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Our methodology for rating forex brokers

40 criteria grouped into 5 pillars rated out of 10, verifiable sources and regular updates: here is how we set each rating.

Why this methodology

Brokers.Forex is an independent comparison of regulated forex and CFD brokers that serve traders worldwide. Our goal is simple: to give you the information you need to choose a broker with full knowledge of the facts, especially on the points that matter most for the safety of your money and the real cost of your trades.

Broker websites highlight their strengths and often leave secondary fees, platform limitations and withdrawal conditions in the shadows. This page explains how we assess each broker, how we calculate ratings and how we keep them up to date. It applies to every review published on the site, without exception.

Each broker receives a rating out of 10 in five categories: regulation and safety, trading platforms, fees and commissions, instruments and markets, and customer service and education. In total, the evaluation covers 40 criteria grouped into 5 evaluation pillars. The overall rating shown at the top of each review is the average of these five ratings.

The 5 pillars of our evaluation

40 criteria grouped into 5 evaluation pillars, each rated out of 10. Here is what we examine in each pillar.

1. Regulation and safety

Rated out of 10

This is the first criterion we examine, because it determines the safety of your funds. Every broker in our comparison must hold at least one licence from a recognized regulator, such as the FCA (United Kingdom), ASIC (Australia), CySEC (Cyprus, EU), the CFTC and NFA (United States), MAS (Singapore), the JFSA (Japan), the DFSA (Dubai), the FSCA (South Africa) or the FMA (New Zealand). A broker that only holds an offshore licence is not included in our comparison.

Beyond this foundation, we look at the number and quality of licences across the group, the entity that serves international clients, segregation of client funds, negative balance protection, access to compensation schemes (such as the FSCS in the UK or the Investor Compensation Fund in Cyprus), the transparency of the parent company (a listed company publishes audited financial statements) and the disciplinary history. A 10/10 means the broker ticks all these boxes; each gap costs points, and a heavy reliance on offshore entities lowers the rating.

  • Tier-1 licences
  • Number of regulated entities
  • Segregation of funds
  • Additional insurance
  • Listed or private parent company
  • Foreign licences
  • Track record
  • Disciplinary history

2. Trading platforms

Rated out of 10

We assess the variety of platforms offered (MetaTrader 4, MetaTrader 5, TradingView, proprietary platforms) and how well they suit different profiles, from beginners to algorithmic traders. A broker that offers a single well-designed platform can earn a good rating, but it loses points if it excludes common uses such as automated trading.

We also examine the stability and speed of execution, the quality of charts and analysis tools, the order types available, the existence of a demo account and the quality of the iOS and Android mobile apps: ease of use, alerts, sync with the web version and connection security.

  • MT4 and MT5
  • TradingView
  • Proprietary platform
  • Mobile apps
  • Order types
  • Analysis tools
  • Automated trading
  • Demo account

3. Fees and commissions

Rated out of 10

We first compare the cost of a typical trade: the EUR/USD and GBP/USD spreads for forex, the commission per lot on raw spread accounts, and the commission on stocks for stock brokers. The pricing model is explained in each review, because a wider spread with no commission can cost more or less than a tight spread with a commission, depending on your volume.

We then list the less visible fees: overnight financing fees, inactivity fees and how soon they apply, deposit and withdrawal fees, currency conversion fees. A broker with low spreads but inactivity fees applied after three months can lose points to a more transparent competitor.

  • EUR/USD spread
  • GBP/USD spread
  • Commissions
  • Financing fees
  • Inactivity fees
  • Deposit and withdrawal fees
  • Currency conversion
  • Minimum deposit

4. Instruments and markets

Rated out of 10

This category measures the breadth of the offering: number of currency pairs (majors, minors and exotics), stocks, ETFs, stock indices, commodities, bonds and options. We check the figures announced and state in each review the categories that are not offered in some jurisdictions, such as cryptocurrency CFDs for UK retail clients.

Quantity is not everything: a Forex specialist with a targeted offering may suit a trader who only trades currencies better than a multi-asset broker. The rating therefore reflects the offering available to most international clients relative to the broker's category, and the reviews explain which profile each offering is aimed at.

  • Currency pairs
  • Stocks
  • ETFs
  • Indices
  • Commodities
  • Bonds
  • Options
  • Availability by region

5. Customer service and education

Rated out of 10

We assess the languages offered, the contact channels (live chat, phone, email), opening hours and response time. We also rate the relevance of answers: a fast but generic answer counts for less than a precise one.

