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The Portuguese Securities Market Commission (CMVM) ensures the efficiency, fairness, security and transparency of the securities market, especially in the areas of market surveillance, regulation, cooperation and promotion. One of CMVM's top priorities is investor protection.

CMVM

Regulated
AvaTrade
15-20 years
Regulated in Australia
Regulated in Japan
Regulated in United Arab Emirates
Regulated in Ireland
Regulated in South Africa
Market Making(MM)
Retail Forex License
MT5 Full License
MT4 Full License
Self-developed
Global Business
9.49
Score
Regulated
FXCM
Above 20 years
Regulated in Australia
Regulated in United Kingdom
Regulated in Cyprus
Regulated in Israel
Market Making(MM)
Retail Forex License
Self-developed
MT4 Full License
Global Business
9.35
Score
Regulated
IC Markets Global
15-20 years
Regulated in Australia
Regulated in Cyprus
Market Making(MM)
MT4 Full License
MT5 Full License
cTrader
Global Business
9.10
Score
Regulated
Pepperstone
10-15 years
Regulated in Australia
Regulated in Cyprus
Regulated in United Kingdom
Regulated in United Arab Emirates
Regulated in Bahamas
Market Making(MM)
Straight Through Processing(STP)
Retail Forex License
MT5 Full License
MT4 Full License
cTrader
Global Business
9.06
Score
Regulated
XM
10-15 years
Regulated in Australia
Regulated in Cyprus
Regulated in Belize
Regulated in Seychelles
Regulated in United Arab Emirates
Market Making(MM)
Retail Forex License
MT4 Full License
MT5 Full License
Self-developed
Global Business
9.03
Score
Regulated
GO MARKETS
Above 20 years
Regulated in Australia
Regulated in Cyprus
Regulated in Seychelles
Market Making(MM)
Retail Forex License
MT4 Full License
MT5 Full License
cTrader
Self-developed
Global Business
8.99
Score
Regulated
ATFX
5-10 years
Regulated in Australia
Regulated in Hong Kong
Regulated in United Kingdom
Regulated in Cyprus
Regulated in United Arab Emirates
Market Making(MM)
Leveraged foreign exchange trading
Institution Forex License
Straight Through Processing(STP)
Investment Advisory License
MT4 Full License
MT5 Full License
Global Business
8.93
Score
Regulated
FP Markets
15-20 years
Regulated in Australia
Regulated in Cyprus
Market Making(MM)
Straight Through Processing(STP)
MT4 Full License
MT5 Full License
Global Business
8.88
Score
Regulated
FBS
5-10 years
Regulated in Australia
Regulated in Cyprus
Regulated in Belize
Market Making(MM)
Retail Forex License
MT4 Full License
MT5 Full License
Global Business
8.78
Score
Regulated
easyMarkets
Above 20 years
Regulated in Australia
Regulated in Cyprus
Regulated in Seychelles
Regulated in South Africa
Regulated in The Virgin Islands
Market Making(MM)
Financial Service Corporate
Retail Forex License
MT4 Full License
MT5 Full License
Self-developed
Global Business
Suspicious Overrun
Medium potential risk
Offshore Regulated
8.63
Score
Regulated
MiTRADE
10-15 years
Regulated in Australia
Regulated in Cyprus
Market Making(MM)
8.49
Score
Domestic Regulation
FOREX.com
Above 20 years
Regulated in Australia
Regulated in Japan
Regulated in United Kingdom
Regulated in United States
Regulated in Cyprus
Regulated in Canada
Regulated in Singapore
Market Making(MM)
Retail Forex License
MT4 Full License
MT5 Full License
Self-developed
Global Business
High potential risk
8.49
Score
Regulated
Exness
10-15 years
Regulated in Cyprus
Regulated in United Kingdom
Regulated in South Africa
Regulated in Seychelles
Market Making(MM)
Institution Forex License
Retail Forex License
MT4 Full License
MT5 Full License
Global Business
8.30
Score
Regulated
Axi
15-20 years
Regulated in Australia
Regulated in United Kingdom
Regulated in Cyprus
Regulated in New Zealand
Regulated in United Arab Emirates
Market Making(MM)
Straight Through Processing(STP)
Retail Forex License
MT4 Full License
White label MT5
