Compare Forex Brokers
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| Private | |
| Industry | Financial services |
| Founded | 2014 |
| Founder |
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| Headquarters | |
Number of locations | 6 |
Key people |
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| Website | compareforexbrokers |
Compare Forex Brokers was founded on October 19, 2014, by Justin Grossbard[1] and Noam Korbl as a unique platform comparing brokers in the CFD and Forex Trading industry.[2] Compare Forex Brokers is best known for introducing the industry’s first spread comparison tool and forex fee calculator[3].
Headquartered in Melbourne, Australia, the company, has expanded from its Australian focus to cater to other international markets including the UK, Canada, Singapore, UAE, USA, Malaysia, Philippines and South Africa. It has become one of the leading comparison platforms available in the FinTech industry.
History
Compare Forex Brokers was established in November of 2014 as Australia's first broker comparison website. Following their success with this feature, they launched complete review pages for forex brokers in March 2015, focusing on essential features such as spreads and forex trading platforms.
In November 2017, they created Broker vs. Broker comparison pages to help individuals compare renowned brokers while looking for the best broker for them. In November 2019, Compare Forex Brokers included a function that allowed traders to compare spreads between brokers. This module displayed the average monthly spreads for significant currency pairings for brokers. A year later, Compare Forex Brokers created the first-ever forex calculator to compare trading costs by brokers, currency pairs, and volume.[4]
The company since its inception has expanded its reach to major forex markets and brokers outside of Australia including the United Kingdom, South Africa, United Arab Emirates, Canada, Singapore, the USA, Malaysia, Philippines and New Zealand. As of 2022, Compare Forex Brokers is led by Justin Grossbard who serves as the CEO, and Noam Korbl who serves as the COO.
Products and services
The major purpose of Compare Forex Brokers is to simplify the process of picking a forex broker.
The platform offers an extensive list of forex brokers to choose from, and to help with that, it includes spread comparison modules that are updated monthly and allow spread comparison between brokers.[5]
Another prominent feature includes a bespoke commission + cost tool, which helps users to calculate the spread plus commission fees when they establish a new trading position.[6]
Compare Forex Brokers also have a tool called the broker comparison table, which allows users to evaluate the unique features of different brokers using head-to-head comparison tables.
Regulatory Background and issues
CompareForexBrokers.com has an AFSL license and is an Authorised Representative of Guildfords Funds Management Pty Ltd. The AFSL number is 471379.[7] In February 2021 the Financial Markets Authority in New Zealand issued an alert that local residences may feel the comparison was done by the FMA.[8]
Locations Covered
Compare Forex Brokers initially covered only Australia under the domain name compareforexbrokers.com.au.[9] In 2020 the site switched to compareforexbrokers.com and targeted additional regions including UK, Singapore and NZ.[10]
Features
In 2021 the site was the first to launch a propriety calculator. This calculated the costs of trading factoring in spreads and commissions costs.[11][12] The methodology used by the site factors in three different account types and calculates the costs on a monthly basis.[13]
References
- ↑ "Pardon Our Interruption". muckrack.com. Retrieved 26 April 2022.
- ↑ "Compare Forex Brokers - Crunchbase Company Profile & Funding". Crunchbase. Retrieved 26 April 2022.
- ↑ "CompareForexBrokers Launches First FMA Regulated Comparison". www.scoop.co.nz/. Retrieved 19 April 2022.
- ↑ "Compare Forex Brokers' Press office on Bizcommunity". www.bizcommunity.com. Retrieved 21 April 2022.
- ↑ "Compare Forex Brokers releases the 2020 Best Forex Broker list - Compare Forex Brokers". Bizcommunity. Retrieved 21 April 2022.
- ↑ "Compare Forex Brokers launches first ever forex brokerage calculator - Compare Forex Brokers". Bizcommunity. Retrieved 21 April 2022.
- ↑ "Browse Professional Registers". connectonline.asic.gov.au. Retrieved 5 May 2022.
- ↑ "CompareForexBrokers". www.fma.govt.nz. Retrieved 5 May 2022.
- ↑ "Justin Grossbard - Director @ Compare Forex Brokers - Crunchbase Person Profile". Crunchbase. Retrieved 5 May 2022.
- ↑ "CompareForexBrokers Launches First FMA Regulated Comparison | Scoop News". www.scoop.co.nz. Retrieved 5 May 2022.
- ↑ "Compare Forex Brokers Launches Spreads + Commission Cost Calculator For Forex Traders". finance.yahoo.com. Retrieved 5 May 2022.
- ↑ "Compare Forex Brokers: Your premium guide to choose the right FX broker and trading platform". kalkinemedia.com. Retrieved 5 May 2022.
- ↑ "Why it Pays To Research Broker Fees & Charges Carefully | Finance Magnates". Finance Magnates. Retrieved 5 May 2022.