“Alert” refers to research-based risk signals and verification findings identified during broker research. FXBrokerAlert is not a financial regulator and does not replace official regulator warnings or databases.
FXBrokerAlert Evidence Ratings have not been issued
No broker is currently eligible for a pilot Evidence Rating. The source files do not yet document a complete, dated evidence set for the proposed contracting entity, its relevant permissions, corporate and operating history, current account costs and conditions, and enforcement or warning checks. Missing evidence is not an adverse finding; profiles remain Not Rated until the required checks are recorded and reviewed.
FXBrokerAlert Evidence framework
The evidence framework considers regulation, legal entities, ownership and corporate information where available, fees, trading conditions, platforms, deposits and withdrawals, public reputation, risk signals and source quality. The following weights are applied only after source-led research is completed. They are not currently applied to any broker and do not produce a published FXBrokerAlert Evidence Rating.
| Criterion | Weight | What it measures |
|---|---|---|
| Regulation | 30% | Whether authorisation can be confirmed on an official register, for which legal entity, and how strong that regime is. |
| Transparency | 20% | Whether legal entity names, documents, costs and complaint routes are published clearly and consistently. |
| Operating history | 15% | Documented continuity of the business and any recorded enforcement or disciplinary history. |
| Trading infrastructure | 15% | Platform availability, order execution disclosures and documented outage handling. |
| Fees & conditions | 10% | Clarity and completeness of spreads, commissions, swaps, inactivity and withdrawal costs. |
| User risk signals | 10% | Patterns in verifiable complaints and regulator warnings. FXBrokerAlert has not yet issued an Evidence Rating. |
Third-party Reference Score calculation
Public editorial ratings and user-review ratings are kept as separate source records. Scores are normalized to 10 by multiplying the original score by 10 and dividing by its source scale. Editorial ratings are averaged within their group, as are public user-review ratings. At least two attributable sources are required: two sources are marked Limited External Data and three or more Complete. When both rating types are available, Third-party Reference Score = Editorial Average × 60% + User Review Average × 40%, rounded to one decimal place. If only one rating type is available, only that group’s average is shown and the record is marked Limited External Data. One-source ratings may be shown as source evidence but are not combined into a Third-party Reference Score.
- Three or more usable source ratings: standard Third-party Reference Score.
- Two usable source ratings: Third-party Reference Score marked Limited External Data.
- One source rating: Not Enough External Ratings; no Third-party Reference Score.
- No reliable source ratings: Not Rated.
Each source record includes its original rating, scale, normalized value, source URL, rating type, checked date, and public review count where the source publishes one. Sources are not weighted by review count. No rating was excluded as an outlier in this snapshot. XM’s unavailable Trustpilot score is not treated as zero and is excluded from its average.
Limits of external ratings
Editorial methodologies differ, and editorial ratings may be affected by affiliate disclosures. User reviews are self-selected; Trustpilot states that it does not fact-check reviewers’ specific claims. These scores do not establish licensing, client protection, a specific contracting entity, suitability, or future service quality. Review samples can change after the checked date.
Three separate regulatory evidence dimensions
These are evidence-coverage labels, not safety ratings, legal opinions, or investment recommendations. A match means an official register record was located for a named legal entity. It does not confirm that the broker brand is operated by that entity or that a specific client is covered by its permissions.
| Evidence dimension | Allowed statuses | Current profile counts |
|---|---|---|
| Official entity record | Matched; No confirmed match found; Not researched; Insufficient identifying information | 13 matched · 9 no confirmed match · 0 not researched · 3 insufficient identity |
| Brand-to-entity relationship | Confirmed; Provider claim only; Not established | 8 confirmed · 6 provider claim only · 11 not established |
| Client-specific regulatory coverage | Confirmed; Not established; Not applicable; Not researched | 0 confirmed · 22 not established · 0 not applicable · 3 not researched |
These dimensions are reported separately on broker profiles and in the directory. “Matched” never means that a brand, website or particular client has been independently confirmed as served by the named entity.
Records
Each source record stores its source type, URL, evidence status and actual checked date. Provider disclosures and official register matches are separate rows. A missing checked date means the record has not been checked; we never fill it with today’s date.