Run through this list before you deposit with any broker, including the ones we review. Each check takes a few minutes and together they filter out most of the avoidable problems.
- The licence number matches the entity name on the regulator’s own register.
- You know which legal entity will hold your account, and it is named in the client agreement.
- You have read what the agreement says about negative balance protection and compensation.
- You have checked spreads, commission, swaps and inactivity or conversion fees for the way you trade.
- You have tried the platform on a demo account.
- Deposit and withdrawal methods work in your name and your currency.
- Nobody who contacted you first is pushing you to deposit.
- Two-factor authentication is on and your password is unique.
- You will deposit a small amount first and test a withdrawal.
- You know the maximum you can afford to lose, and the risk per trade you will stick to.
Need more detail?
Our guide How to check a broker’s licence shows where to look, and How to open a forex account safely walks through the whole process. If something on the list does not check out, read Scam warning signs before you go further.
Scam watch
Spot the red flags before you deposit.
Unlicensed brokers and clones of real ones target traders every week. Learn the warning signs in two minutes, and how to check a licence in one.
- Guaranteed or ‘risk-free’ returns
No regulated broker can promise profit. - No licence number, or one that does not match the register
Look the number up on the regulator’s own public register. - Pressure to move to WhatsApp or Telegram
Genuine brokers do not rush you to deposit. - A clone of a licensed broker’s website
Check the exact domain, not just the logo.
General information for education only, not financial advice. Trading forex and CFDs carries a high risk of loss. Read the disclaimer.