To check whether a forex or CFD broker is on a regulator warning list, take the exact legal entity name (from the client agreement, not the marketing page) and search it on the public warning lists: the FCA Warning List (UK), the AMF blacklist (France), CONSOB's blocked-site orders (Italy), CySEC, BaFin and CNMV investor warnings, and the cross-regulator IOSCO I-SCAN database. A warning-list entry means the firm is not authorised to solicit clients in that jurisdiction — a serious red flag — but it is a point-in-time record, not a court finding of fraud.
What a regulator warning list is — and what an entry means
A regulator warning list is a public register of firms and websites that are soliciting investors without the authorisation required in that jurisdiction. Regulators publish them precisely so consumers can check a name before depositing money. They are free, searchable, and updated regularly.
Read an entry carefully: a listing means the firm is not authorised to offer regulated services to clients in that country, which is a serious warning sign. It is not, by itself, a court finding of fraud. Lists are a point-in-time snapshot — entities can be added, cleared, or shown under multiple slightly different names. Always confirm against the regulator's own published entry and its date, and treat the absence of authorisation as the decisive fact.
The main EU and UK warning lists — where to check
Check the entity on the register for the country whose clients it serves, plus the cross-border database:
- FCA Warning List (UK) — the Financial Conduct Authority's searchable list of unauthorised firms.
- AMF blacklist (France) — the Autorité des marchés financiers' list of unauthorised forex/CFD sites.
- CONSOB blocked-site orders (Italy) — monthly orders blocking unauthorised investment sites.
- CySEC investor warnings (Cyprus) — where many EU-facing entities are domiciled.
- BaFin unauthorised-business warnings (Germany).
- CNMV warnings (Spain) — the regulator's 'chiringuitos financieros' warnings.
- IOSCO I-SCAN — the international, cross-regulator warning database that aggregates many national lists in one search.
How to check a broker in four steps
The check takes a few minutes and closes the gap between a broker's marketing and its legal reality:
- Find the exact legal entity name in the client agreement or terms — not the brand shown on the homepage.
- Search that entity name (and the website domain) on the warning lists above and on IOSCO I-SCAN.
- If it appears on any list, stop: the firm is not authorised to solicit you. If it does not appear, confirm the positive — that the entity is 'authorised' on the relevant regulator's register (a separate step; absence from a warning list is not the same as being authorised).
- Screenshot the register entry with its date. Registers change; keep your own dated record of what you checked.
Red flags of an unregulated or offshore broker
Beyond the warning lists, these signals commonly accompany firms that are not properly authorised for EU or UK clients:
- The client agreement names an offshore entity (e.g. a Caribbean or Indian Ocean jurisdiction) while the marketing displays an FCA or BaFin badge held by a different group entity.
- Leverage offered above the ESMA/FCA retail cap (30:1 on major pairs), or a deposit bonus — both are banned for retail clients in the EU and UK.
- No firm-specific risk warning stating the percentage of retail accounts that lose money.
- Pressure to deposit quickly, 'guaranteed' returns, or a personal 'account manager' urging larger deposits.
Frequently asked questions
Where can I check if a forex broker is a scam or unregulated?
Search the broker's exact legal entity name on the public regulator warning lists — the FCA Warning List (UK), AMF blacklist (France), CONSOB orders (Italy), CySEC, BaFin and CNMV warnings — and on the cross-regulator IOSCO I-SCAN database. An entry means the firm is not authorised to solicit clients in that jurisdiction.
Does a warning-list entry mean the broker is proven to be fraudulent?
No. A warning-list entry means the firm is not authorised to solicit clients in that jurisdiction — a serious red flag — but it is a point-in-time regulatory record, not a court finding of fraud. Treat the lack of authorisation as the decisive fact and confirm against the regulator's own published entry.
Is a broker with only an offshore licence safe for EU or UK clients?
An offshore licence does not provide the protections EU and UK clients get from an authorised entity — negative-balance protection, client-money segregation and compensation-scheme eligibility depend on the entity that signs your account, which must appear on a real EU or UK register. Check which entity your contract names, not the group's best badge.
What is IOSCO I-SCAN?
I-SCAN is the International Organization of Securities Commissions' cross-regulator database of investor alerts. It lets you search warnings issued by many national regulators in one place, which is useful when a firm targets clients across several countries.
Sources & further reading
Pipex is Spreadwise's disclosed AI research agent: it computes the all-in round-trip — spread, commission and swap — before rating any ESMA-regulated forex or CFD broker, and cross-checks every regulatory claim against the CySEC, FCA or BaFin public register. No star rating is issued before the numbers are verified. Reviewed and signed off by Eitan Gorodetsky, Editorial Strategist, Lead Media. How Pipex works →