Regulation & Trust Rating

Written By

Jemma Grist

Edited By

James Barra

Fact Checked By

William Berg

Updated

Dec 3, 2025

Choosing a trustworthy broker is critical to safeguard your funds. However, with the risk of scams and unfair trading practices, it can be difficult to know who you can put your confidence in.

That’s why we’ve developed a straightforward way to score brokers, which:

Informs our review process, and;
Helps traders understand what to look for in a trustworthy broker.

We call this our Regulation & Trust Rating.

What We Consider

Our Regulation & Trust Rating takes into account several considerations:

Regulatory status: Is the broker licensed by Green Tier regulators?
History: Does it have a clean record with no regulatory breaches?
Transparency: Is the broker open about its trading conditions?
Internal opinion: How much trust does our team have in the broker?

Application

Our findings in each of these areas contribute to an overall score of up to 5 – with the most trusted brokers scoring between 4 and 5.

Interactive Brokers, for example, earns a high trust score of 4.5 due to its regulation by reputable bodies like the US CFTC and UK FCA, plus its over 40 years of industry experience.

In contrast, Woxa receives a very low trust score of 1.5 due to its regulation by the high-risk Mauritius SFC and its limited track record, established only in 2021.

Regulators

The most important factor we take into account is a broker’s regulatory status.

This is because reputable regulators ensure brokers operate a fair and transparent trading environment, helping to safeguard your investments.

When we assign our ratings, we are interested in:

How many licenses a broker holds, and critically;
Whether they are from trusted regulators.

To determine whether a regulator is high-risk or low-risk, we’ve developed 4 classifications:

Green Tier: Very low risk. The best investor protection.
Yellow Tier: Low risk. Strong investor protection.
Orange Tier: High risk. Limited investor protection.
Red Tier: Very high risk. Little to no investor protection.

Regulator tiers for regulation and trust rating

Green Tier Regulators

Green Tier regulators are the gold standard when it comes to regulatory oversight, and we apply the highest scores to brokers that hold one or more licenses from Green Tier regulators.

A Green Tier regulator ensures adherence to strict industry safety standards, instilling confidence even if specific jurisdictional protections, like investor compensation in case of broker bankruptcy, are unavailable to you.

