How to Check If a Forex Broker Is Legit: FCA / ASIC / CySEC License Verification Guide
✓ Last verified 2026-07-24
The single most reliable way to avoid a forex scam isn’t a “top 10 broker” list — it’s learning to check a license yourself, directly on the regulator’s own website, in under five minutes. Here’s how.
Step 1: Find the license number
Legitimate regulated brokers display their license or registration number somewhere on their site, usually in the footer or on an “About” / “Regulation” page. If you can’t find one at all, that alone is a red flag.
Step 2: Go to the regulator’s official register — not a link the broker gives you
Type the regulator’s domain in yourself:
- FCA (UK): the Financial Services Register on fca.org.uk
- ASIC (Australia): ASIC Connect’s professional registers on asic.gov.au
- CySEC (Cyprus): the Regulated Entities register on cysec.gov.cy
Search the license number or company name directly on these official registers. Scammers sometimes list a real license number that belongs to a different company, so confirm the registered company name matches exactly what the broker uses to open your account.
Step 3: Check the entity, not just the brand
Many international brokers operate several legal entities under one brand name — one regulated by a top-tier regulator, another registered in a jurisdiction with lighter oversight. Read carefully which entity you’ll actually be contracting with based on your country of residence; it’s often disclosed in the account-opening terms, not the marketing homepage.
Step 4: Cross-check against the regulator’s warning list
Most regulators, and the Philippine SEC separately, also publish a list of flagged or unauthorized entities. If a broker or a look-alike name appears there, stop. See what an SEC advisory actually means and a worked example in Is Exness Legal in the Philippines?
Step 5: Treat “regulated” claims on comparison sites with caution — verify yourself
Even well-intentioned comparison content can be outdated. Before funding an account, the register lookup in Step 2 is the only step that matters.
Red flags that go beyond licensing
- Guaranteed or “risk-free” returns
- Pressure to deposit quickly or increase your deposit to “unlock” a bonus
- Requests to trade through an unfamiliar third-party platform instead of the broker’s own regulated platform
- Difficulty finding any physical company registration details
Once you’ve confirmed the licence, one question remains: which legal entity actually holds your account, and does any compensation scheme cover it? That’s covered in what happens if your broker goes bust.
Use the steps above on any broker you’re considering — including brand names you already trust.
This is general educational information, not investment advice. Always perform your own due diligence.