How to choose a broker and avoid scams

Updated: 7 November 2026

In short: Check the licence in the regulator's register, the withdrawal terms and real reviews about withdrawals. A reliable broker does not promise returns, does not call to push deposits and does not offer a "personal manager" who trades for you.

Five checks before signing up

Licence: the company name and number are in the regulator's register. The legal entity and address match the website. Withdrawals: timing and fees stated plainly. Spread and fees on your instrument. Reviews about withdrawals, not about "profitability".

Red flags

Guaranteed income, a deposit bonus tied to trading volume, phone pressure, refusing withdrawals over a "tax", an offshore licence you cannot verify.

How to start safely

Deposit the minimum, make a couple of trades and withdraw. If the withdrawal is fast and uneventful, you can keep going.

Example: a 15-minute check

You found a broker. Open the website of the regulator it names and look the company up in the register — does the legal entity match the site's domain? Check the conditions: spread on your pair, fees, overnight swap, withdrawal methods. Search the name plus "withdrawal". If something does not add up, you go no further.

What matters in trading conditions

Spread and fees are the price of every trade: with frequent trading they eat a significant share of results. The minimum position size — the smaller it is, the more precisely you can keep 1% risk on a small account. Leverage — for a beginner, high leverage tends to hurt. Stop-losses must execute reliably.

Learn before choosing a broker

You need a broker only when you are ready to trade real money. Before that you do not need one at all: you can learn to read charts and test your rules on a virtual account. That way you choose a broker already knowing which instruments and conditions you need.