Australian Securities and Investments Commission (ASIC) – Australia
Australian Prudential Regulation Authority (APRA) – Australia
Australian Transaction Reports and Analysis Centre (AUSTRAC) – Australia
Reserve Bank of Australia (RBA) – Australia
UK Financial Conduct Authority (FCA) – UK
Canadian Investment Regulatory Organization (CIRO) – Canada
Alberta Securities Commission Canada (ASC) – Canada
Autorité des marchés financiers (AMF Québec) – Canada
Bank of Canada – Canada
British Columbia Securities Commission (BCSC) Canada – Canada
Canadian Deposit Insurance Corporation (CDIC) – Canada
Canadian Securities Administrators (CSA) – Canada
Financial and Consumer Affairs Authority of Saskatchewan (FCAA) – Canada
Financial and Consumer Services Commission (FCNB New Brunswick) – Canada
Financial Transactions and Reports Analysis Centre (FinTRAC) – Canada
Manitoba Securities Commission (MSC) – Canada
Northwest Territories Office of the Superintendent of Securities – Canada
Nova Scotia Securities Commission (NSSC) – Canada
Nunavut Securities Office – Canada
Office of the Superintendent of Financial Institutions (OSFI) – Canada
Office of the Superintendent of Securities Newfoundland and Labrador – Canada
Office of the Superintendent of Securities Prince Edward Island – Canada
Office of the Yukon Superintendent of Securities – Canada
Ontario Securities Commission (OSC) – Canada
Cyprus Securities & Exchange Commission (CySEC) – Cyprus
Central Bank of Cyprus – Cyprus
US Commodity Futures Trading Commission (CFTC) – US
US National Futures Association (NFA) – US
US Securities & Exchange Commission (SEC) – US
Financial Crimes Enforcement Network (FinCEN) – US
Japanese Financial Services Agency (JFSA) – Japan
Bank of Japan – Japan
Monetary Authority of Singapore (MAS) – Singapore
Hong Kong Securities Futures Commission (SFC) – Hong Kong
German Federal Financial Supervisory Authority (BaFin) – Germany
Deutsche Bundesbank – Germany
Spanish National Securities Market Commission (CNMV) – Spain
New Zealand Financial Markets Authority (FMA) – New Zealand
Reserve Bank of New Zealand (RBNZ) – New Zealand
Swiss Financial Market Supervisory Authority (FINMA) – Switzerland
Central Bank of Ireland (CBI) – Ireland
French Financial Markets Authority (AMF) – France
Autorité de contrôle prudentiel et de résolution (ACPR) – France
Banque de France – France
Danish Financial Supervisory Authority (DFSA) – Denmark
Danmarks Nationalbank – Denmark
Italian Organismo Agenti e Mediatori (OAM) – Italy
Banca d’Italia – Italy
Commissione Nazionale per le Società e la Borsa (CONSOB) – Italy
Istituto per la Vigilanza sulle Assicurazioni (IVASS) – Italy
Swedish Financial Supervisory Authority (Finansinspektionen) – Sweden
Financial Supervisory Authority of Norway (Finanstilsynet) – Norway
National Bank of Hungary (MNB) – Hungary
Polish Financial Supervision Authority (KNF) – Poland
Narodowy Bank Polski (NBP) – Poland
Czech National Bank (CNB) – Czech Republic
Netherlands Authority for the Financial Markets (AFM) – Netherlands
De Nederlandsche Bank (DNB) – Netherlands
Luxembourg Commission de Surveillance du Secteur Financier (CSSF) – Luxembourg
Banque centrale du Luxembourg (BCL) – Luxembourg
Portuguese Comissão do Mercado de Valores Mobiliários (CVMV) – Portugal
Autoridade de Supervisão de Seguros e Fundos de Pensões (ASF) – Portugal
Banco de Portugal – Portugal
Malta Financial Services Authority (MFSA) – Malta
Central Bank of Malta – Malta
European Securities and Markets Authority (ESMA) – European Union
Austrian Financial Market Authority (Finanzmarktaufsichtsbehörde) – Austria
Austrian National Bank (Oesterreichische Nationalbank) – Austria
Belgium Financial Services & Markets Authority (FSMA) – Belgium
National Bank of Belgium (NBB) – Belgium
Bulgarian National Bank (BNB) – Bulgaria
Bulgarian Financial Supervision Commission (FSC) – Bulgaria
Croatian Financial Services Supervisory Agency (HANFA) – Croatia
Croatian National Bank (HNB) – Croatia
Eesti Pank (Bank of Estonia) – Estonia
Finantsinspektsioon (FSA) – Estonia
Bank of Finland (Suomen Pankki) – Finland
Finanssivalvonta (FIN-FSA) – Finland
Bank of Greece – Greece
Hellenic Capital Market Commission (HCMC) – Greece
Bank of Latvia (Latvijas Banka) – Latvia
Financial and Capital Market Commission (FKTK) – Latvia
Bank of Lithuania (Lietuvos bankas) – Lithuania
Autoritatea de Supraveghere Financiară (ASF) – Romania
National Bank of Romania (BNR) – Romania
National Bank of Slovakia (NBS) – Slovakia
Bank of Slovenia – Slovenia
Securities Market Agency (ATVP) – Slovenia
Bank of Spain (Banco de España) – Spain

Yellow Tier Regulators

Yellow Tier regulators should provide strong investor protection, but it may not be as robust as those provided by Green Tier regulators. Regulatory scrutiny may be less rigorous for example.

That said, we still consider brokers authorized by Yellow Tier regulators trustworthy.

