Our Methodology: How We Review & Score Forex Brokers

Section 01

Overall Score Categories

Each broker receives one composite score out of 100, built from ten weighted parameters, then shown on its page as a star rating. The bands below are fixed and applied the same way to every broker, so a grade means the same thing across the whole site.

85–1004.3–5.0 ★

Excellent

Strong regulation, fair costs and a proven record. A safe starting point for most traders — though you should still do your own checks.

70–843.5–4.2 ★

Very Good

A solid choice with a couple of things to keep an eye on. Read the full review before you commit.

55–692.8–3.4 ★

Good

Workable, but with real trade-offs. Make sure its weak spots don’t clash with what matters to your style of trading.

Below 55Under 2.8 ★

Fair

There are real concerns here. If you use it at all, go in carefully, keep your size small, and know exactly what the risks are.

How Scores Become Stars

Star rating = total points ÷ 20Every 20 points is worth one star — so 100 = 5★, 80 = 4★, 60 = 3★.

100★★★★★5.0

90★★★★½4.5

80★★★★4.0

70★★★½3.5

60★★★3.0

50★★½2.5

40★★2.0

30★½1.5

20★1.0

Section 02

The FX Recap Scoring System

Every broker is scored against ten parameters. Each carries a specific share of the 100-point total, weighted by how much it actually affects a trader’s day-to-day experience and account safety.

Parameter	Weight	Description	Priority
Regulation & Safety	20%	License quality, fund protection, and the regulator’s enforcement track record.	Critical
User Satisfaction	15%	SCAT-scored community reviews from verified traders across multiple platforms.	High
Commissions & Fees	13%	Live-tested spreads, commissions per lot, swap rates, and non-trading charges.	High
Trading Platforms & Tools	12.5%	Range of platforms, charting depth, automation tools, and security features.	High
Deposit & Withdrawal	10%	Payment methods, processing speed, transaction fees, and base currency options.	Medium
Account Types	9%	Account variety — ECN, standard, swap-free, demo, and specialist options.	Medium
Account Opening	8%	Minimum deposit, registration time, and depth of KYC documentation required.	Medium
Trading Instruments	7%	Total FX pairs, plus indices, commodities, equities, crypto, and bonds.	Medium
Mobile Apps	3%	App store ratings, download volume, alert functionality, and indicators.	Standard
Customer Support	2.5%	Channels available, verified response times, and multilingual coverage.	Standard

Score Weight at a Glance

Regulation & Safety

20%

User Satisfaction

15%

Commissions & Fees

13%

Trading Platforms & Tools

12.5%

Deposit & Withdrawal

10%

Account Types

9%

Account Opening

8%

Trading Instruments

7%

Mobile Apps

3%

Customer Support

2.5%

Safety, satisfaction and cost alone make up 48 of the 100 points — by design. These are the things most likely to catch out a new trader, so a beautiful app on an unregulated broker can never make up the difference.

Section 03

How Each Parameter Gets Its Score

The exact point rules behind every parameter. Nothing is estimated — each line is tested and verified before it contributes to a score.

01

Commissions & Fees

13% · 16 pts

Fees eat directly into trading profit. We test live spreads on Standard and ECN accounts during active market hours, then check every secondary charge: deposit, withdrawal, and monthly inactivity penalties.

Floating Spread · EUR/USD avg

< 1 pip	2
1 – 1.1 pip	1
> 1.1 pip	0

ECN Spread + Commission

< 0.1 pip + $3/lot	2
0.1–0.3 pip + $3–4/lot	1
> 0.3 pip + > $4/lot	0

Non-Trading Fees

Fee Type	Condition	Points
Deposit Fee	No fee	1 pt
Withdrawal Fee	No fee	1 pt
Inactivity Fee / month	No fee	1 pt

02

Regulation & Safety

20% · 20 pts

The highest-weighted parameter, because it determines what happens to your money if something goes wrong. Every license number is checked directly against the issuing authority’s public database — no claim is accepted at face value.

