How we review brokers

Last updated: 14 October 2026

A broker profile on this site is a fact sheet with a written explanation, not a verdict. Its job is to help you check a broker for yourself. This page explains where the facts come from, what we leave out on purpose, and how to tell us when something is wrong.

Facts only

Every profile is built from facts you could check yourself: licence numbers, company names, published fees, account terms and the broker's own legal documents. Where a figure varies, such as a spread, we say it is typical and give the source. We do not repeat marketing claims we cannot check.

Every licence is checked on the regulator's register

A broker saying it is regulated proves nothing. For each licence on a profile, we look up the entry on the regulator's own public register and check three things: the licence number, the company name, and that the licence covers the activity the broker offers. Where the regulator's register has a direct link, we put it on the profile so you can check it too.

We also show a plain label for the strongest licence the brand holds: strictly regulated, regulated or offshore registration only. That label describes the regulator, not the broker. It is not a score. Our guide to forex broker regulation explains the difference.

We name the company you actually contract with

Many brokers trade under one brand but sign clients up through different companies in different countries. The protection you get depends on that company and its regulator, not on the brand. Each profile lists which company serves which clients, for example "UK residents" or "clients outside the EU". Always check which one appears on your own account agreement.

How we work out costs

To compare accounts on equal terms, we turn every account into one number: the cost of a round turn (opening and closing) of one standard lot on EUR/USD in busy hours.

On EUR/USD, one pip on a standard lot of 100,000 euros is worth $10. So the cost is the typical spread in pips × $10, plus any commission for the round turn.

• An account with a 1.2-pip typical spread and no commission costs 1.2 × $10 = $12 per lot.
• A raw-spread account with a 0.2-pip typical spread and $7 commission costs 0.2 × $10 + $7 = $9 per lot.

These are illustrative figures. Real costs also include swap if you hold overnight, and slippage. Our guide to forex trading costs covers them all.

What every profile covers

We fill in the same checklist for every broker, so you can compare like with like.

1. Regulation and entitiesEvery licence, the regulator that issued it, its number and a link to the public register entry. For each region, the company you would actually contract with.
2. Client protectionWhether client money is held in segregated accounts, whether negative balance protection applies, and any compensation scheme that covers you.
3. Accounts and costsEach account type, its minimum deposit, typical EUR/USD spread and commission, worked out as a cost per standard lot.
4. LeverageThe maximum retail leverage, the caps by asset class, and the margin call and stop-out levels.
5. PlatformsWhich trading platforms are offered, and features such as demo accounts, swap-free accounts and guaranteed stops.
6. Deposits, withdrawals and feesPayment methods, withdrawal fees and inactivity fees, so you know what it costs to get your money out.
7. Official domains and clone warningsThe genuine website addresses, and any look-alike domains we have seen using the broker’s name.
8. Account openingThe steps to open an account as we checked them, including the identity checks you should expect.
9. Change logA dated record of every fact we changed, newest first, plus the date we last checked the whole profile.

You can see these facts side by side on the compare brokers page, or browse every broker profile.

Dates and the change log

Each profile shows a last checked date. That is the day we last went through the whole checklist, including the register entries. Whenever a fact changes, we update it, move the date and add a dated line to the profile's change log saying what changed. If a profile has not been checked for a while, treat its details with more caution and check them with the broker.

Why there are no scores, rankings or star ratings

A score turns many facts into one number, and the weighting behind that number is a matter of opinion. A broker that suits a scalper trading large size may be a poor fit for someone learning with a small account. A single number would hide that, and it would invite you to trust our weighting instead of checking what matters to you.

Scores and rankings also create a conflict of interest on a site paid by commissions. We avoid it by not publishing them. You will not find "best broker" lists, star ratings or "top 10" tables here.

Commercial relationships are kept separate

Some brokers pay us a commission when a reader opens an account through our link. That never changes the facts on a profile, never removes a fact the broker would rather we left out, and does not change the order brokers appear in. A profile says clearly when we have a commercial relationship with that broker. Affiliate links only appear in labelled "Sponsored" placements. The advertising disclosure lists every place they appear.

Check a broker yourself

If a broker is not on our list, or you want to check one before sending money, our step-by-step check a broker guide shows you how to find it on a register, spot a clone and read the account terms.

Report an error

If a fact on a profile is wrong or out of date, please tell us. The quickest way to get it fixed is to send a link to the source, such as the register entry or the broker's own fee page. We check every report, correct the profile if it is wrong, and record the change in its change log. Details are on our contact page.