Primary sources, made usable
Regulators publish the truth as raw tables, press releases and PDFs — formats no beginner can use at the moment of depositing. This page assembles the lists that matter for the 12 countries in our dataset, what each list actually means, and which names in our 40-broker dataset appear on them. Checked on October 22, 2026.
Facts checked on October 22, 2026
The Reserve Bank of India maintains an Alert List of platforms not authorised to deal in forex under FEMA or to operate electronic trading platforms. About 95 names. In our dataset, these brands are named:
| Brand | Status |
|---|---|
| Exness | Named on the RBI Alert List |
| XM | Named on the RBI Alert List |
| eToro | Named on the RBI Alert List |
| IG | Named on the RBI Alert List |
| Pepperstone | Named on the RBI Alert List |
| FXTM | Named on the RBI Alert List |
| FTMO (a prop firm, listed as a platform) | Named on the RBI Alert List |
Being named does not require the brand to be fraudulent — several are large, regulated elsewhere. The list means one thing: not authorised for Indian residents, and remitting money to trade on them can breach FEMA. That is a fact about your address, printed by your central bank.
Brazil's CVM issues atos declaratórios against companies soliciting Brazilian investors without authorisation. In December 2025 it acted (Ato Declaratório 24.484) against companies behind the Axi brand — while an affiliate network ranked Axi #1 for Brazil, disclosing the act on the same page, below the ranking. Our checker prints the CVM verdict for Brazil × Axi as a warning, cited to the act.
Bappebti publishes both sides of the line: the licensed broker list and the blocked list of illegal trading sites — 1,222 blocked, including Quotex by name. For Indonesian residents the verdict logic is the simplest in our dataset: if it is not on the licensed list, it is not a legal route.
The FCA adds unauthorised firms and clone firms to its Warning List daily — raw, paginated, and UK-focused. Clones copy the names and licence numbers of real firms, which is why our clone guide teaches the register check, not name recognition.
For forex, the operative list is a register: a firm either is or is not a CFTC-registered retail foreign exchange dealer and NFA member. Most offshore brands are not — and do not accept US residents. If one offers you an account anyway, that offer is itself the warning.
The FSCA (South Africa) and CMA (Kenya) publish licensee registers — the check is whether the local entity is on them. SEC Philippines publishes advisories naming unregistered platforms. SEC Nigeria warns against unregistered platforms generally. Pakistan's SBP/SECP position routes residents to PMEX only. Each country page carries its own regulator's list and how to use it.
The free check gives you the verdict for one country and one broker. The Deposit Safety Kit gives you the complete walkthroughs: how to verify the entity in the broker's own legal footer, where on your regulator's site the register and the warning lists live, how to read a compensation scheme, and the first-withdrawal test protocol — deposit small, withdraw first, then decide.
Included in the $39 Deposit Safety Kit
Sources: the brokers' own legal and entity pages as published on the check date; the Reserve Bank of India Alert List; the UK Financial Conduct Authority Register and Warning List; the Australian Securities and Investments Commission registers; Bappebti (Indonesia) licensed and blocked lists; CVM (Brazil) declaratory acts; the FSCA (South Africa) FSP register; the Capital Markets Authority (Kenya) licensee list; the Securities and Exchange Commission (Philippines) advisory list; SECP/PMEX (Pakistan) membership; SEC Nigeria and Central Bank of Nigeria publications. Affiliate bounty figures from the programs' own published terms (Exness, XM, Plus500, eToro affiliate pages). If a fact has moved since our check date, the regulator's or broker's own publication wins — and write to help@doogex.com so we can correct ours.