BTI Scoring Methodology
How we calculate the Broker Transparency Index score. Our methodology evaluates six pillars of broker transparency using only publicly available evidence.
Overview
The Broker Transparency Index (BTI) score is a composite rating from 0 to 100 that measures how transparently a broker discloses its execution practices, business model, and operational infrastructure. Higher scores indicate greater public disclosure depth.
Important: The BTI score measures transparency of disclosure, not trading quality, profitability, or safety. A broker with a high BTI score has made more information publicly available -- it does not guarantee superior execution or regulatory strength.
Six Scoring Pillars
Each broker is evaluated across six pillars. Points are awarded based on whether specific disclosure criteria are met, partially met, or absent.
Execution Policy
20 ptsDoes the broker publish a detailed execution policy covering order types, price improvement, slippage handling, and conflict-of-interest disclosures?
Scoring criteria
- Execution policy document publicly accessible (not behind login)
- Covers order priority and price formation logic
- Discloses potential conflicts of interest
- Describes slippage and re-quote handling
Public Metrics
20 ptsDoes the broker publish quantitative execution data such as fill ratios, average slippage, execution speed, and rejection rates?
Scoring criteria
- Fill ratio data published and updated regularly
- Average slippage figures disclosed
- Execution speed or latency statistics available
- Historical data accessible (not just snapshots)
Order Routing
20 ptsIs the order routing model clearly documented? Can traders understand whether their orders are internalized, hedged, or routed to external liquidity?
Scoring criteria
- Routing model explicitly named (A-book, B-book, hybrid, SOR)
- Liquidity provider relationships disclosed
- Smart Order Routing logic explained (if applicable)
- Conflict-of-interest mitigation described
Trading Infrastructure
15 ptsCan the broker's trading gateways, price feed sources, and infrastructure partners be independently verified?
Scoring criteria
- Liquidity providers or price feed sources named
- Trading gateway or bridge technology disclosed
- Infrastructure partners verifiable via third-party sources
Support Transparency
10 ptsIs the support structure clearly documented with response time commitments, department structure, and accessible contact information?
Scoring criteria
- Support response time SLA published
- Department structure or escalation path disclosed
- Multiple contact channels documented
Regulatory Disclosure
15 ptsDoes the broker clearly disclose its regulatory status, license numbers, and jurisdictional scope without ambiguity?
Scoring criteria
- Regulatory license number(s) displayed prominently
- Jurisdictional scope clearly defined
- Regulatory body verification link provided
- Compensation scheme details disclosed
Scoring Process
For each pillar, we check the broker's public-facing website, legal documents, and any linked regulatory filings. Each criterion can receive:
- Full points -- the information is clearly published and accessible without requiring account registration.
- Partial points -- the information exists but is incomplete, outdated, or requires registration to access.
- Zero points -- the information is not found on any publicly accessible page.
The sum across all six pillars produces the final BTI score (max 100). Scores are rounded to the nearest whole number.
Review Cadence
All broker profiles are reviewed at least quarterly. The “Last reviewed” date on each profile indicates when the most recent evaluation was completed. Any changes identified during review are logged in the Changelog.
Corrections & Feedback
If you believe a broker’s score does not accurately reflect their current public disclosures, you can submit a correction request through our Contact page. All corrections are reviewed within 5 business days.