Calculating the Risk Score of a Forex Broker

Category Evaluation Percentage

Investor Protection and Regulation

Surely, the investor’s number one priority when choosing a broker should be the safety of funds. This is where regulation comes in to play an important role in our evaluation process. The most renowned licenses in the industry are held by CySEC, FCA, ASIC, and IFSC.


Tradable Products / Assets / Offering of Investments

While evaluating a forex broker, there are several important factors you need to consider. This includes the number of currency pairs offered, the other trading products available on the platform, and the overall tradable offering of investments.


Commissions, Spreads, and Fees

While evaluating forex brokers, it is important to consider various factors such as commissions, spreads, fees, leverage, and margins.


Opening an Account, Account Types

The process of opening an account with a forex broker can vary depending on the broker you choose. Some brokers may have a more streamlined process than others. However, in general, you will need to provide some personal information and documents, such as your ID or passport, proof of residence, and bank statements or other financial documents. The best brokers usually have straightforward steps when it comes to account opening.


Deposit and Withdrawal Options

When it comes to rating brokers, the deposit and withdrawal options are an important part of the process. To get a better sense of what each broker offers, we take a closer look at the number and variety of options available.


Privacy, Security, Data Protection, Funds Protection

When evaluating a potential forex broker, account segregation, 2-factor authentication, independent audits, and minimum capital requirements should all be taken into consideration to ensure the best experience and security for the user.


Web and Desktop, Mobile Trading Platforms

The trading platform is a crucial criterion for evaluating any forex broker. In the past, most brokers only offered their own proprietary software. However, with the advent of MetaTrader 4 (MT4), many brokers now offer this industry-standard platform. You may need to compare MT4 to the broker’s trading platform in terms of ease of use and efficiency.


Trading Features

When it comes to software, many brokers offer their own proprietary platform. This can be an advantage if the platform is more user friendly than MetaTrader. Some brokers also offer different platforms for different types of trading. For example, some platforms may be better suited for day trading, while others may be better for swing trading.


Bonuses and Promotions

Bonuses and promotions are elements that many traders consider when choosing a broker. Some brokers offer significant bonuses, while others may offer more modest rewards. There may also be restrictions on acquiring and withdrawing profits from bonuses. It is important to evaluate the terms and conditions of any bonuses or promotions before deciding to open an account with a particular broker.


Customer Support

Another factor you will want to consider when choosing a forex broker is customer support. Does the broker offer a variety of customer support channels, such as chat, phone, email, and social media? Is there someone available to help you 24/7? Does the forex broker provide customer service in more than one language? These are all important factors to consider when choosing a forex broker.


Additional Benefits

One of the best factors to look out for in a forex broker is the additional benefits, awards, and recognition they have earned. These awards are usually given in recognition of the quality of service and products the broker offers. It is a good indication that the broker is doing something right if it has won any awards.

Trade Responsibly. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.25% of retail investor accounts lose money when trading CFDs with this provider.
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Forex Broker Winners by Category

Best overall broker, most trusted

XM is a highly reputable broker with a proprietary trading platform, ultra-low spreads, and 1000+ tradable instruments, including currencies, commodities, stocks, crypto, and metals.

  • Leverage of up to 1000:1
  • Bonus of up to $5,000
Best CFD forex broker

A global CFD broker that provides access to over 5400 markets, including forex, shares, cryptos, indices, and commodities.

  • Tight spreads
  • Award-winning platforms
Best forex broker for beginners

A crypto-focused forex broker that allows peer-to-peer trading on multiple asset classes, such as crypto, stocks, indices, and commodities.

  • High leverage up to 200x
  • P2P trading on multiple asset classes
Best forex broker for professionals

A regulated forex and CFD broker that offers a wide range of major global currencies and other financial products.

  • Razor sharp spreads from 0.0 pips
  • Deep liquidity
Best customer support

A forex and CFD broker that provides access to over 800 markets, including forex, crypto, indices, commodities, and shares.

  • Access to over 800 markets
  • Low spreads from 0.0 pips
Best research and education

AvaTrade has a wide range of research and educational content, including daily updates on key news events and economic data.

  • Extensive blog section
  • Real-time access to news and economic data
Best forex broker for US traders is an award-winning broker that is regulated by relevant authorities in the US.
  • Over 80 currency pairs available
  • 24/7 live support
Best copy trading software

eToro’s copy trading platform is powered by ZuluTrade and allows traders to copy the trading strategies and analysis used by other traders.

  • Easily accessible copy trading services
  • Tight spreads and comparatively low commissions
Best high leverage forex broker

FBS is a reputable broker that offers multiple benefits, including bonuses and high leverage.

  • High leverage up to 1:3000
  • Bonuses and competitions are available
Best forex broker for Bitcoin trading

A cryptocurrency exchange that also offers forex trading on various fiat currency pairs and crypto products.

  • High liquidity
  • Low fees
  • Advanced charting tools