Methodology 2026.2

The fee-aware broker score, and exactly how it is calculated

The Trust Score remains a separate 0–100 measure of structural protection. The value-aware ranking adds verified fee evidence so a licence count cannot decide the ordering by itself.

Maintained by Priya Nair, Regulation & Safety Lead · Recalculated every 90 days

Formula

The calculation, in full

No hidden terms, no discretionary adjustment.

value score = 0.70 × trust + 0.30 × fee evidence trust = 0.55 × safety + 0.25 × reach + 0.20 × longevity safety = Trust & Safety pillar score (0–10) × 10 reach = min(100, tier1 × 22 + tier2 × 9 + tier3 × 3) longevity = min(100, (2026 − year founded) × 3.4) fee evidence = audited Fees & Costs pillar × 10; otherwise 100 − (observed spread × 50); no verified fee evidence = 0 result is rounded to the nearest whole number

Why safety carries 55%

The Trust & Safety pillar is the only component that reflects what we observed first-hand: segregation arrangements, negative balance protection actually applied to our account, compensation scheme eligibility for the entity we were onboarded to, and whether the payout desk behaved when we asked for everything back. It carries the majority of the weight because it is the only part of the score built on evidence rather than on public record.

Why reach is capped

A tier-1 licence is worth roughly two and a half tier-2 licences and seven tier-3 licences in this model, and the total is capped at 100 so that a broker cannot accumulate an unbounded score by registering in many small jurisdictions. Collecting offshore wrappers is not the same as being supervised.

Why longevity is only 20%

Surviving thirty years in this industry is meaningful — it means a firm has been through several regulatory regimes and at least two liquidity crises without collapsing. But age alone protects nobody, so it is capped at roughly thirty years of operation and never allowed to dominate a weak safety result.

What is deliberately excluded

Spreads, commissions, platform quality, research, promotions, bonus schemes, awards won elsewhere, marketing spend and any commercial relationship with us. Verified trading costs can affect the value-aware score under the published rule; they do not improve the separate Trust Score, and paying us cannot improve either score.

Working

Every broker, component by component

The same three numbers that produce each headline figure.

