Forex Prop Reviews methodology
Forex Prop Reviews is an online proprietary trading firms comparison platform. We review top-tier, well-established players in the prop trading industry, focusing on online proprietary trading firms. We cover more than 30 proprietary trading firms globally by checking each of them based on over 700 data points. Our goal is to help you find the right Proprietary Trading Firm for your needs.
Everything you find on Forex Prop Reviews is based on reliable data and unbiased information. We are proud to share with you how our 30+ years of experience in finance, combined with readers’ feedback, create the foundation of your Forex Prop Reviews experience.
We revise our methodology every time, fine-tuning all our criteria to be able to perfectly evaluate any proprietary trading firm service.
We check above 700 criteria
We review proprietary trading firms by checking them based on the same data points and aspects, so we can compare them independently. Our data points come from hands-on experience: we purchase a challenge and start trading on it.
We evaluate the same 11 key areas and criteria for all Proprietary Trading Firms.
Every year, we fine-tune our methodology based on our own and our users’ experiences. At the moment, we check 734 criteria for each proprietary trading firm altogether, as detailed in the following table:
|Areas||Why is it important?||Number of data points|
|Fees||We gather all the fees on all the asset types available: trading fees, non-trading fees, deposit, and withdrawal-related fees, and challenge fees. We collect the data from the provider’s site, and from customer support, and we also trade with them to check if the information is valid.||289|
|Rules||We read the Terms & Conditions of all prop firms, so you don’t need to! At every review, we include all rules that the prop firms have for each account type, even the hidden rules!||265|
|Safety||We check the proprietary trading firms’ legal background. We confirm if they have a registered company. We only feature top-tier regulated proprietary trading firms. This score also indicates what additional layers are there there are to ensure the broker’s safety. When it comes to safety, we also check if they have 2FA, KYC software, email confirmation,….||33|
|Deposit and withdrawal||We make sure you are aware of the costs, the different methods, and the time it takes to purchase an account and withdraw your money from the proprietary trading firms. We do this by purchasing an account and withdrawing from the provider with our own money.||11|
|Trading platforms||We test each trading platform, focusing on the user experience and specific features like placing orders, authentication options, and customizability.||43|
|Account opening||We open real accounts with proprietary trading firms and check how easy the process is, what account types are available and what is the cost of the accounts. We also list the documents you will need to complete the process.||15|
|Markets and products||We check the number of markets the proprietary trading firms gives you access to, and the products they offer. A broker that has more product types will get a higher score.||62|
|Customer Service||Each customer support channel is tested personally through 8 interactions at different times, be it live chat, email, or phone.||12|
|Customer Support||Proprietary trading firms with useful, information-packed education tools earn higher ratings. These tools may include webinars, videos, podcasts, and articles.||6|
|Research||We check the research tools the proprietary trading firms provides, and we look for in-depth, unique, and useful tools that give you information on market sentiment, trends, tickers, and companies.||9|
|+1 General information||It covers areas like country of origin, which are not included in the scoring.||17|
Forex Prop Reviews’s data-driven methodology is based on industry standards and is always evolving based on customer insights and feedback.
Our users contribute to the methodology via multiple channels. We had 75 surveys and 45 user interviews last year.
During the course of 2023, we added new reviews to Forex Prop Reviews while also keeping our older ones up to date. This means that we edited more than 30 companies and 20,000 data points.
In addition to the above criteria, we also have a database that collects which countries each company accepts clients from. We capture this data for 227 countries and territories.
We also started to experiment with automation and scraping, adding thousands of new data points to our ever-expanding methodology.
We check companies anonymously with a live account
Everything in our reviews is based on first-hand experience: we purchase a challenge and start trading on it. The company does not know we are testing. During the test, we give a note of what we experience in our methodology based on our criteria.
Final scores based on our expertise and readers’ preferences
After we checked the criteria for the company, we convert the findings into scores, using different weights.
The weighting of these criteria is based on our professional experience and our readers’ preferences, to make sure that the final score truly reflects what clients are looking for or what areas matter to them.
About our in-house, full-time analysts
Our proprietary trading firms analyst team members come from different walks of life around the world but they are all committed to making sense of the proprietary trading firms world. Our experts bring their experience from the world of finance and have various experiences in trading, investing, brokerage, and banking.
It takes our team 15-25 days to research, write and double-check each of the reviews you see on ForexPropReviews.com. It takes approximately 160 working hours per proprietary trading firm to get a quality output for every single review. In order to keep the reviews and our tools completely up to date, the whole portfolio is regularly updated every single week!
ForexPropReviews’s core mission is to help people find the right proprietary trading firm for them. We built our methodology on these pillars:
- We are independent, we are operating with total integrity. Proprietary trading firms or other financial service providers do not influence our scoring by paying or pressuring us.
- Our website reviews proprietary trading firms based on the same methodology, and our recommendations are unbiased.
- We work transparently to ensure that our scores and recommendations are solely the result of our analysts’ work and are independent of our agreements with the proprietary trading firms.
- Our in-depth analysis builds on real information: we purchase a challenge and start trading on it.
We are eager to hear your feedback! Let us know if you have questions or remarks about our methodology. Just send us an email to [email protected] Thanks!