AuthorBy Jeffrey Cammack
Updated: March 15, 2021

Our Mission

Since 2012, FX Scouts has been your guide to Forex trading. Our mission is to:

  • Help beginner Forex traders get the best start to their trading career.
  • Compare and rank all Forex brokers in Tanzania.
  • Publish independent reviews of Forex brokers written by expert Forex traders. 
  • Always use accurate and up-to-date information. 
  • Write educational articles on how Forex trading works, how to start trading, tips and tricks, and advanced strategy.

We are a reader-supported magazine where traders can learn from our experience, with the goal that you make better financial decisions. To keep the lights on we use affiliate links to make the money we need to keep the site running.  When you sign up for an account through our links, we sometimes earn a commission, which enables us to continue making our website better for you.

If you want to get in touch, please contact us here, or post a comment at the bottom of any of our articles.  

Editorial Policies

The FX Scouts goal is to create high-quality, factually correct, and meaningful educational content that furthers our readers interest in Forex trading.  We are journalists and write with journalistic integrity. Our research and review process is free from commercial bias and conflict of interest.

Journalistic Reputation & Integrity

Readers can trust in our integrity and honest journalistic approach. We have many years of experience working in the Forex industry and our reviews and opinions are respected and trusted throughout the trading community – by traders and brokers alike. This reputation for honesty and intelligent critique is hardwon and stems from our journalistic integrity and strict editorial policies.


Readers can always trust our recommendations.  We pride ourselves on writing reviews that are 100% free of commercial bias and are written by experts who have hands-on experience, the context, and expertise to be able to make comparisons between these products.  Read more about our review process.


Readers can always trust that our information is accurate.  The accuracy of our data and the services our partners offer are regularly reviewed.  Our algorithms update the brokers scores and our State of the Market report on a continual basis, and our content team makes updates to our reviews when discrepancies are found.

Affiliate Disclosure

Readers should also know how we make our money.  FX Scouts is a reader-supported magazine. When you sign up for an account through our links, we sometimes earn a commission, which enables us to continue making our website better for you.

Educational Articles

Readers must know how to use the information in our articles.  While the articles we feature are entirely accurate to the given situation, these articles cannot be viewed as individual investment advice. The Forex market is fluid and each trading opportunity and trader are unique. This means that our advice is tailored to the given situation expressed in the article, and our team is not able to give individualised legal, tax or investment advice to our visitors.


Readers should know where our information has come from.  While all data is collected directly from partners, other third party websites and journals can be used as a part of our research process. In this case, all sources will be cited at the bottom of each individual piece including the date the information was collected, along with the author and title of the piece.

User Comments

We encourage our readers to leave comments and engage in conversations beneath each of the articles or reviews we feature.  In order to keep the conversation helpful, and clean, we have issued comment editorial guidelines to help users understand what is appreciative behaviour.

Exposing Financial Scams

If you believe that you have been scammed by your brokers, we have a report a scam broker form where we collect information from the community and use this to start our own research into dishonest players.  All information is vetted thoroughly before publication to ensure accuracy. 

GLEIF Membership

FX Scouts, as a brand of Schlossbrink AB, is a full LEI Member.  As a part of an international financial community, we have a shared belief in the transparency of trades and increased efficiency in the international trading system. LEI benefits for the wider business community. There should only be one identity behind a business and the Global LEI Index is the only source of information that brings efficiency, transparency, and trust to legal entity identification. The Schlossbrink AB LEI Membership number is 254900LUG07G07A31U72 and can be verified in the Global LEI Index

How We Review Brokers

We rank and review every broker on this website, each review includes pros and cons and a detailed breakdown of the broker’s product offering.  This way you can find the best broker for your needs. When we review brokers, we look at the following factors in more detail. These factors also inform our our annual State of the Market report.

Trust & Regulation

We only review brokers which are regulated by major and trustworthy regulators.  We actively request that the brokers we feature become members of the FSCA.  

Regulation is the most important quality of a Forex Broker.  Regulation means that standards and practices are strictly reviewed.  This gives traders more peace of mind that the environment in which they trade is responsible, controlled and audited.  The regulation we require to be listed on this website is any of the below, and we place more trust in brokers that have more than one regulator.

  • FSCA – South Africa
  • CySEC – Europe
  • FCA – United Kingdom
  • ASIC – Australia

Platform Choice

Clients should be able to choose from a variety of trading software, but software should not define a broker.  A wide selection of platforms, including MetaTrader4, MetaTrader5, cTrader and proprietary platforms, makes for a better trading experience.

