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BrokerWatcher Research

Ratings on BrokerWatcher are produced by the research desk and published under the masthead. Every verdict is scored against six published pillars, every figure is checked against a primary source, and every change is dated in the review's own changelog.

57 broker reviews · Editorial standards

Broker reviews

IG Review 2026: Twelve Companies, One Bank Licence, No Fines Found ASIC, BaFin, CFTC / NFA, DFSA, Financial Conduct Authority (FCA), FSA Japan, FSCA, MAS · FCA 195355 (IG Markets) and 114059 (IG Index); BaFin 148759; FINMA bank and securities dealer; MAS CMS licence; AFSL 515106; FSCA FSP 41393 plus ODP approved; NFA 0509630 (tastyfx); BMA investment business and digital assets 54814 · cfd, commodities, crypto, etfs, forex, indices, stocks Trusted 8.3 /10 19 Sep 2026 CMC Markets Review 2026: No Offshore Entity, One Licence Being Cancelled ASIC, BaFin, Financial Conduct Authority (FCA), MAS · FCA 173730 (CMC Markets UK plc), 948126 (CMC Markets Investments), 170627 (CMC Spreadbet, applied to cancel 5 Feb 2026); BaFin, EdW member 139; AFSL 238054 and 246381; MAS Capital Markets Services licence; CIRO Investment Dealer · cfd, commodities, etfs, forex, indices, stocks Trusted 8.2 /10 19 Sep 2026 Saxo Review 2026: A Systemically Important Bank That Left Australia Financial Conduct Authority (FCA), MAS · FCA 551422; Finanstilsynet-supervised Danish bank, designated SIFI 25 June 2026; FINMA-supervised Swiss bank on the esisuisse list; MAS Capital Markets Services licence · cfd, commodities, etfs, forex, indices, stocks Trusted 8.1 /10 20 Sep 2026 Interactive Brokers Review 2026: Your UK Account Is Carried in America ASIC, Central Bank of Ireland, CFTC / NFA, Financial Conduct Authority (FCA), MAS, SEC · FCA 208159; Central Bank of Ireland C423427 (MiFID firm and MiCAR crypto-asset service provider); SEC 8-47257 and FINRA CRD 36418; MAS CMS100917; ASIC AFSL 453554 · cfd, commodities, crypto, etfs, forex, indices, stocks Trusted 8.1 /10 20 Sep 2026 Capital.com Review: Trusted, and Cheap in the Places That Usually Cost You ASIC, CySEC, Financial Conduct Authority (FCA), Securities Commission of The Bahamas · CySEC 463/25; also CySEC 319/17, FCA 793714, ASIC AFSL 513393, SCB Bahamas SIA-F245, and FSCA ODP approval for Capital.com South Africa (Pty) Ltd · commodities, crypto, etfs, forex, indices, stocks Trusted 8.0 /10 7 Sep 2026 FOREX.com Review 2026: Eight Licensed Companies Behind One Brand CFTC / NFA, Financial Conduct Authority (FCA) · FCA 446717; NFA 0339826; CySEC 400/21; CIRO Investment Dealer; Kanto Local Finance Bureau (Kinsho) 291; AFSL 345646; MAS Capital Markets Services licence; CIMA 25033 · commodities, forex, indices Trusted 7.9 /10 19 Sep 2026 eToro Review: Trusted, With a Cost Structure Worth Reading Twice ASIC, CySEC, Financial Conduct Authority (FCA), FSA Seychelles, FSRA (ADGM), MAS, SEC · FCA 583263; CySEC 109/10; ASIC AFSL 491139 · commodities, crypto, etfs, forex, indices, stocks Trusted 7.5 /10 7 Sep 2026 XTB Review 2026: Fined PLN 20 Million Over How It Sold CFDs Financial Conduct Authority (FCA) · FCA 522157; KNF-supervised in Poland; Belize company 153,939 with FSC Belize registration 6442514 · cfd, commodities, crypto, etfs, forex, indices, stocks Neutral 6.8 /10 20 Sep 2026 AvaTrade Review: Well Licensed, Badly Priced for Anyone Who Stops Trading ASIC, Central Bank of Ireland, CySEC, FSA Japan, FSC British Virgin Islands, FSCA, FSRA (ADGM) · Central Bank of Ireland C53877; ADGM FSRA 190018; ASIC AFSL 406684; FSCA FSP 45984; CySEC 347/17 (DT Direct Investment Hub Ltd) · commodities, crypto, etfs, forex, indices, stocks Neutral 6.0 /10 7 Sep 2026 Exness Review: The FCA and CySEC Licences Do Not Cover Retail Clients CBCS Curacao, CMA Kenya, CySEC, Financial Conduct Authority (FCA), FSA Seychelles, FSC British Virgin Islands, FSC Mauritius, FSCA · CySEC 178/12 and FCA 730729 (neither serves retail clients); FSA Seychelles SD025; FSC Mauritius GB20025294; BVI SIBA/L/20/1133; CBCS 0003LSI; FSCA FSP 51024; CMA Kenya 162 · commodities, crypto, forex, indices, stocks High Risk 5.9 /10 7 Sep 2026 OX Securities Review 2026: A Real Australian Licence That