An interview with Edward Kendy, a forex broker subject matter expert from the United Kingdom on how he got started with his financial startup www.BestOnlineForexBroker.com , his professional background, advice for new forex traders and more.
When did you get started in Forex?
Edward Kendy: I started forex trading approx. 15 years ago. After a few years and thousands of wasted pounds, I finally became a profitable trader. Of course, like almost every trader, I went through many trials and errors. I bought numerous trading signals and automated trading systems (EAs) and spent countless hours on forex forums, procrastinating a lot. Like, a lot. When I look back, I lost over £60k of my savings on useless EAs, robots and trading courses as a novice trader. When I was most desperate and wanted to quit, I finally found what worked for me. I am a position trader who focuses on price action. Today, I trade only for fun; I don't do it for a living anymore.
As I grew as a trader, I tried a few brokers, but I was never satisfied. I conducted extensive research and unfortunately, I got scammed a few times. Then, the idea to build a comparison website that would provide accurate and unbiased online broker recommendations struck me.
Briefly describe BestOnlineForexBroker fx broker comparison portal to our readers
Edward Kendy: Website is designed to provide beginner and also advanced forex traders with an easy-to-use and comprehensive comparison tool for forex brokers. We gather information about various brokers, such as trading conditions, fees, and customer support, and present it in a user-friendly format that helps traders make informed decisions about which broker is best for their needs.
There are hundreds of forex companies, how do you gather information about all online brokers?
Edward Kendy: I have a team of skilled researchers who constantly monitor the forex market and collect data from various sources, including the brokers themselves and their official websites, regulatory authorities, and last but not least third-party review sites. We also encourage our loyal readers who are real traders to leave reviews on our website, which helps us to keep our information up-to-date and accurate.
How do you ensure that the information you provide is reliable and unbiased?
Edward Kendy: We have strict editorial guidelines in place that ensure all the information we provide is accurate, objective, and up-to-date. Our team of researchers are highly experienced and knowledgeable in the forex industry, and we work hard to maintain our reputation for providing reliable and unbiased information.
How do you monetize your website?
Edward Kendy: We earn revenue through affiliate partnerships with some of the brokers listed on our website. When a trader clicks on a link to a broker and signs up for an account, we receive a small commission from that broker. This allows us to keep our website free to use for traders while also earning revenue to support our operations.
Do you have any plans to expand and offer additional services in the future?
Edward Kendy: Yes, we are constantly looking for ways to improve and expand our services. We are currently working on developing new tools and resources to help traders make better trading decisions, we are about to add way more educational materials and trading signals.
What sets your website apart from other forex broker comparison sites?
Edward Kendy: Sadly, our industry is plagued by scams. Many competitors promote shady unregulated forex brokers with poor track records just because they pay them high commissions. Our commitment to providing reliable, unbiased information is what sets us apart. We strive to make it as easy as possible for traders to compare brokers and find the one that's right for them. Additionally, I've built a team of experts who are always available to answer any questions or concerns traders may have, providing personalized support and guidance throughout the trading process.
Are you planning to expand and cater to stock traders for example?
Edward Kendy: While our primary focus is on forex brokers, we are definitely interested in expanding our coverage to include other types of brokers and trading apps. We recognize that many traders are interested in other markets, such as stocks and cryptocurrencies, and we want to make sure that we are providing a comprehensive resource for all traders. We are currently exploring options for adding coverage of other markets to our website in the future.
Are you planning to add an interactive feature that will allow your readers to find the right broker based on the criteria they enter?
Edward Kendy: Yes, we are actually in the process of developing such a feature. We believe that this will be a valuable tool for traders who are looking for a broker that meets specific criteria, such as low fees or a particular trading platform. The feature will allow traders to input their desired criteria and generate a list of brokers that meet those criteria, making it easier than ever to find the right broker for their needs. We hope to roll out this feature in the near future.
What Is Your Advice To Those Just Starting Out In Forex?
Edward Kendy: Forex is very complex, there are many variables that move the market. Novice traders should progress slowly otherwise they risk burnout or even depression from losing high amounts of money fast. Everyone is different and should find the trading strategy that fits his own personality. Always start small with a micro account if possible. You can always go big later.