#	Broker	Value-aware score	Trust	Fee evidence ×0.30	Safety ×0.55	Reach ×0.25	Longevity ×0.20	Band	T1	T2	T3
1	OANDA	94	98	83 → 24.9	97 → 53.4	100 → 25.0	100 → 20.0	98	Exceptional	5	0	0
2	Interactive Brokers	93	94	92 → 27.6	95 → 52.3	88 → 22.0	100 → 20.0	94	Exceptional	4	0	0
3	Saxo Bank	91	95	80 → 24.0	90 → 49.5	100 → 25.0	100 → 20.0	95	Exceptional	5	0	0
4	FOREX.com	91	93	87 → 26.1	97 → 53.4	91 → 22.8	85 → 17.0	93	Exceptional	4	0	1
5	IG Group	91	93	85 → 25.5	87 → 47.9	100 → 25.0	100 → 20.0	93	Exceptional	7	0	0
6	Pepperstone	88	87	91 → 27.3	95 → 52.3	96 → 24.0	54 → 10.8	87	Strong	3	3	1
7	CMC Markets	86	89	80 → 24.0	95 → 52.3	66 → 16.5	100 → 20.0	89	Strong	3	0	0
8	Trading 212	84	86	78 → 23.4	91 → 50.1	84 → 21.0	75 → 15.0	86	Strong	3	2	0
9	City Index	84	83	85 → 25.5	95 → 52.3	44 → 11.0	100 → 20.0	83	Strong	2	0	0
10	Plus500	82	82	82 → 24.6	95 → 52.3	71 → 17.8	61 → 12.2	82	Strong	2	3	0
11	AvaTrade	81	82	78 → 23.4	92 → 50.6	71 → 17.8	68 → 13.6	82	Strong	2	3	0
12	FxPro	81	78	89 → 26.7	97 → 53.4	43 → 10.8	68 → 13.6	78	Strong	1	2	1
13	XTB	79	76	85 → 25.5	90 → 49.5	40 → 10.0	82 → 16.4	76	Adequate	1	2	0
14	Fineco Bank	78	88	55 → 16.5	97 → 53.4	66 → 16.5	92 → 18.4	88	Adequate	3	0	0
15	ATFX	78	78	78 → 23.4	90 → 49.5	90 → 22.5	31 → 6.2	78	Adequate	3	2	2
16	Capital.com	78	75	85 → 25.5	90 → 49.5	74 → 18.5	34 → 6.8	75	Adequate	2	3	1
17	Swissquote	77	82	65 → 19.5	93 → 51.2	44 → 11.0	100 → 20.0	82	Adequate	2	0	0
18	Axi	76	72	85 → 25.5	78 → 42.9	65 → 16.3	65 → 13.0	72	Adequate	2	2	1
19	LMAX Global	76	71	88 → 26.4	95 → 52.3	31 → 7.8	54 → 10.8	71	Adequate	1	1	0
20	Spreadex	76	71	88 → 26.4	85 → 46.8	22 → 5.5	92 → 18.4	71	Adequate	1	0	0
21	ThinkMarkets	75	73	78 → 23.4	87 → 47.9	56 → 14.0	54 → 10.8	73	Adequate	2	1	1
22	Tickmill	75	70	85 → 25.5	88 → 48.4	52 → 13.0	41 → 8.2	70	Adequate	1	3	1
23	Equiti	74	75	70 → 21.0	90 → 49.5	52 → 13.0	61 → 12.2	75	Adequate	1	3	1
24	Dukascopy	74	72	78 → 23.4	90 → 49.5	31 → 7.8	75 → 15.0	72	Adequate	1	1	0
25	ActivTrades	74	67	90 → 27.0	75 → 41.3	34 → 8.5	85 → 17.0	67	Adequate	1	1	1
26	eToro	73	76	65 → 19.5	90 → 49.5	53 → 13.3	65 → 13.0	76	Adequate	2	1	0
27	FP Markets	73	74	70 → 21.0	85 → 46.8	52 → 13.0	71 → 14.2	74	Adequate	1	3	1
28	Trade Nation	73	72	75 → 22.5	85 → 46.8	68 → 17.0	41 → 8.2	72	Adequate	2	2	2
29	Vantage (Vantage Markets)	73	71	78 → 23.4	80 → 44.0	62 → 15.5	58 → 11.6	71	Adequate	2	1	3
30	Eightcap	73	68	85 → 25.5	75 → 41.3	62 → 15.5	58 → 11.6	68	Adequate	2	1	3
31	TradeStation Global	72	70	75 → 22.5	90 → 49.5	22 → 5.5	75 → 15.0	70	Adequate	1	0	0
32	easyMarkets	71	70	72 → 21.6	80 → 44.0	37 → 9.3	85 → 17.0	70	Adequate	1	1	2
33	GO Markets	71	65	85 → 25.5	75 → 41.3	40 → 10.0	68 → 13.6	65	Adequate	1	1	3
34	Exness	71	64	88 → 26.4	75 → 41.3	43 → 10.8	61 → 12.2	64	Adequate	1	2	1
35	IC Markets	70	63	87 → 26.1	75 → 41.3	34 → 8.5	65 → 13.0	63	Adequate	1	1	1
36	FXCM	69	71	65 → 19.5	70 → 38.5	56 → 14.0	92 → 18.4	71	Watch	2	1	1
37	NinjaTrader	69	71	65 → 19.5	90 → 49.5	22 → 5.5	78 → 15.6	71	Watch	1	0	0