Does Not Cover Retail Clients ASIC, Unlicensed · ASIC AFSL 438402, held by the Australian entity, wholesale clients only · commodities, crypto, forex, indices High Risk 4.1 /10 14 Sep 2026 GFX Securities Review: 1:1000 Leverage on a Ten Dollar Account GB21027073 · cfd, crypto, forex, indices, stocks High Risk 3.3 /10 2 Sep 2026 Zenstox Review: A Real Seychelles Licence, a Chilean Warning, and “0% Risk” FSA Seychelles · SD123 claimed. The Seychelles register publishes no licence numbers, so it cannot be checked there · commodities, crypto, forex, indices, stocks High Risk 3.2 /10 14 Sep 2026 HighMarkets Review: The Licence Belongs to the Company Behind Algobi FSA Seychelles · SD218 · cfd, forex High Risk 3.1 /10 2 Sep 2026 FXRoad Review: The Second Brand on Capitalix’s Licence FSA Seychelles · SD052 · cfd, forex High Risk 3.1 /10 2 Sep 2026 WRPro Review: A Mauritius Licence, a Cyprus Agent and Withdrawal Complaints GB22201139 · cfd, forex High Risk 3.1 /10 2 Sep 2026 SmartSTP Review: A Swiss Police Warning and a Rebrand It Does Not Mention GB21027168 · cfd, forex High Risk 3.0 /10 2 Sep 2026 TradeEU Global Review: A Mauritius Licence Behind a European-Sounding Name GB21026906 · cfd, forex High Risk 3.0 /10 2 Sep 2026 Warren Bowie & Smith Review 2026: A Mauritius Licence Claim With a Seychelles Phone Number FSC Mauritius · GB20025775 claimed, on a sub-page only. Not verified against the FSC register · commodities, crypto, forex, indices High Risk 3.0 /10 14 Sep 2026 Axia Investments Review: A Deposit Ladder to $250,000 and a 1.3 Trustpilot Score FSA Seychelles · SD034 · cfd, crypto, forex, indices, stocks Scam 2.9 /10 2 Sep 2026 Capitalix Review: A Chilean Regulator Notice and a Suspended Trustpilot Score FSA Seychelles · SD052 · cfd, crypto, forex, indices, stocks Scam 2.7 /10 2 Sep 2026 Versus Trade Review: 1:2000 Leverage on a $10 Deposit, With No Regulator None. Saint Lucia company registration 2024-00586 only · cfd, forex, stocks Scam 2.7 /10 2 Sep 2026 CIFMarkets Review: An FSP Number Where an ODP Licence Should Be FSCA FSP 54857, an FSP number rather than an ODP authorisation; its terms name the product supplier as Intrepot Investments Ltd, Comoros, MISA BFX2025155 · cfd, forex Scam 2.7 /10 24 Sep 2026 SuxxessFX Review: On the AMF’s Blacklist and Still Open to Europe FSA Seychelles · SD204 · cfd, crypto, forex Scam 2.4 /10 2 Sep 2026 MaxifyFX Review: 81% Five-Star Reviews and a Rating Trustpilot Took Away FSCA FSP 54512 (an FSP number, not an ODP authorisation) · cfd, forex Scam 2.4 /10 2 Sep 2026 Airmarkets Review: Euro Pricing, EU Clients, and No Regulator Anywhere MISA (Mwali, Comoros) · BFX2026046 (MISA) · cfd, forex Scam 2.3 /10 2 Sep 2026 Inzo Review: It Calls Itself Regulated and Names No Regulator T2023182 · cfd, forex Scam 2.2 /10 2 Sep 2026 Algobi Review: On a Regulator Alert List, and the Withdrawals Match FSA Seychelles · SD218 · cfd, crypto, forex, indices, stocks Scam 2.1 /10 1 Sep 2026 BXB Markets Review: A Comoros Licence With a Four-Month-Old UK Paying Agent MISA (Mwali, Comoros) · BFX2025065 (MISA) · cfd, forex Scam 2.1 /10 2 Sep 2026 FirstECN Review: An ECN Promise on a Licence That Is Not a Licence MISA (Mwali, Comoros) · BFX2024050 (MISA) · cfd, forex Scam 2.1 /10 2 Sep 2026 Axwel Review: Four Months Old, No Supervisor, No Published Terms MISA (Mwali, Comoros) · BFX2025069 (MISA) · cfd, forex Scam 2.1 /10 2 Sep 2026 Seekapa Review: No Regulator Named, and Leverage That Grows With Your Deposit SD183 · cfd, forex Scam 1.9 /10 2 Sep 2026 NXG Markets Review: A Money-Transfer Registration Sold as a Trading Licence MISA (Mwali, Comoros) · MISA T2022091 (Comoros); the FinCEN MSB 31000305990765 and FSCA claims it published until 2026 have since been removed from its site · cfd, forex Scam 1.8 /10 2 Sep 2026 CapPlace Review: A Licence From a Body the Comoros Central Bank Calls Illegal MISA (Mwali, Comoros) · T2023294 (MISA) · cfd, crypto, forex Scam 1.7 /10 2 Sep 2026 TradGrip Review: A MISA Licence, a Pulled Trustpilot Score and Blocked Withdrawals MISA (Mwali, Comoros) · BFX2024031 (MISA) · cfd, forex Scam 1.7 /10 2 Sep 2026 Republican FX Review 2026: Three Awards, No Licence, and Funds “Supervised” by Nobody Unlicensed · None. No