Primary License

Tier 1 license	7 pts
Tier 2 license	4 pts
Tier 3 license	1 pt
Not regulated	0 pts

Additional Licenses & Experience

Each extra Tier 1	+0.5
Each extra Tier 2	+0.25
Each extra Tier 3	+0.1
5–10 years active	+1
10+ years active	+2

Regulator Tier Classification

Tier 1 — Elite

Most stringent; strongest investor protection & compensation funds. FCA · ASIC · CFTC/NFA · MAS · BaFin · FINMA · CySEC · FSA (JP)

Tier 2 — Strong

Reputable; moderate compliance requirements. DFSA (UAE) · FSCA (ZA) · CMVM · CBR

Tier 3 — Moderate

Less stringent; fewer investor protections. FSC Mauritius · VFSC · IFSC Belize · SVG FSA

Score Deductions Applied Automatically

Unverifiable or expired license: up to 15 pts deducted
Active regulatory warning or enforcement action: 10 pts deducted
No client fund segregation or negative balance protection: 8 pts deducted
Offshore-only registration (SVG, Comoros, etc.): overall score capped at 55/100

03

User Satisfaction

15%

Real trader feedback, scored with our proprietary SCAT formula from verified reviews across our platform and third-party sources. The formula converts star ratings into a weighted score and filters out patterns that suggest fake or incentivized reviews. SCAT updates each quarter.

SCAT = Σ(nᵢ × pᵢ) / Σnᵢwhere nᵢ = number of reviews with i stars, pᵢ = points for i stars, i ranges 1–5

Star Rating	Points
1 star	−2
2 stars	−1
3 stars (neutral)	0
4 stars	+1
5 stars	+2

04

Deposit & Withdrawal

10%

Fast deposits and reliable withdrawals are non-negotiable. We test the full funding cycle — how many methods a broker accepts, which base currencies cut conversion costs, how long withdrawals really take, and what fees apply.

Payment Methods

Bank Card	1 pt
Bank Wire	1 pt
PayPal	1 pt
Skrill / Neteller	1 ea
Payoneer / Alipay	1 ea
BTC / USDT / ETH	1 ea

Base Currency

USD / EUR	0.5 ea
GBP / JPY / AUD	0.25 ea
CAD / CHF / NZD	0.25 ea
SEK / DKK / NOK	0.2 ea
Other currencies	0.5 ea

Fees & Timing

Criteria	Condition	Points
Deposit Fee	No fee	1 pt
Withdrawal Fee	No fee	1 pt
Withdrawal Time	Under 24 hours	1 pt

05

Trading Platforms & Tools

12.5%

The platform is where every trade gets placed. We test each broker’s full lineup hands-on across desktop, web, and mobile — awarding points for platform range, security features, automation tools, and third-party integrations.

Platform / Feature	Criteria	Score
MT4	Available	1 pt
MT5	Available	1 pt
Proprietary Platform	Available	1 pt
TradingView Integration	Available	0.5
cTrader	Available	0.25
WebTrader	Available	0.25
Copy / Social Trading	Available	0.25
VPS Hosting (free)	Available	0.25
API Access	Available	0.4
Trading Central	Available	0.4
2FA Security	Available	0.25

06

Trading Instruments & Markets

7%

More tradable markets give traders more flexibility. We count the total currency pairs on offer, then award points for every asset class beyond FX.

Asset Class	Criteria	Points
Currency Pairs	> 130 pairs	2 pts
Currency Pairs	101–130 pairs	1.5
Currency Pairs	75–100 pairs	1 pt
Currency Pairs	< 75 pairs	0 pts
Stocks	Available	1 pt
Commodities / Metals	Available	0.5
Indices	Available	0.5
Crypto	Available	0.5
ETFs	Available	0.5
Copy Trading	Available	0.5
Bonds / Futures / Options	Available	0.5 ea

07

Trading Account Opening

8%

Getting started should not be a barrier. We score minimum deposit thresholds, how fast online registration completes, and how much documentation KYC demands. A zero-minimum account with sub-one-hour sign-up scores full marks.

Criteria	Condition	Points
Minimum Deposit	$0 (zero)	3 pts
Minimum Deposit	> $0, < $100	2 pts
Minimum Deposit	> $100, < $1,000	1 pt
Minimum Deposit	≥ $1,000	0 pts
Registration Time	< 1 hour	2 pts
Registration Time	1–5 hours	1 pt
KYC Level	Minimal	1 pt
KYC Level	Standard	0.5
KYC Level	Extended / strict	0 pts

08

Account Types

9%

Traders have different styles and needs — a scalper needs raw-spread ECN, a beginner needs a demo, a Muslim trader needs swap-free. We award points for every account type a broker actually offers.

Account Type	Condition	Points
ECN / Pro Spread	Available	2 pts
Standard Account	Available	1 pt
Fixed / Swap-free (Islamic)	Available	1 pt
Demo Account	Available	1 pt
Micro Account	Available	0.5
PAMM / MAM	Available	0.25
VIP Account	Available	0.25
Managed Account	Available	0.25

09

Mobile Apps

3%

A poor mobile app means missed trades away from your desk. We check for dedicated iOS and Android apps, then score verified store ratings, download volume, price alerts, and built-in indicators.

