ForexRating.com – A New Era In The World of Ratings
How does ForexRating.com stand out from the rest and how can we convince traders that finally, they have a thoughtfully balanced and objective tool?
Yury Matovetskiy – Co-founder and Chief Operating Officer at ForexRating.com
Yury has 15+ years of experience in IT development building websites and mobile apps. His primary expertise is in the development of buy-side and sell-side products for the Forex industry, delivering value and driving performance. Using his expertise he co-founded a new forex broker rating portal and has been instrumental to its launch and growth.
Hi Yury, thanks for joining us today. We have seen many FX broker rating sites in our industry over many years. Our main question is, how does ForexRating.com stand out from the rest and how can we convince traders that finally, they have a thoughtfully balanced and objective tool?
A: Hi! Thank you for allowing me to explain what makes ForexRating.com different from others.
I have been involved in the Forex industry for an extended period of time, as a trader, as a consultant, and for the most part, as a developer. Thus, I have a deep understanding of the industry from all angles.
From my personal experience, I know how difficult it is to find the right broker, especially for those who are doing the first steps in this business. The right choice of a broker is essential at any stage.
However, I personally didn’t find FX rating websites that give traders 100% objective and thoroughly weighed information to choose from.
Thus, I decided to create a forex rating website where each broker would be represented objectively, transparent, and logically.
Working on ForexRating.com, I collected all possible data and ranged it based on the importance of this data in real life.
In addition, we support our ratings with true users’ and experts’ opinions. We also included complex verification mechanisms by independent companies whose opinion is 100% trusted by traders and brokers worldwide.
Although we are a primary forex rating portal, we provide an extensive range of unique tools, signals, and news extremely useful for traders.
Q: You mentioned that your website uses algorithms to constantly update information on brokers, particularly how they fare in specific categories, such as trading conditions, education, fees and payments, etc. Can you tell us how that works?
A: Rating is based on brokers’ profiles. Broker’s profile is built based on the parameters that describe each broker from different angles. Altogether, these parameters give an objective broker’s rating. You can read more about how the rating is calculated here (https://forexrating.com/rating-about)
This mechanism helps ForexRating to be truly transparent and of maximum objective.
Besides the general overall score, the user can see a full breakdown of every little detail about the broker, such as conditions of trading services, that novice traders rarely know until the trading issue arises. Besides that, users can also see who provides more educational materials, which provides better customer support. Also, we are partnering with independent companies that provide throughout brokers’ audits and analyses. For example, one of our partners is Tradefora that is an innovation-driven, independent software provider operating since 2015 with expertise in Best Execution. Tradefora’s trade execution analysis has become a market standard. We included Tradefora’s score in our rating mechanism.
Q: One of your criteria in determining broker ranks is “credibility” – how does one go about achieving a high mark in this category? Does your website essentially monitor the broker’s regulatory status, notices from watchdogs or industry websites and trader feedback?
A: We believe that credibility is one of the most important criteria for a broker. When someone chooses a broker, it is important to know how trustworthy this broker is, how reliable and safe trading with the particular broker is.
How to achieve a high mark? Via verification tool.
If the broker is verified, all the parameters mentioned in the entire Broker’s profile are accurate and have been checked and confirmed by our team. For not verified brokers, all data is gathered from online open sources. Thus, we can’t assure the level of accuracy in this case.
Under the Credibility tab, we provide legal information and regulations. We verify where the broker is registered, how many offices it has, in what regulators the broker is a member. The regulators are different in their nature. If the broker is a member of the regulator with strict rules and ongoing check procedures, it will have a higher score than the one who has a membership with multiple regulators that provide far less strict oversight.
Past and current operation warnings also affect credibility. We also pull the information about audits the broker has passed. We validate the types of audit and where the audit was done – whether it was done by the broker himself or by an independent third-party audit agent.
Q: And in this respect, do you use regulatory licenses held by brokers as a weight to determine higher or lower credibility based on which license a broker holds? Many of our readers understand that an FX license in say, Mauritius is quite different from one in the United States in terms of how much regulatory oversight there is of companies and the financial requirements for licensed brokers.
A: Yes, we do. Unfortunately, many regulators claim to be very rigorous. Still, in reality, they do not provide a sufficient level of checks on their members, either due to lack of experience in this particular field or limited human resources. You can find more information on our webpage: https://forexrating.com/regulators/.
We are consistently updating all information and encouraging traders and the entire community to report all suspicious activities or other facts about regulators and brokers. We strongly believe that traders’ feedback is essential; however, we still verify all the information before publishing anything. It appeals equally to positive and negative feedbacks that we receive.
Q: You offer many free trader tools on your website – can you tell us which one you think is best for traders of all experience levels?
A: Currently, we offer a good choice of free tools. They are different in nature and are very useful. For example, I would like to highlight our Economic Calendar because it has great built-in analysis. Also, we provide an automated trading signals service based on a powerful chart pattern recognition tool. Another great tool to share is called Verify My Trade. This tool allows checking how fair the broker executed the trader’s order. This is a piece of valuable information, which any trader would be happy to use no matter how experienced s/he is. I should mention that Signals in Our System is one of the most popular tools.
All tools that we currently offer are handy for traders of any level. And we are working on adding more tools shortly.
The idea behind the Trader’s Lab tab is to collect all the best and the most valuable tools available on the market. And as you noticed correctly, all of them are free of charge.