In short
- Find the legal entity name and licence number in the broker's documents.
- Search them on the regulator's own register — never via a link you were sent.
- Match the website domains listed for the firm.
- Check warning lists for clones and unauthorised firms.
Main EU regulators for forex and CFD brokers
| Country | Regulator |
|---|---|
| Cyprus | CySEC — Cyprus Securities and Exchange Commission |
| Germany | BaFin — Federal Financial Supervisory Authority |
| France | AMF — Autorité des marchés financiers (with ACPR) |
| Italy | CONSOB |
| Spain | CNMV — Comisión Nacional del Mercado de Valores |
| Ireland | Central Bank of Ireland |
| Netherlands | AFM — Autoriteit Financiële Markten |
| Poland | KNF — Polish Financial Supervision Authority |
| Malta | MFSA — Malta Financial Services Authority |
Step-by-step check
- Find the details. The website footer and client agreement should state the company's full legal name, registered address, regulator and licence number.
- Go to the regulator's website directly by typing the address or searching for the regulator's name.
- Search the register by company name or licence number and confirm the status is active.
- Check permissions — the firm should be authorised to deal in financial instruments (CFDs) for clients.
- Match the domains. Regulators often list the websites a firm is allowed to use. If yours isn't listed, be cautious.
- Check passporting. If the firm is licensed in another EU country, confirm it's notified to provide services in yours.
- Search warning lists for the brand and similar names.
Signs of a clone or unauthorised firm
- Licence number exists, but the website or phone number differs from the register
- Leverage above 1:30 offered to retail clients in the EU
- Deposit bonuses (banned for retail CFD clients in the EU)
- Requests to pay in crypto or to a personal account
- Pressure from an "account manager" to deposit quickly
Cross-border checks
Many brokers serving your country are licensed elsewhere in the EU. To check them:
- Verify the licence on the home regulator's register (for example, CySEC for a Cyprus firm).
- Check that the firm has notified your national regulator that it provides services in your country — many regulators publish lists of passported firms.
- ESMA also maintains EU-wide registers of investment firms that can help confirm authorisations.
What to look for in the client agreement
- The full legal name and registered address of the company opening your account
- The regulator and licence number
- The governing law and the complaints and ombudsman process
- Whether you're classified as a retail or professional client
- Negative balance protection and the compensation scheme that applies
International warning tools
Besides national warning lists, the International Organization of Securities Commissions (IOSCO) runs an investor alerts portal that collects warnings from regulators worldwide — useful when a firm claims to be regulated in several countries.
Frequently asked questions
What is a clone firm?
A fraudulent business that copies the name and licence number of a real authorised firm but uses its own website, email and phone number.
Is a broker licensed in another EU country allowed to serve me?
Yes, if it has passported its services into your country under MiFID II. Your national regulator usually publishes a list of passported firms.
Where can I see warnings about unauthorised brokers?
National regulators publish warning lists, and many share alerts through IOSCO's investor alerts portal.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Most retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.