How We Test

Since 2016, our mission at ForexBrokers.com has been to provide in-depth, unbiased reviews of online forex brokers.

As the forex world evolves, so do we; our proprietary testing methodologies and algorithms are constantly being refined, and we fact-check and audit data for our guides, reviews, and articles dynamically to ensure that our readers are getting the best, most up-to-date information. Our team collects data, tests products, and conducts research on an ongoing basis.

Your trust in us, as well as the trust we have earned from the industry as a whole, is of the utmost importance to our mission and our charter as a Certified B Corporation. Our editorial principles have earned the trust of millions of readers; our data-driven forex broker reviews and in-depth forex trading guides have been visited by over eight million forex traders.

Broker Evaluations and Testing Methodologies

Broker evaluations are based on our collected quantitative data as well as the qualitative observations and qualified opinions of our expert researchers.

Our evaluation process begins with a comprehensive analysis and assessment of the broker’s products and services. We examine any and all aspects of the broker’s offering that may be of interest to the broker’s customers. This includes a deep dive into all websites operated by the broker, all available content across a variety of mediums, and rigorous testing of the broker’s proprietary tools and/or software.

After we’ve completed our testing of the broker’s products, services, and tools (collecting and validating thousands of data points in the process), our expert researchers and writers begin the process of calibrating opinion scores. Opinion scores are for those aspects of broker offerings that aren’t easily quantifiable (such as the relative complexity of a new mobile trading platform designed for beginner traders, for example).

Trust Score

Determining whether you can trust a broker with your money is one of the most important distinctions you need to make when choosing a broker. To help traders make informed, intuitive choices based on the level of trust between broker and trader, we developed our proprietary Trust Score rating system.

We’ve collected comprehensive data on dozens of brokers that span a wide range of regulatory environments, jurisidictions, and countries. Based on our extensive research, we’ve sorted regulatory agencies into five categories (Tier 1, Tier 2, Tier 3, Tier 4, and Tier 5), with Tier 1 indicating the most stringent regulatory environment (which is good) and Tier 5 indicating regulatory jurisdictions that offer little-to-no protections for traders.

Our proprietary algorithm combines our data collection on brokers with our exhaustive research on international regulators to produce an individual Trust Score for each broker. Trust Score is a ranking from 1 to 99 (the higher a broker’s Trust Score, the better).

Scoring Methodologies

Yes/No scoring

At ForexBrokers, all broker evaluations begin with a Yes/No assessment, which is based on over 130 proprietary variables that collectively inform our final ratings and rankings.

Points are awarded for each “Yes” answer that can be assigned to each of our variables (“No” answers result in zero points). The number of points awarded for each “Yes” answer varies, depending on the significance of the variable (not all variables are graded equally; some features are considered more important than others).

Then, the total number of points earned from those “Yes” answers is divided by the number of total points possible, which results in a final “Yes/No” score (or, the broker’s Variable Score).

Opinion scoring

Next, our team of expert researchers and writers craft and assign opinion scores for each category. Opinion scores range from 1 - 10, with one being the lowest score possible (very bad), and ten being the highest (very good). Half points are used, e.g. "9.5", so scoring isn't restricted to just whole numbers.

Our editorial team utilizes opinion scoring to better represent those important distinctions that can’t be quantified or summarized in a “Yes/No” answer. These separate scoring systems represent our efforts to include a wide range of observations in our broker evaluations; we strive to include quantitative data as well as qualitative analysis in our ratings and rankings.

Final Scoring

To determine a final percentage score for one of our scoring categories, the broker’s Variable Score and Opinion Score are independently weighted and then combined to produce a Final Score. Weightings vary by category, depending on the complexity of the category. This final score is then translated to a star rating:

Category score	Rating
95% - 100%	5 Stars
85% - 94.99%	4.5 Stars
75% - 84.99%	4 Stars
65% - 74.99%	3.5 Stars
55% - 64.99%	3 Stars
45% - 54.99%	2.5 Stars
35% - 44.99%	2 Stars
25% - 34.99%	1.5 Stars
15% - 24.99%	1 Stars
5% - 14.99%	0.5 Stars
0% - 4.99%	0 Stars

Trading Fees scoring

Scoring for our Trading Fees category utilizes a separate scoring rubric due to the inherent complexity of the category.

Next, multiple scenarios are assessed for different investor types on a monthly basis, incorporating any miscellaneous account fees, alongside any active trader or VIP rates. The goal is to determine a net, "all-in" cost per trade.

