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Regulation & safety

Check the regulation before you fund the account

Regulation is the single biggest factor in whether you get your money back if a broker fails or behaves badly. It's weighted 25% in our score — more than anything else. Here's what it actually protects, and how to verify it yourself.

The tiers

Not all licences are equal

A licence from one regulator is not the same as a licence from another. The tier tells you roughly how much protection sits behind it.

Tier 1

Examples: FCA (UK), ASIC (Australia), BaFin (Germany), SEC/FINRA & CFTC/NFA (US)

The strictest regimes: high minimum capital, mandatory client-money segregation, conduct enforcement, and leverage caps for retail traders.

What it protects: Strongest day-to-day protection. Most (not all) tier-1 regimes also run a compensation scheme if the firm itself fails.

Tier 2

Examples: CySEC (Cyprus), FSCA (South Africa), DFSA (Dubai)

Real oversight and registers you can check, but lighter capital and compensation cover than tier 1. CySEC firms passport across the EU and carry the EU's €20,000 investor-compensation scheme.

What it protects: Meaningful, but read the detail — cover limits and enforcement are weaker than tier 1.

Offshore

Examples: FSA (Seychelles), FSC (Belize/Mauritius), VFSC (Vanuatu)

Light-touch jurisdictions used to offer very high leverage and looser rules. Often little real supervision of how client money is handled.

What it protects: Minimal. Usually no compensation scheme and limited recourse if something goes wrong. Treat with caution.

What's behind a licence

Three protections worth checking by name

“Regulated” is a spectrum. These are the specific protections that actually matter — and any of them can be missing even when a broker is technically licensed.

Compensation schemes

A backstop that pays you back — up to a cap — if the broker itself failsand can't return your money. It does not cover trading losses.

  • · UK (FSCS): up to £85,000 per person
  • · EU (ICF, via CySEC): up to €20,000
  • · Australia (ASIC): no investor compensation scheme for retail FX/CFD losses
  • · Most offshore: none

Segregated client funds

Your deposit is held in a separate bank accountfrom the firm's own money, so it can't be spent on the firm's costs and is ring-fenced if the firm collapses.

It's a baseline you should expect from any serious broker — but segregation quality varies, and it's not a guarantee against loss.

Offshore entities

The trap: a broker advertises an FCA or ASIC licence, then onboards international clients under a different offshore entity with higher leverage, weaker protection and no compensation scheme.

Check which entity your client agreement names and which regulator covers it — that's the one protecting your money, not the badge on the homepage.

Decode which entity may apply →
Do it yourself

How to verify a broker's licence in four steps

Takes about five minutes and is the single most useful safety check you can run before depositing.

1

Find the licence number and the legal entity

Look in the website footer or the 'Legal/Regulation' page, and in the client agreement you'd actually sign. Note the exact company name — not just the brand — and the licence number.

2

Open the regulator's own register

Go to the official register directly (links below) — never a link the broker hands you. Search the licence number or company name.

3

Match the entity, status and permissions

The company name and licence number must match exactly. Check the status is active/authorised and that the firm is actually permitted to deal in investments or derivatives — not just 'registered' for something unrelated.

4

Check the warning lists

Regulators publish lists of clone firms and unauthorised companies. Search the broker's name there too — scammers often copy a real firm's details.

Official registers

Always reach these by typing the regulator's name into a search engine yourself — not via a link supplied by the broker.

FCA — United KingdomASIC — AustraliaCySEC — Cyprus / EUFSCA — South AfricaBaFin — GermanyNFA / FINRA — United States

Red flags when you check

  • · The licence number doesn't resolve, or points to a different company.
  • · The entity in your client agreement isn't the one that's licensed.
  • · The firm appears on a regulator's clone-firm or warning list.
  • · The regulator named doesn't actually authorise forex/CFD dealing.
  • · Leverage far above local caps (e.g. 500:1+) — a sign of an offshore entity.
UK forex licence check (FCA register) →Is Vantage regulated? →WorldCapital1 / WRC1 regulation & withdrawals check →Clearsave Trading check →Prop trading in Germany: what to check before joining →

Get the broker deposit checklist.