Global Business
High potential risk
8.27
Score
Regulated
Plus500
10-15 years
Regulated in Australia
Regulated in Japan
Regulated in Cyprus
Regulated in United Kingdom
Regulated in New Zealand
Regulated in Singapore
Market Making(MM)
Straight Through Processing(STP)
Retail Forex License
MT4 Full License
Self-developed
Global Business
High potential risk
8.20
Score
Regulated
AUS GLOBAL
10-15 years
Regulated in Cyprus
Regulated in Australia
Regulated in South Africa
Regulated in United Arab Emirates
Market Making(MM)
Institution Forex License (STP)
Financial Service Corporate
Investment Advisory License
MT4 Full License
MT5 Full License
cTrader
Global Business
8.18
Score
Regulated
ThinkMarkets
10-15 years
Regulated in Australia
Regulated in Japan
Regulated in United Kingdom
Regulated in Cyprus
Regulated in Seychelles
Regulated in South Africa
Market Making(MM)
Straight Through Processing(STP)
Retail Forex License
Financial Service Corporate
MT4 Full License
MT5 Full License
Self-developed
Global Business
Suspicious Overrun
High potential risk
Offshore Regulated
8.16
Score
Regulated
Fortrade
10-15 years
Regulated in Australia
Regulated in United Kingdom
Regulated in Cyprus
Regulated in Canada
Regulated in Belarus
Market Making(MM)
Retail Forex License
MT4 Full License
Global Business
High potential risk
8.15
Score
Regulated
LIRUNEX
5-10 years
Regulated in Cyprus
Regulated in Malaysia
Straight Through Processing(STP)
MT4 Full License
MT5 Full License
Regional Brokers
Medium potential risk
7.94
Score
Regulated
Eightcap
15-20 years
Regulated in Australia
Regulated in United Kingdom
Regulated in Cyprus
Regulated in Bahamas
Market Making(MM)
Straight Through Processing(STP)
Retail Forex License
MT4 Full License
MT5 Full License
Global Business
High potential risk
Offshore Regulated
7.89
Score
Regulated
IronFX
15-20 years
Regulated in Cyprus
Regulated in United Kingdom
Regulated in South Africa
Market Making(MM)
Straight Through Processing(STP)
Financial Service Corporate
MT4 Full License
Global Business
7.85
Score
Regulated
capital.com
5-10 years
Regulated in Australia
Regulated in Cyprus
Regulated in United Kingdom
Regulated in Belarus
Regulated in United Arab Emirates
Market Making(MM)
Straight Through Processing(STP)
Retail Forex License
MT4 Full License
Global Business
Seychelles Retail Forex License Revoked
High potential risk
7.81
Score
Regulated
Colmex Pro
10-15 years
Regulated in Cyprus
Market Making(MM)
MT4 Full License
Regional Brokers
7.74
Score
Regulated
Tickmill
5-10 years
Regulated in United Kingdom
Regulated in Cyprus
Regulated in South Africa
Market Making(MM)
Retail Forex License
MT4 Full License
MT5 Full License
Global Business
High potential risk
7.74
Score
Regulated
GVD Markets
2-5 years
Regulated in Cyprus
Regulated in Mauritius
Regulated in Seychelles
Straight Through Processing(STP)
Retail Forex License
MT4 Full License
MT5 Full License
Global Business
7.73
Score
Regulated
TFIFX
10-15 years
Regulated in Cyprus
Market Making(MM)
MT4 Full License
Global Business
7.70
Score
Regulated
TopFX
10-15 years
Regulated in Cyprus
Market Making(MM)
MT4 Full License
cTrader
Global Business
Medium potential risk
7.66
Score
Regulated
GBE
10-15 years
Regulated in Cyprus
Market Making(MM)
MT4 Full License
MT5 Full License
Regional Brokers
7.65
Score
Regulated
FIRST INTERSTELLAR GROUP
10-15 years
Regulated in Cyprus
Regulated in Seychelles
Regulated in Australia
Straight Through Processing(STP)
Retail Forex License
Appointed Representative(AR)
MT4 Full License
MT5 Full License
Global Business
Medium potential risk
Offshore Regulated
7.62
Score
Regulated
Admiral Markets
10-15 years
Regulated in United Kingdom
Regulated in Cyprus
Regulated in Seychelles
Market Making(MM)
Retail Forex License
MT4 Full License
MT5 Full License
Self-developed
Global Business
