PRESENTED BY:
The International Business Times
The International Business Times is a leading global financial newspaper online published in 12 countries and in 8 languages. IBTimesFX, the Forex portal of IBTimes has grown during the past 4 years into a leader in Forex News, Analysis, and Education with over 1 million unique visitors per month. It aims to provide FX traders of all nations the most useful information available.
Forex Datasource
Launched in 2008, Forex Datasource is a leader in the area of FX broker sentiment analysis and retail FX market research. Through the development of vote-inducing practices and use of statistical methods, Forex Datasource collects accurate trader sentiment information and crafts the criteria for FX broker evaluation. Forex Datasource also offers a portal rich in news and news-broadcasting software for retail FX traders.
AWARD ORIGINS:
Since 2008, IBTimesFX and Forex Datasource have jointly developed several successful products. In 2009, IBTimesFX and Forex Datasource joined forces to build on the successes of the 2009 Forexds Trader’s Choice Awards and set the industry standard for retail FX borker recognition by launching the FX Traders’ Choice Awards.
The goal of the FX Traders’ Choice Awards is to empower traders with reliable information and help them select reputable brokers.
The 2010 FX Traders' Choice Awards reflect the broker preferences of more than 1000 retail Forex traders from 111 countries, a 35% increase in the geographic scope over the 2009 Awards.
The FX Traders' Choice Awards stand out because of their large geographic scope, their integrity, and their scientific approach for data collection and analysis.
AWARD RECOGNITION:
The hundreds of votes gathered during the May 2009-May 2010 period revealed that there are significant continental differences in the way voters ranked their favorite brokers.
Moreover, the results revealed that most brokers were strong in some continents but weak in others. As a result, there is no designation for Best FX Broker worldwide.
Rather, the FX Traders' Choice Awards are divided into two categories, one that recognizes brokers by client acceptance (or market share) and one by client satisfaction at the continent level.
Leaders By Client Acceptance
Brokers that achieved a Top-10 position by number of votes in two or more continents were designated as Global FX Brokers. In 2010, thirteen broker firms received this designation and were ranked against each other in five sub-categories: Best Overall, Best Platform, Best Customer Service Department, Best Accounts Department, and Best Funding Department.
The top Global FX broker in each sub-category receives the Eagle Award. The two runners up in each sub-category receive the Falcon Awards. Receiving the Eagle or Falcon Awards signals strong trader approval, and shows that a broker firm ranks at the top in a very select group of large
brokers. Furthermore, it demonstrates that a broker has achieved consistent and sizeable appeal in various parts of the world.
Leaders By Client Satisfaction
Because of large regional differences evaluating brokers, the FX Traders' Choice awards compared broker satisfaction by continent among the complete pool of over 80 brokers.
Broker satisfaction was generated by evaluating what firm had the largest percentage of client promoters and the lowest percentage of client detractors.
The top broker by client satisfaction is designated as 'Best FX Broker' and receives the Eagle Award for a particular continent. For example: Eagle Award, Best FX Broker – Americas. The two runners up in each continent are also recognized with the Falcon Awards for broker satisfaction in a particular continent, such as: Falcon Award, High Broker Satisfaction – Europe.
Receiving the Eagle or Falcon Awards for broker satisfaction is the highest recognition for a broker in a given continent. The competition for this award is extremely fierce and therefore, very meaningful.
