Most Forex brokers are regulated, licensed and trustworthy, but as with all industries, there will be a few bad apples that make everybody look bad. We will show you how to check any broker company to see if they are regulated and if you can trust them with your money.
Check Licenses & Reviews
Your first step is to check the broker's licenses and customer reviews. You can typically find this information in the footer, the "About Us" section, or under "Regulation." Look for the name of the regulatory authority and any listed license numbers. Use these details to verify the claim. Once you have this information, you can check if they are valid.
A broker is most likely a scam if they do not provide regulation license information.
Check License with Regulators
Use the regulator’s online register or database to search for the broker using their name or license number.
The regulators will have an online tool where you can verify if the broker is licensed.
Financial Conduct Authority
The Financial Conduct Authority must authorise nearly all financial service activities in the UK.
Australian Securities & Investments
The Australian Securities and Investments Commission (ASIC) must authorise nearly all financial service activities in Australia
Broker Reviews
If a broker has no reviews or displays reviews only on their website, be very careful; this is a red flag for a scam broker. A reputable company will have genuine online reviews with a company like Trustpilot.
How to Find a Trustworthy Broker
To sign up with a trustworthy and regulated broker, look at our top 5.
Please report any scam brokers in the comments section below.
