89 Forex Brokers Tested & Ranked
Real money tests. From the best to the absolute worst.
Why we tested 89 brokers with real money
The online forex industry is flooded with marketing noise. "Zero spreads," "instant execution," and "guaranteed profits" are claimed by almost everyone, from legitimate Tier-1 brokers to unregulated offshore scams.
At ForexRoasted, we don't rely on demo accounts or marketing brochures. We opened live accounts, deposited real capital ($47,000 total), and traded for over 18 months. We tested customer support with difficult questions. We withdrew funds to check for delays. We measured slippage during high-impact news events.
The result is this comprehensive ranking. It separates the true ECN providers from the B-Book market makers. Most importantly, it flags the scams you must avoid outright.
Prefer to run the checks yourself? Our guide on how to choose a forex broker walks through the same four steps we use. The licence tier. The total cost of a trade. A test withdrawal. And the five signals that end the conversation.
Our mission is simple: transparency in an industry designed to be opaque.Most review sites are merely affiliate portals that rank brokers based on who pays the highest commission. We take the opposite approach. Predatory terms or a history of frozen accounts send a broker to our "Poor" or "Scam" lists. The size of the marketing budget changes nothing. This database is updated monthly to reflect changes in execution speeds, regulatory status, and user feedback.
Top 3 Brokers
UltimaMarkets
FCA/FSC/FSCA regulated. Competitive ECN spreads, fast execution, transparent pricing, and reliable withdrawals.
Vantage
ASIC + FCA regulated. Deep liquidity, same-day withdrawals, ProTrader platform.
Startrader
ASIC/FSCA/FSA regulated. Premium ECN execution, raw spreads from 0.0 pips. 24h withdrawals.
Expert Guide: What Makes a Broker "Safe"?
1. The Hierarchy of Regulation
Not all licenses are created equal. When we test brokers, we first verify their regulatory standing. Tier-1 Regulatorsprovide the highest level of protection. That means ASIC in Australia, the FCA in the UK, the NFA in the USA. They require brokers to maintain segregated client accounts, meaning your money is never mixed with the broker's operational funds.
Offshore Regulation (FSC Mauritius, VFSC Vanuatu) offers more flexibility: higher leverage, easier onboarding. It also leaves far less legal recourse when something goes wrong. Our ratings heavily penalize brokers that operate solely through offshore entities without any Tier-1 oversight.
2. ECN vs. Market Makers
Understanding how your broker makes money is crucial. True ECN (Electronic Communication Network) brokers, like IC Markets or Pepperstone, pass your trades directly to liquidity providers. They make money via commissions and small markups, meaning they want you to trade profitably and stay a client.
Conversely, Market Makers (B-Book) often take the opposite side of your trade. If you lose, they win. Many reputable brokers use a hybrid model. We look for transparency in execution speed and slippage, which is what exposes a manipulated price feed.
Red Flags We Look For During Testing
Guaranteed returns
Trading is risky by construction. A broker or “account manager” promising fixed daily or monthly profit is a confirmed scam.
Aggressive sales
Reputable brokers do not cold-call. Pressure to deposit more money to “save” a position is the moment to block the number.
Withdrawal fees
Some processing fees are genuine. Scam brokers invent “taxes” and “clearance fees” that must be paid before you can withdraw.
Bonus traps
A 100% deposit bonus arrives with turnover requirements nobody clears. The bonus locks the deposit that was already yours.
All five warning signs, one by one, with how to check each: how to spot a scam broker.
Find a broker
58 brokers ranked
Excellent (9.2 - 8.8)
ASIC regulated. Famous for raw ECN spreads from 0.0 pips and high volume execution.
Full Review →Very Good (8.7 - 8.3)
FCA/ASIC/NFA. Est. 1996. $0 min, fractional lots. Used in Medium-Frequency EA Test.
Full Review →Good (8.2 - 7.8)
CySEC/ASIC/IFSC. Heavy bonuses, wider spreads (1.5 pips), inconsistent execution.
Full Review →Average (7.7 - 7.0)
Below Average (6.9 - 6.0)
Poor (5.9 - 5.0) ⚠️ AVOID
Binary options/FTT platform banned in EU. FinaCom compensation doesn't cover binary losses. Rigged clock timing documented.
Full Expose ->BVI offshore, no regulation. Outdated, slow execution. Withdrawal delays 4-8 weeks.
Full Expose →ASIC regulated but B-Book model. Profits when you lose. Massive conflict of interest.
Full Expose →Scams & Confirmed Frauds (4.9 and below) 🚨 AVOID
Documented scams: fake regulation, withdrawal refusals, Ponzi schemes. Full list in "Exposed" database.
Full Scam Database →Testing Methodology
89 brokers tested with real money deposits over 18+ months. Each broker is scored on six things. Regulation strength. Execution quality: speed, slippage, requotes. Spreads, advertised against actual. Withdrawal speed and fees. Support responsiveness. Transparency.
Scoring Criteria: Regulation (25%), Execution Quality (25%), Spreads & Fees (20%), Withdrawals (15%), Support (10%), Transparency (5%). Tier-1 regulation (ASIC/FCA/NFA) scores higher than offshore (IFSC/VFSC/FSC).
Trust Scores:9.0-10 Excellent, 8.0-8.9 Very Good or Good, 7.0-7.9 Average. Below that: 6.0-6.9 Below Average, 5.0-5.9 Poor, <5.0 Scam or Fraud. Only brokers scoring 8.5+ receive 'recommended' status.
Total Count: 89 brokers total. The breakdown: Top brokers (3), Excellent (5), Very Good (8), Good (8), Average (9). Plus Below Average (9), Poor (6), Scams & Confirmed Frauds (13), Additional Scams Database (28).
Our Rules: Rankings based solely on testing data. We expose scams even if they offer high commissions. Broker reviews linked only when full test report available.
Common Questions About Forex Brokers
Why is ASIC/FCA regulation so important?
Tier-1 regulators like ASIC (Australia) and FCA (UK) enforce strict rules: segregated client funds, negative balance protection, and regular audits. Offshore regulators have little power over a broker that refuses a withdrawal. St. Vincent and the Marshall Islands are the usual examples.
What is an ECN broker?
Electronic Communication Network (ECN) brokers pass your orders straight to liquidity providers such as banks and hedge funds. They do not take the other side of your trade. This eliminates the conflict of interest inherent in "Market Maker" (B-Book) models, where the broker profits when you lose.
Why do you rate some popular brokers poorly?
Popularity implies a large marketing budget, not necessarily quality. We rate brokers based on execution speed, true costs, and safety. High spreads, hidden fees and regulatory fines all pull a score down. Fame does not lift it back up.
How do scams typically operate?
Scam brokers often lure victims with "account managers" who promise guaranteed returns. They may show fake profits on the platform to encourage larger deposits. However, when you attempt to withdraw, they will invent fees, taxes, or policy violations to block your money.