A plain-English checklist for checking regulation, fees, withdrawal terms, leverage risk and red flags before you fund an account.

Educational checklist only — not investment advice and no trading signals. We store your email to send the checklist; no spam. See our privacy policy.

Per broker

Is your broker regulated? Register-checked answers

One page per broker, computed from the licence-evidence log: every licence with its verification status, which legal entity would onboard you, and what the licences actually protect.

Ranked

Platforms by regulation score

Our regulation & safety score combines licence tier, fund segregation, compensation cover and negative-balance protection. Licence numbers below should be confirmed on the official register — they can change, and we show them so you can check.

Last updated August 2026·Regulatory details and licence numbers are reviewed periodically and can change — verify current terms with the broker before you deposit.·How we score

SourcesRegulator registersBroker licence disclosures
PlatformReg. scoreRegulatorsSegregated
Pepperstone logoPepperstone93
FCAASICCySEC+5
Yes
IG logoIG90
FCABaFinASIC+4
Yes
XTB logoXTB88
FCAKNFCySEC+3
Yes
IC Markets logoIC Markets87
ASICCySECFSA
Yes
FP Markets logoFP Markets86
ASICCySECFSCA
Yes
ThinkMarkets logoThinkMarkets86
FCAASIC
Yes
FXTM logoFXTM85
FSCACMA
Yes
Tickmill logoTickmill82
FCACySECFSCA+1
Yes
Eightcap logoEightcap82
ASICFCACySEC+1
Yes
Vantage Markets logoVantage Markets80
ASICFSCACIMA
Yes
XM logoXM80
ASICCySECDFSA+1
Yes
Axi logoAxi79
ASICFCACySEC+2
Yes
Exness logoExness78
FCACySECFSCA+1
Yes
Blueberry Markets logoBlueberry Markets76
ASIC
Yes
VT Markets logoVT Markets76
ASICFSCAFSC
Yes
Fusion Markets logoFusion Markets74
ASICCySECVFSC+1
Yes
StarTrader logoStarTrader66
FSCAFSC
Yes
RoboForex logoRoboForex60
FSC
Yes
PU Prime logoPU Prime60
FSCACMA (UAE)FSA+1
Yes
LiteFinance logoLiteFinance58
CySECMISA
Yes
Evidence log

Licence evidence log

Every licence claim in our database, with its verification status and check date. 61 verified on an official register · 11 corrected after a register check · 28 pending or unverified — pending means we haven't finished checking, not that a licence is bad.

