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How FX Recap rates brokers
Every rating is built on a structured, data-backed process, not opinion or sponsorship. We measure each broker against more than 100 data points across ten scored parameters, and the list grows as new factors become relevant.
Each broker receives one composite score out of 100, shown on its review as a star rating. The bands are fixed and applied the same way to every broker, so a grade means the same thing across the whole site.
The ten parameters and their weights
Each parameter carries a set share of the 100-point total, weighted by how much it affects a trader's day-to-day experience and the safety of their account.
Safety, user 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 polished app on an unregulated broker can never make up the difference.
Score bands and star ratings
| Score | Stars | Grade | What it means |
|---|---|---|---|
| 85 to 100 | 4.3 to 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 to 84 | 3.5 to 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 to 69 | 2.8 to 3.4 | Good | Workable, with real trade-offs. Make sure its weak spots do not clash with the way you trade. |
| Below 55 | Under 2.8 | Fair | There are real concerns. If you use it at all, go in carefully, keep your size small and know exactly what the risks are. |
Star rating = total points ÷ 20. Every 20 points is worth one star, so 100 is 5.0, 90 is 4.5, 80 is 4.0, 70 is 3.5 and 60 is 3.0.
How each parameter gets its score
The point rules behind every parameter. Nothing is estimated; each line is tested and verified before it counts towards a score.
Regulation & Safety (20%)
The highest-weighted parameter, because it decides what happens to your money if something goes wrong. Every licence number is checked against the issuing authority's public register; no claim is accepted at face value.
Primary licence Points Tier 1 licence 7 Tier 2 licence 4 Tier 3 licence 1 Not regulated 0 Additional licences and track record Points Each extra Tier 1 +0.5 Each extra Tier 2 +0.25 Each extra Tier 3 +0.1 5 to 10 years active +1 10+ years active +2 User Satisfaction (15%)
Real trader feedback, scored with our SCAT formula from verified reviews on our platform and third-party sources. The formula converts star ratings into one weighted score and filters out patterns that suggest fake or incentivised reviews. SCAT is updated every quarter.
SCAT = Σ(nᵢ × pᵢ) / Σnᵢ, where nᵢ is the number of reviews with i stars and pᵢ the points for i stars (i from 1 to 5).
Star rating Points 1 star −2 2 stars −1 3 stars (neutral) 0 4 stars +1 5 stars +2 Commissions & Fees (13%)
Fees come straight out of 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 fees.
Floating spread, EUR/USD average Points Under 1 pip 2 1 to 1.1 pips 1 Over 1.1 pips 0 ECN spread + commission Points Under 0.1 pip + $3/lot 2 0.1 to 0.3 pip + $3 to $4/lot 1 Over 0.3 pip + over $4/lot 0 Non-trading fee Condition Points Deposit fee None 1 Withdrawal fee None 1 Inactivity fee None 1 Trading Platforms & Tools (12.5%)
The platform is where every trade is placed. We test each broker's full line-up on desktop, web and mobile, and award points for range, security, automation and third-party integrations.
Platform or feature Points MT4 1 MT5 1 Proprietary platform 1 TradingView integration 0.5 API access 0.4 Trading Central 0.4 cTrader 0.25 WebTrader 0.25 Copy or social trading 0.25 Free VPS hosting 0.25 Two-factor authentication 0.25 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 take and what fees apply.
Payment method Points Bank card 1 Bank wire 1 PayPal 1 Skrill, Neteller 1 each Payoneer, Alipay 1 each BTC, USDT, ETH 1 each Base currency Points USD, EUR 0.5 each GBP, JPY, AUD 0.25 each CAD, CHF, NZD 0.25 each SEK, DKK, NOK 0.2 each Other currencies 0.5 each Fees and timing Condition Points Deposit fee None 1 Withdrawal fee None 1 Withdrawal time Under 24 hours 1 Account Types (9%)
A scalper needs raw-spread ECN, a beginner needs a demo, a Muslim trader needs swap-free. Points go to every account type a broker really offers.
