How to choose a regulated forex broker (a checklist)

1. Licence

Start with the regulator. Tier-1 regulators (FCA, ASIC, and the main EU authorities under MiFID such as CySEC, BaFin and the AMF) require segregated client money, negative balance protection for retail clients and, in the UK and EU, a compensation scheme. Take the licence number from the broker's footer and look it up on the regulator's own register. Clones of real brokers exist.

2. Entity

Large brokers run several companies. The brand is regulated in London; your account might be with the Seychelles or Belize entity. That is where leverage goes up and protections go down. The entity name is in the account agreement — read it.

3. Cost

Use the all-in number: spread × $10 + commission, per standard lot. Then add swaps if you hold overnight, and any deposit, withdrawal, conversion or inactivity fees. Ignore bonuses; the terms almost always make them impossible to withdraw.

4. Withdrawals

Deposit a small amount, trade a little, then withdraw. How long it takes and how many hoops you jump through tells you more than any review. Slow or obstructive withdrawals are the single biggest complaint against bad brokers.

5. Platform

MT4 and MT5 are everywhere; cTrader is better for scalping; TradingView integration is a plus for chartists. Try the demo and make sure the platform does not get in your way.

6. Support and education

Useful for a first account, less important later. Test the live chat with a real question before you fund.

What we do with this checklist

Every score on this site is built from these six areas. The breakdown is shown on each review so you can re-weight it for your own priorities.