MyForexReport is a 360 forex service review platform that connects you with the best of the best forex service providers, such as the broker, prop firm and signals. Our sole purpose is to make the life of traders easiest by choosing the right service provider to choose from. To choose the best for you we invest real money, our traders place real trades with no extra trading ornaments like copy trading and EAs involved. We share our true experience with them where we check if they really meet their offerings and other promised benefits.
It’s time for us to share this review module we apply to judge the performance of this cross diversified forex trading service provider.
We have a comprehensive method for evaluating forex trading service providers. We use a unique system to evaluate the most well-known forex trading services’ offerings and our experiences with them. We must have a unique process for each because, as we are all aware, one shoe does not fit all.
How do we evaluate a broker?
To evaluate a forex broker, we have a criteria. This list includes the following objects: instruments, account types, fees, spreads, leverage, deposit and withdrawal options, additional trading platform (MT4/MT5) offerings, customer support, and educational materials for brokers.
| Area | Criteria(%) |
| Background/General Info | 10.00 |
| Regulation/Legal Information | 15.00 |
| Fees | 15.00 |
| Spreads | 10.00 |
| Trading Platforms | 10.00 |
| Assets/Instruments | 10.00 |
| Customer Service | 15.00 |
| Education | 5.00 |
| Deposit and withdrawal | 15.00 |
Background/General Info
Strong base creates the tallest building, and in the forex market, the earlier a broker has been serving traders, the more reputable and the well they become. Because of this, when we evaluate a broker, we look for a solid foundation that would satisfy traders’ needs above all else.
Regulation/Legal Information
Brokers are regulated by different regulators around the world. However there are scammers in the face of brokers in the forex market. So it’s important to judge their legitimacy and proper regulations. We cross check the legitimate information for each broker with the stated relative.
Fees
The pricing of forex brokers are extremely competitive. Even though there are an infinite number of brokers available, not all of them can meet a trader’s needs; among them, a fee must seem like a great value to a trader. That’s why we evaluate their offering according to their pricing.
Evaluation Phase
A prop firm needs to carry out an evaluation to identify the finest of the best traders before investing money in them. However, there are traders in various excellencies, therefore we must consider that while we deal. During the evaluation phase we consider different expertise just to find out which would be best for which type of traders. We never take it for granted by considering us the best trader.
Spreads
Spreads are a very important factor for a forex trader. Low spread trading will result in lower operational costs and long-term savings for the trader. A trader with a high spread must therefore make greater profits to cover their losses. The spread plays a significant role in many traders’ losses and earnings.
Trading Platforms
A competent broker will always take time to provide its trader a reliable trading platform. Only a few brokers offer trading platforms like MT4 and MT5, and they also provide tutorials on how to use them.
Assets/Instruments
A competent broker will always take time to provide its trader a reliable trading platform. Only a few brokers offer trading platforms like MT4 and MT5, and they also provide tutorials on how to use them. We understand the importance of having them, and we evaluate them according to their offering of instruments.
Customer Service
Traders may encounter a variety of challenges throughout their trading careers. Some traders may be beginners who have registered with a broker. They may encounter various trading situations and may look for assistance. If the broker doesn’t offer assistance, the trader may be able to lose their investment. We evaluate each broker based on their customer service and support teams.
There are brokers who provide their traders the proper attention; they support them with educational blogs, ebooks, and numerous tutorial videos. It’s somewhat of a blessing for a trader to have a broker that cares so much for them. We check brokers if they are providing such important educational elements and evaluate them accordingly.
Deposit and withdrawal
To check how the deposit and withdrawal procedure functions, we deposit and withdraw real money. Readers are particularly interested in the processes, fees, and wait times associated with making deposits and withdrawals. These factors are all given values. For instance, a broker with free credit card processing receives a higher rating than one with solely wire transfers, which are typically fee-based.
How do we evaluate a prop firm?
Prop Firm might have a few similar characteristics like broker but evaluating a prop firm is totally different than the one of broker. Our evaluation process for proprietary firms involves a careful journey toward knowledge and expertise. To paint a picture of their services and offerings, we test them down to the tiniest of details.
We majorly test a prop firm with 15 major criteria. However, our criterias of evaluation is not static and we had to polish it up according to our experience and to other trader’s experience. We check almost 530 criterias for each prop firm. For your better understanding of the numbers, check the list below
| Area | Criteria(%) |
| Background/General Info | 10 |
| Regulation/Legal Information | 15 |
| Account Types & Fees | 15 |
| Evaluation Phase | 10 |
| Spreads | 10 |
| Dashboard | 10 |
| Payment Proof | 10 |
| Trading Platforms | 39 |
| Assets/Instruments | 27 |
| Customer Service | 13 |
| Education | 29 |
| Deposit and withdrawal | 18 |
Background/General Info
It’s important to know a financial institution’s background. If the institution has a strong foundation, this eventually increases its credibility among traders. We investigate a forex prop firm’s background using different parameters that ultimately help traders decide whether to proceed or not.
Regulation/Legal Information
Like brokers in forex, a forex prop trading firm also needs to have licenses from different regulators considering different aspects. We have a team that cross-check every firm in different parameters to find the suitable solution of decision making for traders.
