Opening an account takes minutes. Doing it safely takes a little more care, because the entity you sign with decides which regulator and which protections apply to you.
- Decide what you need. Products (forex only or CFDs on other markets), platforms (MetaTrader, cTrader, TradingView), account currency and how much you plan to deposit.
- Check the licence. Find the legal entity and licence number, then verify them on the regulator’s register. Our guide to checking a broker’s licence takes about a minute.
- Read the client agreement. Look for the exact entity name and jurisdiction, negative balance protection, compensation scheme, leverage, fees and withdrawal terms.
- Compare the real costs. Spread, commission, overnight financing, currency conversion and inactivity or dormant-account fees.
- Try the demo account first. Learn the platform without risking money, and check that prices look sensible.
- Complete verification (KYC). Expect to provide ID and proof of address. Upload documents only inside the broker’s own secure portal, reached from its official website.
- Secure your login. Use a unique password and turn on two-factor authentication.
- Start small and test a withdrawal. Deposit a modest amount, place small trades, then withdraw a small amount to see how long it takes and whether any fees appear.
Signs to stop
- You cannot find a licence number, or it does not match the regulator’s register.
- Someone who contacted you first is pushing you to deposit, or to move to WhatsApp or Telegram.
- Returns are guaranteed or described as risk-free.
- You are asked to pay a fee or a tax before you can withdraw.
Which entity are you joining?
Many brokers operate several legal entities under one brand, and the one that opens your account depends on where you live. Confirm the entity in your client agreement, not just the brand on the website.
General information for education only, not financial advice. Trading forex and CFDs carries a high risk of loss. Read the disclaimer.