The brokers’ popularity can be tracked as a dynamic process. The accurate rating can be obtained over time by long-term monitoring of the tendencies in the brokers’ performance and traders’ feedback. This means not just the quick-fix snapshot, but a demonstration of the direction and trends in a company’s progress and its positions in the ratings within a considerable period of time, such as six months or more. The use special methodological tools developed overtime is sometimes employed. These tools help to carry out a comparative analysis of the ranking positions of different brokerage companies and constructing correspondent graphical models on an intelligent and interactive basis. It is possible to edit rating of nominees and review changes in their ranking positions within a certain timeframe based on current performances.
Ratings are usually done based on different criteria but in this write up we would be looking at rating brokers on profit made or loss over a period of time, product offering/customer support and voting from users.
Applications can also be used to track performance and rating. Different applications that is fully operational with a different browser and operating system.
• VOTING & USER ASSESSMENT
Independent individual assessment is also often used to rate broker’s performance as there often allow users to leave comment and rate a broker. Utilization of graphical frame and results' mapping for visualization permits representation of the traders' present inclinations and developing trends identified with Forex representatives. The outcomes acquired speaking to the present traders' assessment. The present market circumstance is altered by applicable instruments. The voting framework allows genuine "for" and "against" votes for a particular trader and what's more the rate extent is an extraordinary markers. Forex Charts demonstrates the relativity between traders’ execution and time. In order to make the voting totally impartial, one can only vote for a broker only once a day. Any attempts to increase rating artificially are often terminated by the system and manual moderation of voting results is not allowed nor permitted to curb flaws in the system.
In any case, we can't ensure that given Forex trader rating is 100% accurate or speaks to the certainties and don't contain botches in the appraisal of Forex brokers from everywhere throughout the world.
• REALIZED AND UNREALIZED GAINS AND LOSSES AS A KEY INDICATOR FOR RATING
Realized and unrealized gains and losses: There is a difference between realized and unrealized gains and losses. Realized income or losses refer to profits or losses figures from already completed transactions that are not an increase in the value of a currency that hasn’t been sold or completed.
Unrealized profit or losses: allude to elusive profit or losses that have happened on paper, but the relevant transactions have not been completed as the item is yet to be sold. An unrealized gain or loss represented on paper is called paper profit or paper loss as it is on paper but has not actually been realized.
Documented realized income or losses these represent gains and losses from transactions both completed and recognized. Unrealized income or losses are recorded in an account called possible comprehensive income or accumulator which is represented in the owner’s equity section of the balance sheet.
• PRODUCT OFFERING AND CUSTOMER SUPPORT
Simply put refers to products and services that a broker offers its users these services often vary from one broker to the other and it’s a key indicator of users experience.
Also round the clock support is often provided by the best brokers to ensure users get all the support needed to do well and not just bother about commissions to be paid.
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.