Every broker review on this site ends in a score out of 5, built from nine section scores. This page explains what each section measures, how the overall score is calculated, and what we do when a broker does not publish enough information to judge something.
What the scores are based on
Scores come from each broker's own published material: its regulatory disclosures, client agreements, pricing pages, account specifications, payment pages and platform documentation. Drafts are prepared with AI assistance from that material and checked by an editor before publication. We do not score anything we cannot trace to a published source.
We do not open live accounts to test brokers. When a review contains first-hand testing, it is reported separately and labelled as such, and it never changes the published score.
A broker's own claims are treated as claims. A statement such as "ultra-fast execution" or "award-winning support" does not raise a score unless it is backed by a published figure or term we can cite.
When we cannot judge a section
Missing information is not counted as a weakness. If a broker does not publish what we need to judge a section, that section is marked as not rated and is left out of the overall score, rather than given a low score by default.
One section is different. A broker cannot receive an overall score unless we can establish its regulatory status. Where that is not possible, the review is published without an overall score.
The nine scored sections and their weights
| Section | Weight | What it answers |
|---|---|---|
| Trust and safety | 25% | Is the broker regulated, and how well are clients protected? |
| Fees and commissions | 20% | What does it cost to trade and to hold an account? |
| Platforms and tools | 12% | Which platforms can you use, and what can they do? |
| Trading conditions | 10% | What leverage, order types and execution terms apply? |
| Opening, funding and withdrawing | 10% | How easy is it to open an account and move money in and out? |
| Account types | 8% | Do the accounts suit different traders and budgets? |
| Tradable instruments | 7% | How broad is the market range, and is it real assets or CFDs? |
| Research, education and support | 5% | What help do you get to learn, analyse and resolve problems? |
| Broker profile | 3% | How transparent is the company about who runs it and how it earns? |
Trust and costs carry almost half the weight because they decide whether your money is safe and how much of your return you keep. A broker with excellent platforms cannot make up for weak regulation.
What each score means
| Score | Meaning |
|---|---|
| 4.5 to 5.0 | Excellent: clearly strong, with no material weakness on the topic |
| 4.0 to 4.4 | Very good: limits that matter only to some traders |
| 3.5 to 3.9 | Good: solid, with trade-offs worth knowing |
| 3.0 to 3.4 | Fair: real strengths offset by clear drawbacks |
| 2.0 to 2.9 | Below average: notable weaknesses for most traders |
| Below 2.0 | Poor: serious problems or warning signs |
Scores use one decimal place.
How each section is scored
Trust and safety (25%)
We start from the strongest regulator that authorises the entity serving retail clients, then adjust for client protections.
Regulator tiers
- Tier 1: UK FCA, Australia ASIC, EU regulators under MiFID II (such as CySEC, BaFin, AMF and CONSOB), Switzerland FINMA, Singapore MAS, Japan FSA, US CFTC and NFA or SEC and FINRA, Canada CIRO, New Zealand FMA, Hong Kong SFC.
- Tier 2: regulators with meaningful supervision but weaker client-protection regimes, such as the Dubai DFSA, Abu Dhabi FSRA, UAE SCA and South Africa FSCA.
- Tier 3: offshore registrations with light supervision, such as Seychelles FSA, Mauritius FSC, Vanuatu VFSC, the Bahamas SCB, Belize FSC, the British Virgin Islands FSC and St Lucia.
Maximum score by status
- At least one Tier 1 entity serving retail clients: up to 5.0
- Tier 2 at best: up to 3.5
- Tier 3 only: up to 2.5
- A published statement that the broker or the relevant entity is unregulated, or evidenced regulatory warnings: up to 1.0
What moves the score within that ceiling
- Higher: client money held in segregated accounts; negative balance protection for retail clients; a named compensation scheme with its limit; a stock-market listing or published audited accounts; a clear map of which entity serves which countries.
- Lower: no clear statement of which entity holds a client's account (up to 0.5 lower); onboarding most clients through an offshore entity even though a Tier 1 entity exists (capped at 3.0); published enforcement actions.
Regulation reduces some risks. It never removes market risk, and no score implies a guarantee.
