10 things to verify before you deposit a single euro. Takes 15 minutes. Could save your entire account.
Most traders skip due diligence. They see a flashy website and a €50 minimum deposit and they're in. That is how accounts disappear overnight.
This checklist takes about 15 minutes. Run through every point before depositing. If a broker fails two or more of these checks, walk away.
We've already verified every broker in our comparison. Only regulated, segregated-fund brokers make the list.
See verified brokers →Every regulated broker must display its licence number in the footer or "About" page. If you can't find a licence number within 30 seconds, that's a red flag.
Critical — do not skipDon't trust what the broker tells you. Go to the regulator directly and search for the broker's name or number. The licence must show as active — not suspended, revoked, or expired.
Critical — do not skip| Regulator | Jurisdiction | Tier | Check URL |
|---|---|---|---|
| FCA | United Kingdom | Tier 1 | register.fca.org.uk |
| BaFin | Germany | Tier 1 | bafin.de/EN |
| ASIC | Australia | Tier 1 | connectonline.asic.gov.au |
| CySEC | Cyprus / EU | Tier 2 | cysec.gov.cy |
| FSMA | Belgium / EU | Tier 2 | fsma.be |
| SVG FSA / Vanuatu | Offshore | Avoid | No meaningful investor protection |
Regulated brokers must keep client money at a reputable bank, in accounts completely separate from the broker's own operating money. If the broker goes under, your funds are not seized by creditors. Look for the phrase "segregated client accounts" or "client money held separately" in their legal documents.
Critical — do not skipUnder EU (MiFID II / ESMA) and UK rules, retail clients must have negative balance protection. If the market gaps overnight and your position goes further into the red than your balance, the broker absorbs the loss — not you. This is mandatory for retail accounts at EU/UK brokers. Professional accounts may not have this protection.
Important for retail tradersCompensation schemes protect you if the broker goes bankrupt and cannot return your funds, even if they used segregated accounts correctly.
A legitimate broker discloses: (a) legal company name, (b) company registration number, (c) registered office address, and (d) the country whose laws govern the relationship. Verify the registration number on the official business registry for that country.
ImportantBefore depositing a significant amount, deposit the minimum (e.g. €100), make a small trade or none at all, and request a withdrawal immediately. A legitimate broker processes this within 1–3 business days with no unusual friction. Difficulty withdrawing before you've deposited more is the single most common sign of a scam broker.
Critical — do not skipA trustworthy broker lists all its costs publicly: spreads, commissions, overnight swap rates, inactivity fees, and deposit/withdrawal charges. If you have to create an account to see the pricing, or if the fee schedule is buried in a 40-page document without a summary table, that is a problem.
ImportantSend a support message asking a simple but specific question — for example, "What is the margin requirement for EUR/USD at 1:30 leverage?" If the response is vague, scripted, or takes more than 24 hours, that quality of support is what you'll get when you have a real problem. Also check: live chat availability, email response time, phone number that actually connects to a human.
ImportantSearch: [broker name] scam, [broker name] withdrawal problem, [broker name] review. Check:
The broker's website and client area should use HTTPS (padlock in the browser). Two-factor authentication (2FA) should be available for login. These are minimum standards — not luxuries. A broker that does not offer 2FA is putting your account at unnecessary risk of unauthorised access.
Good practiceCompare the brokers that pass all 10 points side by side. We verify regulation, fund safety, fees, and withdrawal speed so you don't have to start from scratch.
Compare verified brokers →Save these links. If you're ever unsure about a broker, check here first:
Go directly to the regulator's official website — CySEC at cysec.gov.cy, the FCA at register.fca.org.uk, or ASIC at connectonline.asic.gov.au. Enter the broker's name or licence number. The result must show the licence is current and active — not expired or suspended.
If your broker is CySEC-regulated, the Investor Compensation Fund (ICF) covers up to €20,000 per client. FCA-regulated brokers in the UK are covered by the FSCS for up to £85,000. With offshore (unregulated) brokers, there is typically no protection — if they collapse, your money is gone.
For EU residents, CySEC-regulated brokers operating under MiFID II rules are the standard, with ICF coverage up to €20,000. EU traders also benefit from mandatory negative balance protection, leverage caps, and the requirement to hold client funds in segregated accounts.
For retail clients at EU and UK brokers, yes. ESMA and the FCA both require brokers to provide negative balance protection — meaning you cannot lose more than you deposited, even in a market gap event. This protection does not apply to professional trader accounts.