Our ranking algorithm considers the brokers’ overall reputation, their financial regulators, trading costs, deposit/withdrawals fees, withdrawal processing times, KYC verification procedures, software, customer feedback, and more.
The mission of BestBrokers.com has always been to assist traders in making well-informed decisions about where to invest. We achieve this through our sophisticated methodology and unwavering commitment to providing traders with unbiased ranking and information.
How we rank brokers?
We guarantee for all the brokers listed on our site. If you face any issues with one of them, we will act as a mediator to help resolve your problem. Below you can read more about the ranking factors behind our algorithm.
Regulation and Licensing
A valid license from an accredited financial authority is a key criterion when choosing a forex brokerage. Smart traders always favour authorized brokers - this inevitably ensures their best interests will be protected even if the trading company declares insolvency.
Licenses show which regulator controls the activities and quality of the trading services provided by the brokers. We only list brokerages within the regulatory ambit of the most respected financial watchdogs in the world.
Some of them include the FCA (the UK Financial Conduct Authority), ASIC (the Australian Securities and Investment Commission), NFA (the United States National Futures Association), FINMA (the Swiss Financial Market Supervisory Authority), and CySEC (the Cyprus Securities and Exchange Commission).
Some brokers charge commissions, while others build the associated trading costs straight into their spreads. A commission is similar to the spread in that the broker charges it on every open trading position. The trader must then close their position on profit to cover the commission.
Comparing trading costs is of the utmost importance when selecting a broker. Costlier commissions and higher spreads will eventually eat up your trading profits. The same goes for any potential advisory fees and account-maintenance expenses.
Trade Execution Speed
Order execution can be of vital importance for your success as a trader. The term refers to the process of the broker accepting and filling traders’ buy/sell orders on their behalf. The speed at which this happens has a direct impact on traders’ bottom line. Slow order execution speed will ultimately cost you money and vice versa.
The quality of order execution depends on the respective broker’s software and the number of liquidity providers. Good brokers execute orders within milliseconds. Lightning-fast order execution results in several advantages from traders’ perspective - less slippage, fewer rejected orders, and fewer requotes.
Withdrawal Processing Times
Withdrawals should not take more than 72 hours after the successful completion of your KYC verification. Trusted and regulated brokers never find excuses to delay or decline withdrawals. Good brokerages never intentionally make it difficult for customers to cash out their trading profits. The only reason they hold customers’ funds in the first place is to facilitate trading and make it easier.
We list brokers using MT4, MT5, and cTrader as well as proprietary platforms after additionally checking and verifying their software. We favour brokerages with user-friendly and robust platforms with many additional features like charting and technical analysis tools. The lack of intuitiveness and tools can lead to a lower ranking on our behalf.
We collect and analyse reviews written by traders about the brokers we list on our site. Nothing reflects the quality of a brokerage service more than the feedback of real traders. We sift the most reliable brokers that boast the best customer feedback with the help of our ranking algorithm.