Fees and commissions (20%)
We score what a typical client of the broker actually pays, not the headline price.
- Trading cost: the all-in cost of a round trip on one standard lot of EUR/USD, combining the typical spread and any commission on both sides. As a guide: about 0.8 pips or less scores 4.5 or higher; 0.8 to 1.2 pips, 4.0 to 4.4; 1.2 to 1.8 pips, 3.0 to 3.9; above 1.8 pips, below 3.0. For brokers built around shares or other markets, the equivalent cost on their main product is used.
- Holding cost: overnight financing rates and how clearly they are published.
- Non-trading fees: inactivity, withdrawal, deposit, currency conversion (above about 0.5% counts against the score) and platform or data fees.
- Transparency: if only minimum ("from") spreads are published and no typical or average figures, the section is capped at 4.0.
Platforms and tools (12%)
- 4.5 to 5.0: several established platforms (such as MT4, MT5, cTrader or TradingView) or a capable proprietary platform, with full mobile apps and automation (Expert Advisors, API or copy trading).
- 3.5 to 4.4: one or two established platforms with mobile apps and automation.
- 2.5 to 3.4: a single adequate platform with limited automation.
- Below 2.5: web-only or limited platforms with no automation.
Extras such as VPS hosting, charting add-ons and trading calculators add to the score when they are offered to ordinary clients, not only to high-volume accounts.
Trading conditions (10%)
- Order types, including whether a guaranteed stop-loss is available.
- Published margin-call and stop-out levels, minimum trade size and execution policy.
- Whether scalping, hedging, news trading and Expert Advisors are permitted.
- Leverage within the limits of the client's regulator, stated by asset class.
Higher leverage does not raise a score. Leverage above what Tier 1 regulators allow retail clients is treated as a risk, not a benefit.
Opening, funding and withdrawing (10%)
- A fully digital account opening with a clear verification process.
- The range of deposit and withdrawal methods and their fees.
- Published processing times for withdrawals, by method.
- Clear withdrawal rules, such as returning money to the original payment method.
- A minimum deposit that is accessible for a first account.
Account types (8%)
- A choice that suits different traders, such as a spread-only account and a raw-spread account with commission.
- Accessible minimum deposits, a free demo account, swap-free accounts where relevant, and a choice of base currencies.
- Professional accounts score well only when the broker explains which protections a client gives up.
Tradable instruments (7%)
- 4.5 to 5.0: a broad multi-asset range, roughly 1,000 or more instruments across five or more asset classes, or access to real shares and ETFs alongside CFDs.
- 3.5 to 4.4: several hundred instruments across most major asset classes.
- 2.5 to 3.4: forex plus metals, indices and commodities.
- Below 2.5: a narrow range in one or two asset classes.
CFDs give price exposure without ownership. A broker that also offers real shares or ETFs is better suited to investors.
Research, education and support (5%)
- Research: in-house market analysis, economic calendars and third-party tools such as Trading Central or Autochartist.
- Education: structured courses and guides for beginners, beyond marketing articles.
- Support: the range of channels (live chat, phone, email), hours and languages. Published response times are reported as the broker's claims, not measured results.
Broker profile (3%)
How openly the company states who owns it, where it is based, when it was founded and how it earns money: as a market maker, through spreads, through commissions, or by passing orders to liquidity providers. A listed company or one that publishes audited accounts scores higher.
How the overall score is calculated
- Each section receives a score from 0 to 5, or is marked as not rated.
- The overall score is the weighted average of the rated sections, using the weights above. Weights of sections that are not rated are shared across the rated ones.
- The overall score cannot be more than 1.0 above the trust and safety score. A broker with weak regulation cannot rank highly on features alone.
- If trust and safety cannot be rated, no overall score is published.
- The result is rounded to one decimal place.
The same formula applies to every broker, so scores are directly comparable.
Keeping scores up to date
Broker terms change. We recheck each broker's published information regularly, and when fees, regulation or account terms change, the affected sections and the overall score are updated. Each review shows when it was last updated.
Independence
Commercial relationships do not change a score. Every broker is scored with the same criteria and the same formula, whether or not it works with us.