Parameter	Criteria	Points
iOS App	Available	1 pt
Android App	Available	1 pt
App Store Rating	≥ 4.7 stars	up to 5
Google Play Rating	≥ 4.7 stars	up to 5
Total Downloads	per 50k+	+0.1
Mobile Alerts	Available	0.5
Mobile Indicators	Available	0.5

10

Customer Support

2.5%

Good support only counts if it shows up when you need it. We contact every broker through each channel, time the response, and record the quality — scoring channels offered, response speed, and multilingual coverage.

Parameter	Criteria	Points
Live Chat	Available	1 pt
Email Support	Available	1 pt
Phone Support	Available	1 pt
Ticket / Client Area	Available	1 pt
Live Chat Response	< 1 minute	2 pts
Live Chat Response	1 min – 12 hrs	1 pt
Email Response	> 24 hours	0 pts
Multilingual Support	2+ languages	1.5
Support Availability	24/7	1 pt

Section 04

Exceptional Risk Events & Score Overrides

Some events are serious enough to override the normal scorecard. When any of the following is confirmed, the standard points no longer apply — the score is capped, the broker is flagged, or the review is pulled from our recommendations until the situation is resolved.

Regulatory Investigation

An open investigation or enforcement action by a recognised regulator. The score is capped and the broker is flagged on its page until the matter is closed.

License Suspension or Revocation

A suspended or withdrawn license triggers an immediate downgrade and removal from our recommended listings.

Major Platform Outage

Extended or repeated downtime that stops traders from managing open positions leads to heavy deductions in Platforms and Execution.

Client Fund Segregation Breach

Any sign that client money is not held separately from company funds is an automatic safety failure and caps the overall score.

Bankruptcy or Insolvency Proceedings

A broker entering insolvency is removed from recommendations and a clear warning is published on its review.

Section 05

How FX Recap Reviews a Broker

Every review follows the same six-stage process, start to finish, before a single score is published.

1

Research & Data Collection

We pull data from official regulatory registers — the FCA Register, ASIC Connect, NFA BASIC, and the CySEC database — plus the broker’s own legal documents and verified third-party disclosures. Every license number is checked directly against its issuing authority before a review goes live.

2

Live Account Testing

Our team funds real and demo accounts and trades across three key sessions — London open, New York open, and the Asian session. We capture actual spread data, time each order fill, log slippage, and run the full deposit-to-withdrawal cycle to see how long it genuinely takes to get money out.

3

Platform & UX Audit

Each platform is tested on desktop, in-browser, iOS, and Android. We work through charting tools, order types, and connectivity under normal and heavy market conditions. For automated traders, we check EA support, API availability, and how the mobile build holds up against desktop on features.

4

Support & Withdrawal Testing

We reach out via live chat, email, and phone at different times of day and record how quickly a real answer arrives. Withdrawal requests go through multiple payment methods, timed from submission to cleared funds. Both results feed directly into the score.

5

Community Sentiment & SCAT

We gather verified reviews from Trustpilot, Forex Peace Army, Reddit, and broker-specific communities. The SCAT formula converts all star ratings into one weighted score. Recurring issues — withdrawal delays, outages, unexplained charges — are flagged and reduce the score. Reviews that appear bought are excluded.

6

Scoring, Review & Publication

Two reviewers score each parameter independently, then reconcile. The ten weighted scores combine into a single rating out of 100. Brokers can flag factual errors before publication, but the score stays out of their hands. Every review gets a full refresh each quarter, or sooner on a significant change.

Section 06

Trade Execution & Slippage Testing

Execution quality decides whether the price you see is the price you get. On in-depth reviews we place real orders and measure exactly how each broker fills them — in calm markets and during the chaos of a news release.

Market Order Testing

We fire market orders in normal and busy conditions and record the actual fill price against the quoted price.

Limit Order Testing

Pending and limit orders are checked for accurate triggering and fair fills at the exact levels set.

News-Event Testing

Orders are placed around high-impact releases to see how the broker handles volatility, gaps and spread widening.

Positive vs Negative Slippage

We log slippage in both directions — not just bad fills — to see whether better-than-expected prices are passed on too.

Requote Frequency

We track how often a broker rejects or requotes an order instead of filling it at the price requested.

Average Execution Speed

Every order is timed from click to confirmation, so the published speed reflects real measured fills.

Section 07

Who Performs the Reviews

Reviews are carried out by people who actually trade — not outsourced writers working from a broker’s brochure.

Years of Trading Experience

Our reviewers are active traders with hands-on experience across multiple brokers, platforms and market conditions.

