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Home » Our Methodology

Our Methodology In 2025

We aim to help traders find the best forex broker that meets their needs. Our comparisons are based on platform features, trade costs, and execution speeds.

Our 2025 methodology ranks 40 brokers based on eight categories. Our research team publishes a review for each broker, and our technical researchers perform testing using automation – Expert Advisors, Indicators and Scripts.

Written by Justin Grossbard

Updated: 03/01/2025

What Changed?

Each month we update average spreads data published by the brokers the retail brokers lose %

Fact Checked

We double-check broker fee details each month which is made possible through partner paid advertising. Learn more this here.
Why trust CompareForexBrokers
  • 67 Forex Brokers reviewed by our expert team (See our top 10 picks)
  • 50+ years combined forex trading experience
  • 14,000+ hours comparing brokers in the past 12 months
  • Structured and in-depth evaluation framework (Our Methodology)

Our broker reviews are reader supported and we may receive payment when you click on a partner site. For more information, visit our About Us page.

Our Comparison Categories

Our comparison of forex brokers is the work of a team of traders and industry experts. It’s based on rigorous testing, research and our experience using each broker. We use a model with eight weighted criteria to formulate our comparisons.

Trading CostsTrading ExperienceTrustTrading PlatformsCustomer ServiceRange of MarketsEducationFunding
Weighting25%15%20%15%10%5%5%5%

On this page, you’ll learn what factors we use to score each of these criteria, to make up our overall broker score.

 

Forex Trading Account Spreads and Fees

Our trading cost scores depend heavily on spreads and commissions since these impact a trader’s success the most. We also consider other charges a broker may charge. You can view more detail on how we measured Forex Fees or you can see the breakdown on the table below.

Standard Published SpreadsStandard Tested SpreadsRAW/ECN Published SpreadRAW/ECN Tested SpreadPublished Commission RatesInactivity FeesDeposit / Withdrawal FeesActive Trader DiscountFixed SpreadsOther Fees
Weighting20%15%15%10%15%5%5%5%5%5%

How We Measure Spreads and Commissions

We measure spreads and commissions in four ways:

  1. For standard (non-commission) accounts, we collect brokers’ average monthly spreads published on their websites
  2. For standard accounts, we test actual average spreads via MT4 indicator bots see our (Standard Account Spreads) tests
  3. For RAW/ECN accounts, we calculate average spreads as spread + commissions as published on brokers’ websites (ECN Brokers)
  4. For RAW/ECN accounts, we test actual average spreads + commissions via MT4 indicator bots

MT4 testing is performed by Ross Collins, who has 35 years of IT experience with SWIFT, UBS, PwC and IBM.

Other Fees Considered

As some brokers charge additional fees for depositing and withdrawing money, having an inactive account and other various situations, we consider these for all brokers but give them a lower weighting.

Other offerings

We award positive scores to brokers who offer fixed spreads or an active trader discount (on spreads and commissions).

 

Forex Broker Trading Experience

The top factors in our trading experience scores are our tested limit order and market order speeds and our experiences in account opening and withdrawals. Our model prioritises the availability of standard accounts (based on spreads) and raw/ecn (commission-based accounts) and the facility of higher leverage for professional traders.

Limit Order SpeedMarket Order SpeedEase of OpeningEase of WithdrawalProfessional LeverageStandard AccountRaw AccountFixed Spread AccountIslamic AccountAccount Manager
Weighting15%15%15%10%10%10%10%5%5%5%

Forex Broker Trust and Reputation

We consider appropriate licensing by a national regulator a core element of the trust a trader can place in their brokers. Financial regulators develop and enforce the rules, policies and procedures that govern how financial services providers behave, and trading with a licensed broker can offer significant protections agains fraud, theft and misuse of your funds.

Other factors that influence our trust scores include: the age of the broker, whether they have headquarters (or offices) in multiple countries and whether they’ve had any recent issues with their core regulators.

