How We Test

Finance Raters has one primary goal: to provide factual, unbiased information regarding online brokers. We are here to help traders and investors make informed decisions and increase the odds of success. That is what sets us apart. Our platform reviews numerous regulated and reputable institutions considered significant players in the industry. Here’s how we do it.

What Functions We Check

We do everything we can to compare brokers without being biased. As a rule of thumb, our comparisons are based on the same factors and data points. Moreover, before including any broker in our reviews, we open an account and test the platform with our own resources. The information we publish is from firsthand experience. 

While evaluating brokers and testing their suitability, we first check proof of licensing and regulation. We don’t recommend brands that aren’t licensed or regulated by authoritative bodies like the FCA. That is because licensing and regulation augment a broker’s ability to keep your funds safe and adhere to strict industry standards.

We also rank brokers based on security and safety. Companies with the best protocols get a higher ranking, and vice versa. Additionally, our team tests every broker’s account setup process and awards ratings based on complexity. After opening an account, we fund it (if necessary) and test available trading platforms and research tools. Our experts also assess fees, deposit/ withdrawal methods, and educational tools and materials.

Finally, our team tests available customer support channels since quality support is indispensable in prompt issue resolution. We evaluate several vital aspects, including availability and resolution time. Brokers with top-quality services get high ratings and rankings.

After going through this exhaustive process, our team reads online reviews on Trustpilot, Google Play, and the Apple App Store. User testimonials help us award final ratings out of 5 stars. That way, we avoid bias and ensure our recommendations are as accurate as possible.

How Our Ranking Works

The table below will help you understand our criteria. It’s an example of our ranking of broker ABC.

CategoryPercentage ScoreRating Formula (%*5)Score
Licensing and regulation100%(100/100*5)5.0
Security and safety90%(90/100*5)4.5
Registration and account setup70%(70/100*5)3.5
Trading platforms and tools80%(80/1005) 4.0
Fees and commissions90% (90/1005)4.5
Deposits and withdrawals80%(80/100*5)4.0
Educational tools and resources80%(80/100*5)4.0
Customer support service90%
(90/100*5)
4.5
Research70%(70/100*5)3.5
User Testimonials80%(80/100*5)4.0
Total Score41.5
Rating (Total Score/ 10)4.2 stars
So, from our tests and research, broker ABC earned 41.5 points. That translates to a 4.2-star rating. 

The Tools We Test

To ensure our reviews are informative and factual, we evaluate all trading tools that brokers offer, including:

  • Trading platforms: Most top brokers offer diverse trading platforms, including MetaTrader 4 (MT 4), MetaTrader 5 (MT 5), and proprietary software. Our team tests such platforms and their ability to meet trader needs. We evaluate their interface, ease of use, incorporated features, and functionalities. We also give better ratings to brokers with trading platforms that support advanced customization options.
  • Trading tools: The best brokers offer indispensable trading tools to their clients. When vetting brokers, we check the available trading tools and their ability to help investors make informed decisions. We prioritize brands that support indispensable tools like automated trading systems, charting software, and risk management systems.
  • Dedicated mobile apps: Modern traders and investors use mobile apps to trade on the go. We understand that these solutions make your life easier and allow you to stay on top of your trading endeavors anytime, anywhere. As a result, we check the availability of dedicated mobile apps while reviewing and comparing brokers. We also gauge each app’s performance and user-friendliness.
  • Research and analysis tools: Reputable brokers have robust research and analysis tools. Traders and investors use them to gather pertinent information and make informed decisions. We assess every broker’s ability to provide accessible, quality research and analysis tools and factor this into our reviews.
  • Educational tools and resources: Trading novices and experts need educational tools and materials for ongoing training and skills development. Our reviews factor in the availability and quality of educational systems and resources. We always test these aspects before rating or reviewing any broker.        

Our Values

Finance Raters is guided by these values:

  • Independence: Finance Raters is independent. Our reviews are based exclusively on merit. No service provider can influence our reviews or recommendations, including the brokers who pay us commissions for specific services.
  • Integrity: We value integrity and strive to maintain the highest standards in all facets of our operations. Our team will always provide honest reviews without wavering or folding under pressure from third parties.
  • Transparency: Our site will always be transparent about operations and relationships with any entities. By being transparent, we believe you’ll always trust our reviews and use them to pick the best brokers for your trading and investment needs.
  • Accuracy: At Finance Raters, we are committed to providing accurate information. Our team always fact-checks every piece of content before publishing it on our site.