Finally, all data is analyzed to determine an overall score for Trading Fees.

Testing Categories

When reviewing forex brokers, we test a wide range of products and features across over 130 variables. Our eight primary categories are as follows: Trading Fees, Education, Mobile Trading Apps, Trading Platforms, Range of Investments, Research, Trust Score, and Overall.

The weightings of each category are as follows:

Review Category	Weighting
Trading Fees	11%
Education	11%
Mobile Trading Apps	16%
Trading Platforms	11%
Range of Investments	10%
Research	16%
Trust Score	25%

Annual Awards

Based on our hands-on testing and data collection, the ForexBrokers.com Annual Awards recognize online forex brokers who deliver exceptional trading experiences and push the industry forward.

Steven Hatzakis is the Global Director of Online Broker Research and Partner at ForexBrokers.com. An expert on the complexities of global forex trading and international regulatory agencies with decades of experience as a forex trader, Steven leads the research and testing efforts at ForexBrokers.com. He also serves as the lead writer for our online broker reviews, and is our final voice for decisions pertaining to rankings and opinion scoring for the Annual Awards.

Category Awards

Category Winners in the ForexBrokers.com Annual Awards are brokers that stand out as the best of the best in our carefully curated Awards Categories. Our Awards Categories have been refined over our ten-year history of Annual Awards and are designed to reflect the features, products, and services that matter most to investors and traders.

Click below to find a breakdown of the individual methodologies for our Category awards.

Overall

The Overall category winner is determined by our proprietary formula that calculates the sum of rankings from our other core categories, including Commissions & Fees, Offering of Investments, Platforms & Tools, Research, Mobile Trading Apps, Education, and Trust Score. Weightings across each category can change from year to year; you can find more information by checking out our how we test page.

Check out ForexBrokers.com's guide to the overall Best Forex Brokers.

Algo Trading

Rankings for the Algo Trading category are determined by the level of accommodation afforded to algorithmic traders. Factors considered include (but are not limited to) each broker's order execution policy, range of available orders, permitted trading strategies, commissions, spreads, and other factors considered important to high-frequency forex traders.

Check out ForexBrokers.com's guide to the Best Brokers for Algo Trading.

Beginners

Rankings for the Beginners category are determined by each broker's ability to cater to forex traders and investors that are new to the forex markets. The testing methodology for the Beginners category is similar to that of the Ease of Use category as well as the Education category. Factors considered include the overall educational experience, quality of materials designed specifically for beginner traders, level of complexity within trading platforms, and the ease of the overall user experience. When determining rankings for this category, we assess each broker's platform, website, educational materials, and client portal.

Check out ForexBrokers.com's guide to the Best Brokers for Beginners.

Copy Trading

When determining the rankings for the Social Copy Trading category, we consider the range of social copy trading platforms available (whether developed in-house or by a third-party provider) along with the scope and breadth of their related social offerings for traders. For example, some brokers may offer social copy trading on a standalone basis, segmented away from a trading platform, whereas others may integrate it directly within their platform. Beyond the basics, we look at the size of the trader community that can be copied, the length of history of related providers (other traders they wish to copy), and the range of performance statistics and tools available to traders. We also consider the level of control investors have for managing risk thresholds on their account (or on a per-strategy basis).

Check out ForexBrokers.com's guide to the Best Brokers for Copy Trading.

Crypto Trading

When determining the rankings for the Crypto Trading category, we look at which brokers offer the most comprehensive and extensive crypto trading offering. This may include crypto CFDs (where permissible), crypto securities and exchange-traded products (ETPs), structured instruments, exchange-traded funds (ETFs), and of course the underlying cryptocurrency assets. We also look at qualitative factors such as the range of trading options – for example, some brokers don’t permit crypto withdrawals, requiring you to sell assets in order to withdraw cash.

Check out ForexBrokers.com's guide to the Best Cryptocurrency Brokers.

Ease of Use

When determining rankings for the Ease of Use category, we recognize brokers that have been able to pack a rich variety of powerful tools and features into a simplified user experience. The brokers that rank highest in this category effectively balance a dense ecosystem of tools and complex features with a clean, intuitive user experience. Our overall approach to ranking brokers in the Ease of Use category is similar to our testing methodology for the Platforms & Tools category; we consider many of the same factors, but our decisions are heavily influenced by the overall user experience.

Check out ForexBrokers.com's guide to the Best Brokers for Ease of Use.

