Helping Forex traders avoid scams
And discover legitimate, well-tested strategies
About Forex Verified
Forex Verified was born from an urgent need in the Forex trading community:
Honest performance results of commercial Forex products and services.
Avoid fake statements and false advertising by checking Forex Verified for the REAL results of an EA or signal service before you make a purchasing decision.
About Our Trading Accounts
We only use legitimate and well-regulated Forex brokers for our performance test accounts. The spreads and execution in these accounts are comparable to a typical regulated broker (average spreads with good execution).
Also, we only use trading accounts that we control ourselves: not using "investor password" access to show you the results in the vendor's showcase account. This is how we verify the results of the software: because we witness the software making the trades (no one else) and it happens in our own accounts.
This is important because there are times when a vendor will make significant changes to their showcase account (such as changing settings or installing a new version of the EA) without telling their customers. Also there can be times when a vendor's software license server will fail and the program stops working, while the vendor continues to run a license-free version that keeps trading. We want to show you the results that a typical client would experience, not the results that could have been impossible to achieve.
Demo Account Usage
Most of our trading accounts are demo accounts. Some people distrust demo accounts because they can offer unrealistic spreads and execution that is impossible to find on a live account. However, since our demo accounts are provided by a well-regulated broker and experience average spreads, their reliability is far superior to the demo accounts that are only used to display impossible performance.
Of course, we agree that there is no substitute for testing on a live account: but this is only necessary when a strategy can prove itself profitable on a demo account first. Since the majority of the Expert Advisors and signal services we test end up failing, even on demo accounts, we have found that live account testing is not necessary in order to provide you with an initial filter to narrow down your selection.
There are 2 types of strategies that our demo accounts do a poor job of testing:
1) Scalping Strategies.
Since most of our demos have average spreads (EURUSD and GBPUSD average 2 pips), they do not offer ideal conditions for scalping. When a vendor specifies that their software will only work on a broker with thin spreads, we will use a different broker which does offer the necessary spreads, but this can reduce the overall reliability of the test. For most scalping strategies, the best way to test them is with a live account, but your results will often vary wildly from one broker to the next.
2) News Trading Strategies.
No broker can offer perfect live-account execution during a news announcement, but demo accounts can trade them without a problem. The only way to reliably test a news-trading strategy is with a live account.
If you want to know which broker was used to generate the results shown, just look next to the account number on the "Statements" tab of any performance test.
Sometimes we do test an EA or signal service on a live trading account.
Sometimes these include scalping or news-trading strategies. These tests are clearly labeled as live accounts.
Unless otherwise noted, all accounts are demo accounts and only display the results from trading accounts that we control ourselves. Possible exceptions include:
- Live Accounts: Sometimes we use a live account and these tests are clearly noted. These live accounts are personal accounts.
- Managed Accounts: In the case of a managed account service that utilizes a PAMM or MAM (not an Expert Advisor or trade copier), we use investor password access to a live trading account inside the PAMM service. Since all live accounts in a PAMM are guaranteed to experience the same results (profits/losses are distributed equally by the broker), this is the most reliable way to show results from a managed account service. These tests are clearly noted.
- Demo Accounts: Are mostly provided by ForexFS (Australia, ASIC regulated), unless noted otherwise.