at 1:20.

Meanwhile, metals leverage is as follows: 1:20 for the XAU/EUR, the XAU/GBP and the XAU/USD. For the XAG/EUR and the XAG/USD, the leverage is 1:10.

As well, leverage is offered on some indices. For example, 1:5 on USTech100 (Mini) and 1:10 on Spain35. As for commodities, leverage of 1:10 is offered on US crude as a spot commodity. At the same time, leverage of 1:5 is offered on CFD US shares.

Mind you, leverage is not automatically agreed. FXTM will agree the leverage level based on individual experience, previous trading record, degree of customer loyalty, and various other factors.

Account Type	Minimum Deposit	Spread Commission	Commission	Swap Commission	Deposit Commission	Withdrawal Commission
Micro account	10$	Starting from 1.5 pip	0$	Not mentioned	0$	0$
Advantage account	500$	0 pip	Staring from 0.4$	Not mentioned	0$	0$
Advantage plus account	500$	Starting from 1.5 pip	0$	Not mentioned	0$	0$

Platforms and Tools

Surprisingly for a broker of its size, FXTM has no proprietary platform for desktop or Web trading.

Clients of all account types, except the Stock CFDs Account and the Cent Account, have a choice between using the well-known MT4 or MT5. Clients with a Cent Account or Stock CFDs Account must use the MT4 platform and have no choice of platforms.

Given the widespread popularity of the MT4 desktop client, the MT4 WebTrader also enjoys a leadership position. All MT4 WebTrader clients remain identical, regardless of the broker. The user interface is marginally improved, but remains notably behind that of proprietary alternatives.

MT5 is an all-round improved successor to MT4 and is available for download use on laptops or desktops. MT5 desktop offers the following added benefits to those provided by MT4 desktop:

Improved number of order execution types (four as against three).
MT5 has an “edit” function for trades, as well as an increased number of pending orders available.
There are a significantly larger number of technical indicators (38 as against 30), graphical objects (44 as against 31), and time frames (21 as against nine).
MT5 also incorporates an economic calendar.
Further, MT5 has an intriguing community chat feature, which allows traders to communicate with one another.

Those clients who use the Cent Account or Stock CFDs Account and are forced to use MT4 need to be aware of the clear difference in quality between the MT4 desktop client and the MT4 Webtrader.

MT4 Webtrader is the software-free version of MT4 that is Web-based and download-free, meaning that traders can simply log on and start trading. In our view, MT4 Webtrader is an average trading platform that is light on resources and shallow on functions. Committed traders should consider skipping it. Learning how to use the full-featured MT4 desktop client, which comes with seven add-ons provided by FXTM, will result in valuable long-term benefits.

Mobile Trading

If FXTM clients wish to trade on mobile, they have a choice between two options:

The MT4 App – It is available in a format suitable for both Android and iOS devices. This app gives users access to all MT4 functions, enabling effective trading while on the move. What it does not do is provide users with access to the enhanced functionality and information, which the MT5 platform gives. This can be frustrating for traders who wish to use MT5 on the go.

The MyFXTM App – It is also suitable for Android and iOS devices. FXTM’s mobile app is designed to provide an enhanced trading experience, key features include:

250+ financial instruments.
The ability to modify, open and close positions rapidly.
A trading dashboard.
Real-time updates.
Advanced charting tools.
Single-click trading.

This is a great all-round app for mobile trading and is a valuable addition to the online platforms.

Research and Development

FXTM offers several research tools from news flows to technical analysis-based trading ideas. These tools are available in several locations: on the MetaTrader trading platforms, in the “Market Analysis” section on the Website and on the “Trading Services” section in MyFXTM.

The “Market Analysis” section provides market updates and various research tools, such as a FOREX News Timeline, as well as market analysis videos and an economic calendar with a filter function for countries, data types and volatility.

Trading ideas based on technical tools can be found on MyFXTM, under “Trading Services” and within the “FXTM Trading Signals” section. The helpful signals tool includes a choice of four take-profit levels and protective stop-loss recommendations so that traders can trade intelligently based on their financial goals.