Education

Rankings for our Education category are determined based on the qualitative aspects of each broker's overall body of educational content. Factors considered include (but are not limited to) the variety and depth of offered materials and whether they are organized in a course, module, or academy structure. We also assess the overall level of detail and quality of provided content. We test and assess a variety of educational formats, including interactive courses, videos, written articles, and webinars. Other factors considered include community resources, FAQs, quizzes, and tests.

MetaTrader

When determining the rankings for the MetaTrader category, we first assess whether a broker offers both MetaTrader 4 (MT4) and MetaTrader (MT5). Then, we examine the availability of third-party tools such as plugins, add-ons, custom indicators, or other scripts that add value to the default platform experience. We also consider the range of account types offered and the number of markets available within each account and platform configuration. Given that MetaTrader was popularized for its automated trading capabilities, we also consider each broker's overall ability to cater to algorithmic trading.

Check out ForexBrokers.com's guide to the Best Brokers for MetaTrader.

Mobile Trading Apps

As modern mobile devices have evolved, the lines separating the functionality of mobile platforms and their desktop/web platform counterparts have become increasingly blurred. As such, our approach to ranking brokers in the Mobile Trading Apps category is similar to our testing methodology for the Platforms & Tools category. In addition to the basic features we look for on any desktop or web platform, we consider the overall layout and responsiveness of the broker's mobile app(s), ease of navigation, and the simplicity of placing trades and managing orders. We also consider the level of customization available within the app(s).

Check out ForexBrokers.com's guide to the Best Forex Trading Apps.

Professional Trading

The Professional Trading category is entirely qualitative and rankings are based on a range of factors considered important for professional traders. Factors considered include (but are not limited to) the range of markets available, support for algorithmic trading and complex order types, discounts for high-volume and active trading, and the availability of API connectivity and advanced and speciality trading platforms.

Check out ForexBrokers.com's guide to the Best Brokers for Professional Traders.

Range of Investments

When determining our rankings for the Range of Investments category, we consider the full range of available markets for each broker. We examine all asset classes and tradeable symbols across each broker’s trading platforms and account for connectivity to national and international exchanges across global markets. Beyond our quantitative data collection, we also consider qualitative factors such as the accessibility of symbols across account types, platforms, websites, and devices.

Check out ForexBrokers.com's guide to the Best Range of Investments for Forex Trading.

Research

When determining rankings for the Research category, we look at the quantity, quality, frequency, and depth of research materials. We assess a wide range of formats, including written articles, video recordings, podcasts, webinars, and other content designed to help traders assess technical and fundamental market opportunities. Factors considered can be as subtle as the level of organization within a broker's video playlist or as complex as the way a broker integrates trading signals within their trading platform.

Check out ForexBrokers.com's guide to the Best Brokers for Forex Research.

Trading Fees

Scoring for our Trading Fees category utilizes a different scoring rubric than our other categories due to the inherent complexity of the category.

First, multiple scenarios are assessed for placing trades. For example, the average reported and/or observed spread for the EUR/USD pair. Brokers are then awarded points depending on how expensive (or inexpensive) their average spreads (in this example) are, relative to their peers. Next, multiple scenarios are assessed for different investor types on a monthly basis, incorporating any miscellaneous account fees, alongside any active trader or VIP rates. The goal is to determine a net, "all-in" cost per trade. All data is analyzed to determine an overall score for the Trading Fees category.

Check out ForexBrokers.com's guide to the Best Low Spread Forex Brokers.

Trading Platforms

When determining the rankings for the Trading Platforms category, we test each broker's full trading platform suite. This includes all platform software (whether developed in-house or by a third-party provider) across desktop, web, and mobile devices. Beyond assessing basic features such as a platform's charting capabilities, the versatility of its watchlists, and trade ticket parameters, we consider qualitative factors such as the range and depth of available features, quality of tools, and the level of customization and platform configuration options.

Check out ForexBrokers.com's guide to the Best Forex Trading Platforms and Tools.

TradingView

When determining the rankings for the TradingView category, we first assess whether a broker offers trading integration with TradingView where you can link your account to trade on the TradingView platform. Then, we consider the range of investments and tradeable products available through the broker's TradingView offering. We also consider the broker's “Overall” ranking, as that ranking will indirectly reflect other categories such as its range of markets, trading costs, and other factors important to traders that use TradingView.

Check out ForexBrokers.com's guide to the Best Brokers for TradingView.

