How we research
Every figure in our tables is recorded with its source and the date we checked it. We start from the broker's own pages, regulators' registers and government sources; where those can't be read, we use the value that most reputable broker directories and broker media agree on. Each broker's Broker Atlas score is calculated from these figures with the same rules for everyone (apart from the featured broker’s labelled editorial rating). We do not open accounts, deposit or withdraw, so we report published conditions, not first-hand test results.
Where our facts come from
We look for each figure in this order:
- The broker’s own website: account pages, terms and conditions, client agreements, bonus terms, help-centre articles and funding pages.
- Regulators’ public registers, for example the FSA Seychelles, the FSC Mauritius, the VFSC in Vanuatu or the FCA in the UK. This is how we confirm that a licence number exists and which company holds it.
- Official government sources for tax and legal questions, such as HMRC, Japan’s National Tax Agency or Korea’s National Tax Service.
- Reputable broker directories and broker media, such as the MetaTrader 5 broker directory and established comparison and news sites, when the broker’s own pages can’t be read from where we work or don’t state the figure. We use the value most recent sources agree on, and record every source we used.
We never invent a figure. If no credible source gives one, the table shows a dash. Our guide to how forex licences work explains what each register can and cannot tell you.
One source and one date per fact
Facts are stored one by one: one value per broker, per feature (maximum leverage, minimum deposit, negative balance protection and so on) and per language edition. Each value carries the link to where we read it, the date we checked it, and a note naming any further sources. Figures taken from directories or broker media are marked as such in our records, so they can be re-checked against the broker’s own pages first.
Articles link their key sources in the text. Before you deposit, always confirm the conditions on the broker’s own site.
The right company for each reader
Many brokers run several companies under one brand, each with its own licence and its own conditions. We record each legal entity separately and note which language editions it serves. For example:
- XM in our Japanese edition means XMTrading, which serves Japan through its Seychelles- and Mauritius-licensed companies.
- XM in our English and Korean editions means XM Global, licensed in Belize.
Leverage, bonuses and account types can differ between entities, so each edition describes the company that would actually open your account. Where a brand also runs an EU- or UK-regulated company, we do not apply that company’s conditions to offshore clients, or the other way round.
What we do not do
- We do not open accounts, deposit, trade or withdraw. We never claim to have tested execution speed, spreads or withdrawal times ourselves. Withdrawal times on this site are what brokers state, not measurements.
- We do not verify visitor reviews. Reviews from traders are checked for spam and promotion before they appear, but we cannot confirm what they say. They are shown separately from our own text.
- We do not give personal investment advice. Our pages compare published conditions; they do not tell you what to trade.
Limits to keep in mind
- Some brokers show current bonus offers only inside the client area after you register.
- Spreads and swaps change constantly. We report typical or average spreads as published; live prices may differ.
- Directory and media figures can lag behind a broker’s latest terms, which is why we re-check them against the broker’s own pages when we can.
How often facts are rechecked
We recheck the facts behind our tables when brokers announce changes and in regular passes, but we do not have a fixed schedule yet, so please do not assume a figure is current to the day. Brokers can change their terms without notice. Our scam check guide shows how to confirm a licence yourself.
Corrections
If you think a figure is wrong or out of date, tell us through the contact page and include the page and, if you can, the page that shows the correct value. We check the source again, update the value with the new source and date, and change the page’s “Updated” date. We do not change a fact because a broker or partner asks us to, only because a source shows it.
How we order brokers and how affiliate commissions fit in is explained in our editorial policy and advertising disclosure.
How the Broker Atlas score works
The score out of 5 on reviews and comparison tables is not an editor’s impression. It is calculated on every update from the published conditions we record for each broker, with the same rules for every broker (apart from the featured broker, whose overall rating is set by our editors and labelled “Editorial rating”), so it moves when the conditions change.
| Costs (weight 30%) | EUR/USD cost on the broker’s cheapest account: the lowest of the standard spread, a low-spread account without commission, and the raw spread plus commission (0.4 pips scores 5, 2.2 pips scores 1); plus the gold spread. |
|---|---|
| Trading conditions (weight 25%) | Maximum leverage (100:1 scores 1, 3,000:1 or more scores 5, unlimited scores 5), minimum deposit ($0 scores 5, $200 scores 1), stop-out level (0% scores 5, 50% scores 1), and whether scalping and EAs are allowed. |
| Safety (weight 25%) | The licence of the company that serves readers of this edition (UK FCA and Australian ASIC 5; CySEC, FSCA and similar 4; Mauritius and Seychelles 3; Belize, Vanuatu, St Vincent and similar 2.5; Comoros or no licence 1). +0.5 when the group also holds a top-tier licence, −1 for a regulator’s warning. Negative balance protection counts for 30%. |
| Bonuses (weight 10%) | A bonus scores 4, with extra credit for a deposit or no-deposit bonus. No bonus scores 2. |
| Platforms and tools (weight 10%) | Number of platforms (MT4, MT5, cTrader, TradingView, own app and so on), copy trading, swap-free accounts and local-language support. |
A part with no data at all counts as 2, so not publishing a figure never helps a broker.
The pros and cons come from the same data with fixed thresholds (for example, an EUR/USD spread of 1.0 pips or less is listed as a tight spread).
In lists and the ranking, the broker we feature (XM) is shown first with a "Featured" label; all other brokers follow in order of score. The featured broker’s overall rating is set by our editors and labelled “Editorial rating”; its part scores are calculated like everyone else’s.
The score compares trading conditions. It does not measure execution quality or how a broker handles withdrawals.
Frequently asked questions
Do you open real accounts with the brokers you review?
No. We do not open accounts, deposit, trade or withdraw. Every condition on the site is what the broker, a regulator or a reputable directory publishes, and each one is recorded with its source.
What does a dash (—) mean in a table?
It means we found no credible published figure for that broker. We show a dash rather than guess.
Why do XM's conditions differ between your Japanese and English pages?
Different companies serve different markets. Japanese readers are served by XMTrading, while English and Korean readers are served by XM Global in Belize. Each edition describes the company that would actually hold your account.
How is the Broker Atlas score calculated?
From five parts of a broker's recorded conditions: costs 30%, trading conditions 25%, safety 25%, bonuses 10%, and platforms and tools 10%. The rules are set out on this page under "How the Broker Atlas score works".
I found a wrong figure. What happens if I report it?
We check the source again and look for a newer one. If the figure has changed, we update it with the new source and date. Send corrections through our contact page.