How we rate forex brokers

How we approach broker rating

Choosing a broker is a decision with direct financial consequences. The difference between a well-regulated broker with competitive costs and one that isn’t can mean less protected capital, higher costs per trade, and a trading experience that fights your consistency.

On Monkeytrade, every broker is rated against a system of five weighted dimensions. Each dimension has a weight that reflects its real importance for the retail trader. The final rating is a 0-to-5 global score that lets you compare brokers on consistent criteria.

The scores and criteria are public. This page explains exactly how the system works.

Two types of analysis

Monkeytrade operates with two analysis modes, clearly labelled on every broker page so the reader always knows the basis the rating is built on.

A Desktop Analysis gives a solid picture of the regulatory context, published fee structure, and declared broker features. It’s a reliable basis for comparison. A Real-Account Analysis adds what only direct experience can confirm: whether spreads hold up in volatile conditions, how support responds when something goes wrong, whether execution matches the marketing. Both modes use the same five-dimension system.

The five dimensions

Every broker is rated on the same five dimensions. The weights reflect the relative importance of each factor for the typical retail trader.

Dimension 1: Safety & Regulation (35%)

This dimension has the highest weight because none of the other factors matter if the trader’s capital isn’t adequately protected. We evaluate four aspects of the broker’s safety and trust context.

Operating-entity note: many brokers hold multiple licences across jurisdictions. We make it explicit which legal entity actually signs the contract with the client and which regulator covers that relationship — often different from the entity prominently shown in the marketing.

Dimension 2: Costs & Trading Conditions (25%)

Costs add up. A 0.3-pip difference on EUR/USD spread can seem insignificant on a single trade; over 500 trades a year it’s a substantial sum. This dimension evaluates the full cost picture and execution quality.

Dimension 3: Platform & Technology (20%)

The quality of the trading environment affects every interaction between trader and market. This dimension covers software, tools, and reliability — whether the broker’s platform supports or hinders trading decisions.

Dimension 4: Usability & Onboarding (10%)

A slow registration process or a clunky platform creates needless friction. This dimension measures how well the broker’s experience serves traders at different levels, from initial registration to day-to-day account management.

Dimension 5: Support & Resources (10%)

When something goes wrong or a trader needs guidance, the quality of available support has real financial consequences. This dimension evaluates both reactive assistance and the educational resources the broker offers proactively.

How the score is calculated

Each dimension is rated on a 0-to-5 scale. Sub-factors within each dimension are scored individually and combined using their weights to produce the dimension score. The five dimension scores are combined with the category weights to produce the global score.

Worked example

Suppose a broker with the following dimension scores:

• Safety & Regulation: 3.9
• Costs & Conditions: 2.6
• Platform & Technology: 3.6
• Usability & Onboarding: 4.0
• Support & Resources: 4.1

Calculation: (3.9 × 0.35) + (2.6 × 0.25) + (3.6 × 0.20) + (4.0 × 0.10) + (4.1 × 0.10) = 1.365 + 0.650 + 0.720 + 0.400 + 0.410 = 3.55 — Good

Global score scale

The full scale runs 0.0 to 5.0. Scores below 1.0 reflect material issues or information insufficient to certify the editorial minimums.

What a Real-Account Analysis involves

When a broker is at the Real-Account Analysis level, our process follows a structured sequence to verify every dimension through direct experience.

1. Registration and verification: we complete the account-opening process like any new client, measuring KYC verification times and recording every friction point.
2. Deposit and withdrawal cycle: we deposit using a standard payment method, operate the account, and process a withdrawal. We record speed, applied fees, and any discrepancies from published schedules.
3. Live trading in different conditions: we place orders across multiple asset classes and instruments, including higher-volatility periods when possible. We measure execution speed, log slippage incidents, and assess platform stability in real conditions.
4. Platform and tool evaluation: we use the broker’s platform like an active trader — building watchlists, using multiple indicators, configuring alerts, and testing automation features. We compare desktop and mobile.
5. Testing support channels: we contact support on every available channel, using both routine requests and edge- case scenarios designed to assess agent knowledge depth. Response times are measured and resolution quality assessed.
6. Verification and fact-checking: all results from direct testing are cross-checked against the broker’s published disclosures, regulatory registries, and public user feedback. Discrepancies between advertised features and observed reality are documented and reflected in the scores.

Editorial independence

Monkeytrade earns revenue through commercial relationships with brokers listed on the site. There’s a fair question about how that affects ratings:

• Payments don’t affect scores. Partnership packages affect directory visibility and commercial placement. They don’t affect the score a broker receives, the content of its review, or its inclusion in comparison tools.
• Scores are independent. The rating methodology, scoring criteria, and rating outcomes are determined entirely by the editorial team and applied consistently regardless of commercial status.
• Sponsored content is labelled. Every page where a placement fee was paid is identified as such. Organic directory positions are assigned by score alone.
• Non-partner brokers appear too. Platforms that aren’t commercial partners are included in the database, comparisons, and rankings based on their scores alone.
• No pre-publication editorial access. We don’t let any partner review, approve, or request changes to the editorial content of their review before publication.

The reason is practical, not just ethical. If Monkeytrade published favourable ratings in exchange for money, traders would stop trusting them — damaging the organisation. Monkeytrade’s long-term credibility depends entirely on the accuracy and independence of our ratings, so it’s a fundamental priority.

Updating and maintaining reviews

Brokers change. Fee structures shift, regulatory licences are granted or withdrawn, platforms get updated, and companies change ownership. A rating based on stale information can be as misleading as a rating with no basis at all.

Scheduled cycles

All Real-Account Analyses are subject to full reassessment on a minimum annual cycle, with interim updates when a material change occurs at the broker. Desktop Analyses are updated on a minimum semi-annual cycle.

Event-triggered updates

Any of the following events triggers an immediate update, regardless of the scheduled cycle:

• Regulatory action against the broker
• Material changes to the fee structure
• Significant platform or service overhaul
• Change of ownership
• Credible reports of client-fund issues or security failures

Change history

Every review page shows the date of the last update and the nature of any material changes made.

How to use the ratings

The system is designed to support informed comparison. The right broker for an active forex scalper may not be the right one for a long-term stock trader or someone opening their first account. The table below points to where to focus based on your profile.