Trust Score

Our Trust Score algorithm is powered by our extensive research into each broker's regulatory licences across a range of global regulatory jurisdictions. Licenses and regulatory jurisdictions are categorized by Tier (Tier-1 is reserved for the most stringent regulators, and Tier-5 is for jurisdictions that may not offer any consumer protections whatsoever); learn more by checking out our Trust Score page. Beyond each broker's range of regulatory licenses, we also consider a range of secondary factors. These can include (but are not limited to) the number of years a company has been in business, whether the company is publicly listed, and whether it holds a banking license. Other factors include the existence of national compensation schemes and whether a broker offers indemnity issuance.

Check out ForexBrokers.com's guide to the Most Trusted Forex Brokers.

Category Award Methodologies

Industry Awards

Industry awards are determined based on the measurable, data-driven criteria that decide our Category rankings as well as the opinion scores of our editorial team. These unique awards are designed to showcase the very best in the industry.

Click below to find a breakdown of the individual Industry Awards methodologies.

#1 Interactive Educational Experience

This award goes beyond a straightforward evaluation of the standard educational resources or trading courses provided by most forex brokers. When judging this award, we look for innovations in the educational space and take into account the interactive nature of the overall educational experience offered. We consider factors such as the quality and layout of course materials, the availability of interactive tools like quizzes and assessments, and the overall impact and difficulty of the educational content.

#1 Desktop Platform

Brokers that offer a desktop platform, defined as a downloadable Windows-based or Mac-based trading platform, are considered for the #1 Desktop Platform award. This individual award is based in part on the results from our testing of 22 data-based variables within the Platforms & Tools category.

#1 Mobile App

Awarded to the broker with the best mobile app for retail traders, our research team evaluates the richness (and sophistication) of available features within the trading app. Also considered is the quality of the app’s design and how it impacts the overall user experience. A dozen individual variables are assessed for each mobile app as part of our testing within the Mobile Trading category.

#1 Web Platform

Brokers that offer a web trading platform, defined as a trading platform that runs through a web browser (such as Google Chrome or Microsoft Edge), are considered for the #1 Web Platform award. The winner of this award is determined in part by the results from our testing of dozens of data-based variables within our Trading Platforms category.

#1 Most Tradeable Symbols

When determining the winner for this Industry Award, we count each individual product as a trading symbol (i.e., TSLA is the ticker symbol for Tesla), and recognize the broker with the largest number of tradeable symbols across all available asset classes and underlying markets.

#1 Most Currency Pairs

This award recognizes the broker that offers the largest number of currency pairs. Our calculation includes cross-currency pairs, exotic pairs, and forex pairs that may be quoted in both directions (i.e. EUR/USD and USD/EUR count as two distinct pairs).

#1 Most CFDs

A contract for difference, or CFD, is a tradeable instrument that tracks the price of an underlying security or asset. CFDs are not available to traders in the U.S. but are otherwise offered by brokers around the world. Our award for #1 Most CFDs recognizes the international broker that offers the largest number of CFDs, worldwide.

#1 Most Cryptos

To choose the winner for our #1 Most Cryptos award, our team examines the full scope of a broker’s cryptocurrency offering, including whether crypto is offered through a third party or the broker offers an in-house solution. We consider additional features, such as whether the crypto is available as a CFD or the underlying asset, the ability to deposit and withdraw crypto with the broker, the availability of crypto wallets, and the ability to stake crypto and earn interest.

#1 Institutional Clients

For this award, we focus on the areas of importance to institutional – or, professional – traders, such as those trading independently for a living (e.g., day traders) or those working for a professional institution such as a hedge fund. We look at platform depth, customization, trading tools, portfolio management, and order management, including the availability of complex order types. Results are determined in part by the data collected for the 22 variables within our Platforms & Tools category.

#1 Forex Options

This award recognizes the depth of a broker’s offering of forex options. We determine the number and type of available forex options, and whether it’s possible to trade forex options on-exchange (i.e. exchange-traded options on a national stock or derivatives exchange) or off-exchange. We also consider the number and quality of tools available, such as options screeners and pre-defined options strategies.

#1 Banking Services

As a rapidly expanding area of brokerage services, banking features have grown in importance to forex traders who value ease of money transfer and the ability to keep their investing and banking under one roof. Our research team evaluates each broker’s offerings, such as cash management tools, debit and credit cards, traditional bank accounts, mobile deposits, no-fee banking, and branch accessibility.

#1 VIP Client Experience

Deciding factors when evaluating the best VIP Client Experience include any minimum deposit requirements, the availability (and quality) of associated perks, lifestyle benefits, entry to special events, and access to discounted trading costs (such as reduced commissions and/or spreads).

