How We Test
Forex Brokers
Every ForexRater broker score is built on independently collected data across 300+ verified criteria. No paid placements. No sponsored rankings. Pure data.
Our Mission
ForexRater was built on a single principle: traders deserve honest, independent, data-driven broker analysis. Every review on this site is based on verified data collected by our editorial team — not promotional content paid for by brokers.
We earn revenue through affiliate commissions when traders open accounts through our links. This commercial relationship is disclosed on every page. It does not influence our scores, rankings, or editorial conclusions — a broker with no affiliate relationship with us can rank #1 if the data supports it.
Our testing process is repeated in full every Q1. Individual data points — particularly spreads, fees, and regulatory status — are monitored and updated continuously throughout the year.
The Scoring System
Each broker receives a score from 0.0 to 5.0 across seven weighted categories. The final score is a weighted average of all category scores. Below is the weighting structure:
What We Test In Each Category
Click any category to expand the full list of criteria we evaluate within it.
Trust Score — Regulation Rating
We independently research and classify every regulator that oversees our reviewed brokers. Regulators are sorted into five tiers based on the strength of client protections, capital requirements, enforcement record, and fund segregation rules.
FCA (UK), ASIC (Australia), CFTC/NFA (USA), MAS (Singapore), JFSA (Japan)
Stringent capital requirements, mandatory fund segregation, negative balance protection, active enforcement
CySEC (EU/Cyprus), FSCA (South Africa), CIRO (Canada), DFSA (Dubai)
Robust regulations, investor compensation funds, decent enforcement
VFSC (Vanuatu), FSC (Mauritius), SFSA (Seychelles)
Basic licensing requirements, limited enforcement capability
Offshore entities with minimal regulation
Minimal client protections, often no fund segregation requirement
No regulatory oversight
No regulatory protections. We do not recommend unregulated brokers.
How We Test Spreads
Spread data is collected by our team using live funded accounts at each broker. We record spreads at multiple times of day across three distinct market sessions:
Spread samples are collected across a minimum of 10 consecutive trading days per broker, per session. We publish the average spread, not a single snapshot. Broker-provided spread claims are cross-referenced against our independently collected data.
Editorial Independence
ForexRater earns revenue through affiliate partnerships with brokers. When a trader opens an account through a link on our site, we may earn a commission. This is disclosed on every page where affiliate links appear.
Our commercial relationships do not influence our editorial scores, category rankings, award decisions, or written conclusions. A broker with no affiliate arrangement with us will receive the same objective score as a broker with whom we have a commercial relationship — the score is determined by data, not by commercial agreements.
How Often We Update
Regulatory licence status, broker warnings, account minimums, platform availability, known service disruptions
Spread averages, commission structures, overnight swap rates, deposit/withdrawal processing times
Full broker re-evaluation across all 300+ data points, award category reassessment, score recalibration
Major product launches, regulatory changes, merger/acquisition announcements, platform overhauls
Ready to find your broker?
Use our independent broker scores to find the right match for your trading style and jurisdiction.
View All Broker Reviews →