High potential risk
Offshore Regulated
7.60
Score
Regulated
Exclusive Capital
5-10 years
Regulated in Cyprus
Market Making(MM)
MT5 Full License
Global Business
7.58
Score
Regulated
OEXN
5-10 years
Regulated in Cyprus
Market Making(MM)
MT4 Full License
White label MT5
Regional Brokers
7.56
Score
Regulated
LMAX Group
10-15 years
Regulated in Cyprus
Regulated in United Kingdom
Market Making(MM)
Straight Through Processing(STP)
Investment Advisory License
MT4 Full License
MT5 Full License
Suspicious Overrun
High potential risk
7.55
Score
Regulated
eToro
15-20 years
Regulated in Australia
Regulated in Cyprus
Regulated in United Kingdom
Market Making(MM)
Straight Through Processing(STP)
Global Business
Belize Retail Forex License Revoked
High potential risk
7.54
Score
Regulated
ForexMart
10-15 years
Regulated in Cyprus
Market Making(MM)
MT4 Full License
Regional Brokers
Medium potential risk
7.52
Score
Regulated
Conotoxia
5-10 years
Regulated in Cyprus
Market Making(MM)
MT5 Full License
Regional Brokers
7.51
Score
Regulated
FxPro
15-20 years
Regulated in Cyprus
Regulated in United Kingdom
Market Making(MM)
Straight Through Processing(STP)
MT4 Full License
MT5 Full License
cTrader
Global Business
High potential risk
7.49
Score
Regulated
Amana Capital
10-15 years
Regulated in Cyprus
Market Making(MM)
MT4 Full License
MT5 Full License
Global Business
Medium potential risk
7.45
Score
Regulated
XNT
10-15 years
Regulated in Malta
Market Making(MM)
Suspicious Scope of Business
Medium potential risk
7.42
Score
Regulated
M4Markets
2-5 years
Regulated in Cyprus
Regulated in Seychelles
Market Making(MM)
Retail Forex License
7.42
Score
Regulated
JFD
10-15 years
Regulated in Cyprus
Regulated in Vanuatu
Market Making(MM)
Retail Forex License
MT4 Full License
MT5 Full License
United Kingdom European Authorized Representative (EEA) Unsubscribed
Medium potential risk
Offshore Regulated
7.33
Score
Regulated
NessFx
10-15 years
Regulated in Cyprus
Market Making(MM)
MT4 Full License
Global Business
7.28
Score
Regulated
Trading212
10-15 years
Regulated in United Kingdom
Regulated in Cyprus
Market Making(MM)
Global Business
Vanuatu Retail Forex License Revoked
High potential risk
7.25
Score
Regulated
ALB
5-10 years
Regulated in Malta
Market Making(MM)
Suspicious Scope of Business
United Kingdom European Authorized Representative (EEA) Unsubscribed
Medium potential risk
7.23
Score
Regulated
PRCBroker
10-15 years
Regulated in Cyprus
Regulated in Vanuatu
Straight Through Processing(STP)
Retail Forex License
MT4 Full License
MT5 Full License
Regional Brokers
United Kingdom European Authorized Representative (EEA) Revoked
Medium potential risk
Offshore Regulated
7.21
Score
Regulated
TradersTrust
15-20 years
Regulated in Cyprus
Straight Through Processing(STP)
MT4 Full License
Global Business
7.20
Score
Regulated
MEGA EQUITY
Above 20 years
Regulated in Cyprus
Market Making(MM)
Suspicious Scope of Business
Medium potential risk
7.19
Score
Regulated
BCS Cyprus
Above 20 years
Regulated in Cyprus
Market Making(MM)
Suspicious Scope of Business
Medium potential risk
7.15
Score
Regulated
Sheer Markets
2-5 years
Regulated in Cyprus
Market Making(MM)
MT5 Full License
7.15
Score
Regulated
MeritKapital
15-20 years
Regulated in Cyprus
Market Making(MM)
Suspicious Scope of Business
Medium potential risk
7.13
Score
Regulated
GTSEnergyMarkets
5-10 years
Regulated in Cyprus
Regulated in Australia
Straight Through Processing(STP)
Institution Forex License (STP)
MT5 Full License
Regional Brokers
Medium potential risk
7.13
Score
Regulated
Windsor Brokers
Above 20 years
Regulated in Cyprus
Regulated in Belize
Regulated in Seychelles
Market Making(MM)
Retail Forex License
MT4 Full License
Global Business
High potential risk
Offshore Regulated
7.11
Score
Regulated
Olive Tree Capital Markets
15-20 years
Regulated in Cyprus
