A broker's licence claim is a starting point for research, not the result. The useful question is whether the exact company that will hold your account has the permissions it needs for the service offered to you. A familiar brand name, a registration number, and a professional website can still leave that question unanswered.
Identify the company in your agreement
Before comparing account features, find the proposed client agreement. Record the contracting company's full legal name, its country, the website domain, and any licence or reference number. Keep the trading brand in a separate field. A group can use one brand across several companies, so a licence belonging to one affiliate should not be treated as a licence for every account in the group.
Read the application documents as well as the website footer. If the entity changes between the marketing page and the account agreement, ask why. Save the answer with the relevant document rather than relying on a conversation you cannot revisit.
Search independently, then compare the record
Open the regulator's own website independently. Avoid relying solely on a badge or a register link supplied in a message. Search the company name and reference number, then read the record rather than stopping at a matching search result.
Compare these fields side by side:
- The exact legal name and any recorded trading names.
- Current authorisation status and any restrictions or notices.
- The activities and products covered by the permission.
- The website, telephone number, and other contact details where the register provides them.
- The entity named in your proposed client agreement.
For UK checks, the FCA's guidance on clone firms explains why a genuine reference number is not enough: an impersonator can borrow an authorised firm's identity. Its guidance directs consumers to check both product permissions and contact details through the official Firm Checker.
Treat mismatches as unanswered questions
A small spelling difference may have an innocent explanation, but it still needs resolving. Do not silently replace a company name with the nearest match. Ask for a precise explanation and verify it using contact information obtained independently from the regulator.
Our suggested research log has four columns: the broker's claim, the official record, the date checked, and the remaining question. This keeps an unclear permission separate from a confirmed discrepancy. It also prevents an old screenshot from becoming a permanent assumption about a firm's current status.
Know what a successful check does not establish
Matching a current register record answers a specific identity and permission question. It does not establish that every product is suitable for you, that execution will always meet your expectations, or that trading losses cannot occur. Read fees, complaint arrangements, client-money terms, and account classification separately.
When using the FXICON directory, open the underlying evidence and check its date. An incomplete profile is a reason to investigate further, not permission to fill the gaps with either reassurance or an allegation.
Before you decide
Keep a dated copy of the agreement and your research notes. If the company, domain, permission, or payment recipient remains unclear, pause the application. Being unable to finish a check is itself useful information: it tells you what still needs an answer before money moves.
Primary referenceAdditional references are linked in the guide.
This guide provides general information, not personal financial or legal advice. Rules, permissions, and account terms can change. Check the original records before making a decision.
