How we review brokers

Investucate's scoring framework

Every broker on Investucate is scored across five core categories. Each category is weighted to reflect what actually matters to the majority of retail traders.

1. Safety and Regulation (25%)

We verify each broker's regulatory status with the relevant authority — FCA, CySEC, ASIC, BaFin, and others. We check deposit protection schemes (FSCS, ICF, SIPC), segregated client fund policies, negative balance protection, and the broker's operational track record. A broker without credible tier-1 or tier-2 regulation cannot be listed.

2. Fees and Costs (25%)

We calculate the true cost of trading — not just the headline spread. This includes commissions, overnight swap rates, inactivity fees, deposit and withdrawal charges, and currency conversion costs. For brokers, we cross-reference our live spread data (sourced from real MT4/MT5 standard-account terminals) against their published figures.

3. Platform Quality (20%)

We evaluate the primary trading platform on usability, order types, charting tools, mobile app quality, and execution speed. We assess whether the platform is appropriate for the broker's stated audience — a platform pitched at beginners should not require advanced configuration to place a basic trade.

4. Markets and Instruments (15%)

We record the full range of tradable instruments: forex pairs, indices, commodities, equities, ETFs, crypto, and bonds. We note any geographic restrictions on instrument access and flag where local regulation limits what a broker can offer.

5. Research and Education (15%)

We assess the depth and quality of educational content, market research, economic calendar integration, and customer support responsiveness. For brokers targeting beginners, this category carries additional weight in the overall score.

Editorial independence

No broker pays to be reviewed or to influence their score. Our editorial team applies the same framework to every broker, regardless of the commercial relationship. Scores are reviewed periodically as broker offerings change — any material change to a broker's fees, regulation, or platform triggers a re-evaluation.

Live spread data

Our live spreads page sources real-time data directly from MT4/MT5 Expert Advisors running on standard-account live terminals for each tracked broker. This data feeds directly into our fee scoring. We do not use demo accounts, vendor-supplied data, or simulated figures.