Our Methodology

BrokerCompared.com aims to help you find the best broker and to bring clarity for you in the process of choosing a broker and signing up for an account with one. All the information that’s available on BrokerCompared.com has been compiled based on data and is completely unbiased. We are not paid for any of the reviews that are available on our website and we do not recommend brokers based on their payment to us. We are excited to share our years of experience in the finance and trading industry with you and set you up for success. Our methodology is continuously revised to make sure that we provide the highest quality reviews possible.

We have a checklist with more than 500 criteria

For every broker that we consider on our platform, we have a list of criteria that they are reviewed on. All criteria are split up in 9 key areas:

  • Fees charged
  • Platform security
  • Trading platform features
  • Deposit and withdrawal process & ease
  • Account opening process
  • Product portfolio available to the trader
  • Education provided on the platform
  • Customer services available to the trader
  • Research that is done by the broker to improve the platform
  • The general information available on the website

We check everything with a live account

Our broker analysts use an anonymous live account to check everything on our criteria list. We deposit real money to make sure that our review is based on a real scenario, that you will also have to go through. This way our reviews are as complete as possible.

1. Fees charged

We gather fee info straight from the brokers’ sites. We check all fees that occur for all asset classes, e.g.: for stocks, forex, funds, and so on. We uncover hidden costs and dig deep into both trading and non-trading fees: to find your real costs we calculate fees for buying a position, holding it for one week and selling it. Also, we collect data automatically for certain fee data points, to be up to date.

2. Platform security

This is about mapping the brokers’ legal landscape, making sure who regulates which entity, the investor protection you get, what history and background the broker has. This is vital for the security of your investment, therefore this area is weighted properly.

3. Deposit and withdrawal process & ease

We deposit and withdraw real funds to test how the process works. The methods, costs and time required to deposit and withdraw money are of special interest to readers. All of these aspects are weighted. A broker that allows the use of credit cards for free is scored higher than the one where only wire transfer is available, which usually holds a charge.

4. Account opening process

We dedicate the time to open real accounts at brokers. There are times, where the list of required documents can be unclear for an everyday user. Apart from this, we compile information on several aspects of account opening, like the ease of the process itself, what account types are offered and the minimum deposits required.

5. Trading platform features

Your trading comfort is significantly affected depending on what type of platform you use. It can be a platform dedicated to PC-s (this is what we call desktop platforms), a mobile platform, or a browser-based web platform. Each trading platform is tested by us, focusing on general user experience, as well as on specific features like placing orders, authentication options and customizability.

6. Product portfolio available to the trader

Brokers are scored based on the number of markets they have available for you and the product selection they provide. A broker that has more product types will get a higher score than a broker that only offers CFDs for example.

7. Research that is done by the broker to improve the platform

Higher costs can be justified by a range of in-depth, unique and useful research tools. These allow you to get information on market sentiments, trends, tickers and companies. We look at all of the research tools the broker provides.

8. Customer service available to the trader

Each support method is tested personally by BrokerChooser team members. The customer service scores of each broker are based on 8 meaningful interactions with their support service, trying all their methods be it live chat, email or phone.

9. Education provided on the platform

Well-structured and quality educational content can help you to be more comfortable with the brokers’ platform, or trading itself. Brokers with useful, information-packed education tools earn higher ratings. These tools include webinars, videos, podcasts, articles – you name it.