"Regulated" is the most abused word in forex marketing. Some brokers quote a licence number that belongs to another company, others are registered with a body that doesn't supervise trading at all. The good news: checking takes about five minutes and the registers are free.
Step 1: Find the legal entity name and licence number
Scroll to the footer of the broker's website or open the legal documents. You are looking for:
- The full company name (for example "Example Markets Ltd").
- The regulator and the licence or reference number.
- The registered address.
Many brands operate several entities. The one that matters is the entity your account will be opened with — it is named in the client agreement you accept at sign-up.
Step 2: Search the regulator's own register
Never use a link provided by the broker. Type the regulator's address yourself and search its public register:
| Regulator | Country | Where to check |
|---|---|---|
| FCA | United Kingdom | Financial Services Register (register.fca.org.uk) |
| CySEC | Cyprus / EU | Regulated entities list on cysec.gov.cy |
| ASIC | Australia | ASIC professional registers (via asic.gov.au) |
| NFA / CFTC | United States | NFA BASIC search (nfa.futures.org) |
| FSCA | South Africa | FSP search on fsca.co.za |
| DFSA | Dubai (DIFC) | Public register on dfsa.ae |
| FMA | New Zealand | Financial Service Providers Register |
Check that the company name, licence number, website address and permitted activities all match. A licence to give investment advice, for example, is not a licence to hold client money or deal on your behalf.
Step 3: Look for clone warnings
A "clone firm" copies the name and licence number of a real regulated company and uses a slightly different website or phone number. Most regulators publish warning lists of clones and unauthorised firms. If the register lists an official website that differs from the one you are on, stop there.
Step 4: Understand what the licence protects
Regulation quality differs a lot. Top-tier regulators typically require:
- Client money held in segregated accounts.
- Minimum capital requirements for the broker.
- Negative balance protection for retail clients (FCA, EU, ASIC).
- Access to a compensation scheme if the firm fails — for example the FSCS in the UK or the ICF in Cyprus, each with its own limits.
- Leverage caps for retail clients (commonly 1:30 on major pairs in the UK, EU and Australia).
Offshore registrations — such as some island jurisdictions — may involve little ongoing supervision and no compensation scheme. That is a risk you take knowingly, not one hidden in the fine print.
Step 5: Check the payment trail
When you deposit, the receiving bank account or payment processor should belong to the regulated entity or its group. Requests to pay into a personal account, a crypto wallet supplied in a chat, or a company with an unrelated name are classic signs of fraud.
Warning signs that need no register check
- Guaranteed returns or "no loss" trading.
- An "account manager" who calls repeatedly and pushes larger deposits.
- Withdrawals that require paying a "tax" or "release fee" first.
- Pressure to install remote-access software on your computer.
If you have already lost money to a firm like this, read our guide on fund recovery scams before you reply to anyone offering to get it back.
Use this before claiming any bonus
Every broker profile on our broker list shows the regulator the broker states. Treat that as a starting point and confirm it on the regulator's register before you deposit — it takes less time than reading the bonus terms.