Frequently Asked Questions 

What is World Forex Award?

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WFA or World Forex Award is the organization which is researching and checking forex brokers and other financial organizations, only by there request. In December of every year 12 companies are awarded in different nominations. 

link_check also methodologies 

How to participate?

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For participation in World Forex Award the company representative must register and sign the agreement. Registration is free. 

link_registration

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Is participation at World Forex Award confidential?

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Participation in World Forex Award is confidential, we do not publish the list of nominees. Only winners will be announced at the ceremony and after. 

Who is choosing the companies at World Forex Award?

Link to methodology

How often is award given?

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All awards from World Forex Award are given only once in a year on December

How I will get the award?

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Award will be delivered at the ceremony and by post (Trophy, certification, Javascript, PNG). All materials are certified by World Forex Award and can not be replicated or fabricated

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Is World Forex Award a partner (IB, wite label) of any broker?

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No, World Forex Award is not dedicated to any broker or financial organization and is not receiving any commission from them

Methodology

How it works?

All World Forex Awards are individual, only once  per year. 10 Companies are receiving awards at the ceremony: the trophy and certificate. Also digital marketing materials in Javascript and PNG formats 

The awards can be publicly checked by email: certification@worldforexaward.com

There are different methodologies used at World Forex Award based on type of the award.

Mystery Client

Mystery Client is a survey of service quality, especially human behavior without revealing the true identity of the interviewer. He pretends to be a real customer. It is one of the mystery investigation methods.

Investigation by mystery client or agent of World Forex Award is mostly in the form of a personal visit, but it can also happen through telephone contact or communication via e-mail. Its aim is to obtain a real picture of dealing with customers in multiple levels, such as behavior, helpfulness, willingness, means of communication, credibility, but also expertise and other characteristics of the place where the customer is located - for example the opening hours, queue length, equipment of the offices or corridors, wheelchair access, etc. That is all what a real customer perceives. The investigation is based on processed practices that reduce the risk of subjective description of the situation. In practice, the mystery client complements by the various forms of the survey.

According the results of this investigation it can be carried out specific measures for improving client approach and reducing customer dissatisfaction.

Research with existing data, or secondary analysis

Some sociologists conduct research by using data that other social scientists have already collected. The use of publicly accessible information is known as secondary analysis, and is most common in situations in which collecting new data is impractical or unnecessary. Sociologists may obtain statistical data for analysis from businesses, academic institutions, and governmental agencies, to name only a few sources. Or they may use historical or library information to generate their hypotheses.

360 degree feedback

360 Degree Feedback is a system or process in which employees receive confidential, anonymous feedback from the people who work around them. This typically includes the employee's manager, peers, and direct reports. A mixture of about eight to twelve people fill out an anonymous online feedback form that asks questions covering a broad range of workplace competencies. The feedback forms include questions that are measured on a rating scale and also ask raters to provide written comments. The person receiving feedback also fills out a self-rating survey that includes the same survey questions that others receive in their forms.

PEST Analysis

PEST is an acronym for political, economic, social and technological. It's a way of understanding how external forces impact your business. It was created by Harvard professor Francis Aguilar in 1967. It should be included in every business plan, in addition to a SWOT analysis, as it is part of risk management and strategy design.

Case study research

In case study research, an investigator studies an individual or small group of individuals with an unusual condition or situation. Case studies are typically clinical in scope. The investigator (often a sociologist) sometimes uses self‐report measures to acquire quantifiable data on the subject. A comprehensive case study, including a long‐term follow‐up, can last months or years.

On the positive side, case studies obtain useful information about individuals and small groups. On the negative side, they tend to apply only to individuals with similar characteristics rather than to the general population. The high likelihood of the investigator's biases affecting subjects' responses limits the generalizability of this method.

Survey research

Survey research involves interviewing or administering questionnaires, or written surveys, to large numbers of people. The investigator analyzes the data obtained from surveys to learn about similarities, differences, and trends. He or she then makes predictions about the population being studied.

As with most research methods, survey research brings both advantages and disadvantages. Advantages include obtaining information from a large number of respondents, conducting personal interviews at a time convenient for respondents, and acquiring data as inexpensively as possible. “Mail‐in” surveys have the added advantage of ensuring anonymity and thus prompting respondents to answer questions truthfully.

Disadvantages of survey research include volunteer bias, interviewer bias, and distortion. Volunteer bias occurs when a sample of volunteers is not representative of the general population. Subjects who are willing to talk about certain topics may answer surveys differently than those who are not willing to talk. Interviewer bias occurs when an interviewer's expectations or insignificant gestures (for example, frowning or smiling) inadvertently influence a subject's responses one way or the other. Distortion occurs when a subject does not respond to questions honestly.