Everything you need to vet a broker.

Each broker is scored 0–10 across five independent dimensions: Regulation, License Tier, Business Maturity, Software Quality, and Risk Control. The composite Rating Index is computed from regulator-verified data, Trustpilot signals, and on-site reviews. We never accept payment to alter scores.

Open the broker page on FX ReviewLab and look at the Forex Licenses card grid. Each license shows the regulator (FCA, ASIC, CySEC, MAS, etc.), license number, status (Active / Expired / Revoked) and tier. Click the license number to verify it directly on the regulator's official site.

Tier 1 regulators enforce the strictest capital requirements, segregated client funds, and compensation schemes. Examples: FCA (United Kingdom), ASIC (Australia), CySEC (Cyprus), MAS (Singapore), BaFin (Germany). Brokers holding only Tier 3 or offshore licenses carry significantly higher counterparty risk.

Yes. Reviews come from verified traders, are moderated for spam, and are never edited by brokers. Our scoring algorithm is published and applied uniformly. Brokers cannot pay to remove negative reviews or boost their Rating Index.

Spreads vary by account type and market conditions. Use the Brokers page filter for "Spread From" and sort by score to see ECN brokers with raw spreads from 0.0 pips, typically IC Markets, Pepperstone, and Exness Raw Spread accounts.

Verified means our editorial team has confirmed the broker's active license number against the regulator's public registry, validated the official website domain, and matched the corporate entity. Verification is repeated quarterly.

Use the broker's detail page to file a complaint with evidence (screenshots, transaction IDs, communications). Confirmed scams are flagged Blacklisted and surfaced in our risk warnings. We forward credible reports to the relevant regulator.

Trading forex as an individual is legal in all three. What differs is the broker side. South Africa licenses brokers through the FSCA, and the licence that matters for CFDs is the ODP, not the FSP number brokers usually advertise. Kenya licenses brokers through the Capital Markets Authority. In Nigeria, the Investments and Securities Act 2025 made it unlawful to operate an online forex platform without registering with the SEC, and no retail broker is currently registered.

Several brokers serving Kenya accept M-Pesa for both deposits and withdrawals. The differences that matter are not who accepts it but what each charges and how long a withdrawal actually takes, which ranges from minutes to two business days. Check the funding section of each broker review for the fee and the processing time.

If your broker offers an account in your own currency, it usually costs less than funding a dollar account. Converting into and back out of USD carries a spread on both legs plus any bank or processor fee, which adds up over a full deposit and withdrawal cycle. Against that, holding a local balance leaves you exposed to moves in your own currency.

In most jurisdictions yes, and the rate depends on how the profit is classified. South Africa treats trading profit as income rather than tax-free capital for most individuals, and Nigeria applies capital gains tax to disposals. The treatment differs by country and by whether you trade personally or through a company, so check your own revenue authority guidance rather than a broker page.