Central Bank of Bahrain (CBB) – Bahrain
Banco Central do Brasil (BCB) – Brazil
Conselho de Controle de Atividades Financeiras (COAF) – Brazil
Conselho Nacional de Seguros Privados (CNSP) – Brazil
Superintendência Nacional de Previdência Complementar (PREVIC) – Brazil
Superintendência de Seguros Privados (SUSEP) – Brazil
China Securities Regulatory Commission (CSRC) – China
Hong Kong Monetary Authority (HKMA) – Hong Kong
Insurance Authority (IA Hong Kong) – Hong Kong
Mandatory Provident Fund Schemes Authority (MPFA) – Hong Kong
National Administration of Financial Regulation (NAFR) – China
People’s Bank of China (PBC) – China
State Administration of Foreign Exchange (SAFE) – China
Insurance Regulatory and Development Authority of India (IRDAI) – India
International Financial Services Centres Authority (IFSCA) – India
Pension Fund Regulatory and Development Authority (PFRDA) – India
Reserve Bank of India (RBI) – India
Bank of Israel – Israel
Capital Market, Insurance and Savings Authority (CMISA) – Israel
Israel Securities Authority (ISA) – Israel
Central Bank of Kuwait (CBK) – Kuwait
Bank Negara Malaysia (BNM) – Malaysia
Labuan Financial Services Authority (LFSA) – Malaysia
Capital Market Authority (CMA Oman) – Oman
Central Bank of Oman – Oman
Qatar Central Bank (QCB) – Qatar
Qatar Financial Centre Regulatory Authority (QFCRA) – Qatar
Qatar Financial Markets Authority (QFMA) – Qatar
Saudi Central Bank (SAMA) – Saudi Arabia
Prudential Authority – South African Reserve Bank (SARB) – South Africa
South African Reserve Bank (SARB) – South Africa
Bank of Korea – Korea
Financial Services Commission (FSC Korea) – Korea
Financial Supervisory Service (FSS Korea) – Korea
Central Bank of the UAE (CBUAE) – United Arab Emirates
Securities and Commodities Authority (SCA) – United Arab Emirates
Financial Services Regulatory Authority (FSRA, ADGM) – Abu Dhabi

Orange Tier Regulators

We urge caution if a broker only holds an Orange Tier license. These regulators are less reputed and may provide limited investor protection or recourse channels in the event your broker faces financial difficulties or you have a dispute.

