Broker safety worksheet
How to verify a forex broker before opening an account
Check the company behind the brand, the permissions and the exact account terms that would apply to you.
A brand name and logo do not identify the legal company serving your account. Write down the exact entity, jurisdiction and website. An entry on an official register does not remove trading risk or prove that every product is permitted where you live.
1. Identify the exact account entity
Open the provider’s legal disclosures and proposed account agreement. Record the legal name, registration number, regulator, account jurisdiction and trading website. If an introducing brand routes you to another company, record that company too. A different country, domain or licence number is a reason to stop and clarify.
2. Check an official source
Search the relevant regulator’s public register yourself. Compare the legal name, reference number, permitted activities and contact details. Check warnings and clone-firm notices. A regulator link on a broker site is only a starting point; use the official register independently.
- UK FCA: how to check a firm and Financial Services Register.
- US CFTC: check a financial professional and NFA BASIC.
- For the six markets already covered by FTB, start with the relevant country guide; verify the latest position with the named authority.
Requirements vary by residence and product. Do not infer local permission from another country’s licence.
3. Test the terms you would accept
Capture the account type, platform, leverage, margin call and stop-out terms, spread and commission schedule, overnight funding, conversion charges, deposit and withdrawal methods, and complaint process. Use the fee worksheet to compare the same trading scenario across providers. Confirm whether your country of residence is accepted and which entity will hold the account.
4. Check for warning signs
- Promises of guaranteed returns or pressure to deposit urgently.
- A different payment recipient or domain from the legal entity you checked.
- Requests to send funds to a personal account or wallet without a clear written explanation.
- Unclear withdrawal conditions or refusal to provide written account terms.
These are prompts for further investigation, not a complete fraud test. The FCA forex scam guidance and CFTC forex fraud resources explain additional warning signs.
5. Save a dated decision record
Record the date you checked the register, the URL and result, the account terms downloaded, and unresolved questions. Recheck before funding because permissions, country access and terms may change.
Continue with the broker comparison checklist or return to the resource center.
Sources checked 30 September 2026: FCA firm-check guidance; CFTC Check. This worksheet is educational, not legal or financial advice.