Account type Points ECN / Pro spread 2 Standard 1 Fixed or swap-free (Islamic) 1 Demo 1 Micro 0.5 PAMM / MAM 0.25 VIP 0.25 Managed 0.25 Account Opening (8%)
Getting started should not be a barrier. We score the minimum deposit, how fast online registration completes and how much documentation KYC demands. A zero-minimum account with sign-up under an hour scores full marks.
Criterion Condition Points Minimum deposit $0 3 Minimum deposit Over $0, under $100 2 Minimum deposit $100 to under $1,000 1 Minimum deposit $1,000 or more 0 Registration time Under 1 hour 2 Registration time 1 to 5 hours 1 KYC level Minimal 1 KYC level Standard 0.5 KYC level Extended or strict 0 Trading Instruments (7%)
More markets give traders more flexibility. We count the currency pairs on offer, then add points for each asset class beyond forex.
Asset class Condition Points Currency pairs Over 130 2 Currency pairs 101 to 130 1.5 Currency pairs 75 to 100 1 Currency pairs Under 75 0 Stocks Available 1 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 each Mobile Apps (3%)
A poor app means missed trades away from the desk. We check for dedicated iOS and Android apps, then score verified store ratings, download volume, price alerts and built-in indicators.
Criterion Condition Points iOS app Available 1 Android app Available 1 App Store rating 4.7 stars or more Up to 5 Google Play rating 4.7 stars or more Up to 5 Downloads Per 50,000+ +0.1 Mobile alerts Available 0.5 Mobile indicators Available 0.5 Customer Support (2.5%)
Support only counts if it shows up when you need it. We contact every broker on each channel, time the reply and record its quality.
Criterion Condition Points Live chat Available 1 Email Available 1 Phone Available 1 Ticket / client area Available 1 Live chat reply Under 1 minute 2 Live chat reply 1 minute to 12 hours 1 Email reply Over 24 hours 0 Languages 2 or more 1.5 Availability 24/7 1
Regulator tiers
Licences are grouped by how strict the regulator is and how much protection it gives clients.
| Tier | What it means | Regulators |
|---|---|---|
| Tier 1: Elite | The strictest rules and the strongest investor protection and compensation schemes | FCA, ASIC, CFTC/NFA, MAS, BaFin, FINMA, CySEC, FSA (Japan) |
| Tier 2: Strong | Reputable, with moderate compliance requirements | DFSA (UAE), FSCA (South Africa), CMVM, CBR |
| Tier 3: Moderate | Less strict, with fewer investor protections | FSC Mauritius, VFSC, IFSC Belize, SVG FSA |
Deductions applied automatically
Up to 15 points deducted.
10 points deducted.
8 points deducted.
The total score is capped at 55 out of 100.
Exceptional risk events and score overrides
Some events are serious enough to override the normal scorecard. When one is confirmed, 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 caps the score and flags the broker on its page until the matter is closed.
Licence suspension or revocation
A suspended or withdrawn licence triggers an immediate downgrade and removal from our recommended listings.
Major platform outage
Extended or repeated downtime that stops traders managing open positions leads to heavy deductions in Platforms and Execution.
Client fund segregation breach
Any sign that client money is not held apart from company funds is an automatic safety failure and caps the total score.
Bankruptcy or insolvency
A broker entering insolvency is removed from recommendations and a clear warning is published on its review.
How FX Recap reviews a broker
Every review follows the same six stages, start to finish, before a score is published.
- Research and data collection
Data comes from official registers (the FCA Register, ASIC Connect, NFA BASIC and the CySEC database), the broker's own legal documents and verified third-party disclosures. Every licence number is checked with its issuing authority before a review goes live.