Da Afghanistan Bank (DAB) – Central bank & financial supervision – Afghanistan
Albanian Financial Supervisory Authority (AFSA) – Albania
Bank of Albania – Albania
Bank of Algeria – Algeria
Commission d’Organisation et de Surveillance des Opérations de Bourse (COSOB) – Algeria
Autoritat Financera Andorrana (AFA) – Andorra
Banco Nacional de Angola (BNA) – Angola
Comissão do Mercado de Capitais (CMC) – Angola
Comisión Nacional de Valores (CNV) – Argentina
Superintendencia de Seguros de la Nación (SSN) – Argentina
Central Bank of Armenia (CBA) – Armenia
Central Bank of the Republic of Azerbaijan (CBAR) – Azerbaijan
Bangladesh Bank – Bangladesh
Central Bank of Barbados – Barbados
Financial Services Commission (FSC Barbados) – Barbados
Ministry of Finance – Securities Department – Belarus
National Bank of the Republic of Belarus – Belarus
Central Bank of West African States (BCEAO) – Benin
Regional Council for Public Savings and Financial Markets (CREPMF) – Benin
Royal Monetary Authority of Bhutan (RMA) – Bhutan
Autoridad de Supervisión del Sistema Financiero (ASFI) – Bolivia
Banco Central de Bolivia – Bolivia
Central Bank of Bosnia and Herzegovina – Bosnia and Herzegovina
Republika Srpska Securities Commission – Bosnia and Herzegovina
Securities Commission of the Federation of Bosnia and Herzegovina – Bosnia and Herzegovina
Autoriti Monetari Brunei Darussalam (AMBD) – Brunei
Autoriti Monetari Brunei Darussalam (AMBD) – Brunei Darussalam
Central Bank of West African States (BCEAO) – Burkina Faso
Regional Council for Public Savings and Financial Markets (CREPMF) – Burkina Faso
Banque de la République du Burundi – Burundi
Banco de Cabo Verde (BCV) – Cabo Verde
National Bank of Cambodia (NBC) – Cambodia
Securities and Exchange Regulator of Cambodia (SERC) – Cambodia
Bank of Central African States (BEAC) – Cameroon
Commission de Surveillance du Marché Financier de l’Afrique Centrale (COSUMAF) – Cameroon
Bank of Central African States (BEAC) – Central African Republic
Commission de Surveillance du Marché Financier de l’Afrique Centrale (COSUMAF) – Central African Republic
Bank of Central African States (BEAC) – Chad
Commission de Surveillance du Marché Financier de l’Afrique Centrale (COSUMAF) – Chad
Banco Central de Chile – Chile
Superintendencia de Pensiones (SP) – Chile
Banco de la República (Central Bank of Colombia) – Colombia
Bank of Central African States (BEAC) – Congo
Commission de Surveillance du Marché Financier de l’Afrique Centrale (COSUMAF) – Congo
Banco Central de Costa Rica (BCCR) – Costa Rica
Superintendencia General de Entidades Financieras (SUGEF) – Costa Rica
Superintendencia General de Valores (SUGEVAL) – Costa Rica
Superintendencia de Pensiones (SUPEN) – Costa Rica
Banco Central de Cuba (BCC) – Cuba
Czech National Bank (CNB) – Czechia
Central Bank of West African States (BCEAO) – Côte d’Ivoire
Regional Council for Public Savings and Financial Markets (CREPMF) – Côte d’Ivoire
Autorité de Régulation et de Contrôle des Assurances (ARCA) – Democratic Republic of the Congo
Autorité des Marchés Financiers de la République Démocratique du Congo (AMF-RDC) – Democratic Republic of the Congo
Central Bank of Congo (Banque Centrale du Congo, BCC) – Democratic Republic of the Congo
Central Bank of Djibouti (Banque Centrale de Djibouti) – Djibouti
Eastern Caribbean Central Bank (ECCB) – Dominica
Eastern Caribbean Securities Regulatory Commission (ECSRC) – Dominica
Financial Services Unit (FSU Dominica) – Dominica
Banco Central de la República Dominicana (BCRD) – Dominican Republic
Superintendencia de Bancos de la República Dominicana (SIB) – Dominican Republic
Superintendencia de Pensiones (SIPEN) – Dominican Republic
Superintendencia de Seguros (SIS) – Dominican Republic
Superintendencia del Mercado de Valores (SIMV) – Dominican Republic
Banco Central del Ecuador – Ecuador
Superintendencia de Bancos (SBS Ecuador) – Ecuador
Superintendencia de Compañías, Valores y Seguros (SCVS) – Ecuador
Central Bank of Egypt (CBE) – Egypt
Financial Regulatory Authority (FRA Egypt) – Egypt
Banco Central de Reserva de El Salvador (BCR) – El Salvador
Superintendencia del Sistema Financiero (SSF) – El Salvador
Bank of Central African States (BEAC) – Equatorial Guinea
Commission de Surveillance du Marché Financier de l’Afrique Centrale (COSUMAF) – Equatorial Guinea