#1 Thematic Investing

Our #1 Thematic Investing award highlights the broker that makes it easiest for everyday investors to find and trade instruments based on specific trends. Our evaluation considers the range of thematic offerings, including ETFs and stock lists, as well as the effectiveness of screening tools designed to surface investments in popular themes such as electric vehicles, renewable energy, and artificial intelligence..

#1 Charting Technology

Many investors and forex traders demand access to robust charts for analyzing current and historical market prices. When deciding the winner of our award for #1 Charting Technology, our research team considers the number (and quality) of tools, indicators, and features that are available with the broker’s charting software.

#1 Risk Management Tool

When determining the winner of this award, we look at a range of specialized risk management tools. We look for the availability of features including (but not limited to) automated stop-loss reminders, guaranteed stop-loss orders, and specialized tools that help traders calculate risk-reward ratios in real time. We’ve also tested tools that provide risk-management analysis on a pre-trade or post-trade basis.

#1 AI Analysis Tool

Our #1 AI Analysis Tool award recognizes a combination of features, including the ability to synthesize complex market data into actionable insights for retail traders, along with how the tool is integrated in the platform experience. We test the tool’s ability to perform as new information updates, and its ability to accurately summarize disparate data points - such as economic events, news sentiment, and price action - into concise, plain-language reports, evaluating both the speed of generation and the relevance of the highlighted information.

#1 Futures Trading

This award recognizes the depth of a broker’s offering of forex futures. We determine the number and type of available currency contracts, and evaluate the breadth of access to major derivatives exchanges, including off-exchange or over-the-counter (OTC) offerings. We also consider the number and quality of tools available, such as depth-of-market (DOM) ladders, advanced charting, and trading tools, including data reporting and calendar events for managing contract rollovers..

#1 UK Forex Broker

Leveraging the same blend of proprietary rankings as our Overall category (including Range of Investments, Trading Fees, Trading Platforms, etc), this award recognizes the highest-ranked broker for British residents. The winner provides the definitive, FCA-regulated forex trading experience specifically for the UK market.

#1 US Forex Broker

Applying the comprehensive scoring formula from our Overall category, aggregating rankings across pillars like Trading Fees, Platforms, and Range of Investments, this award identifies the best forex broker for US residents. The winner delivers a secure, CFTC-and-NFA-regulated forex experience specifically tailored to US forex traders."

#1 Canada Forex Broker

This award highlights the best forex trading experience legally available to Canadians. Built on our comprehensive data collection across fees, tools, and mobile apps, this Award recognizes the best forex broker in Canada.

#1 MetaTrader Plug-In Provider

The MetaTrader software suite has long enjoyed a rich market of third-party plugins designed to enhance the default platform experience. When determining the winner of the #1 MetaTrader Plug-In Provider award, our team looks at the availability of custom widgets and/or indicators that provide traders with real-time information to complement their trading platform experience. We also examine calculators, tools, and programs that enhance technical and sentiment analysis.

#1 Sentiment Analysis Provider

Factors considered for the #1 Sentiment Analysis Provider award include (but are not limited to), the availability of specialized tools designed to help traders identify sentiment trends and changes in sentiment.

#1 Technical Analysis Provider

Factors considered for the #1 Technical Analysis Provider award include (but are not limited to) the availability and quality of specialized technical analysis tools, such as pattern recognition, heat maps, and technical indicators. We also examine the technical analysis content provided (or algo-generated) by in-house staff.

#1 Fundamental Analysis Provider

When choosing a winner for the #1 Fundamental Analysis Provider award, we examine a range of specialized third-party tools designed to help traders filter out the noise from the myriad news headlines and economic calendar events that affect financial markets. Some tools track keywords and tags across assets to perform complex calculations, while others offer research reports and comprehensive fundamental analysis content.

#1 Trading Signals Technology Provider

Factors considered for the #1 Trading Signals Technology Provider award include (but are not limited to) the number of qualitative parameters used to assess and categorize signals (i.e. probability, strength, and patterns). We also consider the user experience along with conveniences such as the ability to automatically copy a signal into a new order window..

#1 Crypto Wallet Provider

This award identifies the best wallet for self-custody, based on security, transparency, and reliability, from the perspective of industry reputation, as we do not conduct actual security testing but rely on third-party reports provided by the Crypto wallet Provider, where available. We heavily weigh factors such as the ability to pair internet-connected 'hot' wallets with hardware devices, a key feature that transforms them into secure cold storage and ensures maximum protection for your crypto.

Industry Award Methodologies