Forex brokers acquire different licenses from various jurisdictions around the world, and they all have different websites and interfaces. To check your Forex broker’s license number, you just need to take a few simple steps as follows:
1. Visit the Forex broker’s website
2. Visit the regulator’s website
3. Check the company status
After choosing your Forex broker, go to its official website to review the available information about the broker. The information may include the license number, company name, company address, and so on. Most of the time, you will find the regulator, license number, as well as the company name on the bottom of the homepage in the disclaimer section or footer. Licensed Forex brokers usually provide their licenses and company names on their websites. If you cannot find this information, you should play it safe and double-check the legality of the broker.
The second step is to copy the license number or the company name from the broker’s website. Then, go to the regulator’s official website to find the search page. You can find the search page for each Forex broker’s regulator below. After that, you need to type in the required information (for example, company name, license number) in the search box to find what you are looking for. Bear in mind that the Forex broker’s brand or website name may not be the same as the company name; therefore, you have to make sure to enter the company name.
If your Forex broker is licensed by the regulator, you should find it in the search result. Aside from the broker status, you will also find other important details regarding the company and its license. In case you have additional questions, you can contact the regulator via email or directly from the website. Alternatively, you can ask the Forex broker to provide more details about the company. Finding the specific page to search for the Forex broker on the regulator’s website can be challenging. That is why we have provided a list of international regulators below to help you check your Forex broker’s license easily.
CySEC License in Cyprus
CySEC (Securities and Exchange Commission) Founded: 2001 Headquarters: Cyprus
The increasing number of new traders has led to the emergence of many Forex brokers in the last few years. However, not all Forex brokers are trustworthy, especially the unlicensed ones. You do not want to buy a pig in a poke, right? Especially when it concerns a lot of money. That is why choosing a fully licensed Forex broker is a must to avoid scams and losing money.
Simply put, a licensed Forex broker can provide a safe and reliable trading environment because of various rules and regulations enforced on it by the regulating authority.
To make sure that the funds are secure, licensed Forex brokers must separate the clients’ funds from their own operational funds and put them in major top-tier banks. In this way, any problem with the operational funds will not affect the clients’ funds. They should also take other security measures and provide maximum transparency in terms of hidden fees.
Forex brokers are to be audited regularly to make sure that they meet the capital requirements. They need to implement good business ethics and fair dealing practices in their financial activities towards the clients.
Licensed Forex brokers usually offer other security measures, such as negative balance protection, compensation schemes, encryption protocols, and diversification of clients’ funds to protect and cover the clients’ funds in the event of bankruptcy.
High-Risk Warning:Forex and CFDs are leveraged products and carry a high level of risk that can result in losses exceeding your deposit. You should be aware of all the risks associated with trading.