38	HFM (formerly HotForex)	69	65	78 → 23.4	70 → 38.5	64 → 16.0	54 → 10.8	65	Watch	1	4	2
39	XS.com	69	64	80 → 24.0	70 → 38.5	58 → 14.5	54 → 10.8	64	Watch	1	3	3
40	XM	68	65	75 → 22.5	78 → 42.9	43 → 10.8	58 → 11.6	65	Watch	1	2	1
41	PU Prime	68	65	75 → 22.5	88 → 48.4	37 → 9.3	37 → 7.4	65	Watch	1	1	2
42	tastyfx	68	59	90 → 27.0	98 → 53.9	22 → 5.5	0 → 0.0	59	Watch	1	0	0
43	Windsor Brokers	67	70	60 → 18.0	75 → 41.3	33 → 8.3	100 → 20.0	70	Watch	0	3	2
44	TMGM	67	66	70 → 21.0	90 → 49.5	31 → 7.8	44 → 8.8	66	Watch	1	0	3
45	Admirals (Admiral Markets)	67	63	75 → 22.5	70 → 38.5	31 → 7.8	85 → 17.0	63	Watch	1	1	0
46	Decode Global	67	61	80 → 24.0	70 → 38.5	28 → 7.0	75 → 15.0	61	Watch	1	0	2
47	JustMarkets	67	58	88 → 26.4	75 → 41.3	27 → 6.8	48 → 9.6	58	Watch	0	2	3
48	Valutrades	66	64	70 → 21.0	88 → 48.4	25 → 6.3	48 → 9.6	64	Watch	1	0	1
49	IUX (IUX Markets)	66	56	90 → 27.0	73 → 40.2	37 → 9.3	34 → 6.8	56	Watch	1	1	2
50	AUS Global	65	61	75 → 22.5	88 → 48.4	52 → 13.0	0 → 0.0	61	Watch	1	3	1
51	Global Prime	65	61	75 → 22.5	80 → 44.0	25 → 6.3	54 → 10.8	61	Watch	1	0	1
52	JFD Brokers	65	60	75 → 22.5	85 → 46.8	12 → 3.0	51 → 10.2	60	Watch	0	1	1
53	FXTM (ForexTime)	65	59	78 → 23.4	70 → 38.5	43 → 10.8	51 → 10.2	59	Watch	1	2	1
54	FBS	65	56	85 → 25.5	75 → 41.3	12 → 3.0	58 → 11.6	56	Watch	0	1	1
55	Century Financial	64	65	60 → 18.0	78 → 42.9	9 → 2.3	100 → 20.0	65	Watch	0	1	0
56	iFOREX	64	64	65 → 19.5	75 → 41.3	12 → 3.0	100 → 20.0	64	Watch	0	1	1
57	Scope Markets	64	61	70 → 21.0	80 → 44.0	36 → 9.0	41 → 8.2	61	Watch	0	3	3
58	Ultima Markets	64	60	72 → 21.6	80 → 44.0	37 → 9.3	34 → 6.8	60	Watch	1	1	2
59	Fortrade	63	69	50 → 15.0	85 → 46.8	87 → 21.8	0 → 0.0	69	Watch	3	2	1
60	RoboForex	63	56	80 → 24.0	75 → 41.3	12 → 3.0	58 → 11.6	56	Watch	0	1	1
61	Taurex	63	56	78 → 23.4	72 → 39.6	40 → 10.0	31 → 6.2	56	Watch	1	1	3
62	FXOpen	62	60	65 → 19.5	68 → 37.4	34 → 8.5	71 → 14.2	60	Watch	1	1	1
63	InstaForex	62	58	72 → 21.6	78 → 42.9	9 → 2.3	65 → 13.0	58	Watch	0	1	0
64	HYCM	62	58	70 → 21.0	91 → 50.1	31 → 7.8	0 → 0.0	58	Watch	1	1	0
65	Fusion Markets	61	53	79 → 23.7	72 → 39.6	28 → 7.0	31 → 6.2	53	Watch	1	0	2
66	BlackBull Markets	61	50	88 → 26.4	70 → 38.5	12 → 3.0	41 → 8.2	50	Watch	0	1	1
67	Hantec Markets	60	60	60 → 18.0	85 → 46.8	53 → 13.3	0 → 0.0	60	Watch	2	0	3
68	ATC Brokers	60	55	70 → 21.0	88 → 48.4	28 → 7.0	0 → 0.0	55	Watch	1	0	2
69	Skilling	59	55	68 → 20.4	82 → 45.1	12 → 3.0	34 → 6.8	55	Low combined evidence	0	1	1
70	Blueberry (formerly Blueberry Markets)	59	54	70 → 21.0	85 → 46.8	28 → 7.0	0 → 0.0	54	Low combined evidence	1	0	2
71	KVB Kunlun (KVB)	59	53	72 → 21.6	85 → 46.8	25 → 6.3	0 → 0.0	53	Low combined evidence	1	0	1
72	Deriv	59	53	72 → 21.6	50 → 27.5	27 → 6.8	92 → 18.4	53	Low combined evidence	0	1	6
73	Octa (formerly OctaFX)	59	48	85 → 25.5	60 → 33.0	21 → 5.3	51 → 10.2	48	Low combined evidence	0	2	1
74	OneRoyal	58	52	72 → 21.6	78 → 42.9	37 → 9.3	0 → 0.0	52	Low combined evidence	1	1	2
75	Eurotrader	58	52	72 → 21.6	75 → 41.3	12 → 3.0	37 → 7.4	52	Low combined evidence	0	1	1