Market Making(MM)
Suspicious Scope of Business
Medium potential risk
7.11
Score
Regulated
Eurivex
15-20 years
Regulated in Cyprus
Market Making(MM)
Suspicious Scope of Business
Medium potential risk
7.11
Score
Regulated
Afterprime
5-10 years
Regulated in Cyprus
Regulated in Seychelles
Straight Through Processing(STP)
Retail Forex License
MT4 Full License
MT5 Full License
Regional Brokers
Medium potential risk
Offshore Regulated
7.11
Score
Regulated
GPB FS
15-20 years
Regulated in Cyprus
Market Making(MM)
Suspicious Scope of Business
Medium potential risk
7.09
Score
Regulated
Earn
10-15 years
Regulated in Cyprus
Market Making(MM)
Suspicious Scope of Business
Medium potential risk
7.06
Score
Regulated
SQUAREDFINANCIAL
10-15 years
Regulated in Cyprus
Regulated in Seychelles
Market Making(MM)
Retail Forex License
MT4 Full License
MT5 Full License
High potential risk
Offshore Regulated
7.06
Score
Regulated
Wisdompoint Capital
10-15 years
Regulated in Cyprus
Market Making(MM)
Suspicious Scope of Business
Medium potential risk
7.05
Score
Regulated
TrioMarkets
10-15 years
Regulated in Cyprus
Straight Through Processing(STP)
MT4 Full License
Regional Brokers
7.05
Score
Regulated
FXOpen
10-15 years
Regulated in Cyprus
Market Making(MM)
Suspicious Scope of Business
Medium potential risk
7.04
Score
Regulated
Obrinvest
10-15 years
Regulated in Cyprus
Market Making(MM)
Suspicious Scope of Business
Medium potential risk
7.03
Score
Regulated
CFI Group
10-15 years
Regulated in United Kingdom
Regulated in Cyprus
Regulated in United Arab Emirates
Regulated in Seychelles
Regulated in Lebanon
Regulated in Vanuatu
Straight Through Processing(STP)
Market Making(MM)
Financial Service
Retail Forex License
MT4 Full License
MT5 Full License
Global Business
United Arab Emirates Retail Forex License Revoked
High potential risk
Offshore Regulated
7.02
Score
Regulated
SKANESTAS
10-15 years
Regulated in Cyprus
Market Making(MM)
Suspicious Scope of Business
Medium potential risk
7.01
Score
Regulated
 Zemblanco
5-10 years
Regulated in Cyprus
Market Making(MM)
Suspicious Scope of Business
Medium potential risk
7.00
Score
Regulated
Rynat
5-10 years
Regulated in Cyprus
Market Making(MM)
Suspicious Scope of Business
Medium potential risk
6.99
Score
Regulated
XTrend
5-10 years
Regulated in Cyprus
Market Making(MM)
Suspicious Scope of Business
Medium potential risk
6.99
Score
Regulated
Blue Suisse
10-15 years
Regulated in Malta
Straight Through Processing(STP)
MT4 Full License
MT5 Full License
Regional Brokers
6.96
Score
Regulated
Broctagon Prime
5-10 years
Regulated in Cyprus
Market Making(MM)
Suspicious Scope of Business
Medium potential risk
6.96
Score
Regulated
Oqtima
2-5 years
Regulated in Cyprus
Regulated in Seychelles
Straight Through Processing(STP)
Retail Forex License
MT5 Full License
Global Business
Medium potential risk
Offshore Regulated
6.96
Score
Regulated
CEX.IO Broker
2-5 years
Regulated in Cyprus
Market Making(MM)
Suspicious Scope of Business
Medium potential risk
6.83
Score
Regulated
RedMars
2-5 years
Regulated in Cyprus
Market Making(MM)
White label MT5
Regional Brokers
6.80
Score
Regulated
RED MARS
2-5 years
Regulated in Cyprus
Market Making(MM)
White label MT5
Regional Brokers
6.80
Score
Regulated
XS Markets
2-5 years
Regulated in Cyprus
Straight Through Processing(STP)
White label MT5
Global Business
6.69
Score
Regulated
HTFX
5-10 years
Regulated in United Kingdom
Regulated in Cyprus
Regulated in Vanuatu
Straight Through Processing(STP)
Retail Forex License
MT4 Full License
MT5 Full License
Global Business
High potential risk
Offshore Regulated
6.67
Score
Regulated
NSBroker
5-10 years
Regulated in Malta
Market Making(MM)
Suspicious Scope of Business
Suspicious Overrun
Medium potential risk
6.65
Score
Regulated
Tiger Markets(test)
Within 1 year
Regulated in Cyprus
Regulated in Canada