Educational material is part of this rating: guides, webinars, market analysis, glossaries and demo accounts. A broker that helps a beginner understand leverage and risk management provides a concrete service to its clients.

  • Languages offered
  • Live chat
  • Phone
  • Email
  • Opening hours
  • Response time
  • Educational material
  • Webinars and analysis

How to read our ratings

A rating only makes sense if you know what it represents. The ratings for each pillar and the overall rating use the same scale, from 0 to 10. They compare brokers with each other, from the point of view of an international client: a broker that serves most clients through an offshore entity may get a lower regulation rating than its best licence suggests.

9 to 10
A complete offering in its category, with no major gaps. The weaknesses noted in the review remain secondary for most profiles.
8 to 8.9
A good offering, with one or more limitations that may matter depending on your profile: higher fees, a narrower choice of platforms or limited payment methods.
7 to 7.9
A decent offering, but behind on several criteria. The broker may suit a specific use, provided you know its limitations.
Below 7
Significant gaps in one or more pillars. A broker without a licence from a recognized regulator is not rated: it is excluded from the comparison.

Two brokers with the same overall rating may suit very different profiles. The detailed ratings, pros and cons of each review help you choose according to your use: active trading, long-term investing, automated trading or getting started.

How we evaluate each broker in practice

Our evaluations combine two complementary approaches. For the brokers we have an active partnership with, we carried out tests on live accounts, including deposits, order execution and checking the withdrawal process. For the other brokers in our comparison, our evaluations are based on an in-depth analysis of official public information, regulatory registers and disclosures, published pricing conditions and documented user feedback.

When applied, the full test protocol includes: opening a live account, a deposit of at least $500, executing at least 100 orders, checking a complete withdrawal before the final rating, and timing customer support on 5 separate requests. In all cases, we state on each review page the nature of our evaluation.

Our editorial independence

Brokers.Forex receives affiliate commissions from some brokers when you open an account through our links. These links are identified on the “Visit” buttons and flagged in the notice that accompanies each review.

These commissions influence neither the ratings nor the ranking order. Ratings are calculated using the grid described above, applied in the same way to brokers that pay us and to those that do not. A broker without an affiliate program can earn a better rating than a partner, and our reviews point out the weaknesses of all brokers, partners included.

Affiliate revenue funds testing, research and writing. It allows us to keep the site free and without intrusive advertising.

Regularly updated evaluations

The conditions offered by brokers change: spreads, fees, platforms, products available in each region. Ratings are therefore revised at least twice a year, and each review is updated after any major change at a broker, such as a fee increase, the launch or withdrawal of a platform, a change of ownership or a regulatory decision.

When an update changes a rating, the rankings on the Forex, CFD and platform pages are adjusted accordingly. If you notice outdated information, let us know: every report is checked.

See our rankings

Regulated brokers worldwide, rated using this methodology.

Forex brokers CFD brokersBroker comparison

Frequently asked questions

We only review brokers that hold at least one licence from a recognized regulator. Several well-known platforms only hold offshore licences and therefore do not offer the same protections. We also focus on forex and CFDs: cryptocurrency exchanges are outside our scope. Finally, we add brokers gradually, as their evaluation is completed.

No. Ratings come from the grid described on this page, applied in the same way to all brokers, whether or not they pay us a commission. A broker cannot buy a better rating or a better position in the ranking. Affiliate links are flagged on the pages concerned.

The five categories carry equal weight, 20% each. The overall rating is the average of the five ratings out of 10, rounded to one decimal place. For example, a broker rated 10 for regulation, 9 for platforms, 9.5 for fees, 9 for instruments and 9 for customer service gets 9.3 out of 10. The five detailed ratings are shown at the top of each review.

It depends on the broker, and we say so at the top of each review. The brokers we have an active partnership with were tested on live accounts: deposit, order execution and checking the withdrawal process. The others are evaluated using official public information, regulatory registers and disclosures, published pricing conditions and documented user feedback. A “Tested on a live account” or “Analysis of public sources” badge appears under the overall rating of each review.

Ratings are revised at least twice a year. We also update a review as soon as a significant change occurs at a broker: a change in fees, a new platform, a change of ownership, a regulatory sanction or a product withdrawn in a major market.

Email us at contact@brokers.forex or use our contact page, stating the review concerned, the information to correct and, if possible, a source. We check every report and correct the review when the error is confirmed.