76	Charles Schwab Futures and Forex	57	58	55 → 16.5	95 → 52.3	22 → 5.5	0 → 0.0	58	Low combined evidence	1	0	0
77	FXCC	57	56	60 → 18.0	75 → 41.3	15 → 3.8	54 → 10.8	56	Low combined evidence	0	1	2
78	AAAFx	57	54	65 → 19.5	70 → 38.5	18 → 4.5	54 → 10.8	54	Low combined evidence	0	2	0
79	Alchemy Markets (Malta)	57	50	72 → 21.6	70 → 38.5	12 → 3.0	41 → 8.2	50	Low combined evidence	0	1	1
80	Markets.com	55	48	70 → 21.0	78 → 42.9	21 → 5.3	0 → 0.0	48	Low combined evidence	0	2	1
81	NAGA	55	46	75 → 22.5	78 → 42.9	12 → 3.0	0 → 0.0	46	Low combined evidence	0	1	1
82	INFINOX	54	54	55 → 16.5	65 → 35.8	28 → 7.0	58 → 11.6	54	Low combined evidence	1	0	2
83	LiteFinance	53	54	50 → 15.0	65 → 35.8	15 → 3.8	71 → 14.2	54	Low combined evidence	0	1	2
84	ACY Securities	53	50	60 → 18.0	75 → 41.3	34 → 8.5	0 → 0.0	50	Low combined evidence	1	1	1
85	Global GT	52	44	70 → 21.0	75 → 41.3	12 → 3.0	0 → 0.0	44	Low combined evidence	0	1	1
86	TopFX	52	44	70 → 21.0	75 → 41.3	12 → 3.0	0 → 0.0	44	Low combined evidence	0	1	1
87	FXGT.com	52	43	73 → 21.9	72 → 39.6	15 → 3.8	0 → 0.0	43	Low combined evidence	0	1	2
88	Land Prime	51	49	55 → 16.5	70 → 38.5	6 → 1.5	44 → 8.8	49	Low combined evidence	0	0	2
89	Moneta Markets	51	45	65 → 19.5	60 → 33.0	46 → 11.5	0 → 0.0	45	Low combined evidence	1	2	2
90	Libertex	50	44	65 → 19.5	75 → 41.3	9 → 2.3	0 → 0.0	44	Low combined evidence	0	1	0
91	One Financial Markets	49	57	30 → 9.0	70 → 38.5	22 → 5.5	65 → 13.0	57	Low combined evidence	1	0	0
92	XGLOBAL Markets	49	50	45 → 13.5	68 → 37.4	12 → 3.0	48 → 9.6	50	Low combined evidence	0	1	1
93	Errante	49	49	50 → 15.0	75 → 41.3	12 → 3.0	24 → 4.8	49	Low combined evidence	0	1	1
94	Purple Trading	49	48	50 → 15.0	65 → 35.8	18 → 4.5	37 → 7.4	48	Low combined evidence	0	2	0
95	IronFX	49	42	65 → 19.5	60 → 33.0	37 → 9.3	0 → 0.0	42	Low combined evidence	1	1	2
96	VT Markets	48	43	60 → 18.0	62 → 34.1	37 → 9.3	0 → 0.0	43	Low combined evidence	1	1	2
97	T4Trade	46	34	75 → 22.5	60 → 33.0	3 → 0.8	0 → 0.0	34	Low combined evidence	0	0	1
98	D Prime (formerly Doo Prime)	45	64	0 → 0.0	70 → 38.5	69 → 17.3	41 → 8.2	64	Low combined evidence	3	0	1
99	Khwezi Trade	45	52	30 → 9.0	75 → 41.3	9 → 2.3	44 → 8.8	52	Low combined evidence	0	1	0
100	Zero Markets	45	47	40 → 12.0	70 → 38.5	34 → 8.5	0 → 0.0	47	Low combined evidence	1	1	1
101	M4Markets	45	43	50 → 15.0	68 → 37.4	21 → 5.3	0 → 0.0	43	Low combined evidence	0	2	1
102	TIOmarkets	44	46	40 → 12.0	60 → 33.0	31 → 7.8	24 → 4.8	46	Low combined evidence	1	0	3
103	CPT Markets	43	42	45 → 13.5	60 → 33.0	37 → 9.3	0 → 0.0	42	Low combined evidence	1	1	2
104	DeltaStock	43	40	50 → 15.0	68 → 37.4	9 → 2.3	0 → 0.0	40	Low combined evidence	0	1	0
105	IQ Option	42	34	60 → 18.0	40 → 22.0	12 → 3.0	44 → 8.8	34	Low combined evidence	0	1	1
106	AETOS Capital Group	41	59	0 → 0.0	70 → 38.5	28 → 7.0	65 → 13.0	59	Low combined evidence	1	0	2
107	Alpari	41	58	0 → 0.0	70 → 38.5	3 → 0.8	95 → 19.0	58	Low combined evidence	0	0	1
108	Xtrade	41	37	50 → 15.0	55 → 30.3	27 → 6.8	0 → 0.0	37	Low combined evidence	0	2	3
