Last updated: September 2026 · Reviewed by the Partner Federation partnerships team, with two decades of combined experience in online trading and brokerage partnerships.
Before committing time and traffic to a broker’s introducing broker or affiliate program, a partner can independently verify the broker in about twenty minutes using entirely public information — no insider access required.
Step 1 — Check the regulator’s own register, not the broker’s website
A logo or badge on a broker’s homepage proves nothing; anyone can copy an image. Go to the regulator’s own public register instead:
- FCA (UK): find the firm reference number (usually in the site footer), search the Financial Services Register, confirm the status reads “Authorised,” and check that the domain listed on the register matches the broker’s actual website. A mismatch is a classic sign of a clone firm impersonating a real one.
- NFA (US): search the NFA’s Background Affiliation Status Information Center (BASIC) by NFA ID or firm name, confirm current registration as a Retail Foreign Exchange Dealer or Futures Commission Merchant, and check the regulatory actions tab for any fines or compliance history.
- ASIC (Australia): search ASIC Connect by the Australian Financial Services License (AFSL) number — a 6-digit number, not the 9-digit ACN — confirm the license type covers retail financial products (a wholesale-only license doesn’t), and check membership with the Australian Financial Complaints Authority (AFCA).
- CySEC (Cyprus/EU): search the public registry by license number, confirm the status is “Active,” and cross-check the broker’s actual domain against the register’s list of approved domains for that license.
Step 2 — Cross-check regulator warning lists
CySEC, the FCA, ASIC, BaFin, the SEC, IOSCO, and the CFTC all separately publish public warning lists of unauthorized or fraudulent firms. A name match on any of these lists is disqualifying, regardless of whatever the broker’s own marketing claims.
Step 3 — Confirm the actual entity you’d be contracting with
Large, multi-jurisdiction brokers often operate several legally separate entities — a well-regulated one in a Tier-1 jurisdiction for clients there, and a separate, often offshore, entity with weaker oversight for clients elsewhere. Your partnership agreement should name the specific entity you’re actually contracting with, and that’s the one to check on the register — not just the parent brand name in the marketing.
Step 4 — Basic due diligence beyond the register
- Domain age and history. A WHOIS lookup and a quick check of the Internet Archive can reveal a brand-new domain claiming years of track record — a pattern associated with clone brokers.
- Named custodian bank and external auditor. Legitimate brokers can typically point to where client funds are segregated and who audits them.
- Investor compensation scheme membership, with a verifiable membership number, where applicable to the broker’s jurisdiction.
- Existing IB partners. If you can reach even one or two partners already in the program, that’s the most direct source of truth on payout reliability available.
A quick, honest caveat
Regulation confirms the broker meets a jurisdiction’s minimum standard for dealing with its clients — it doesn’t, by itself, guarantee the partner program specifically will pay fairly or on time. A broker can be genuinely regulated and still run a partnership agreement with unfavorable terms; see Red Flags in a Partnership Contract. But it remains the single most reliable, independently checkable signal available, and — unlike an unregulated operator — it gives you real recourse routes if something does go wrong; see What to Do If a Broker Stops Paying Your Commissions.
FAQ
What’s the fastest single check?
The regulator’s register plus a domain match: confirm the firm is listed as authorised, and confirm the domain named on the register matches the broker’s actual website.
Is an offshore-regulated broker automatically unsafe?
Not automatically, but offshore regulators generally provide weaker oversight and compensation protections than Tier-1 regulators like the FCA, ASIC, or CySEC. That’s a trade-off worth weighing deliberately, not one to overlook.
Can a broker be genuinely regulated but still run a bad partner program?
Yes. Regulation covers how the broker treats its trading clients, not specifically how fairly it treats its partners. See Red Flags in a Partnership Contract and How to Spot a Fake or Predatory Partner Program.
What if the broker uses a third-party affiliate network instead of running its own program?
Verify both — the broker’s own regulation, using the steps above, and the network’s own standing and track record.
Where do I find the broker’s firm reference number or license number?
Usually in the website footer or the terms and conditions page. If it isn’t published anywhere, that omission is itself a red flag worth treating seriously.