- Live account testing
The team funds real and demo accounts and trades across the London open, the New York open and the Asian session, capturing spread data, fill times and slippage, and running the full deposit-to-withdrawal cycle.
- Platform and UX audit
Each platform is tested on desktop, in the browser, on iOS and on Android: charting, order types and connectivity in normal and busy markets, plus EA support, API access and how the mobile build compares with desktop.
- Support and withdrawal testing
We contact live chat, email and phone at different times of day and time the first real answer. Withdrawals go through several payment methods, timed from request to cleared funds.
- Community sentiment and SCAT
Verified reviews from Trustpilot, Forex Peace Army, Reddit and broker communities feed the SCAT score. Recurring complaints (withdrawal delays, outages, unexplained charges) reduce it, and reviews that look bought are excluded.
- Scoring, review and publication
Two reviewers score each parameter independently, then reconcile. Brokers can flag factual errors before publication, but the score stays out of their hands. Every review is refreshed each quarter, or sooner after a significant change.
Trade execution and 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 how each broker fills them, in calm markets and during news releases.
Market orders
Fired in normal and busy conditions, recording the fill price against the quoted price.
Limit orders
Pending and limit orders are checked for accurate triggering and fair fills at the levels set.
News events
Orders placed around high-impact releases show how the broker handles volatility, gaps and wider spreads.
Slippage both ways
We log positive as well as negative slippage, to see whether better prices are passed on too.
Requotes
How often the broker rejects or requotes an order instead of filling it at the requested price.
Execution speed
Every order is timed from click to confirmation, so a published speed reflects measured fills.
What a finished scorecard looks like
Every reviewed broker gets a scorecard like this fictional example: ten scored parameters, one total and a clear verdict.
Example Broker Co.: 88/100, Excellent (4.4 stars)
Parameter Evidence Score Regulation & Safety FCA, ASIC and CySEC licences 19 / 20 User Satisfaction SCAT 4.2 average 14 / 15 Commissions & Fees EUR/USD average 0.7 pip 12 / 13 Trading Platforms & Tools MT4, MT5, cTrader 11.5 / 12.5 Deposit & Withdrawal 8 methods, 1 to 3 days 8 / 10 Account Types ECN, Standard, Islamic 7 / 9 Account Opening $200 minimum, KYC under 1 hour 6 / 8 Trading Instruments 80 FX pairs, CFDs, crypto 6 / 7 Mobile Apps iOS 4.5, Android 4.3 2.5 / 3 Customer Support 24/5, live chat in about 2 minutes 2 / 2.5
Who performs the reviews
Reviews are carried out by people who trade, not outsourced writers working from a broker's brochure. Meet them on our About page.
Trading experience
Reviewers are active traders with hands-on experience of many brokers, platforms and market conditions.
Research
Each review combines live testing with structured research into regulation, ownership, fees and verified user feedback.
Second-reviewer check
Every score is checked by a second reviewer and reconciled before publication. No single person decides a rating.
Minimum testing
In-depth reviews are not published until the broker clears our checklist: a funded account, completed trades and a successful withdrawal.
Editorial firewalls
Independence only means something if it is built into how we work. These rules keep the people who score brokers apart from the people who earn from them.
Reviewers do not see commissions
The team scoring a broker has no visibility of what, if anything, FX Recap earns from it.
Commercial staff cannot alter scores
Whoever manages partnerships has no ability to change a score, a verdict or a ranking.
No previews for brokers
Brokers cannot see or approve a score before it goes live. They may flag factual errors only.
Commercial ties play no part
A commercial relationship with a broker has no bearing on how it is reviewed or where it ranks.
How we earn money is set out in our affiliate disclosure and advertising guidelines.
Six commitments behind every score
- Full transparency. Every scoring rule is on this page, with no hidden criteria or undisclosed adjustments.
- Fact-based scoring. Scores come from verified, testable data, never from broker submissions or marketing.
- Same rules for every broker. A household name and a new entrant go through the same process and benchmarks.