109	City Credit Capital	39	56	0 → 0.0	70 → 38.5	0 → 0.0	85 → 17.0	56	Low combined evidence	0	0	0
110	AMarkets	38	54	0 → 0.0	70 → 38.5	9 → 2.3	65 → 13.0	54	Low combined evidence	0	0	3
111	STARTRADER	38	54	0 → 0.0	70 → 38.5	43 → 10.8	24 → 4.8	54	Low combined evidence	1	1	4
112	FXDD	38	54	0 → 0.0	70 → 38.5	0 → 0.0	78 → 15.6	54	Low combined evidence	0	0	0
113	Weltrade	38	28	60 → 18.0	45 → 24.8	12 → 3.0	0 → 0.0	28	Low combined evidence	0	1	1
114	Markets4you (formerly Forex4you)	37	53	0 → 0.0	70 → 38.5	6 → 1.5	65 → 13.0	53	Low combined evidence	0	0	2
115	Grand Capital	37	53	0 → 0.0	70 → 38.5	3 → 0.8	68 → 13.6	53	Low combined evidence	0	0	1
116	Fondex	37	36	40 → 12.0	60 → 33.0	12 → 3.0	0 → 0.0	36	Low combined evidence	0	1	1
117	Orbex	36	52	0 → 0.0	70 → 38.5	12 → 3.0	51 → 10.2	52	Low combined evidence	0	0	4
118	ADSS	36	51	0 → 0.0	70 → 38.5	9 → 2.3	51 → 10.2	51	Low combined evidence	0	1	0
119	Traders Trust	36	51	0 → 0.0	70 → 38.5	3 → 0.8	58 → 11.6	51	Low combined evidence	0	0	1
120	FXGM	36	37	35 → 10.5	45 → 24.8	9 → 2.3	51 → 10.2	37	Low combined evidence	0	1	0
121	FXPIG	36	26	60 → 18.0	45 → 24.8	3 → 0.8	0 → 0.0	26	Low combined evidence	0	0	1
122	Key To Markets	35	50	0 → 0.0	70 → 38.5	3 → 0.8	54 → 10.8	50	Low combined evidence	0	0	1
123	UFX	34	49	0 → 0.0	70 → 38.5	0 → 0.0	54 → 10.8	49	Low combined evidence	0	0	0
124	Milton Markets	33	47	0 → 0.0	70 → 38.5	6 → 1.5	34 → 6.8	47	Low combined evidence	0	0	2
125	Exclusive Markets	33	39	20 → 6.0	70 → 38.5	3 → 0.8	0 → 0.0	39	Low combined evidence	0	0	1
126	Trive Financial	31	45	0 → 0.0	70 → 38.5	24 → 6.0	0 → 0.0	45	Low combined evidence	0	2	2
127	Sway Markets	30	43	0 → 0.0	70 → 38.5	3 → 0.8	17 → 3.4	43	Low combined evidence	0	0	1
128	ThreeTrader	30	43	0 → 0.0	70 → 38.5	6 → 1.5	17 → 3.4	43	Low combined evidence	0	0	2
129	FXPrimus	29	42	0 → 0.0	70 → 38.5	12 → 3.0	0 → 0.0	42	Low combined evidence	0	1	1
130	Trade.com	29	42	0 → 0.0	70 → 38.5	12 → 3.0	0 → 0.0	42	Low combined evidence	0	1	1
131	NordFX	29	41	0 → 0.0	70 → 38.5	9 → 2.3	0 → 0.0	41	Low combined evidence	0	0	3
132	TitanFX	29	41	0 → 0.0	70 → 38.5	9 → 2.3	0 → 0.0	41	Low combined evidence	0	0	3
133	GKFX / GKEurope	29	41	0 → 0.0	70 → 38.5	9 → 2.3	0 → 0.0	41	Low combined evidence	0	1	0
134	Axiory	28	40	0 → 0.0	70 → 38.5	6 → 1.5	0 → 0.0	40	Low combined evidence	0	0	2
135	FreshForex	27	39	0 → 0.0	70 → 38.5	3 → 0.8	0 → 0.0	39	Low combined evidence	0	0	1
136	Gulf Brokers	27	39	0 → 0.0	70 → 38.5	3 → 0.8	0 → 0.0	39	Low combined evidence	0	0	1
137	Squared Financial	27	39	0 → 0.0	70 → 38.5	3 → 0.8	0 → 0.0	39	Low combined evidence	0	0	1
138	CommexFX	27	39	0 → 0.0	70 → 38.5	0 → 0.0	0 → 0.0	39	Low combined evidence	0	0	0
139	Kwakol Markets	27	39	0 → 0.0	70 → 38.5	0 → 0.0	0 → 0.0	39	Low combined evidence	0	0	0
140	Rakuten Securities Australia	26	28	20 → 6.0	40 → 22.0	22 → 5.5	0 → 0.0	28	Low combined evidence	1	0	0
141	LegacyFX	7	8	5 → 1.5	10 → 5.5	9 → 2.3	0 → 0.0	8	Low combined evidence	0	1	0