Research Experience

Each review combines live testing with structured research into regulation, ownership, fees and verified user feedback.

Editorial Review Process

Every score is checked by a second reviewer and reconciled before publication — no single person decides a rating alone.

Minimum Testing Requirements

In-depth reviews aren’t published until the broker clears our checklist: a funded account, completed trades, and a successful withdrawal.

Section 08

What FX Recap Stands For

Six commitments that govern every score we publish.

Full Transparency

Every scoring rule is published on this page. Traders see exactly what went into a score and why — no hidden criteria, no undisclosed adjustments.

Fact-Based Scoring

Every score comes from verified, testable data across 100+ measured points. No ratings rely on broker submissions, marketing, or unverified claims.

Same Rules for Every Broker

The criteria never change broker to broker. A large household name and a new entrant go through the exact same process and benchmarks.

Built for Traders, Not Brokers

FX Recap exists to protect and inform traders. Scores reflect what matters to someone putting real money at risk — safety and cost weighted above all.

Regular Updates

Spreads widen, licenses lapse, platforms upgrade. We review every score quarterly — and immediately when a material change is reported or detected.

Zero Pay-to-Play

No broker can buy a higher score, a featured listing, or a review removal. Affiliate relationships are disclosed separately and never affect a rating.

Section 09

Editorial Firewalls

Independence only means something if it’s built into how we work. These firewalls keep the people who score brokers separate from the people who earn from them.

Reviewers Don’t See Commissions

The team scoring a broker has no visibility into what, if anything, we earn from it. The number simply isn’t in front of them.

Commercial Team Can’t Alter Scores

Whoever manages partnerships has no ability to change a score, a verdict, or a ranking. That access doesn’t exist.

No Pre-Publication Previews

Brokers cannot see or approve their score before it goes live. They may flag factual errors only — never influence the rating.

Decisions Stay Independent

Whether or not we have a commercial relationship with a broker plays no part in how it is reviewed or where it ranks.

Section 10

Sample Broker Scorecard

Every reviewed broker gets a scorecard like this — ten scored parameters, one composite total, and a clear verdict so you can compare at a glance.

Example Broker Co.

Reviewed Q1 2026 · FCA, ASIC, CySEC · Est. 2010

FX Recap Recommended

FX Recap Score

88/100

★★★★★

Regulation & SafetyFCA + ASIC + CySEC · 20%

18/20

User SatisfactionSCAT 4.2 avg · 15%

13/15

Commissions & FeesEUR/USD avg 0.7 pip · 13%

11/13

Trading Platforms & ToolsMT4, MT5, cTrader · 12.5%

11.5/12.5

Deposit & Withdrawal8 methods · 1–3 days · 10%

8/10

Account TypesECN, Standard, Islamic · 9%

7/9

Account Opening$200 min · <1h KYC · 8%

6/8

Trading Instruments80 FX pairs, CFDs, crypto · 7%

6/7

Mobile AppsiOS 4.5★ · Android 4.3★ · 3%

2.5/3

Customer Support24/5 · Live chat avg 2 min · 2.5%

2/2.5

ExcellentScore 85–100 · 4.3–5.0 ★

Very GoodScore 70–84 · 3.5–4.2 ★

GoodScore 55–69 · 2.8–3.4 ★

FairBelow 55 · Under 2.8 ★

Section 11

A Simple Risk Guide for New Traders

Here’s the honest truth: even the best broker can’t save you from poor risk management. Most new traders don’t lose because they picked the wrong broker — they lose because they risk too much, too soon. Everything we do comes back to one idea: protect your money first, and profit becomes possible.

Start on a Demo Account

Practise until your approach is consistent. Learning on a demo costs nothing; learning live can cost you everything.

Risk a Small, Fixed Amount

Many steady traders risk just 1–2% of their account on any single trade, so one loss can never do serious damage.

Always Set Stop Loss & Take Profit

Decide your exit before you enter. It turns each trade into a plan instead of an emotional reaction.

Respect Leverage

It magnifies losses just as fast as gains. Treat it with caution, not as free money.

Pick a Properly Regulated Broker

Top-tier regulation, segregated client funds and negative-balance protection are your safety net if something goes wrong.

Keep a Trading Journal

Writing down your trades shows you what’s actually working and stops you repeating costly mistakes.

Don’t Overtrade

More trades doesn’t mean more profit. Patience usually beats activity.

Your account balance is your lifeline. Protect it and you stay in the market long enough to learn and improve. Lose it, and the chance is gone. Safety first, always.

Forex Broker Rating Methodology

How FX Recap Rates Brokers