"The 5 best brokers of 2025." "Our selection of the most reliable brokers." "Platforms we recommend." These headlines are everywhere. They give the impression of an independent selection made in your interest.

Ask one simple question before reading them: what is the business model of the site publishing this list? In the vast majority of cases, the answer is: the site receives a commission every time a reader registers with one of the recommended brokers.

How the affiliate model works in broker comparison sites

Broker comparison sites are, for the most part, affiliate platforms. The broker pays the site a commission - often between £200 and £600 per registered client, sometimes more. In return, the broker appears in recommendation lists with a favourable score.

This model does not necessarily imply dishonesty on the part of site operators. But it creates a structural asymmetry: a broker paying high commissions will rank better than an equivalent broker without an active affiliate programme. The recommendation reflects the remuneration as much as the quality.

What "recommended broker" means in this context

A broker featured in a recommendation list typically has two characteristics: it is regulated by a recognised authority (a real prerequisite) and it has an active affiliate programme with competitive commissions.

What a commercial recommendation does not mean: that the people running the broker have been independently verified, that its commercial practices have been audited, or that reports about it in other countries have been identified and excluded from the selection.

Why a genuinely neutral recommendation is so rare

A truly independent recommendation has no financial interest in steering you toward one broker or another. The problem is that this model has become the exception: the vast majority of comparison sites are paid by the brokers they promote. You think you are reading a review; you are actually reading disguised advertising - and it is invisible to the reader.

The result is simple: the ranking you consult does not necessarily reflect a broker's reliability, but what that broker is willing to pay to appear in it. Telling the two apart from the outside is nearly impossible.

What we do

YMV & Co. does not publish broker rankings. We are affiliated with no platform. We carry out independent verifications commissioned by investors who want to know, about a specific broker they are considering, what comparison sites cannot tell them.