How We Test and Rate Brokers
Transparent, data-driven, tested with real money. Every score on The Broker Report is earned — never paid for.
Our Testing Process
Every broker review follows the same rigorous 8-step process. No shortcuts, no desk research — we test everything ourselves.
Account Opening
We open real accounts with our own money at every broker we review. We go through the full registration process — identity verification, document uploads, and compliance checks — so we can report exactly what new users will experience.
Deposit
We deposit at least $500 to test the funding process end-to-end. We try multiple payment methods — bank transfer, credit card, e-wallets — and record processing times, fees, and any minimum requirements.
Live Trading
We execute 20+ trades across different instruments — forex majors, minors, CFDs, commodities — during various market sessions. We measure execution speed, slippage, requotes, and whether the spreads match what the broker advertises.
Platform Testing
We test every available platform: web trader, desktop app, and mobile (iOS and Android). We evaluate charting tools, order types, interface responsiveness, and overall usability across all devices the broker supports.
Customer Support
We contact support at least 8 times through every available channel — live chat, email, phone — at different hours including weekends. We ask technical questions, track response times, and evaluate the quality of answers we receive.
Withdrawal
We withdraw funds to test the full cycle. We record processing time from request to receipt, check for hidden fees, and verify the broker doesn't create unnecessary obstacles. This is where many brokers fail our tests.
Research & Verification
We verify every regulatory claim against official databases — FCA Register, ASIC Connect, CySEC lists. We cross-reference company details, check for disciplinary actions, and confirm fund protection and compensation schemes.
Scoring
After collecting all data, we apply our weighted scoring model across 8 categories. Each category has defined criteria and benchmarks. The final score is a weighted average that reflects what actually matters to traders.
Scoring Categories
Not all factors are equal. Trading costs and regulation matter more than education — and our weights reflect that.
How we calculate the overall score: The final score is a weighted average across all 8 categories. A broker scoring 9/10 on Regulation (22% weight) contributes 1.98 points. A 9/10 on Education (5% weight) contributes only 0.45. This ensures the score reflects what actually impacts your trading experience and safety.
50+ Data Points Per Broker
We collect and verify over 50 individual data points for every broker we review. Here's what we track.
Fees
12 points- • EUR/USD spread
- • GBP/USD spread
- • Commission per lot
- • Swap long
- • Swap short
- • Inactivity fee
- • Withdrawal fee
- • Deposit fee
- • Conversion fee
- • Overnight fee
- • Minimum trade size
- • Typical slippage
Regulation
8 points- • Primary license
- • Secondary licenses
- • Tier classification
- • Segregated accounts
- • Compensation scheme
- • Negative balance protection
- • Regulatory history
- • Public company
Platforms
10 points- • Web trading
- • Desktop app
- • Mobile app (iOS)
- • Mobile app (Android)
- • MT4 support
- • MT5 support
- • cTrader support
- • Proprietary platform
- • Charting tools
- • Execution speed
Account & Support
10 points- • Account types
- • Demo account
- • Islamic account
- • Minimum deposit
- • Leverage options
- • Live chat hours
- • Phone support
- • Email response time
- • Languages supported
- • Knowledge base quality
Products & Education
12 points- • Forex pairs count
- • Stock CFDs
- • Index CFDs
- • Commodity CFDs
- • Crypto assets
- • ETFs
- • Video tutorials
- • Webinars
- • Trading guides
- • Market analysis
- • Economic calendar
- • Research tools
Knockout Criteria
Before we even start scoring, a broker must meet these non-negotiable requirements. Fail any one and we won't review them.
At least one Tier 1 or Tier 2 regulatory license
Minimum 2 years of operating history
No unresolved regulatory actions or sanctions
Functional withdrawal process (verified with real money)
Working customer support across multiple channels
How We Stay Independent
Trust is the foundation of everything we do. Here's how we protect it.
Affiliate Revenue
We earn commissions when you open an account through our links. This is how we fund our testing — but it never influences our scores or rankings.
No Pay-for-Play
Brokers cannot pay for higher ratings, better placement, or favorable reviews. Our scores come from data and testing — nothing else.
Separate Teams
Our editorial team operates independently from the business team. The people who write reviews have no knowledge of commercial relationships.
Regular Updates
We update reviews multiple times per year with fresh data. Brokers can improve or decline — our scores always reflect the current reality.
Update Frequency
A review is only useful if it's up to date. Here's how often we check and update our data.
How We Compare
Most broker review sites rely on desk research and outdated info. We do things differently.
| The Broker Report | Industry Average | |
|---|---|---|
| Data points per broker | 50+ | 15–20 |
| Testing method | Real money | Mostly desk research |
| Update frequency | Monthly+ | Annual |
| Independence | Fully independent | Often pay-for-play |
Live Score Example — XM
Here's exactly how we calculate XM's overall score of 8.5/10. Every number comes from real testing data — nothing is made up.
| Category | Score (0–10) | Weight | Contribution |
|---|---|---|---|
| 🛡️ Regulation & Safety | 9.0 | 22% | 1.98 |
| 💰 Trading Costs | 8.0 | 22% | 1.76 |
| 🖥️ Platforms & Tools | 8.5 | 15% | 1.28 |
| 🏦 Deposit & Withdrawal | 8.5 | 13% | 1.11 |
| 💬 Customer Service | 8.0 | 8% | 0.64 |
| 📊 Product Range | 8.0 | 8% | 0.64 |
| 📝 Account Opening | 8.5 | 7% | 0.60 |
| 🎓 Education | 9.5 | 5% | 0.48 |
| Overall Score | 8.49 → 8.5/10 | ||
How to read this: XM scores 9.0 for Regulation — multiplied by its 22% weight, that contributes 1.98 points. Education scores highest at 9.5, but its 5% weight means it only adds 0.48. The sum of all weighted contributions gives the final score of 8.5/10.
Our Sources
We don't take brokers' word for it. Every regulatory claim is verified against official government databases.
Methodology FAQ
Straight answers to the questions we get asked most about our review process.
Can brokers pay for higher scores?
How often do you update reviews?
Do you use real money for testing?
What if a broker's score changes?
How do you handle affiliate relationships?
Can users report inaccuracies?
How many people test each broker?
Methodology Changelog
Our methodology evolves. Here's what changed and when.
Major Methodology Overhaul
Expanded to 50+ data points across 8 categories. Added tier-based regulatory classification. Redesigned scoring weights — Regulation and Trading Costs now equally weighted at 22%. Added knockout criteria, live scoring examples, and regulatory source verification.
Initial Methodology
Launched with 8 scoring categories, 30 data points, and weighted scoring model. Established 8-step testing process with real-money verification.
Ready to Find the Right Broker?
Now that you know how we test, explore our reviews and find the broker that fits your trading style.