Tier 1 RegulatorsTier 2 RegulatorsTier 3 RegulatorsAge of BrokerHeadquartersSearch VolumeCore Regulator IssuesTrustPilot ScorePublicly ListedBank
Weighting30%15%5%10%10%10%10%5%3%2%

What is a financial regulator?

In most sophisticated economies, a government ministry or agency holds responsibility for overseeing and monitoring financial institutions and markets. These regulators seek to maintain the stability, integrity, and fairness of the financial system to protect the interests of consumers, investors, and the overall economy.

Not all jurisdictions afford their regulators the same degree of influence, however. A country with a commitment to free markets and minimal regulation, for example, might not permit certain interventions market downturns. A country with a strong culture of privacy might require additional controls on financial data.

At Compare Forex Brokers, we’ve broken financial regulators into tiers based on strength of their regulations, extent of their oversight infrastructure, and supervisory power.

Tier 1 regulators offer the highest level of consumer protection and oversight. While trading with a Tier 1 regulator doesn’t guarantee you won’t lose money, it does mean you can feel confident that the broker must abide by certain rules around protecting your money.

The following table lists out our Tier 1 regulators.

Tier 1 RegulatorsAbbreviationRegion
Australian Securities & Investment CommissionASICAustralia
Financial Conduct AuthorityFCAUnited Kingdom
Commodities Future Trading CommissionCFTCUSA
National Futures AssociationNFAUSA
Cypress Securities & Exchange CommissionCySECCyprus
Canadian Investment Regulatory OrganizationCIROCanada
Monetary Authority of SingaporeMASSingapore
Federal Financial Supervisory AuthorityBaFINGermany

 

Tier 2 regulators may exercise some of the same powers and insist on many of the same safeguards as their Tier 1 counterparts, but lack other important protections. While we consider brokers licensed Tier 2 regulators generally trustworthy, be aware that they may not be required to exert the same degree of control over client funds as a Tier 1-regulated broker. In other cases, Tier 2 regulators may form part of a less developed financial system still developing some of the institutions required to provide adequate oversight.

The following table lists out our Tier 2 regulators.

Tier-2 Jurisdictions (Well Trusted Regulator)AbbreviationCountry
Financial Markets AuthorityFMANew Zealand
Securities Futures CommissionSFCHong Kong
Israel Securities AuthorityISAIsrael
Japanese Financial Services AuthorityJFSAJapan
Dubai Financial Services AuthorityDFSAUnited Arab Emirates
Abu Dhabi Global MarketsADGMUnited Arab Emirates
Central Bank of the United Arab EmiratesCBUAEUnited Arab Emirates

Securities and Commodities Authority
SCAUnited Arab Emirates
Gibraltar Financial Services CommissionGFSCGibraltar
FinantsinspektsioonEFSRAEstonia
Autorité des Marchés FinanciersAMFFrance
Central Bank of IrelandCBIIreland
Malta Financial Services AuthorityMFSAMalta
Polish Financial Supervision AuthorityKNFPoland
Swiss Financial Market Supervisory AuthorityFINMASwitzerland
Portuguese Securities Market CommissionCMVMPortugal
National Securities Market CommissionCMNVSpain
Czech National BankCNBCzech Republic
Commission de Surveillance du Secteur FinancierCSSFLuxembourg
Autorité des services et marchés financiers FSMABelgium
The Securities Commission Malaysia (SC) SCMalaysia
Central Bank of IcelandCBI-ISIceland

Tier 3 regulators control “offshore” brokers and seldom offer the same degree of protection and oversight as those in the Tier 1 and Tier 2 band. Brokers who are only regulated at this level can be assigned a lower level of trust.

The following table lists out our Tier 3 regulators.