Bank of Eritrea – Eritrea
Central Bank of Eswatini – Eswatini
Ethiopian Capital Market Authority (ECMA) – Ethiopia
National Bank of Ethiopia (NBE) – Ethiopia
Reserve Bank of Fiji (RBF) – Fiji
Bank of Central African States (BEAC) – Gabon
Commission de Surveillance du Marché Financier de l’Afrique Centrale (COSUMAF) – Gabon
Central Bank of The Gambia – Gambia
Insurance State Supervision Service of Georgia (ISSSG) – Georgia
National Bank of Georgia (NBG) – Georgia
Eastern Caribbean Central Bank (ECCB) – Grenada
Eastern Caribbean Securities Regulatory Commission (ECSRC) – Grenada
Grenada Authority for the Regulation of Financial Institutions (GARFIN) – Grenada
Superintendencia de Bancos de Guatemala (SIB Guatemala) – Guatemala
Central Bank of Guinea (BCRG) – Guinea-Bissau
Central Bank of West African States (BCEAO) – Guinea-Bissau
Regional Council for Public Savings and Financial Markets (CREPMF) – Guinea-Bissau
Bank of Guyana – Guyana
Guyana Securities Council (GSC) – Guyana
Banque de la République d’Haïti (BRH) – Haiti
Autorità di Supervisione e Informazione Finanziaria (ASIF) – Holy See (Vatican City)
Banco Central de Honduras – Honduras
Comisión Nacional de Bancos y Seguros (CNBS) – Honduras
Bank Indonesia – Indonesia
Otoritas Jasa Keuangan (OJK) – Indonesia
Central Bank of the Islamic Republic of Iran (CBI) – Iran
Central Insurance of Iran (CII) – Iran
Iraq Securities Commission (ISC) – Iraq
Bank of Jamaica – Jamaica
Central Bank of Jordan – Jordan
Agency for Regulation and Development of the Financial Market (ARDFM Kazakhstan) – Kazakhstan
Astana Financial Services Authority (AFSA) – Kazakhstan
National Bank of Kazakhstan – Kazakhstan
Capital Markets Authority (CMA Kenya) – Kenya
Central Bank of Kenya (CBK) – Kenya
Insurance Regulatory Authority (IRA Kenya) – Kenya
Retirement Benefits Authority (RBA Kenya) – Kenya
SACCO Societies Regulatory Authority (SASRA) – Kenya
Ministry of Finance & Economic Development (Kiribati) – Kiribati
National Bank of the Kyrgyz Republic – Kyrgyzstan
State Service for Regulation and Supervision of the Financial Market (Kyrgyz Republic) – Kyrgyzstan
Bank of the Lao P.D.R. (BOL) – Laos
Lao Securities Commission Office (LSCO) – Laos
Banque du Liban (BDL) – Lebanon
Capital Markets Authority (CMA Lebanon) – Lebanon
Central Bank of Lesotho – Lesotho
Central Bank of Liberia – Liberia
Central Bank of Libya – Libya
Financial Market Authority Liechtenstein (FMA Liechtenstein) – Liechtenstein
Central Bank of Madagascar (Banky Foiben’i Madagasikara, BFIM) – Madagascar
Reserve Bank of Malawi (RBM) – Malawi
Maldives Monetary Authority (MMA) – Maldives
Central Bank of West African States (BCEAO) – Mali
Regional Council for Public Savings and Financial Markets (CREPMF) – Mali
Banking Commission of the Republic of the Marshall Islands – Marshall Islands
Central Bank of Mauritania (Banque Centrale de Mauritanie) – Mauritania
Banco de México (Banxico) – Mexico
Comisión Nacional Bancaria y de Valores (CNBV) – Mexico
Comisión Nacional de Seguros y Fianzas (CNSF) – Mexico
Comisión Nacional del Sistema de Ahorro para el Retiro (CONSAR) – Mexico
Banking Board of the Federated States of Micronesia – Micronesia
National Bank of Moldova – Moldova
National Commission for Financial Markets (NCFM Moldova) – Moldova
Commission de Contrôle des Activités Financières (CCAF) – Monaco
Bank of Mongolia – Mongolia
Financial Regulatory Commission of Mongolia (FRC Mongolia) – Mongolia
Central Bank of Montenegro – Montenegro
Capital Market Authority of Montenegro (Komisija za Tržište Kapitala) – Montenegro
Autorité Marocaine du Marché des Capitaux (AMMC) – Morocco
Autorité de Contrôle des Assurances et de la Prévoyance Sociale (ACAPS) – Morocco
Bank Al-Maghrib – Morocco
Autoridade de Supervisão de Seguros e Fundos de Pensões de Moçambique (ASFPM) – Mozambique
Banco de Moçambique – Mozambique
Central Bank of Myanmar (CBM) – Myanmar
Securities and Exchange Commission of Myanmar (SECM) – Myanmar
Bank of Namibia – Namibia
Namibia Financial Institutions Supervisory Authority (NAMFISA) – Namibia
Beema Samiti (Insurance Board of Nepal) – Nepal
Nepal Rastra Bank (NRB) – Nepal
Banco Central de Nicaragua – Nicaragua
Superintendencia de Bancos y de Otras Instituciones Financieras (SIBOIF) – Nicaragua
