How to double-check the licences of a FX broker

logomark Anthony Gallagher calendar Last Updated: December 2021 timer 3 min read
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You always want to make sure your broker is trustworthy. You will find many such brokers in our best forex brokers in the world listing.

But, do you know how to check if a forex broker is licensed? That is exactly what we will look at here with a step-by-step guide of the entire process for you. This will help you check and verify the legitimate regulatory status of yours, and other brokers.

Let’s take a closer look.

Table of contents

How to check if a forex broker is licensed: Step by step guide

Here is a complete walkthrough of each step in the process to check your forex broker is licensed.

1. Go to the broker’s website

Your first step is to simply head over to your brokers’ website. Below you will see that we have used Oanda as an example.

The homepage of the Oanda's website

2. Scroll to the footer

Once you are on the homepage, the next thing for you to do is scroll to the footer which is at the bottom of the homepage. Here you will typically find information related to the company like their registered business name. You should also take care to select the correct world area based on your location since many brokers will display different information for different regions.

The footer of the Oanda's website

3. Retrieve the regulation data

As you will see in the example below, you can locate the business name and regulator in this area of the site. You will need this in the next step. For our example, we can see the Oanda business name is OANDA Europe Markets Limited, and the Europe regulator is MFSA (Malta).

Oanda business name and regulator

4. Head to the financial regulator website

Now you are ready to bring the information you have collected to the website of the regulator mentioned. In this case, we would visit the official website of MFSA though almost all regulators have a similar register. Once there, you will use their search function to locate the broker.

The Malta regulatory website

5. Go to the list of regulated companies

As you will see, once you search the business name on the regulators’ site, or a more simplified name like “Oanda” if you can’t locate the business name, a number of results should appear. Using these results you should be able to click on each one to see more information about that regulatory license.

The information displayed below is what was found in relation to our Oanda example with MFSA regulation.

Oanda result in the MFSA archive

Are all forex brokers licensed?

Most brokers are regulated. Even so, some regulatory bodies have better reputations than others. The most respected are often the hardest to obtain. This includes the US CFTC, or the UK FCA, or EU regulations. There are other offshore regulations that can be easier such as the VFSC, IFSC, and others, and though most of the financial regulators using them are legit, they are often chosen by scam forex companies.

You can learn more by reading our guide on how forex brokers cheat traders to help you avoid scams.


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About the Author

Anthony Gallagher

Broker Expert

Anthony is a financial journalist and business advisor with several years’ experience writing for some of the most well-known sites in the Forex world.

A trader turned industry writer, he is currently based in Shanghai with a finger on the pulse of Asia’s biggest markets.

He is a keen golfer with a very high handicap so when not helping you find the best broker for your needs, you may find him on the course or just as likely following any number of sports from the comfort of his sofa.


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