Education

One of the areas in which FXTM is extremely strong is the amount and high caliber of the educational material that is available. Users can select from a comprehensive range of materials, presented in a variety of formats. Resources include Webinars, tutorials, articles as well as a glossary of terms. Topics covered include:

Ebooks.
FOREX trading seminars.
FOREX trading Webinars.
A FOREX glossary.
What is FOREX?
A beginners’ guide to FOREX trading.
FOREX trading strategies.
Educational videos.
Articles.
Periodic table.

This spread of information provides a wealth of knowledge for both beginner traders and those with some trading experience.

The materials are well-written and easy to follow. The variety of formats means that there is something suitable for learners with distinctive styles. In addition, the customer support team is also available to answer trading queries, providing additional support for traders. New traders who take advantage of the Demo Account to try out their techniques and strategies before trading live, can get a solid grounding on how trading operates and how best to take advantage of the market.

While studying the educational materials alone is not going to guarantee success, the quality and quantity of material available, as well as the additional tools that traders are offered, back up FXTM’s reputation as a responsible, helpful broker that puts customer care at the heart of what it provides.

Final Thoughts

An established trading platform and broker, FXTM offers several significant advantages over many competitors. Crucially, it is well-regulated in all its areas of operation. It offers a wide selection of trading instruments, platforms, account types and resources to make the trading experience as convenient and efficient as possible.

The FXTM Website places a heavy emphasis on education and customer care – this is a company that takes its responsibilities to its customers seriously. It is also a site that has a good range of trading platforms and accounts – no matter what type of trader you are, there is an account that is suitable for your needs.

Fees are, on average, in the low-to-medium-range. Meanwhile, the range of options by which traders can contact customer support is outstanding.

The loyalty program is also an advantage, as a direct discount is applied to every trade, bringing a fast reward. That said, the higher levels do require a substantial amount of investment to qualify, meaning it is unlikely that newcomer traders or those without considerable assets are going to enjoy much of a loyalty reward.

Finally, it is important to mention that FXTM is a global broker that accepts traders from Australia, Thailand, the UK, South Africa, Singapore, India, France, Germany, Norway, Sweden, Italy, Denmark, the UAE, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries. By contrast, traders cannot use FXTM from the US, Canada, Japan, Mauritius, Puerto Rico, Haiti, Suriname and Hong Kong.

Conclusion

FXTM deserves a positive review. With so many benefits, it is little wonder that this is a popular, well-established site that has stood the test of time. Fees are mostly competitive for depositors of a few hundred dollars, and the ECN account option is competitive for FOREX traders at a deposit range quite close to the $500 minimum.

Meanwhile, the range of assets offered for trading is not highly diverse, making FXTM a more suitable broker for traders happy to focus on FOREX, the major metals and energies as well as major US stocks only.

In the meantime, its educational tools, including demo accounts and Webinars, provide efficient and targeted training, and the account-opening process is fast and fully digital. It is no surprise that FXTM’s reputation is right up at the high end of the industry, with a lengthy record of accomplishment and good regulatory standing in all its markets.

FXTM in Brief

FXTM is a well-established broker with strong regulation and competitive pricing as its main strengths. It offers a wide range of account types through which to trade a diverse choice of financial instruments. Its educational offering is comprehensive and easy to access.

Review Methodology

The team at Arincen collected more than 120 pieces of data covering more than 100 licensed FOREX companies. Data collection was done in three ways:

1. Companies’ Websites.
2. Other Websites that have ranked FOREX companies.
3. A survey questionnaire (referred to here as Survey “1”) we had sent to the companies invited to participate in the exercise.

We have identified 12 criteria for our assessment, each containing several aspects and carrying its own relative weight. These include licensing, deposits and withdrawals, number of assets etc.

Afterward we validated the data by:

1. Registering with FOREX companies as a secret shopper and/or as Arincen.
2. Survey number “2,” in which we asked these companies’ customers for important feedback and experience.

The next step saw us evaluate and rank each company, relying on the hard work of 15 Arincen employees. We were very careful in ensuring the most accurate assessment possible, including taking into account different languages, as well as the various mobile-app operating systems, e.g., Apple, Samsung etc.

To add credibility to our research project, we sent a final and third survey (referred to here as Survey “3”) to enable participating FOREX companies evaluate our own research and whether it accurately reflects the realities on the ground. We were fortunate enough to receive a mark of 9.9 out of 10! We have kept to a minimum the margin of error, which stood at a measly 1%. To learn more on how we came up with the evaluation, please click here.