Account Types & Fees
Forex proprietary firms have a very competitive pricing policy, but there are some variables that may expose a trader to the market and make their trading career a disaster. In order to find the best for traders, we also take those into account when we trade with funded accounts. We try to trade with each of them using a different strategy since each prop traders have distinct offerings, which ultimately leads us to judge them according to the utmost criteria.
Evaluation Phase
A prop firm needs to carry out an evaluation to identify the finest of the best traders before investing money in them. However, there are traders in various excellencies, therefore we must consider that while we deal. During the evaluation phase we consider different expertise just to find out which would be best for which type of traders. We never take it for granted by considering us the best trader.
Spreads
Spreads, just like the one of brokers, are also important here as well. The spreads are mostly influenced by the instruments, although they can also vary from one prop firm to another. We carefully evaluate each prop firm based on the spread that is offered in various instruments. This helps traders in determining what is best for them.
Dashboard
Traders need a very informative and assistive dashboard both in web and app versions. When choosing a prop firm, a well-decorated dashboard with trading assistance tools and widgets is given more importance. According to our experience, poorly structured dashboards are a burden for traders; for this reason, we have 13 criteria to assess the effectiveness of their dashboards
Payment Proof
As a trader, we had to ensure that a prop firm would pay up on timely and with the proper disbursement sharing. We had to make sure that this process will go promptly for us before deciding on a fund provider. So as a proof of payments, we need to have authentic data from their professionals.
Trading Platforms
Not all providers of prop firms offer a trading platform. Offering a trading platform is not their sole responsibility. Offering something extra, however, is always advantageous in the fiercely competitive world of forex prop trading. Even if we always desire to get one from the fund provider, we don’t actually have to judge them based on this factor.
Assets/Instruments
There are prop firms which restrict traders in limited assets but for a trader independence of trading is a must. Since they all get through the evaluation phase, they deserve to trade in their own way and no restriction to an asset is must in that way. We do really care for traders and that’s solely why we look for the traders with no restriction in offered instruments.
Customer Service
Quality of Customer matters a lot when you think of choosing a prop firm. According to our experience, there are many prop firms who may fund you but won’t guide you through their customer support platform whenever you face any issue about their services. This would rise like a major issue in some situations. We at MyForexReport judge all the prop firm’s customer support in many real or hypothetical situations being a trader or an anonymous presence as well.
Education
Prop firms who care to help their traders are seen to be guiding them with the most recent update of Educational content. This might appear in any format, including a blog, an ebook, a video, a podcast, or any widely available platform. Since a prop firm invests their money to a trader with a huge risk potential, this also leaves them with the responsibility to guide them to pursue a flawless trading experience.
Deposit and withdrawal
Since we trade with different prop firms, we have that experience of depositing and withdrawing money. Traders are mainly interested in the processes, fees, and queue associated with making deposits and withdrawals. These factors are all given scores. For instance, a broker with free credit card processing receives a higher rating than one with solely wire transfers, which are typically fee-based.
How do we evaluate a signal provider?
With all the digital tools, gadgets, and other facilities that have made forex trading simpler, trading signals have revolutionized the industry in traders’ favor. With all this accessibility, however, things have also gotten simpler to manipulate; we have seen these situations in various trading platforms, and forex trading signals are not an exception. Check the list and explanation below how we evaluate a forex signal provider.
| Area | Criteria(%) |
| Background/General Info | 5 |
| Free Signal | 7 |
| VIP/Paid Signal | 18 |
| Signal Accuracy | 30 |
| Pricing | 21 |
| Support | 15 |
| Education | 13 |
Background/General Info
A signal provider is actually a trader and one will be following that trader’s anticipated market move for different pairs and instruments. So it’s important to follow the trader with the finest track record and success rate. Given this, we seek out the best options to offer you, and we put a priority on evaluating a trader’s background.
Free Signal
Free signals work as a trial or demo for traders who will be subscribing to a signal later. Almost all traders in forex seek out to have a free signal judging their performances. We filter out the signal provider who provides free signals and judge them accordingly.
VIP/Paid Signal
VIP signals are actually the monthly subscription based service of signal providers. The signal provider offers a lot of things prior to the subscription and in many cases they fail to stand by their words and offerings. Our signal evaluation team works continuously to test the signal performance of a provider and that for at least 6 months before they draw the bottomline for a review.
Signal Accuracy
Many signal providers only seem to be accurate for 60% to 70% or even less over the course of a month, despite their claims of 90% to 95% accuracy. Our team identifies these differences and many other micro details which eventually will help you to decide the best one for you.
Pricing
The amount you pay for a service should be worthwhile in anything you invest, likewise if you’re wasting your money on a less performing signal provider then it’s just like another bad investment. Our team of traders spent thousands of bucks to source the best signal provider which may you also say value for money.
Support
From the standpoint of a trader, support platforms are a crucial tool to have. We encounter a wide range of scenarios while trading, and we occasionally feel the need for support. It should be clear that broker assistance cannot fix your signal issues or make them work cross-divisionally. That is why a signal supplier needs online support assistance, much as other trading-related services. We evaluate it in order to make an acceptable judgment.
Education
Similar to other trading stakeholders, signal providers should place a high value on educating their subscribers so they can recognize their signals correctly. We believe that by educating a trader about the entire trading market, both of us would accelerate our growth.
Conclusion
Feedback is greatly appreciated! If you have any questions or remarks regarding our methodology, please let us know. Contact us. Thanks a lot!
