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Forex Brokers Tested

How We Test

We are concerned with testing various brokers to know how reliable or otherwise they are. Our reviews are unbiased and can help you to make the right choice among the various Forex brokers for South African traders. In our latest review of Forex brokers, we collected over 3,000 data points while testing up to 30 Forex brokers for South African traders. The brokers we have tested are from across the globe also. Our test results have less than 1% error rate and this means that you can trust in the reviews we provide about Forex brokers.

Tested Forex Brokers in South Africa for 2020

exness

Min.Deposit

R 1500

Regulated.
In SA

Get Bonus
eaglefx online trading

Min.Deposit
R 2000
Regulated.
In SA

Open Account

fusion

Min.Deposit
R 1500

Regulated.
In SA

Open Account

lmfx

Min.Deposit
R 1800

Regulated.
In SA

Open Account

Testing devices

testing forex brokers

We carry out all the tests on the Forex brokers tested using devices that we list below. We carried out mobile device test using an 802.11n wireless Wi-Fi connection. We resort to the use of 4G connections when Wi-Fi is unavailable. We also used the latest version of Google Chrome web browser for testing all web-based and websites.

Desktop: The device we used is Macbook Retina 12 inches, 1.2 GHz Intel Core m5, Memory 8 GB LPDDR3 RAM, Intel HD 515 1536 MB graphics card, 500 GB SSD Flash storage running on the most current macOS operating system.

Smartphone: We used Samsung Galaxy S8, 6.2 inches 4K Super AMOLED 64-bit Octa-Core Snapdragon 835 Processor 2.45GHz, 4GB RAM 6.2 inches running on the most current operating system, which was Android 9 Pie.

Review Categories

All the brokers that we reviewed were examined based on up to 105 different criteria divided into 7 primary areas, which are:

  • Commissions & Fees
  • Platforms & Tools
  • Offering of Investments
  • Customer Service
  • Research
  • Education
  • Mobile Trading

 Check below for the weightings of each of these categories:

  • Commissions & Fees: 17%
  • Education: 5%
  • Mobile Trading: 10%
  • Customer Service: 17%
  • Research: 17%
  • Platforms & Tools: 17%
  • Offering of Investments: 17%

Category Scoring

The best of all the Forex brokers tested is awarded the Best in Class. The winner leads in all the seven primary categories mentioned above and in many other areas, some of which are highlighted below:

  • Social Copy Trading
  • Trust Score
  • Ease of Use
  • Beginners
  • Crypto Trading
  • MetaTrader
  • Professional Trading

Aside from the Best in Class awarded to the broker that is best in all the categories, we also distributed individual Industry awards to some other brokers.

Check below for a better understanding of how we assessed each of the categories that we considered.

Yes/No with Opinion

We awarded points for every “Yes” that we got as responses. The number of points that we awarded each of the Forex brokers tested depends largely on the variable. After that, we divided the total points each of the respondents that said “Yes” gave using the total points possible for calculating a final Yes/No score.

So that we can get a final score of the category, we combined the Yes/No score with an opinion score (1 to 10; 1 means very bad and 10 means very good). The weighting of each of the Yes/No score when compared to the outcome of the opinion score give variations for each of the categories we considered; for example, 30% for Opinion and 70% for Yes/No.

The various categories that we accessed in this way are highlighted below:

  • Education
  • Mobile Trading
  • Research
  • Platforms & Tools
  • Offering of Investments

Customized

We take into account the complexity of the process and, therefore, apply separate scoring systems for both Customer Service and Commotions & Fees.

For the scoring of Commissions & Fees, we first accessed the multiple scenarios for trade placing. For example, the average of the reported and/or observed pip spread for a currency pair like EUR/USD. We awarded points to the Forex brokers tested based on if their Commissions & Fees are more expensive or more inexpensive compared to other brokers.

After that, we accessed multiple scenarios for various types of investors and we do it on a monthly basis. Additionally, we incorporated other factors like miscellaneous account types, as well as, VIP rates or any active trader rate. Our main focus is to determine the total cost that the trader will have to pay per trade with that particular broker.

To wrap it all up, we took the time to analyze all data for the complete determination of the overall score for Commissions & Fees.

The system below was used for scoring Customer Service:

We partnered with Customerwise, which is a customer experience research group in the UK. They were trusted to carry out phone tests of various international brokers offices that have presence in the UK. We conducted up to 330 customer service testes in the process.

Our members of staff made use of a unique template for accessing each of these brokers; an average of three questions was asked to enable us to access each of the Forex brokers tested.

When scoring each of the tests, we divided them into three different groups and we gave them scores based on the time it took for the customers to get connected to the customer support representatives and the time it took for the customer support agent to respond professionally to the questions that the client asked. We equally awarded what is called a Net Promoter Score to determine the overall experience. The response time represents 15% of each of the scores we awarded for the tests, while representative assessment carries 35% of the score. Lastly, 50% of the scores stood for Net Promoter Scores.

After we have compiled all the scores for the individual tests, we combined them and use the outcome to determine the overall Customer Service score.

Why we are trustworthy

We are a leader among outlets providing resources for online brokers. Our five-month anneal review is prepared using proprietary testing methods and the system is always strict. The conclusions of each of the reports will always give you an insightful comparison. As of today, we have gathered more than 50,000 words of research.

The services we offer help Forex investors all over the world, including Forex brokers in South Africa. We commit more than 1,000 hours every year to researching and testing online brokers. Our services are not focused on making profit, but we are compensated by our partners via paid advertising. Some of our partners also pay for the things we need by providing various offers. Bear in mind that the payment made by any of our partners never have any effect on our recommendations about each of the Forex brokers tested. Also, our partners have no influence on any other content on our website, including the ratings and advice. We have series of reliable research and content teams, but even they do not have any participation in any of our advertising planning; they are also not given access to the advertising campaign data that we generate. Our goal is to provide the Forex trader with completely transparent user experience and our services are in compliance with all applicable guidelines, regulations and laws in the Forex industry.

While we can vouch for the details we provide on our website about various Forex brokers, you should take note that your decision to use any of the details we have on our website to make a trading decision is solely your responsibility and we will not be held responsible for it. This is to tell you that the information we provide here is for information purpose only.

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