Components are shown raw first, then multiplied by their weight. Small rounding differences between the sum of the three weighted columns and the headline figure come from rounding the final result once, at the end.

Scale

How to read a band

Range	Band	What it means in practice
90–100	Exceptional	Strong combined evidence across structural protection and verified trading costs; inspect the separate Trust Score before depositing.
80–89	Strong	Good combined value evidence, with the Trust Score and fee evidence shown as separate components.
70–79	Adequate	A middle combined score. Read the licence entity, cost basis and unresolved fields rather than treating the band as a recommendation.
60–69	Watch	The combined score is sensitive to either weaker structural protection or incomplete cost evidence. Check both components.
below 60	Low combined evidence	The value-aware score is below 60; this is not a standalone safety verdict and missing fee evidence can lower it.

Context

How the Trust Score relates to the overall score

Two different questions, two different weightings.

Pillar	Weight in overall score	Enters Trust Score?	Variables
Fees & Costs	30%	No	26
Trust & Safety	20%	Yes — 55%	21
Deposits & Withdrawals	15%	No	18
Trading Platforms	15%	No	24
Product Range	10%	No	15
Research & Education	5%	No	14
Customer Support	3%	No	12
Account Opening	2%	No	10
Total	100%	plus reach and longevity, from the public register	140

A broker can hold a high overall score and a moderate Trust Score if it trades cheaply from a thinner regulatory base — OANDA and LegacyFX sit at opposite ends of exactly that trade-off. Read both numbers before depositing. Every recorded field →