How XRay Broker checks a forex broker

Every review on XRay Broker goes through the same process. The goal is not to crown a “best broker” for everyone. It is to show you exactly who holds your money and which rules protect you before you deposit anything.

The six things we check

1. Which entity takes your money

A forex brand usually runs several companies in several countries. The homepage may mention an FCA (UK) or CySEC (Cyprus) licence, while clients in much of Asia, Africa and Latin America are onboarded by a different company in a lighter-touch jurisdiction (Seychelles, Mauritius, St. Vincent…). We always name the entity that accepts clients from your country, because that is the licence that actually applies to you.

2. Whether the licence can be verified

We take the licence number from the broker’s legal documents and check it on the regulator’s own register. A licence that cannot be found, or a number that belongs to another company, is a red flag.

3. Status in your country

Is the broker licensed by your local regulator? Is it on any warning list (for example the Reserve Bank of India alert list or the Securities Commission Malaysia investor alert list)? Has its domain ever been blocked? We say so plainly in every review.

4. Real costs

Spreads, commission per lot, overnight swaps, deposit and withdrawal fees, inactivity fees. Figures come from the broker’s official pages, with the account type and the check date, because pricing changes often.

5. Deposits and withdrawals

Which methods work in your country, processing times, withdrawal conditions (often back to the same source you paid from) and the most common complaints. This is where most traders run into trouble.

6. Transparency and client protection

Clear risk warnings, negative balance protection, segregated client funds, and any traps in bonus terms.

Sources

In order of priority:

1. The broker’s legal documents and official pages (client agreements, licence pages, help centre).
2. Regulator registers (FSA Seychelles, FSCA South Africa, CySEC, FCA, ASIC…).
3. Announcements from public authorities and central banks.
4. Reputable press. Forums and social media only tell us what users complain about; we do not use them as evidence.

Every article lists its sources and the date its facts were checked. When figures change we update the article and the date.

No made-up scores

We do not hand out scores like “9.5/10” without opening an account and depositing and withdrawing real money ourselves. Hands-on sections are only written after doing it, with screenshots.

Affiliate commissions

Some links on this site are affiliate links: if you open an account through one, the broker may pay us a commission. Partner brokers are listed first in tables, but commissions do not change the data, warnings or conclusions of our articles. Details on the affiliate disclosure page.

Report a mistake

If a figure is wrong or out of date, email contact@xraybroker.com with your source. We correct it and record the update date.