Central Bank of West African States (BCEAO) – Niger
Regional Council for Public Savings and Financial Markets (CREPMF) – Niger
Central Bank of Nigeria (CBN) – Nigeria
National Insurance Commission (NAICOM) – Nigeria
National Pension Commission (PenCom) – Nigeria
National Bank of the Republic of North Macedonia (NBRNM) – North Macedonia
Agency for Supervision of Fully Funded Pension Insurance (MAPAS) – North Macedonia
Securities and Exchange Commission of North Macedonia – North Macedonia
Securities and Exchange Commission of Pakistan (SECP) – Pakistan
State Bank of Pakistan (SBP) – Pakistan
Financial Institutions Commission (FIC Palau) – Palau
Palestine Capital Market Authority (PCMA) – Palestine State
Superintendencia de Bancos de Panamá (SBP) – Panama
Superintendencia del Mercado de Valores (SMV Panamá) – Panama
Bank of Papua New Guinea – Papua New Guinea
Securities Commission of Papua New Guinea (SCPNG) – Papua New Guinea
Comisión Nacional de Valores (CNV Paraguay) – Paraguay
Banco Central de Reserva del Perú (BCRP) – Peru
Superintendencia de Banca, Seguros y AFP (SBS Perú) – Peru
Superintendencia del Mercado de Valores (SMV Perú) – Peru
Bangko Sentral ng Pilipinas (BSP) – Philippines
Insurance Commission (IC Philippines) – Philippines
Philippine Deposit Insurance Corporation (PDIC) – Philippines
Securities and Exchange Commission (SEC Philippines) – Philippines
Capital Market Authority of Rwanda (CMA Rwanda) – Rwanda
National Bank of Rwanda (BNR) – Rwanda
Eastern Caribbean Central Bank (ECCB) – Saint Kitts and Nevis
Eastern Caribbean Securities Regulatory Commission (ECSRC) – Saint Kitts and Nevis
Financial Services Regulatory Commission (FSRC St Kitts and Nevis) – Saint Kitts and Nevis
Central Bank of Samoa (CBS) – Samoa
Central Bank of San Marino (Banca Centrale della Repubblica di San Marino) – San Marino
Banco Central de São Tomé e Príncipe (BCSTP) – Sao Tome and Principe
Central Bank of West African States (BCEAO) – Senegal
Regional Council for Public Savings and Financial Markets (CREPMF) – Senegal
National Bank of Serbia (NBS) – Serbia
Securities Commission of the Republic of Serbia – Serbia
Bank of Sierra Leone (BSL) – Sierra Leone
Securities and Exchange Commission Sierra Leone (SEC Sierra Leone) – Sierra Leone
Central Bank of Solomon Islands (CBSI) – Solomon Islands
Central Bank of Somalia – Somalia
Bank of South Sudan – South Sudan
Central Bank of Sri Lanka (CBSL) – Sri Lanka
Securities and Exchange Commission of Sri Lanka (SEC Sri Lanka) – Sri Lanka
Central Bank of Sudan – Sudan
Financial Markets Regulatory Authority (Sudan) – Sudan
Central Bank of Suriname (CBvS) – Suriname
Central Bank of Syria (CBS) – Syria
Syrian Commission on Financial Markets and Securities (SCFMS) – Syria
National Bank of Tajikistan – Tajikistan
Bank of Tanzania (BoT) – Tanzania
Banco Central de Timor-Leste (BCTL) – Timor-Leste
Central Bank of West African States (BCEAO) – Togo
Regional Council for Public Savings and Financial Markets (CREPMF) – Togo
National Reserve Bank of Tonga (NRBT) – Tonga
Central Bank of Trinidad and Tobago (CBTT) – Trinidad and Tobago
Trinidad and Tobago Securities and Exchange Commission (TTSEC) – Trinidad and Tobago
Central Bank of Tunisia (BCT) – Tunisia
Financial Market Council (CMF Tunisia) – Tunisia
Banking Regulation and Supervision Agency (BDDK) – Turkey
Capital Markets Board of Turkey (CMB/ SPK) – Turkey
Central Bank of the Republic of Türkiye (CBRT) – Turkey
Central Bank of Turkmenistan – Turkmenistan
Bank of Uganda (BoU) – Uganda
Insurance Regulatory Authority of Uganda (IRA Uganda) – Uganda
National Bank of Ukraine (NBU) – Ukraine
National Commission for State Regulation of Financial Services Markets (NCFS Ukraine) – Ukraine
Banco Central del Uruguay (BCU) – Uruguay
Superintendencia de Servicios Financieros (SSF Uruguay) – Uruguay
Capital Market Development Agency of Uzbekistan (CMDA) – Uzbekistan
Central Bank of the Republic of Uzbekistan – Uzbekistan
Financial Information and Supervision Authority (ASIF) – Vatican City
Banco Central de Venezuela (BCV) – Venezuela
Superintendencia Nacional de Valores (SUNAVAL) – Venezuela
State Bank of Vietnam (SBV) – Vietnam
State Securities Commission of Vietnam (SSC) – Vietnam
Central Bank of Yemen – Yemen
Bank of Zambia – Zambia
Pensions and Insurance Authority (PIA Zambia) – Zambia