regulator is named anywhere · commodities, forex, indices, stocks Scam 1.1 /10 14 Sep 2026 Swift TradeX Review 2026: A Landing Page With AI Branding and No Broker Behind It Unlicensed · None. No regulator is named at all · crypto, forex, indices Scam 1.1 /10 14 Sep 2026 VenturoFX Review: The CySEC Licence Number Is Not Real Unlicensed · CIF 123/12 (claimed by the broker, not held by any CySEC firm) · commodities, crypto, forex, indices Scam 1.1 /10 10 Sep 2026 OneTradePro Review: No Company Name, and a Contract Naming a Regulator That Does Not Exist Unlicensed · MFS915 (claimed as an SFC licence; the SFC lists the site as suspicious) · commodities, crypto, forex, indices, stocks Scam 1.0 /10 10 Sep 2026 Borsaway Review: An SFC Licence Claim, No Company, and a Contract Naming a Regulator That Does Not Exist Unlicensed · AGM 642 (claimed as an SFC licence; the SFC lists the site as suspicious) · commodities, crypto, forex, indices, stocks Scam 1.0 /10 10 Sep 2026 Primarkets Review: Warned by the FCA, and Now Hiding From Search Unlicensed · None claimed anywhere on the site · commodities, crypto, forex, indices Scam 0.9 /10 10 Sep 2026 Fintrionyx Capital Review 2026: Belgium Named Four Domains. It Moved to a Fifth Unlicensed · None. No regulator is named · commodities, crypto, forex, indices Scam 0.9 /10 14 Sep 2026 Auralyex Review 2026: Blocked in Italy, and the Same Website as Orbisolyx Unlicensed · None. No regulator is named at all · commodities, crypto, forex, indices Scam 0.9 /10 18 Sep 2026 Orbisolyx Review 2026: Blocked in Italy, and the Same Website as Auralyex Unlicensed · None. No regulator is named at all · commodities, crypto, forex, indices Scam 0.9 /10 18 Sep 2026 Trader Prime Review 2026: Three Regulators Claimed, No Numbers, and a Copyright From 2022 Unlicensed · None given for the FCA, ASIC or FSCA · commodities, crypto, forex, indices Scam 0.9 /10 14 Sep 2026 Kcapital Review 2026: Blocked in Italy, and Its About Page Names a Third Website Unlicensed · None. No regulator is named at all · commodities, forex, indices Scam 0.9 /10 18 Sep 2026 Investhelm Review 2026: “Full Regulatory Oversight” With No Regulator Named Unlicensed · None. No regulator or jurisdiction is named either · crypto, forex, indices, stocks Scam 0.9 /10 14 Sep 2026 RETINARXIV Review: Four Regulators Claimed, Not One Licence Number Unlicensed · None given for any of the four regulators claimed · commodities, crypto, forex, indices, stocks Scam 0.8 /10 12 Sep 2026 Bridge Marks Review 2026: A Belize Licence, Saint Lucia Law, and an Address Reading “office 000, 8888” Unlicensed · None. An "LSP Authorization" from the Belize IFSC is claimed without a number · commodities, crypto, forex, indices Scam 0.8 /10 14 Sep 2026 True North Options Review 2026: No Terms, No Risk Warning, No Regulator Unlicensed · None. No regulator is named at all · commodities, crypto, forex, indices Scam 0.8 /10 18 Sep 2026

Guides

27 Sep 2026 Broker warnings in September 2026: 76 from the FCA, 24 sites from CONSOB Two regulators named broker websites in September 2026. The FCA published 76 warnings, 17 of them social media accounts rather than firms.… 19 Sep 2026 The paying agent trick: how brokers borrow credibility they do not have A paying agent is a real registration and not a financial licence. Four versions of the same move, from a four-month-old UK… 19 Sep 2026 Leverage maths: what 1:1000 does to a $200 account At 1:2000 leverage a $200 account controls $400,000, which is about $40 a pip, so five pips against you takes the margin.… 19 Sep 2026 What a compensation scheme covers, and what offshore gives up A compensation scheme pays when your broker fails and the money is not there. The UK pays £85,000 on investment claims, Cyprus… 19 Sep 2026 Is forex trading halal? What the scholarly positions actually say Bodies that permit currency trading are permitting the spot exchange of actual currency. Retail CFD forex, where nothing is delivered, attracts objections… 18 Sep 2026 Two blocked brokers. One website. We read both homepages side by side Between February and June 2026, Italy's regulator ordered internet providers to block two dozen broker websites. We read the survivors. Two of…