Along with broker reviews, a Forex broker trading license is one of the best indications to determine that the broker you are using can be trusted. Be sure to check Forex trading licenses and only use platforms that have them.
Different regulatory governs different from countries worldwide, and with this, trading licenses are different for platforms abroad. Here are some trading licenses to look out for on platforms worldwide.
Check FCA Register – for UK Traders
The Financial Conduct Authority is the governing body for trading platforms based in the UK. They implement broker regulations that are supposed to be followed by all legitimate platforms.
The FCA heavily encourages traders to research the platforms people are using. They also remind traders to only deposit into platforms listed on their website and have a trading license that users can access to avoid scam brokers online.
Check BaFin Register – for German Traders
The Federal Financial Supervisory Authority ( BaFin ) is the governing body that protects traders from Germany. Not only is BaFin tasked with protecting users online, but for banks, pensions funds, and asset management companies to operate, they need a licensed authorization from this regulatory body.
To check for legit brokers, BaFin encourages users to research their website and check if the brokers they are using are listed on their website.
Check CySec Register – for EU Traders
Protecting traders from the EU is the Cyprus Securities & Exchange Commission. CySec is a regulatory body that safeguards the integrity of the financial markets in the EU. They protect newbie investors from falling victim to scam brokers by listing legit brokers on their website that follow broker regulations.
Users can also access several information about a broker on their websites, such as a broker’s license number, license date, company registration number, telephone number, the country where they are based, and their website email.
Check Trading Software – MT4 or MT5
MetaTrader 4 and MetaTrader 5 are two of the most famous and used trading software in the Forex markets. While MT4 is for forex pairs, the newer version MT5 is far more preferred by users as it allows traders to access various needs such as stocks, futures, and FX trading instruments.
Almost every legit broker with a good broker reputation typically allows users to access these platforms. It’s generally a good idea to avoid brokers that only allow web trading.
Check Broker International Awards
To check the brokers with good broker reputations, they might be included in different broker international awards run by various websites with varying metrics to determine the best and legit broker for the year.
Users can check the best brokers in international awards listed on websites such as the World Finance, Interactive Brokers, and International Finance Awards.
Global Fraud Protection Main Goal
Global Fraud Protection is aimed to help protect newbie investors and traders from falling victim to these scam brokers with bad broker reputations. We make things easier for you as we do the research and provide you with everything you need to know about these brokers that pop up left and right.
If you want to know more about these online scams, start with Global Fraud Protection broker reviews we have reviewed on our website.
If a scam broker has stolen your money in the past, do not worry, as our team of experts here in Global Fraud Protection is more than happy to help you get started on the chargeback process and eventually get your money back.
Do not let the scammers go free! File your complaint against these brokers, as your report will help us disrupt scammers that are running rampant on the internet.
Always think twice when investing your hard-earned money. Still, suppose you have ever fallen victim to these frauds. In that case, your experience will allow our team of experts to continue making these scam broker reviews and possibly prevent hundreds if not thousands of new investors from getting scammed out of their money.
If you want to know which legit brokers to invest in and which scam brokers to avoid, check out Global Fraud Protection for more broker reviews and trading investment scams.