Reply To: How can I spot scam brokers?

#196775
James Barra
Moderator
    DayTrading.com Team

    Hi Oak2Smoke,

    Start by reading our Regulation & Trust Rating, we cover the hallmarks of a ‘legit’ broker.

    The most important thing to look for is authorization from a trusted regulator, preferably where you’re based if you reside in a well-regulated region.

    Why? Regulated brokers are required to follow various measures designed to protect retail investors like day traders, from restrictions on leverage trading to mitigate large losses to investor protection covering your balance should your broker become insolvent (available in some countries).

    In the link above, we’ve categorized all the main regulators in the online trading space so you know which ones you can rely on and which ones you can’t.