How we rank | The Pip Report

Every score is built from six weighted areas. Here is the method, the evidence behind it, and what would change it.

Six areas, one score

Each broker gets a score out of 100, built from six areas. The weights reflect what matters most to a retail trader's outcome:

Costs (25%): all-in cost per standard lot on EUR/USD (raw spread × $10 plus round-turn commission), overnight swaps, and non-trading fees such as deposit, withdrawal, conversion and inactivity fees.
Regulation (25%): which licences the broker holds, which entity retail clients are actually onboarded under, segregation of client money, negative balance protection, and investor compensation schemes.
Platforms (15%): availability and quality of MT4, MT5, cTrader, TradingView or the broker's own platform, on desktop and mobile.
Execution (15%): published execution and slippage statistics, order types, requotes, and our own test trades.
Support (10%): response time and quality on live chat and email, measured with real questions.
Education (10%): depth and accuracy of the learning material for new traders.

Each area is scored 0–100 and the overall score is the weighted average, rounded to the nearest whole number.

How we collect the evidence

Spreads are sampled during the London session over at least two weeks, from live accounts.
Fees come from the broker's published schedule and are confirmed by opening a live account, trading, and withdrawing.
Licences are verified on the regulator's own register, never from the broker's website. See Regulator registers.
Retail loss figures are the percentages each provider is required to publish. We show them next to every "Open account" button.
Withdrawals are tested with real money, and the time to receive funds is recorded.

What does not affect the score

Affiliate commission. Advertising. Promotional offers. Brokers cannot buy a higher score or a better position in a table, and brokers that pay us nothing are reviewed with exactly the same method. See How we are paid.

How often it changes

Costs are re-checked monthly. Regulation is re-checked whenever we see a licence change, a new entity or an enforcement notice. Every review shows the date it was last reviewed in full, and any correction is noted at the end of the review with its date.

Limits of a score

A score summarises our tests at a point in time. It is not a recommendation and it cannot account for your own circumstances, experience or goals. Read the full review, check the regulator's register yourself, and read the risk warning.