Every rating on The Spreadlog comes from the same 100-point model, built on evidence anyone can check: regulator registers, the broker’s own legal documents, its published costs and public enforcement records. We cite every source at the bottom of each review, with the date we checked it. A broker can pay for visibility on this site. It can’t pay for a score.
What we check, and what we don’t
We don’t open funded trading accounts, and we don’t place trades or make withdrawals. Our reviews are based on verification and documents. When a figure comes from the broker itself, such as a typical spread or a stated withdrawal time, we say so and link to the page it came from. Brokers can change their terms at any time, so always confirm costs on the broker’s site before you trade.
The scoring model
Brokers are scored out of 100 across seven pillars, and we publish the result as a rating out of 10 with one decimal. Regulation carries the most weight. That’s enough to separate a tier-1 broker from an offshore one, but a well-run offshore broker can still earn a fair 7.5 to 8 on its merits.
| Pillar | Points | What it measures |
|---|---|---|
| Regulation & client protection | 28 | License tier of the entity that serves you, fund safeguards, years under license |
| Trading costs | 18 | Published spreads, commissions, swaps and non-trading fees |
| Deposits & withdrawals | 16 | Local payment methods, stated processing times, fees, withdrawal terms and the public complaint record |
| Platforms & execution | 12 | Platform choice, execution model, published execution data, platform stability record |
| Accounts & instruments | 10 | Account types including swap-free, minimum deposit, leverage options, product range |
| Local fit & support | 8 | Support in your language, local payment rails, support channels and hours |
| Transparency & reputation | 8 | Quality of legal documents, regulatory history, public ownership |
What the ratings mean
| Rating | Band |
|---|---|
| 9.0 to 10 | Excellent |
| 8.0 to 8.9 | Very good |
| 7.0 to 7.9 | Good |
| 6.0 to 6.9 | Average |
| 5.0 to 5.9 | Use with caution |
| Below 5.0 | Not recommended |
Why we score the entity that serves you
Most broker brands run several companies. A group can hold a UK or Australian license and still onboard traders from India, Pakistan or the Gulf through a company registered in Seychelles, Mauritius or St Vincent. Your protection comes from the company that opens your account, so that’s the one we score.
We work out which entity serves each country from the broker’s client agreements, legal pages and country terms. If a broker shows a top-tier license in its marketing but its documents put you with a different company without saying so clearly, it loses a full point.
Regulator tiers
| Tier | Example regulators | License points (of 18) |
|---|---|---|
| Tier 1 | FCA (UK), ASIC (Australia), FINMA (Switzerland), BaFin (Germany), MAS (Singapore), JFSA (Japan), CFTC/NFA (US) | 18 |
| Tier 2 | CySEC (Cyprus), DFSA (Dubai), FSRA (Abu Dhabi), CMA (UAE, formerly SCA), FSCA (South Africa), CMA (Kenya), CIMA (Cayman Islands) | 14 |
| Tier 3 | FSC (Mauritius), FSA (Seychelles), SCB (Bahamas), FSC (BVI), Labuan FSA (Malaysia) | 9 |
| Tier 4 | VFSC (Vanuatu), FSA (St Vincent and the Grenadines), Comoros (Mwali) and Marshall Islands registrations | 4 |
| None | No license we can verify | 0 |
The remaining 10 regulation points cover clear disclosure of which entity serves which country (4), segregated funds, negative balance protection and compensation schemes (4), and years under the current license (2). We review the tier list every six months and record any change in the changelog at the bottom of this page.
Hard caps and red flags
Some findings override the points total. When a cap applies, the rating is the lower of the calculated score and the cap, and a red flag box appears at the top of the review. Caps apply to every broker, including sponsors. A red-flagged broker also loses its outbound links and drops out of our best-of lists until the problem is fixed.
| Finding | Effect on rating |
|---|---|
| License claimed but not found on the regulator’s register | Capped at 3.0 |
| Regulator warning for fraud, cloning or misconduct in the last 12 months | Capped at 4.0 |
| Repeated unresolved withdrawal complaints from verifiable sources in the last 12 months | Capped at 4.0 |
| No verifiable license at all | Capped at 5.0 |
| Bonus terms that lock withdrawals | Minus 0.5 |
| Serving entity differs from the license shown in marketing, without clear disclosure | Minus 1.0 |
A notice that only says a broker isn’t authorised in one country, such as the Reserve Bank of India’s Alert List, doesn’t cap the global score. It shows as a red flag on that broker’s page for the country concerned. Where a country’s regulator warns against promoting unauthorised platforms, as India’s does, we don’t link to brokers or sell placements on pages for that country.
How we review a broker
- License check. We look up every entity on the regulator’s own register and record its license number, status and the date we checked.
- Entity mapping. We read the client agreements and country terms to find which entity onboards traders from India, Pakistan, the UAE, Saudi Arabia and Malaysia.
- Costs. We record the broker’s published spreads, commissions, swaps and non-trading fees for its standard account, with the date captured.
- Deposits and withdrawals. We record the payment methods offered in each country, the fees and the processing times the broker states, and the withdrawal conditions in its terms.
- Enforcement and complaints. We search regulator warning lists, enforcement notices, IOSCO alerts and court records, and we review public complaint patterns from the last 12 months.
- Documents. We read the client agreement, bonus terms and fee schedule and flag anything that contradicts the marketing.
- Sources. Every source goes into the review’s source list with the date we checked it.
- Second check. A second member of the team checks the scoring sheet before the review is published.
The cost and withdrawal figures behind our reviews are collected in The Log.
Sponsored reviews and paid placement
We make money from brokers, and we’re open about how. Sponsors pay for reach, speed and presentation. They don’t touch the score, the cons or the regulation facts.
| A broker can pay for | A broker cannot change |
|---|---|
| A faster review, published within two weeks | The score or any pillar score |
| A featured slot on list pages, labeled Sponsored | The cons list |
| Banner placements | The regulation section or entity details |
| An offer box inside its review | Red flags and rating caps |
| Tracked links to its website | Its position in our editorial rankings |
| How quickly we publish bad news about it |
Sponsored reviews carry a Sponsored label above the headline. Paid links use the rel=”sponsored” attribute. Our editorial rankings are sorted by score automatically. More detail is in our advertising disclosure.
When we re-check
| Check | How often |
|---|---|
| Full review, all eight steps | Every 6 months |
| Published costs and fees | Every 3 months |
| License register check | Monthly |
| Regulator warning lists | Weekly |
We re-score straight away when a broker gains, loses or downgrades a license, when a regulator issues a warning or fine, when withdrawal complaints spike, when ownership changes or when a different entity starts serving a country we cover. Every review shows the date it was last verified and a changelog.
Methodology changelog
| Date | Change |
|---|---|
| 2026-10-06 | Version 1.2: country-specific authorisation notices, such as the RBI Alert List, now show on country pages instead of capping the global score. No broker links or paid placements on India pages. |
| 2026-10-06 | Version 1.1: reviews are based on verified documents, registers and public records rather than funded test accounts. Every review now lists its sources. |
| 2026-10-05 | Methodology version 1.0 published |