Tier-3 Jurisdictions (Average Trust Level Regulator)AbbreviationCountry
Bermuda Monetary Authority BMABermuda
Securities Commission of the Bahamas

SCBBahamas
Cayman Islands Monetary Authority
CIMACayman Islands
Vanuatu Financial Services CommissionVFSCVanuatu
BVI Financial Services CommissionFSC-BVIBritish Virgin Islands
Financial Services CommissionFSC-BZBelize
Jordan Securities CommissionJSCJordan
Capital Markets Authority (CMA)CMAKenya
Financial Sector Conduct Authority (FSCA)FSCASouth Africa
China Banking Regulatory CommissionCBRCChina
Comisión Nacional Bancaria y de ValoresCNBVMexico
Saudi Arabian Monetary AuthoritySAMASaudi Arabia
Central Bank of ArgentinaBCRAArgentina
Central Bank of RussiaCBRRussia
Financial Market CommissionCMFChile
Financial Superintendence of ColombiaSFCColombia
Central Bank of EcuadorBCEEcuador
Central Bank of ParaguayBCPParaguay
Central Bank of UruguayBCUUruguay
Securities and Exchange Board of IndiaSEBIIndia
Securities and Exchange CommissionSEC-THThailand
Securities and Exchange Commission of Brazil (Comissão de Valores Mobiliários)CVMBrazil
Securities and Exchange Commission PhilippinesSEC-PHPhilippines
Financial Services Authority of Indonesia (Otoritas Jasa Keuangan)OJKIndonesia

Tier 4 regulators

Tier-4 Jurisdictions (Low Trust Level Regulator)AbbreviationCountry
Mauritius' Financial Services Commission
FSC-MMauritius
Financial Services AuthorityFSASeychelles
Financial Services Commission JamaicaFSC-JMJamaica
Securities and Exchange Commission of PakistanSECPPakistan
Financial Regulatory AuthorityASFIBolivia
Bank of BotswanaBOBBotswana
Superintendencia De BancaSBSPeru
Central Bank of GuatemalaBANGUATGuatemala
Central Bank of Honduras (Banco Central de Honduras)BCHHonduras

 

Tier 5 regulators

Tier-5 Jurisdictions (No Trust Level Regulator)AbbreviationCountry
Anguilla Financial Services CommissionAFSCAnguilla
Financial Services Regulatory CommissionFSRCAntigua and Barbuda
Aruba Financial Services CommissionAFSCAruba
Financial Service UnitFSUCommonwealth of Dominica
Grenada Authority for the Regulation of Financial InstitutionsGARFINGrenada
Central Bank of HaitiBRHHaiti
Global Financial Services AuthorityGLOFSAMarshall Islands
Securities and Exchange Commission of MyanmarSECMMyanmar
Superintendency of the Securities Market of the Republic of PanamáSMVPanama
Financial Services Regulatory AuthorityFSRASaint Lucia
Central Bank of SurinameCBVSSuriname
Central Bank of SyriaCBSSyria
Central Bank of TurkmenistanCBTTurkmenistan
Turks and Caicos Islands Financial Services CommissionTCIFSCTurks and Caicos Islands
Central Bank of VenezuelaBCVVenezuela
Central Bank of Trinidad and TobagoCBTTTrinidad and Tobago
Financial Services AuthoritySVGFSASaint Vincent & The Grenadines
Financial Services Regulatory CommissionNEVISFSRCNevis
Central Bank of ArmeniaCBAArmenia
Dutch Authority for the Financial MarketsAFMBES Islands
Securities and Exchange Regulator of CambodiaSERCCambodia
The Superintendent of SecuritiesSUGEVALCosta Rica
Superintendent of BanksSBDominican Republic
Banco Central de Reserva de El SalvadorBCREl Salvador
The National Bank of GeorgiaNBGGeorgia
Bank of NicaraguaBONNicaragua
Securities Commission of Papua New GuineaSCPNGPapa New Guinea
National Securities and Stock Market CommissionNSSMCUkraine
The Central Bank of the Republic of UzbekistanCBUUzbekistan
State Bank of VietnamSBVVietnam
Guyana Securities CouncilGSCGuyana
Centrale Bank of Curaçao & Sint MaartenCBCSCuraçao and Sint Maarten