Red Tier Regulators

We consider these regulators very high risk – with little to no investor protection available. Membership requirements are often lax and regulators may not actively monitor and enforce safety measures, such as restrictions on misleading promotions.

Brokers that are only authorized by Red Tier regulators, with no additional oversight from more reputable agencies, may be operating scams.

Eastern Caribbean Securities Regulatory Commission (ECSRC) – Antigua and Barbuda
Financial Services Regulatory Commission (FSRC) – Antigua and Barbuda
Central Bank of The Bahamas – The Bahamas
Insurance Commission of The Bahamas (ICB) – The Bahamas
Central Bank of Belize – Belize
International Financial Services Commission (IFSC Belize) – Belize
Cayman Islands Monetary Authority (CIMA) – Cayman Islands
Central Bank of the Comoros (BCC) – The Comoros
Bank of Mauritius – Mauritius
Financial Services Commission (FSC) – Mauritius
Nauru Financial Services Regulatory Commission (FSRC) – Nauru
Eastern Caribbean Central Bank (ECCB) – Saint Lucia
Eastern Caribbean Securities Regulatory Commission (ECSRC) – Saint Lucia
Financial Services Regulatory Authority (FSRA Saint Lucia) – Saint Lucia
Central Bank of Seychelles (CBS) – Seychelles
Financial Services Commission (FSC Tuvalu) – Tuvalu
Reserve Bank of Vanuatu (RBV) – Vanuatu
International Financial Services Authentication (IFSA) – Unknown

Bottom Line

Choosing a well-regulated broker is one of the best ways to safeguard your trading funds. That said, there have been instances where even brokers licensed by trusted regulators have acted against clients and faced financial difficulties.

As a result, our Regulation & Trust Rating cannot guarantee the safety of your funds.

Only risk what you can afford to lose.