Picking a first broker: what did you check, and what should you have?
A first broker sets the tone for everything: costs, platform quality and — most importantly — whether your money is protected. The regulator matters more than the brand.
If you could redo your first broker choice:
- what would you check this time?
- did you know which regulator your broker answered to when you signed up?
- what surprised you after opening the account?
Start with how to check whether a forex broker is regulated, then compare the broker profiles on this site.
Background: How to check whether a forex broker is regulated
A licence number on a website proves nothing until you have checked it yourself. A step-by-step check using regulators' own registers, and the tricks clone firms use.
How do I know if a forex broker is legit?
Find the exact company name and licence number in the broker's legal documents, then search the regulator's own register. Check that the company is authorised, that its listed websites match the one you are using, and that it isn't on a warning list.
What is a clone firm?
A fraudulent operation that copies the name, register number or website of a genuine authorised firm to trick people into sending money. Contact the firm only through the details shown on the regulator's register.
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