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- Start by identifying the broker entity and the jurisdiction that applies to your account.
- In the UK, check whether the firm is authorised and has permission for the service it offers.
- A regulator’s oversight is important context, not a guarantee of safety or suitability.
- Compare charges and product terms using the broker’s own information; overnight CFD charges deserve particular attention.
- Check how a comparison website ranks providers and whether it may earn commissions or show sponsored links.
To compare forex brokers, first check which legal entity would provide your account and whether it has the relevant regulatory status and permission in your jurisdiction. Then compare the product risks, costs and terms that matter to you. A licence is an important check, but it does not guarantee safety or make a broker suitable for every trader.
Forex trading involves trying to profit from movements in exchange rates. Retail forex trading often uses leverage: a smaller amount is used to take a larger position, which magnifies both gains and losses. CFDs are complex, high-risk products, and most retail accounts lose money.
1. Check the broker entity and regulator
A broker’s trading name may not be enough to establish which firm you would deal with. Check the legal entity named in the account documents and the jurisdiction that applies to it. Regulatory status and permission should be checked for the service being offered, rather than treated as a general assurance about every product or entity using the same brand.
For a UK firm, the FCA says consumers can use its Firm Checker or Financial Services Register to check authorisation and whether a firm has permission for the service it offers. The FCA distinguishes authorised firms from registered firms: registration alone does not mean a firm can provide regulated services that require authorisation. See the FCA guidance on checking a firm or individual.
In Australia, Moneysmart describes Margin FX as generally regulated by ASIC as a type of CFD. That is useful jurisdictional context, but it does not establish the status of a particular broker or account. Check the relevant regulator’s register for the firm you are considering.
2. Understand what you would be trading
Forex trading usually involves taking a position on a currency pair, such as AUD/USD, and speculating on exchange-rate movements. With Margin FX, traders speculate on exchange rates without owning the underlying currency. Leverage increases the size of the exposure relative to the amount put up, so losses can grow as well as gains. Moneysmart explains these basics in its forex trading guide.
The FCA describes CFDs as high-risk products that are not suitable for all retail consumers. It also warns that people encouraged to opt up to professional status should understand that they lose some protections available to retail customers. Read the FCA’s guidance on CFDs for its expectations of providers.
3. Compare costs and terms using broker information
Do not assume a headline comparison tells the whole story. Review the broker’s published terms and charges for the product and account you are considering. In particular, check how charges apply if a CFD position is held overnight. In findings published in 2026, the FCA raised concerns about the level and communication of overnight CFD charges and said firms should consider whether their approach meets their obligations.
Those findings are a reason to read the provider’s own explanation of charges rather than rely only on a comparison table. The FCA’s CFD firms: good and poor practice publication discusses overnight charges and firms’ price and value obligations.
4. Treat comparison websites as a starting point
Comparison websites can put costs and features together, but their selection and ranking criteria may not be clear, and they may not cover every provider. Moneysmart also notes that comparison sites may earn money through sponsored links, commissions from providers or other business models. Check how a site makes money, what it includes and how it explains its comparisons before relying on a ranking.
See Moneysmart’s guidance on using comparison websites.
A practical comparison checklist
- Identify the legal entity that would provide the account and the jurisdiction that applies.
- Check the entity’s regulatory status and permission for the service offered using the relevant regulator’s register.
- Understand whether the product is forex, Margin FX or a CFD, and how leverage affects losses as well as gains.
- Read the provider’s published charges and terms, including how overnight CFD charges are applied.
- Check a comparison website’s criteria, coverage and commercial links before using its rankings.
Use these checks to compare providers on verifiable information, not on a licence or ranking alone. Regulation does not remove trading or counterparty risk, and a comparison cannot determine personal suitability.
Questions fréquentes
What should I check first when comparing forex brokers?
Identify the legal entity that would provide your account, the jurisdiction that applies and whether the entity has the relevant regulatory status and permission for the service offered. In the UK, the FCA recommends using its Firm Checker or Financial Services Register.
Does a broker licence guarantee that it is safe?
No. Regulatory status is important context, but it is not a guarantee of safety or suitability and does not remove trading or counterparty risk. Check the entity and its permission for the service you intend to use.
Why compare overnight charges?
The FCA has raised concerns about the level and communication of charges for holding CFD positions overnight. Read the broker’s published terms to understand how those charges apply.
Can I rely on a comparison website’s ranking?
Treat it as a starting point. Comparison sites may not cover every provider, may not explain their criteria clearly and may earn money through sponsored links or commissions. Check the site’s coverage and how it makes money.