Forex Trading Platforms

Our trading platform scores are aligned with the popularity of the major forex platforms. MT4 is still the most popular trading platform, particularly for automated trading. MT5 is gaining traction with its inclination towards multi-asset traders, while cTrader and TradingView are still relatively new. Mobile trading apps and social or copy trading are becoming more popular, so they are assigned a 10% weight. We also believe it’s important for brokers to offer a free, non-expiring demo account so that brokers can thoroughly test their strategies before they commit financial resources. We also like to see brokers without limitations regarding automation and scalping.

MetaTrader 4MetaTrader 5cTraderTradingViewFree Demo AccountDemo Account ExpirySocial/Copy TradingAutomation/ScalpingProprietry PlatformMobile Trading App
Weighting15%15%10%10%10%5%10%10%5%10%

Forex Broker Customer Service

Our customer service scores focus on the channels used to deliver that service. Traders work differently, so brokers who offer live chat, email, and social media score well. We also consider the knowledge levels of the customer service teams and the quality of the broker’s self-help available as a knowledge base or FAQ. Multi-lingual customer service is considered, as are the hours of support, providing a dedicated account manager and the overall website experience.

We have also tracked the number of awards brokers have won at Investment Trends since 2020.

Live ChatCS KnowledgeFAQ / Knowledge BaseMetatrader GuidesEmail, Social MediaSupport HoursInvestment Trends AwardsCS LanguagesAccount ManagerWebsite Experience
Weighting15%15%15%5%10%10%5%5%10%10%

Range of Markets

As a site focused on forex, our range of markets scores naturally favours brokers with many forex pairs available for trading. Many brokers are CFD specialists and offer CFDs on shares, cryptocurrencies, commodities, indices, bonds, and other products (e.g. options). We award brokers positive scores for providing each of these product types, spread betting (used mainly in the United Kingdom) and trading in actual shares (as opposed to CFDs on shares).

ForexShare CFDsCrypto CFDSCommoditiesETFsIndicesBonds / TreasuriesSpread BettingOther ProductsShares
Weighting25%15%10%10%5%10%5%10%5%5%

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Forex Broker Education

Our scoring methodology for education resources concentrates on two dimensions – the experience level of the trader and the channels used to deliver training. We give a high weight to help for beginners, a medium weight to intermediate education and a lower rating for expert resources. Articles, blogs, webinars, eBooks and Youtube are considered delivery channels. We also like to see an in-house analyst at a broker, providing commentary and analysis of market trends, and we always find an excellent glossary helpful .

Beginner ResourcesIntermediate ResourcesExpert ResourcesMarket Research, AnalysisIn-house AnalystArticles, blogsWebinarseBooksGlossaryYoutube
Weighting15%10%5%10%10%10%15%15%5%5%

Forex Broker Funding Methods

To provide a score on funding (i.e., making deposits), our methodology considers the breadth of available base currencies as the most critical factor. We then award brokers scores based on the funding methods available (credit card, bank transfer, etc.). We review banking trends to align our weightings with the most popular funding methods.

Base CurrenciesVisa / MastercardWire TransferPaypalNetellerSkrillRapid Pay EUR/GBPPOLi / bPay AU/NZAmexKlarnaUnion Pay
Weighting20%15%15%15%10%5%5%5%3%2%5%
About the author:

Justin Grossbard

Having traded since 1998, Justin is the CEO and Co-Founded CompareForexBrokers in 2004. Justin has published over 100 finance articles from Forbes, Kiplinger to Finance Magnates. He has a Masters and Commerce degree and has an active role in the fintech community. He has also published a book in 2023 on on investing and trading.

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brokers compared

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Methodology Areas

  • Execution Speeds
  • VPS Speeds
  • Standard Account Spreads
  • Raw Account Spreads
  • Account Opening
  • Commission Fees
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