What the corrections taught us: the three ways broker licence numbers go wrong →

BrokerLegal entityRegulator · licenceStatusChecked
PepperstonePepperstone LimitedFCA 684312Verified on register2026-09-09
PepperstonePepperstone EU LimitedCySEC 388/20Verified on register2026-06-19
PepperstonePepperstone Group LimitedASIC 414530Verified on register2026-09-14
PepperstonePepperstone Financial Services (DIFC) LimitedDFSA F004356Verified on register2026-06-19
PepperstonePepperstone Markets Kenya LimitedCMA 128Verified on register2026-07-01
ExnessExness KE LimitedCMA 162Verified on register2026-08-22
FP MarketsFP Markets LimitedCMA 193Verified on register2026-08-22
IC MarketsIC Markets (KE) LimitedCMA 199Verified on register2026-08-22
XMTPXMGLOBAL Kenya LimitedCMA 233Verified on register2026-08-22
PepperstonePepperstone GmbHBaFin 151148Verified on register2026-09-14
PepperstonePepperstone Markets LimitedSCB Verified on register2026-09-14
PepperstonePepperstone Financial Services LLCCMA (UAE) Verified on register2026-09-14
IC MarketsInternational Capital Markets Pty LtdASIC 335692Verified on register2026-09-14
IC MarketsIC Markets (EU) LtdCySEC 362/18Verified on register2026-06-19
IC MarketsRaw Trading Ltd (IC Markets Global)FSA SD018Verified on register2026-09-14
XMTrading.com Markets Pty Ltd (formerly Trading Point of Financial Instruments Pty Ltd)ASIC 443670Verified on register2026-09-15
XMTrading Point of Financial Instruments LtdCySEC 120/10Verified on register2026-06-19
XMTrading Point MENA LimitedDFSA F003484Verified on register2026-06-19
XMXM Global LimitedFSC 000261Pending — verify2026-08-18
FP MarketsFirst Prudential Markets Pty LtdASIC 286354Verified on register2026-09-15
FP MarketsFirst Prudential Markets LtdCySEC 371/18Verified on register2026-06-19
FP MarketsFP Markets (Pty) LtdFSCA FSP 50926Pending — verify2026-06-19
Vantage MarketsVantage Global Prime Pty LtdASIC 428901Verified on register2026-09-15
Vantage MarketsVantage Markets (Pty) LtdFSCA FSP 51268Pending — verify2026-06-19
Vantage MarketsVantage International Group LimitedCIMA 1383491Verified on register2026-07-10
FXTMExinity UK Ltd (fmr Forextime UK Limited)FCA 777911Verified on register2026-09-09
FXTMExinity LimitedFSCA FSP 50320Verified on register2026-09-09
FXTMExinity Capital East Africa LimitedCMA 135Verified on register2026-08-22
FXTMForexTime LtdCySEC 185/12Corrected — verify2026-06-19
VT MarketsCentFX Global Pty Ltd (formerly VT Global Pty Ltd)ASIC 516246Corrected — verify2026-09-15
VT MarketsVT Markets (Pty) LtdFSCA FSP 50865Pending — verify2026-06-19
VT MarketsVT Markets LtdFSC GB23202269Corrected — verify2026-06-19
RoboForexRoboForex LtdFSC 000138/7Pending — verify2026-08-18
PU PrimePU Prime (Pty) LtdFSCA FSP 52218Corrected — verify2026-06-19
PU Prime(no Bahamas entity)SCB SIA-F216Corrected — verify2026-06-19
PU PrimePU Prime LimitedFSA SD050Verified on register2026-07-02
PU PrimePU Prime LtdFSC GB23202672Pending — verify2026-07-02
PU PrimePU Prime Financial Services LLCCMA (UAE) 20200000388Pending — verify2026-07-02
LiteFinanceLiteforex (Europe) LtdCySEC 093/08Verified on register2026-06-19
LiteFinanceLiteFinance (offshore)MISA T2023311Unverified2026-06-19
StarTraderStarTrader International Pty LtdFSCA FSP 52464Corrected — verify2026-06-19
StarTraderSTARTRADER Financial Markets LimitedFSC GB24203371Corrected — verify2026-06-19
ExnessExness (UK) LtdFCA 730729Verified on register2026-09-09
ExnessExness (Cy) LtdCySEC 178/12Verified on register2026-06-19
ExnessExness ZA (Pty) LtdFSCA 51024Pending — verify2026-06-19
ExnessExness (SC) LtdFSA SD025Pending — verify2026-08-18
Blueberry MarketsBlueberry Australia Pty LtdASIC 535887Verified on register2026-09-15
ThinkMarketsTF Global Markets (UK) LimitedFCA 629628Verified on register2026-09-09
ThinkMarketsTF Global Markets (Aust) Pty LtdASIC 424700Verified on register2026-09-15
etoroeToro AUS Capital LimitedASIC 491139Pending — verify2026-06-19
