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Unregulated Forex Brokers List 2026

Warning list of unregulated or poorly regulated forex brokers, plus guidance on identifying scams and finding regulated alternatives.

Lisa Martinez

Written by

Lisa Martinez

James Wilson

Fact Checked by

James Wilson

Last reviewed:
•
By:Lisa Martinez
•
Fact-checked by:James Wilson

How to Identify Unregulated Brokers

Unregulated brokers operate without oversight from financial authorities, putting your funds at risk. This guide helps you identify warning signs, understand the risks, and find properly regulated alternatives. Always verify a broker's license before depositing.

How do I check if a broker is regulated?

Verify their license number on the regulator's official website (FCA Register, CySEC MiFID, ASIC Connect). Don't trust claims on the broker's website alone.

Regulatory Status

Verified regulated brokers.

Broker
ExnessFully RegulatedFCA, CySEC, FSA
XMFully RegulatedFCA, CySEC, ASIC
HFMFully RegulatedFCA, CySEC, FSCA
AvaTradeFully RegulatedCBI, FCA, ASIC, CySEC
AxiFully RegulatedFCA, ASIC
FXTMFully RegulatedFCA, CySEC, FSCA
ThinkMarketsFully RegulatedFCA, ASIC, FSCA
PepperstoneFully RegulatedFCA, ASIC, CySEC, BaFin

Detailed Broker Analysis

Exness logo
Exness
Read Review
Recommended
Triple-regulated with instant withdrawals.
4.6/5App Score

Exness is regulated by FCA, CySEC, and FSA with segregated client funds and negative balance protection.

Forex spread classUltra-Low
Minimum deposit$0
Inactivity fee$0
Currency pairs107
Deposit methodsBank, Visa, Skrill, Crypto
Withdrawal fee$0
Visit Broker Read review
XM logo
XM
Read Review
Recommended
FCA/CySEC/ASIC regulated.
4.5/5App Score

XM holds licenses from three major regulators with up to £85,000 FSCS protection for UK clients.

Forex spread classLow
Minimum deposit$5
Inactivity fee$5/mo
Currency pairs55
Deposit methodsBank, Visa, Skrill
Withdrawal fee$0
Visit Broker Read review
HFM logo
HFM
Read Review
Recommended
Multi-regulated with copy trading.
4.3/5App Score

HFM is regulated by FCA, CySEC, and FSCA with €20,000 ICF protection and segregated funds.

Forex spread classLow
Minimum deposit$0
Inactivity fee$5/mo
Currency pairs53
Deposit methodsBank, Visa, Skrill, Crypto
Withdrawal fee$0
Visit Broker Read review
AvaTrade logo
AvaTrade
Read Review
Recommended
One of most regulated brokers.
4.2/5App Score

AvaTrade holds 9+ global licenses including CBI (Ireland), FCA, ASIC, and CySEC.

Forex spread classLow
Minimum deposit$100
Inactivity fee$50/qtr
Currency pairs50
Deposit methodsBank, Visa, PayPal
Withdrawal fee$0
Visit Broker Read review
Axi logo
Axi
Read Review
Recommended
FCA/ASIC regulated ECN.
4.4/5App Score

Axi is regulated by FCA and ASIC with £85,000 FSCS protection and fully segregated client accounts.

Forex spread classUltra-Low
Minimum deposit$0
Inactivity fee$0
Currency pairs70
Deposit methodsBank, Visa, PayPal
Withdrawal fee$0
Visit Broker Read review

Frequently Asked Questions

Verify their license number on the regulator's official website (FCA Register, CySEC MiFID, ASIC Connect). Don't trust claims on the broker's website alone.

Warning signs include: offshore registration only, bonus offers with impossible withdrawal conditions, pressure tactics, guaranteed returns claims, and no verifiable contact address.

Top-tier regulators include FCA (UK), ASIC (Australia), CySEC (EU), NFA/CFTC (USA), and MAS (Singapore). These require strict capital requirements and fund protection.

Unfortunately, there's little recourse. Unregulated brokers aren't required to segregate funds or participate in compensation schemes. Your money may be unrecoverable.

Not always, but many are. Offshore jurisdictions like SVG, Vanuatu, and Marshall Islands have minimal oversight. Always verify regulation with reputable authorities.

It's not illegal for you to use them, but they operate outside the law and you have no protection. Regulated brokers are always the safer choice.

Top Unregulated Forex Brokers List

1
Exness logo
Exness
2
XM logo
XM
3
HFM logo
HFM
4
AvaTrade logo
AvaTrade
5
Axi logo
Axi

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Why Trust BrokerAnalysis?

Our reviews are built using verified broker data, regulatory records, and hands-on testing. Rankings are updated regularly and are not influenced by paid placements.

Our Methodology Meet Our Team
Not Financial Advice:

Information on this website is for educational and comparison purposes only. This does not constitute financial, investment, or trading advice. How we rank brokers →

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BrokerAnalysis may earn commissions from partners listed. This does not influence our rankings or analysis, which are based on our independent methodology.

Regional Availability Notice

Broker availability depends on your country of residence. Some brokers may not accept clients from certain jurisdictions including the USA, Canada, Japan, and others. The comparison table on this page shows country acceptance status. Please verify availability with the broker directly before proceeding.

Independent Analysis

Rankings based on verified data and hands-on testing. See our methodology →

Data Verified

January 2026