Regulators

The financial regulators that license the brokers we cover, grouped by how strongly they protect retail clients.

Tier 1

The strictest regulators: leverage caps, negative balance protection, capital requirements and, in most cases, a compensation scheme.

FCA
Financial Conduct AuthorityUnited Kingdom · 23 brokers
ASIC
Australian Securities and Investments CommissionAustralia · 20 brokers
MAS
Monetary Authority of SingaporeSingapore · 8 brokers
BaFin
Federal Financial Supervisory AuthorityGermany · 4 brokers
CIRO
Canadian Investment Regulatory OrganizationCanada · 4 brokers
FINMA
Swiss Financial Market Supervisory AuthoritySwitzerland · 4 brokers
JFSA
Financial Services AgencyJapan · 4 brokers
SFC
Securities and Futures CommissionHong Kong · 3 brokers
CBI
Central Bank of IrelandIreland · 2 brokers
NFA
National Futures Association and Commodity Futures Trading CommissionUnited States · 2 brokers
CSSF
Commission de Surveillance du Secteur FinancierLuxembourg (EU) · 1 broker
DK FSA
Danish Financial Supervisory AuthorityDenmark · 1 broker
SEC
Securities and Exchange Commission and FINRAUnited States · 1 broker

Tier 2

Solid regulators, often applying EU or similar rules, but with smaller compensation schemes or less enforcement history.

CySEC
Cyprus Securities and Exchange CommissionCyprus (EU) · 20 brokers
FSCA
Financial Sector Conduct AuthoritySouth Africa · 11 brokers
DFSA
Dubai Financial Services AuthorityUAE (DIFC) · 6 brokers
FMA
Financial Markets AuthorityNew Zealand · 4 brokers
FSRA
Financial Services Regulatory Authority (ADGM)UAE (Abu Dhabi) · 2 brokers
CMA AE
Capital Market Authority (formerly SCA)United Arab Emirates · 1 broker
EFSA
Finantsinspektsioon (Estonian Financial Supervision Authority)Estonia (EU) · 1 broker
FSC BG
Financial Supervision CommissionBulgaria (EU) · 1 broker
ISA
Israel Securities AuthorityIsrael · 1 broker
KNF
Polish Financial Supervision AuthorityPoland (EU) · 1 broker
LV
Bank of Latvia (Latvijas Banka)Latvia (EU) · 1 broker
MFSA
Malta Financial Services AuthorityMalta (EU) · 1 broker

Tier 3

Regulators with lighter retail protection rules.

CMA KE
Capital Markets AuthorityKenya · 6 brokers
BMA
Bermuda Monetary AuthorityBermuda · 0 brokers

Offshore

Light-touch jurisdictions. Easy to get licensed, usually with no leverage caps and no compensation scheme.

FSA SC
Financial Services Authority SeychellesSeychelles · 13 brokers
SCB
Securities Commission of The BahamasBahamas · 5 brokers
FSC MU
Financial Services CommissionMauritius · 4 brokers
BVI FSC
British Virgin Islands Financial Services CommissionBritish Virgin Islands · 3 brokers
CIMA
Cayman Islands Monetary AuthorityCayman Islands · 3 brokers
CBCS
Central Bank of Curaçao and Sint MaartenCuraçao · 1 broker
FSC BZ
Financial Services CommissionBelize · 1 broker
LFSA
Labuan Financial Services AuthorityMalaysia (Labuan offshore) · 1 broker
VFSC
Vanuatu Financial Services CommissionVanuatu · 1 broker