How We Test Brokers:
Demo Account Methodology
Every broker review on The Broker Report starts with hands-on testing. We open real accounts, fund them with real money, and run every broker through our standardized 20-point checklist. No shortcuts.
Why Demo Testing Matters
Reading a broker's marketing page tells you what they want you to believe. Opening a demo account — and a real one — tells you what actually happens when you click "Buy."
We don't rely on press releases, affiliate manager briefings, or secondhand information. For every broker we review, our team opens both a demo account and a live account. The demo account lets us evaluate platform features, chart tools, and order types without financial risk. The live account is where we test what really matters: execution speed, spread accuracy, slippage, and withdrawal reliability.
This dual approach catches things that demo-only testing misses. Some brokers run demo accounts on different servers with better execution. Some show tighter spreads on demo than live. We check for these discrepancies because they directly affect your trading results.
Our 20-Point Testing Checklist
Every broker goes through the same standardized process. This isn't a casual "we poked around for 20 minutes" review — it's a structured evaluation that typically takes 5–7 days per broker to complete properly.
Account Creation Speed
We time the full registration flow from landing page to confirmed account. Some brokers get you trading in under 2 minutes; others make you fill out 15 screens of paperwork. We note every step, every redirect, every unnecessary field.
Verification Requirements
What documents do they actually need? How fast is approval? We test both automated (AI-based) and manual verification processes. A broker that verifies you in 30 minutes scores differently than one that takes 3 business days.
Platform Download & Installation
We install every available platform — MT4, MT5, cTrader, proprietary. We measure download sizes, installation time, and whether the setup process is smooth or riddled with confusing options.
Mobile App Availability
We download and test the mobile app on both iOS and Android. Feature parity with desktop matters. A broker that offers full charting and one-click trading on mobile scores higher than one with a stripped-down app.
Chart Types & Timeframes
We count every chart type (candlestick, bar, line, Heikin-Ashi, Renko, etc.) and every available timeframe from M1 to Monthly. More options mean more flexibility for different trading styles.
Available Indicators
We count and categorize every built-in technical indicator. Beyond the count, we check for custom indicator support, drawing tools, and whether the indicator library matches what serious technical traders need.
Order Types Available
Market, limit, stop, trailing stop, OCO, bracket orders — we test every order type the platform claims to support. We also verify partial fills, order modification, and cancellation work correctly.
Execution Speed (Market Orders)
We place 20 market orders during London and New York sessions, measuring fill time from click to confirmation. Sub-100ms is excellent. Over 500ms raises questions. We record every fill.
Spread During Major Sessions
We screenshot spreads on EUR/USD, GBP/USD, and USD/JPY every 30 minutes during London and New York overlap (13:00–17:00 UTC). The average tells us what you will actually pay, not what the marketing page claims.
Spread During News Events
We specifically monitor spreads during NFP, CPI releases, and central bank decisions. Spreads that blow out to 15 pips on EUR/USD during NFP tell a very different story than the "0.0 pips" on the homepage.
Slippage Testing (10 Trades)
We place 10 market orders during volatile conditions and compare the requested price to the filled price. Positive slippage (better price) and negative slippage (worse price) are both recorded and averaged.
Swap Rates Accuracy
We compare the broker's published swap rates against what's actually charged on overnight positions. Discrepancies between published and actual rates are noted — and they happen more often than you would think.
Customer Support Response Time (Chat)
We contact live chat at three different times: during business hours, evening, and weekend. We time the response and note whether we get a real human or a bot. Quality of the answer matters as much as speed.
Customer Support Response Time (Email)
We send a detailed technical question via email and measure the response time. We also evaluate whether the answer actually addresses our question or is a generic copy-paste from the FAQ.
Customer Support Knowledge Quality
We ask specific, technical questions about margin calculations, swap rates, and platform features. Support agents who can explain a margin call calculation score higher than those who redirect you to a help page.
Deposit Methods Available
We document every deposit method: bank wire, credit card, e-wallets (Skrill, Neteller), crypto, local payment methods. Processing time and fees for each method are recorded.
Withdrawal Speed Test
We make an actual withdrawal and time it from request to funds received. We test the most common method (usually bank wire or e-wallet). Any unexpected fees or delays are documented.
Platform Stability (24h Test)
We leave the platform running for 24 hours straight, monitoring for disconnections, freezes, or data feed issues. A platform that drops connection during Asian session isn't suitable for swing traders.
Educational Resources Quality
We review the broker's educational content: webinars, articles, video tutorials, glossary, trading guides. We rate depth, accuracy, and whether the content is genuinely useful or just marketing fluff.
Overall UX Score
A holistic score covering navigation, design consistency, onboarding flow, settings accessibility, and general intuitiveness. Can a new trader figure out how to place a trade within 60 seconds? That matters.
What Happens After Testing
Once we complete all 20 checks, the data goes into our scoring model. Each category feeds into a weighted score (you can read more about our full scoring methodology). Two team members independently verify the results before publication.
We re-test brokers every 6–12 months, or sooner if they announce major changes to spreads, platforms, or regulation. Reviews include a "Last Tested" date so you always know how fresh our data is.
Demo vs. Live: What We've Learned
After testing over 50 brokers, here's what we consistently find:
- Execution speed is 10–30% slower on live accounts compared to demo for most brokers
- Spreads on demo accounts are typically 0.1–0.3 pips tighter than live, especially during off-peak hours
- Slippage almost never occurs on demo accounts but is a regular occurrence on live accounts during news events
- Platform stability is generally consistent between demo and live — this is one area where demo testing is reliable
This is exactly why we test both. A broker that looks flawless on demo but underperforms on live gets a score that reflects the live experience — because that's what you'll actually trade on.
Transparency First
We publish this methodology because we believe you should know exactly how broker reviews are produced. If a review site can't explain their testing process, you should question their conclusions.
Got questions about our process? Found something we missed? Reach out — we take feedback seriously.
Download Our Full Testing Checklist
Get the complete 20-point broker testing checklist as a PDF. Use it to evaluate any broker yourself — the same framework our review team uses.
Download Testing Checklist (PDF)Free download — no email required
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