- Built for traders. Safety and cost are weighted above all, because they matter most to someone with money at risk.
- Regular updates. Every score is reviewed quarterly, and at once when a material change is reported or detected.
- Zero pay-to-play. No broker can buy a higher score, a featured listing or the removal of a review.
How to read an FX Recap review
A score is a summary. These steps get the most out of a review before you open an account.
- Start with the safety score
Check which company and licence you would sign up with. Many brokers run several entities, and protection depends on the one that holds your account.
- Match costs to your style
A scalper should compare ECN spread plus commission; a swing trader should look at swaps and the standard spread.
- Read the weak spots
Every review lists the downsides. Make sure none of them clash with how you trade.
- Check the date
Each review shows when it was last updated. Conditions change, so confirm key terms on the broker's site.
- Verify the licence yourself
Use the regulator's own register. It takes two minutes and is the best protection against clone firms.
Corrections and broker disputes
If you spot an error in a review, or a broker believes a fact is wrong, contact us with the page link and evidence such as a regulator entry or official document. The editorial team checks the claim against primary sources.
Confirmed factual errors are corrected and the review date updated. A broker can correct facts, but it cannot negotiate its score: the rules on this page decide it. Serious concerns about a broker's conduct can be raised through our trader protection page.
What a score does not tell you
- Whether trading suits you. Most retail traders lose money on CFDs.
- How a broker will treat your account in future. Conditions and ownership can change after we test.
- Which entity will hold your account in your country. Always check the terms offered to you.
- Personal advice. A score is one input among several, and the decision is yours.
Our scores come from our own research, testing and judgement. Information can contain mistakes or go out of date, and spreads, regulation, ownership and conditions can change at any time. Reviews are information, not financial advice: check a broker's regulation with the regulator directly and consider speaking to a licensed professional before you risk real money.
A simple risk guide for new traders
Even the best broker cannot make up for poor risk management. Most new traders lose because they risk too much, too soon.
- Start on a demo account and practise until your approach is consistent.
- Risk a small, fixed amount. Many steady traders risk 1% to 2% of the account per trade.
- Set a stop loss and take profit before you enter, so every trade is a plan.
- Respect leverage. It magnifies losses as fast as gains.
- Pick a properly regulated broker with segregated funds and negative balance protection.
- Keep a trading journal to see what works and stop repeating costly mistakes.
- Do not overtrade. More trades does not mean more profit.
Work out the size of each trade with the position size calculator.
Broker Rating Methodology FAQs
How is an FX Recap broker score calculated?
Each broker is scored on ten parameters, from Regulation & Safety (20%) to Customer Support (2.5%). The weighted results add up to a total out of 100, and the star rating is that total divided by 20.
Can a broker pay for a better rating?
No. Reviewers do not see what FX Recap earns from any broker, commercial staff cannot change scores, and brokers cannot preview or approve a rating. They may only flag factual errors.
Why can an offshore broker not score above 55?
Offshore-only registration (SVG, Comoros and similar) offers little client protection, so the total score is capped at 55 out of 100 however good the costs or platforms are.
How often are scores updated?
Every score is reviewed each quarter, and immediately when a material change such as a licence problem, fee change or outage is reported or detected.
What is the SCAT score?
SCAT is our formula for user satisfaction. It converts verified star ratings from several review sites into one weighted score, from −2 points for a 1-star review to +2 for a 5-star review, and filters out reviews that look fake or incentivised.
Does a high score mean I should open an account?
No. A score summarises our testing and research at a point in time. Check the entity and terms offered in your country, verify the licence yourself, and only trade money you can afford to lose.
How do I report a mistake in a review?
Send the page link and your evidence through our contact page. The editorial team checks it against primary sources and corrects confirmed errors.
Sources: FCA Financial Services Register, ASIC Connect professional register, NFA BASIC, CySEC regulated entities.