Javier H. Paz
Javier H. Paz

2009 Forexds Awards : Breaking new ground in ranking FX brokers

The recent release of the 2009 Forexds Trader’s Choice Awards provides a rare glimpse inside the broker preferences of average currency traders worldwide.  Rather than making an article about yet another FX award, e-Forex magazine asked me to share the unique aspects of the Forexds Awards. For that, I’d like to share some personal thoughts going into this 2 year project and then delve into the results beyond what appeared in the May press release.

First of all, I would like to recognize the value and tradition of prestigious publications and organizations that have extended recognition to FX brokers in the past. There is value in what they do.I don’t know how representative is my view on this, but when I hear of a new broker award I first look for information on the survey methodology used. My mind invariably wonders things like: what was the level of dispersion of the results? how big was the sample pool? What biases were present in the data acquisition process? How were the categories constructed and the results analyzed? More often than not, I do not find answers to most of my questions. Why bother? I like to make up my mind about how reliable and representative the stated results were. I am a skeptic, have grown to be broker neutral, and believe I am not alone in wanting to find reliable broker information. Why does any of this matter anyway? I’ve lost count of the number of earnest traders that I have talked to since 2005. Some had...continued

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