Our Review Methodology

Last updated: May 10, 2026

Overview

Every forex broker review on Northmark is built on the same rigorous methodology. We evaluate 30+ data points across 6 core categories, weighted to reflect what actually matters for retail traders' real-world experience and capital safety.

The Six Evaluation Pillars

1. Regulatory Standing (Weight: 25%)

The single most important factor. A broker without strong regulation is gambling, not investing.

We verify:

License numbers in regulator public databases (CySEC, ASIC, FCA, FSC, FINMA, MAS, JFSA, etc.)
Investor compensation scheme participation (e.g., ICF in Cyprus up to €20,000, FSCS in UK up to £85,000)
Negative balance protection policy
Segregated client funds in tier-1 banks
Years of regulatory operation without major sanctions

2. Trading Costs (Weight: 20%)

Hidden costs erode profits. We measure:

EUR/USD spread during major trading hours (London/NY overlap)
USD/JPY, GBP/USD spreads during respective sessions
Commission per lot for ECN/Raw spread accounts
Swap rates (overnight financing) on major pairs
Deposit/withdrawal fees
Inactivity fees

We test these by opening a live (small) account with each broker and capturing real spreads at multiple times of day.

3. Trading Platform Quality (Weight: 15%)

We evaluate:

MT4, MT5, cTrader availability and feature completeness
Proprietary web platform usability
Mobile app (iOS/Android) functionality
Charting tools and technical indicators
One-click trading and order types supported (market, limit, stop, OCO, trailing)
Expert Advisor (EA) compatibility for algorithmic traders

4. Execution Quality (Weight: 15%)

The most opaque factor, but critical:

Average execution speed (measured in milliseconds, broker-published or independently tested)
Slippage frequency during news events
Requote frequency
Stop-out and margin call mechanics
Order fill rate at requested price

5. Account Features (Weight: 15%)

Minimum deposit thresholds
Maximum leverage offered (jurisdiction-dependent)
Account types (Standard, ECN, Cent, Islamic/Swap-free, etc.)
Demo account quality and time limit
Bonus and promotion terms (with attention to fair conditions)
Funding methods (bank transfer, e-wallets, crypto, local methods like JCB for Japan)

6. Customer Support & Education (Weight: 10%)

Languages supported (live chat coverage)
Response time (we test live chat with real questions)
Phone support availability and toll-free numbers
Educational resources (webinars, tutorials, market analysis)
VPS hosting for serious algorithmic traders

Scoring Process

Each data point is scored 1-5 against industry benchmarks, then weighted and aggregated to a final score out of 5.0.

A broker scoring:

4.5+ overall: Top-tier, recommended for most trader profiles
4.0-4.5: Solid choice, may have specific weaknesses
3.5-4.0: Acceptable but with significant trade-offs
Below 3.5: We do not recommend without strong specific reasons

Live Testing Protocol

For every broker we cover with >3.5/5 rating, we:

Open a real (low-deposit) account ourselves using non-affiliate channels where possible
Complete KYC verification (timing how long it takes)
Make a small deposit and execute multiple trades on different instruments
Test withdrawal within the first month
Document the entire experience with screenshots

Regulatory Verification Steps

For every broker, we verify regulatory status by:

Looking up the broker's claimed entity name on the official regulator's public register
Confirming the license is active (not "revoked," "lapsed," or "warned")
Checking for regulator warnings or sanctions in the past 24 months
Cross-referencing across multiple regulators if the broker operates under multiple entities

Re-Verification Schedule

To maintain accuracy:

Quarterly re-verification of regulatory status, spreads, leverage, and bonus offers
Immediate update if a broker faces new sanctions or major operational changes
Annual full re-review with fresh live testing

The "Last verified" date on each review indicates the most recent comprehensive check.

Conflicts of Interest

We disclose all commercial relationships in our Affiliate Disclosure. Critically:

Our scoring methodology is identical for partner and non-partner brokers
Higher commissions do not result in higher scores
We have removed brokers from "recommended" status when their score declined, regardless of partnership

Reader Feedback Loop

If you believe a review contains an error or outdated information, please contact us at our Contact page. We investigate every credible report within 7 days.

Limitations

We acknowledge:

No methodology is perfect. Some factors (deep liquidity provider relationships, exact execution times across all conditions) are inherently opaque
Markets change rapidly. Even our quarterly re-verification cannot capture every change
Individual experience varies. A broker's average performance may not match every individual trader's experience

This is why we always recommend:

Starting with a demo account
Small initial deposits to test withdrawal before committing larger sums
Maintaining multiple brokers to avoid single-point-of-failure risk

Trading forex and CFDs involves significant risk of loss and is not suitable for all investors. Past performance does not guarantee future results.