Trading Conditions

Traders want brokers with reasonable trading conditions. Since our focus is on beginner traders, we favour brokers with reasonable entry-level accounts, adequate amounts of FX pairs to trade, and reasonable cost of trading. 

Trading Desks

Readers should know about any conflict of interest with brokers. It is important to understand how any broker’s trading desk operates.  

  • Dealing desk brokers – Market maker brokers will have dealing desks (DD) as they are responsible for maintaining the market integrity.  A dealing desk broker will have a conflict of interest with their traders if they are able to interfere (adjust/deny) with trades. A separate classification of dealing desk brokers called Non-Intervention Dealing Desks (NDD) maintain the market but never interfere with client trades, thus removing any conflict of interest. 
  • Direct Market Access – Direct market access brokers do not operate the market where trades are made. These are often ECN or STP brokers. These brokers do not have any conflict of interest with their traders. 

Account Types

The best brokers offer clients a trading account with an acceptable minimum deposit coupled with reasonable trading conditions. We appreciate brokers who offer accounts to beginner traders that require a low minimum deposit and lower trading costs.

Assets Available to Trade

Brokers should have at least 40+ FX pairs to trade, including a mix of minor, major and exotic pairs. In addition we expect brokers to also offer a range of other CFD assets. These can include equities, indices, energies and other commodities, bonds and cryptocurrencies.

Trading education

We prefer to list brokers that offer premium services to our visitors, in addition to the free educational materials that a trader would need to get started – and that sometimes includes making a phone call to clear up any questions.

Withdrawals & Payment Options

A client should be able to make deposits and withdrawals quickly and without cost.  Brokers with faster payment processing, low minimum withdrawal amounts and withdrawals without administration fees make for a better trading experience.

Customer Support

Traders want to be able to contact their broker around the clock, via multiple methods and in their own language.  Brokers with 24/7 support, by phone, email and chat will get preference.

To learn more about how we work and each of these elements in more details, read our page dedicated to our review process.

Risk Warning

CFD trading comes with significant risk.  Trading leveraged products such as Forex and CFDs may not be suitable for all investors as they carry a high degree of risk to your capital.  Simply put, do not risk money you’re not prepared to lose and know that your past performance does not guarantee future results.  Find our full risk disclosure statement here.

Our Other Sites

Where we are located - Schlossbrink


Please write to us if you want to ask questions or give input using the email below.  We like to hear from our readers.  For press inquiries please set up a time in advance, and we are happy to comment. If you are interested in a partnership, you can also write to us at [email protected] where you can introduce your broker in a full and transparent way using your corporate email address.  In your email, please detail your regulatory status and explain why you believe you can offer something unique to the readers of our websites. If you wish to stay up-to-date on exclusive broker deals offered toFX Scouts readers, or be the first to read our latest trading strategy articles, sign up for our newsletter.

Our Management Team

Björn MIchels

Björn Michels – CEO/CTO

Björn Michels is CEO of Schlossbrink and has been at the helm since 2012. Before founding Schlossbrink, Björn has worked advising international media platforms and online finance companies establish new and customer-focused brands that have transparency and product development at the core.

Björn started his professional career in 2004 in product development of the internal search engine for Hewlett Packard when web search was considered cutting edge for the e-commerce and online industry. Today, he combines strategic management, product development and a passion for financial products in his role has our Chief Technology Officer. Björn holds a Master of Science degree in Computer Science from South Bank University in London UK.

Jeffrey Cammack

Jeffrey Cammack – COO & Editorial Director

Jeff Cammack is the Editorial Director of the FX Scouts branded websites that Schlossbrink operates. Jeff Cammack joined in 2012 and has been central to setting the educational focus of the content published, and the research processes that are the backbone of the authoritativeness and independence of articles and product reviews.

Jeff has 15+ years of experience working with online academic content having first started marketing complex investment products in 2006, narrowing in focus to CFD and Forex products in 2010, and then publishing about macroeconomic issues and currency analysis from 2012. Jeff received a B.A. in Communications from Humboldt State University in California.

Contact Us

We like to hear from our readers.  Please write to us at [email protected] if you want to ask questions or give input. For postal inquiries please send them to Schlossbrink AB Bjorklidsvagen 16a 64731, Mariefred Sweden

Share your knowledge

Featured Brokers

Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.