Forex & CFD Broker Reviews: Evaluation Process, Key Criteria, Brokers Lists, and More

We’ve dedicated extensive time and resources to refining and optimizing our forex and CFD broker review and scoring system. Our methodology is designed to provide a clear, precise, and fair quantitative assessment, helping traders make informed decisions about which brokers are best suited to their needs.

Our scores are meant to be a helpful guide, allowing you to quickly identify brokers that meet your criteria for safety, fees, customer service, and trading experience. Below, we’ll break down exactly how we test and score forex and CFD brokers.

Table of Contents

• Scoring Factors
• Understanding Our Scores
• Scoring Methodology
• Regulation & Safety
• Trading Fees & Costs
• Trading Platforms & Tools
• Customer Service & Support
• Leverage & Margin
• Execution Speed & Slippage
• Account Types & Flexibility
• Errors & Corrections

Scoring Factors

Our overall broker rating is derived from a weighted average of key scoring factors, each reflecting the most important aspects of trading with a forex or CFD broker. Each factor is assigned a weight based on its importance, and the final score is calculated accordingly. Our individual scores are rounded to one decimal place, while the overall broker score is rounded to two decimal places.

Performance Testing Factors
Each of the following factors is evaluated through rigorous testing and assessment, ensuring that all aspects of a broker’s offering are accurately reflected in the final score.

• Regulation & Safety: A critical factor for protecting client funds and ensuring fair market practices.
• Trading Fees & Costs: This includes spreads, commissions, and hidden costs that could impact your profitability.
• Trading Platforms & Tools: We evaluate the user experience, reliability, and features of the platforms offered.
• Customer Service & Support: Prompt and helpful customer support can make all the difference when issues arise.
• Leverage & Margin: The amount of leverage offered and margin requirements are important for risk management.
• Execution Speed & Slippage: We test how quickly orders are executed and the impact of slippage.
• Account Types & Flexibility: We review the range of accounts offered, their features, and flexibility for different trading styles.

Non-Scoring Factors
In addition to the scoring factors, we also analyze aspects such as withdrawal processes, platform stability, and educational resources. Though these are not scoring factors, they contribute to the overall user experience and provide additional context for our reviews.

Understanding Our Scores

We use a 1-10 point grading scale for each individual factor. Higher scores indicate better performance in that area. Here’s a breakdown of our scoring scale:

• 9.0 – 9.9: Excellent Performance
• 8.0 – 8.9: Good Performance
• 7.0 – 7.9: Mediocre Performance
• 6.0 – 6.9: Below Standard
• 5.0 – 5.9: Poor Performance
• 4.0 – 4.9: Terrible Performance

A trader can confidently trade with a broker with a score of 8.00 or above. Scores below 5.0 indicate significant deficiencies in the broker’s offering, which may warrant caution.

Scoring Methodology

Our review process is continuously evolving to ensure that we provide the most accurate and helpful recommendations. We may update our scoring methodology to reflect changes in the industry or new insights from our testing. When scoring updates occur, we also update the affected broker reviews. You’ll always find the current methodology for each broker at the top of their review page.

Change Log – Methodology Updates

• Version 1.1 – [01/01/2025]
• Version 1.0 – [01/01/2024]

Regulation & Safety

The regulation of a forex or CFD broker is one of the most important factors in our review process. Brokers that are regulated by respected authorities, such as the FCA (UK), ASIC (Australia), or CySEC (Cyprus), are required to adhere to strict safety protocols. These include the segregation of client funds, regular audits, and adherence to transparency standards.

We assess the level of regulation a broker holds and the regulatory jurisdiction in which they operate. Brokers that adhere to high regulatory standards receive a higher score for safety.

Trading Fees & Costs

We assess the various costs involved in trading with a broker. This includes spread (the difference between the buy and sell price), commissions, and any hidden fees that may impact your overall cost of trading. We provide a breakdown of these costs across different account types and the impact they can have on profitability.

Trading Platforms & Tools

The trading platform is the primary tool for executing trades. We evaluate the broker’s platform for user-friendliness, reliability, feature sets, and support for advanced tools such as automated trading, charting, and risk management features.

We also look at the broker’s commitment to platform stability, ensuring that the platform can handle high volumes of trades and provide fast execution during high volatility.

Customer Service & Support

Customer service quality is essential for resolving issues and ensuring smooth operations. We evaluate the broker’s support channels, response times, and the helpfulness of their team. We test their support via various methods, including live chat, email, and phone. Brokers with round-the-clock support and fast response times are rated higher.

Leverage & Margin

Leverage allows traders to control larger positions with a smaller amount of capital. We assess the leverage options available and how they align with market regulations. We also look at margin requirements to ensure that traders can effectively manage risk.

Execution Speed & Slippage

Execution speed refers to how quickly orders are filled after placing them. Slippage happens when an order is executed at a price different from the requested price. We conduct tests to measure the speed of execution and the extent of slippage across different market conditions.

Account Types & Flexibility

Brokers that offer a variety of account types suited to different trading styles (e.g., scalping, day trading, swing trading) are rated higher. Flexibility in deposit methods, withdrawal processes, and account customization options also contribute to a higher score.

Errors & Corrections

We strive for accuracy in our reviews, but we continuously monitor brokers for any changes to their services or performance. If any errors are found or if a broker undergoes significant changes to their offerings, we update our reviews to reflect the most current information.

This methodology ensures that you have the most up-to-date and comprehensive information when choosing a forex or CFD broker.

A list of Top Brokers that We Reviewed on Brokersway