How to Verify a Broker's Regulation (FCA, CySEC, CBN)

Guides Safety How-To01/01/2026

Risk warning: A licence adds rules but does not remove market risk. This is education, not financial advice.

Do not trust a logo. Verify the licence number on the regulator's website. Three minutes now saves your naira later.

You copy the number from the broker site, search on FCA or CySEC, and match name and status.

What you need

You need two things. Both are free.

Broker's licence number — on its Regulation or About page. Example: FCA 123456 or CySEC 123/12. Copy it exactly. Some brokers list both.
Regulator site — FCA (UK) at fca.org.uk or CySEC (Cyprus) at cysec.gov.cy. For Nigerian context, note the CBN limits naira flows abroad — most brokers Nigerians use are licensed outside Nigeria, you check FCA/CySEC, not CBN.

If broker shows no number, stop. No number means no check.

Steps

1. Copy the number

Open the broker's Regulation page. Find the licence block. It should show regulator name, number, and company name. Copy the exact number. Check for extra digits — FCA 123456 is not FCA 1234567.

Take a screenshot. You may need it if support asks.

2. Go to the regulator's site

You go to the official site, not a broker link.

FCA: fca.org.uk → Search register → Financial Services Register.
CySEC: cysec.gov.cy → Search → Investment Firms.

Use your phone browser. No login needed. Avoid links sent on WhatsApp — type the address yourself.

3. Search and match

Paste the number and search.

Check three things:

Company name matches broker exactly. "Example Markets Ltd" is not "Example Markets UK Ltd" — one letter off means different firm.
Status is Authorised or Licensed — not Expired or Withdrawn. Expired means no cover now.
Permissions include dealing in forex/CFDs. If firm is only for advice, not dealing, be careful.

If name does not match, the logo is fake. If status is Expired, the licence is old.

4. If no number or no match, stop

You do not fund. You walk away.

See School Regulation: Why a License Protects Your Naira and Red Flags.

If broker says "CBN licensed," ask for proof. CBN does not license retail forex brokers for Nigerians in the same way FCA does. Most safe brokers for Nigerians are FCA/CySEC licensed abroad. See Pillar Choosing a Forex Broker in Nigeria (2026) for full compare.

Extra checks for Nigerians

You check more than the number. You check the path your naira will take.

Name matches bank and NIN. Your broker name, bank account name (GTBank/Access/UBA), and NIN slip must use same name. Mismatch delays withdrawal.
Official deposit page — company account. After licence checks out, open Deposit → Bank Transfer. The account name should be a company. If it is a personal name, stop. See How to Deposit from GTBank and Access Bank.
Small test — ₦5,000 / ~$3 deposit and withdrawal. Even with a licence, test small. Deposit ₦5,000 / ~$3, then withdraw same. Check days and fee. See Withdrawal Problems and Funding and Payments.
Keep BVN private. Share BVN or NIN only on the official portal. Never on WhatsApp. See Protect Your Account.

CBN role in Nigeria

You need to know what CBN does and does not do.

What CBN does: It sets limits for how naira moves abroad for forex via local banks. Some banks block transfers tagged for forex or crypto. This is why many Nigerians use USDT on Binance P2P via escrow. See USDT via Binance P2P.
What it does not do: It does not run the FCA/CySEC register. It does not ban you from trading via offshore brokers. But your bank may still block the payment. That block is bank compliance, not a ban on you.
What you do: Use the method your bank allows. Keep receipts. Do not use a third party's account. If GTBank blocks, try Access or USDT P2P.

For legality, see Is Forex Trading Legal in Nigeria?.

Common traps

Logo without link — image only. Scam sites paste FCA badge with no number. Number is proof, logo is not.
Wrong site — fake register. Scammers clone a register. Type fca.org.uk or cysec.gov.cy yourself. Check the URL is https.
Clone firm — similar name. Some use a name close to a real licensed firm. Match exact, not close. Search the real firm and compare address.
Expired licence — still on site. Old licence still on broker page but status is Withdrawn. Status must be live.

What if broker says self-regulated?

Some say "We are regulated in St Vincent" or "Self-regulated." This is weak. Strong means FCA/CySEC with a live number you can search. If broker cannot show FCA or CySEC live, treat it as unregulated. See Unregulated Broker Scams.

Checklist before you fund

[ ] Licence number copied exactly (FCA/CySEC).
[ ] Searched on fca.org.uk or cysec.gov.cy — yourself.
[ ] Name matches broker exactly, status Authorised/Licensed.
[ ] Deposit page shows company account, not personal GTBank/Access.
[ ] Plan small test ₦5,000 / ~$3 deposit and withdrawal.
[ ] NIN ready, BVN never shared on WhatsApp.

If any box is unchecked, you stop.

Next steps

If licence fails — pick another broker via Choosing a Broker (2026).
If licence passes — fund small via How to Deposit from GTBank and Access Bank.
Lock account after — Protect Your Account.
Start small path — How to Start with ₦15,000 / ~$10.

Pillar: Safety and Avoiding Scams.

Rate used: ~₦1,500 / $1. Small amounts like ₦150 use same rate.

Bottom line: Verify the licence number on the FCA or CySEC site and test a small withdrawal, or you risk funding a fake broker.

Cross-links to School: 02.2 Regulation, 01.5 Leverage, 02.4 Red Flags.