etoroeToro (Europe) LtdCySEC 109/10Verified on register2026-06-19
XTBXTB LimitedFCA 522157Verified on register2026-09-09
XTBXTB S.A.KNF DDM-M-4021-57-1/2005Pending — verify2026-08-25
XTBXTB Ltd (Cyprus)CySEC 169/12Verified on register2026-08-25
XTBXTB MENA LimitedDFSA F006316Corrected — verify2026-08-25
XTBXTB International LimitedFSC 6442514Pending — verify2026-08-25
XTBXTB Agente de Valores SpACMF 216Verified on register2026-08-25
IGIG Markets LimitedFCA 195355Verified on register2026-09-09
IGIG Index LimitedFCA 114059Verified on register2026-09-09
IGIG Europe GmbHBaFin 148759Verified on register2026-08-25
IGIG Markets Limited (AU)ASIC 220440Corrected — verify2026-09-15
IGIG Bank S.A.FINMA Verified on register2026-08-25
IGIG Asia Pte LtdMAS Verified on register2026-08-25
IGIG Limited (DIFC)DFSA F001780Pending — verify2026-08-25
IGIG International LtdBMA Pending — verify2026-08-25
IGIG Securities LtdFSA Pending — verify2026-08-25
avatradeAVA Trade EU LimitedCBI C53877Verified on register2026-06-19
avatradeAva Capital Markets Australia Pty LtdASIC 406684Pending — verify2026-06-19
avatradeAva Capital Markets (Pty) LtdFSCA 45984Pending — verify2026-06-19
avatradeAva Trade Japan K.K.FSA 1662Verified on register2026-08-18
hfmHF Markets (UK) LimitedFCA 801701Verified on register2026-09-09
hfmHF Markets (Europe) LtdCySEC 183/12Verified on register2026-06-19
hfmHF Markets SA (Pty) LtdFSCA 46632Pending — verify2026-06-19
hfmHF Markets (Seychelles) LtdFSA SD015Pending — verify2026-08-18
TickmillTickmill UK LtdFCA 717270Verified on register2026-09-09
TickmillTickmill Europe LtdCySEC 278/15Verified on register2026-08-22
TickmillTickmill South Africa (Pty) LtdFSCA 49464Pending — verify2026-08-22
TickmillTickmill LtdFSA SD008Pending — verify2026-08-18
TickmillTickmill Asia LtdLabuan FSA MB/18/0028Corrected — verify2026-08-22
capital-comCapital Com (UK) LimitedFCA 793714Verified on register2026-09-09
capital-comCapital Com Australia Pty LtdASIC 513393Pending — verify2026-08-30
capital-comCapital Com SV Investments LtdCySEC 319/17Verified on register2026-08-30
capital-comCapital Com Group LtdCySEC 463/25Verified on register2026-08-30
capital-comCapital Com Online Investments LtdSCB Pending — verify2026-09-01
capital-comCapital Com Stock and CFD Investing LtdFSA SD101Corrected — verify2026-08-30
bybitBybitVARA provisionalPending — verify2026-06-19
okxOKX Middle East Fintech FZEVARA VL/23/12/003Verified on register2026-06-19
EightcapEightcap Pty LtdASIC 391441Verified on register2026-09-15
EightcapEightcap Group LtdFCA 921296Verified on register2026-09-09
EightcapEightcap EU LtdCySEC 246/14Verified on register2026-06-19
EightcapEightcap Global LimitedSCB SIA-F220Pending — verify2026-08-18
Fusion MarketsFusion Markets EU LtdCySEC 444/24Verified on register2026-08-12
Fusion MarketsGleneagle Securities Pty LimitedVFSC 40256Verified on register2026-08-12
Fusion MarketsFMGP Trading Group Pty LtdASIC 385620Verified on register2026-09-15
Fusion MarketsFusion Markets International LtdFSA SD096Pending — verify2026-08-12
AxiAxiCorp Financial Services Pty LtdASIC 318232Verified on register2026-08-22
AxiAxi Financial Services (UK) LimitedFCA 466201Verified on register2026-09-09
AxiSolaris EMEA LimitedCySEC 433/23Verified on register2026-08-18
AxiAxiCorp Financial Services Pty Ltd (DIFC Branch)DFSA F003742Pending — verify2026-08-17
AxiAxiTrader LLCFSA 4303 LLC 2025Verified on register2026-08-17

Register links open the official regulator register entry we checked. Corrections are logged publicly in our corrections log. A licence can change after our check date — always confirm on the official register before depositing.

This page is educational and not financial or legal advice. Regulation reduces certain risks; it never makes trading safe. Always confirm a broker's current licensing on the regulator's official register before you deposit.