Regulation and licensing — more important than anything

Before the spread, before the platform, before any offer: who supervises this broker? The licence is the difference between a company answerable to a law and a company that can vanish with your money.

What regulation actually imposes

• Segregation of client funds — your money sits in accounts separate from the company’s, so it is not used to run the business and does not enter its bankruptcy.
• Minimum capital — ensuring the firm’s solvency.
• Periodic audit — published accounts and reviews.
• Leverage caps — protecting individuals in some jurisdictions.
• A complaints mechanism — a body you can turn to in a dispute.
• Negative balance protection — so you never owe the broker more than you deposited.