We at Top Forex Brokers understand that not every review is equally as helpful as the others. In an effort to get around marketing hype and other causes for disingenuous reviews, we do not count all reviews equally.
The quantity and the quality of reviews both go into making our rating a number that makes sense for you when looking for a foreign exchange broker.
The overall score we give is derived from the weighted average of the reviews that it has gotten, and we are confident that the overall score we give is a simple and accurate way for you to compare brokers.
We have gone through the reviews and filtered out the ones that are legitimate, so you aren't stuck weeding though them to figure out how accurate an overall score is.
When you see brokers rated 8 and 9 by us: you can be confident that the one rated at 9 is just better than the broker rated at 8. We take care of the math so you can just focus on the overall score of brokers.
Traditionally, an overall score is determined by simply adding all the review scores and dividing the sum by the number of reviews.
Overall score = Σ (ratings) / (number of review scores).
This method of calculating the overall rating score gives a potentially useless value. If “broker A" only has one review that gives a 10/10 rating, the overall score will be 10/10. Does that score mean that “broker A" is the best available? If “broker B" shows an overall rating of 9.8/10 based on 1,000 reviews, is “broker A" still better just because of their rating being 10/10? How about if another broker (“C") hires 50 people to write positive reviews with perfect ratings? “Broker C" has bought a 10/10 score from 50 people, but does that make his service any better?
It is clear that most review sites either don't care, or aren't thinking about these problems. Our system of assigning an overall rating for services assures that only the actual best brokers get the best overall scores.
Nobody can just buy their way to a good overall score here at Top Forex Brokers by hiring people to make fake reviews.
Our overall scores rely on the trust scores of members. The member trust score is how we weed out dishonest reviews. All members start at 0% trust and can earn improvements to their trust through contributing high value or quality content to our site.
Members with high trust have: contributed quality content to the site, completed their profiles, linked social media for transparency, and spent more time on our site. Our basic formula is:
Overall Score = Σ (trust * rating) / Σ (trust)
Basically, a member with 0% trust will have no weight in their votes, so their score will not count. A member with 100% trust will have their ratings count at full weight. Two members that both have 50% trust scores will have the combined effective vote of one member that has a 100% trust rating.
That is not the end. A few more things are adjusted for before we turn out the overall score for a broker. Some of the adjustments provided for are the age of the review and the sum of trust for all reviewers.
The quality of any service will vary with time. In order to keep our overall scores more useful and accurate, newer reviews will have more weight than older reviews. It is more useful for you to know how a service has performed in the last week than how it was performing a year ago.
If there are three reviews for a service, but all three reviewers have 0% trust, it would be very difficult for us to give the service a score that we are confident with.
Scores that do not have sufficient trustworthy reviews will show a “?/10" overall score. Likewise, if a produce has a single 10/10 review score from a member with 100% trust, we still cannot give that product a perfect score in confidence.
The total trust percentage of all reviews is combined for an overall score.
You can expect to see a “? /10" score on any service that does not have enough reviews provided by trustworthy members. We only give an overall score when we are confident that it is an accurate representation.
Until a service has been reviewed by one of the site's reputable members, we will not be confident enough to give it an overall score. This keeps the site from being flooded by one-off reviewers that will not contribute to the quality of scores.
Visitors will not have much confidence in a “? /10" rating. In order to get reputable reviewers to give credible feedback, you can wait for them to find your service, or use our Expert Reviewer Team.