Straight Through Processing(STP)
Self-developed
cTrader
Global Business
6.64
Score
Regulated
Investing24
10-15 years
Regulated in Cyprus
Market Making(MM)
Suspicious Scope of Business
Medium potential risk
6.61
Score
Regulated
TCM
10-15 years
Regulated in Cyprus
Market Making(MM)
MT4 Full License
Global Business
Suspicious Overrun
Medium potential risk
6.58
Score
Regulated
NAGA
10-15 years
Regulated in Cyprus
Market Making(MM)
Suspicious Scope of Business
Medium potential risk
6.56
Score
Regulated
Key Way Investments
5-10 years
Regulated in Cyprus
Market Making(MM)
Suspicious Scope of Business
Medium potential risk
6.55
Score
Regulated
Alvexo
10-15 years
Regulated in Cyprus
Market Making(MM)
Suspicious Scope of Business
Medium potential risk
6.54
Score
Regulated
Freedom 24
5-10 years
Regulated in Cyprus
Market Making(MM)
Suspicious Scope of Business
Medium potential risk
6.53
Score
Regulated
Freedom Finance Europe
5-10 years
Regulated in Cyprus
Market Making(MM)
Suspicious Scope of Business
Medium potential risk
6.53
Score
Regulated
Key to Trading
1-2 years
Regulated in Cyprus
Straight Through Processing(STP)
MT5 Full License
Regional Brokers
6.53
Score
Regulated
Errante
5-10 years
Regulated in Cyprus
Regulated in Seychelles
Market Making(MM)
Retail Forex License
MT4 Full License
MT5 Full License
High potential risk
Offshore Regulated
6.51
Score
Regulated
ORBEX
10-15 years
Regulated in Cyprus
Market Making(MM)
MT4 Full License
Regional Brokers
United Kingdom European Authorized Representative (EEA) Unsubscribed
High potential risk
6.49
Score
Regulated
Atlantic Securities
Above 20 years
Regulated in Cyprus
Straight Through Processing(STP)
Suspicious Scope of Business
Medium potential risk
6.47
Score
Regulated
RoboMarkets
10-15 years
Regulated in Cyprus
Market Making(MM)
White label MT5
Global Business
6.44
Score
Regulated
XTB
10-15 years
Regulated in Cyprus
Regulated in United Kingdom
Market Making(MM)
Straight Through Processing(STP)
Self-developed
Global Business
High potential risk
6.40
Score
Regulated
Eurotrader
5-10 years
Regulated in Cyprus
Regulated in South Africa
Market Making(MM)
Financial Service Corporate
MT4 Full License
MT5 Full License
Suspicious Overrun
High potential risk
6.39
Score
Regulated
IMS Markets
10-15 years
Regulated in Cyprus
Straight Through Processing(STP)
Suspicious Scope of Business
Medium potential risk
6.32
Score
Regulated
RoboForex
10-15 years
Regulated in Belarus
Regulated in Cyprus
Regulated in Belize
Market Making(MM)
Retail Forex License
MT4 Full License
White label MT5
Global Business
United Kingdom European Authorized Representative (EEA) Revoked
High potential risk
Offshore Regulated
6.30
Score
Regulated
LegacyFX
5-10 years
Regulated in Cyprus
Regulated in Vanuatu
Market Making(MM)
Retail Forex License
MT5 Full License
Regional Brokers
High potential risk
Offshore Regulated
6.28
Score
Regulated
SSC Smart FX
5-10 years
Regulated in Cyprus
Straight Through Processing(STP)
Suspicious Scope of Business
Medium potential risk
6.27
Score
Regulated
MagnaSale
10-15 years
Regulated in Cyprus
Market Making(MM)
White label MT4
White label MT5
Global Business
High potential risk
6.24
Score
Regulated
Octa
5-10 years
Regulated in Cyprus
Market Making(MM)
MT4 Full License
MT5 Full License
Global Business
High potential risk
6.23
Score
Regulated
Just2Trade
5-10 years
Regulated in Cyprus
Regulated in United States
Market Making(MM)
Common Financial Service License
MT4 Full License
MT5 Full License
Regional Brokers
Suspicious Overrun
High potential risk
6.22
Score
Regulated
Trust Capital
5-10 years
Regulated in Cyprus
Straight Through Processing(STP)
MT4 Full License
MT5 Full License
Self-developed
Global Business
6.21
Score
Regulated
FXGROW
10-15 years
Regulated in Cyprus
Market Making(MM)
White label MT5
High potential risk
6.17
Score