Why check a register at all
A regulator is a public authority that licenses and supervises financial firms. A register is its public list of the firms and people it has authorised. A website that says "regulated by ASIC" or "licensed in Switzerland" proves nothing. Only the regulator's own register can confirm it.
This page covers registers that Pakistani traders often see named on broker and "investment" websites. For the full method, see Verify a Broker. For other registers, see the FCA Register and CySEC Register guides.
About links: we do not link out from this page. Open each regulator's site by typing its name into a search engine. Check that the address is the regulator's official domain, usually a government domain for the country, before you search anything. Fake regulator pages exist. See Phishing and Fake Logins.
- Find the company's legal name and licence number on its website.
- Search that number on the regulator's official register.
- Compare the name, website address and contacts with the register entry.
- Check which company would actually serve clients from your country.
- Search the regulators' warning lists for the name and the website.
How every register search works
The steps are the same in each register:
- Write down the firm's full legal name and its licence or registration number, taken from the footer or legal pages of its website.
- Search the regulator's register by number first, then by name.
- Check that the status is current and not cancelled, suspended or ceased.
- Check that the authorised services match what the firm offers you, such as dealing in derivatives for retail clients.
- Compare the website address, email domain and phone number in the register with the ones you were given.
- Search the regulator's warning list for the same name.
If the name matches but the contact details do not, treat it as a possible clone firm. See Clone Sites and Fake Apps.
Register overview
| Regulator | Country | What to search | Key thing to read |
|---|---|---|---|
| ASIC | Australia | Professional registers, licence holders | Licence status and authorised services |
| FINMA | Switzerland | Authorised institutions, warning list | Category of authorisation |
| BaFin | Germany | Company database, investor warnings | Licence type and EU passport notes |
| NFA | United States | BASIC lookup | Membership and CFTC registration status |
| SEC / FINRA | United States | BrokerCheck, adviser disclosure | Registration and disciplinary history |
ASIC register check
The Australian Securities and Investments Commission (ASIC) keeps professional registers on its official site. Search the Australian financial services (AFS) licensee register by licence number or name. Read whether the licence is current and which financial products it covers. Many websites quote an Australian company number. That only shows a company exists, not that it is licensed. ASIC also publishes alerts about unlicensed firms through its consumer site.
FINMA register
The Swiss Financial Market Supervisory Authority (FINMA) publishes a list of authorised institutions and a separate warning list of firms that may be operating without authorisation. In the FINMA register, look for the exact legal entity and its authorisation category, such as bank or securities firm. A Swiss address or "Swiss quality" wording on a website is not authorisation.
BaFin register
The Federal Financial Supervisory Authority of Germany (BaFin) has a company database of supervised firms and publishes investor warnings. In the BaFin register, read the licence type. Some entries are EU firms "passported" into Germany. In that case, the main supervisor is in the firm's home country, so check that regulator's register too.
NFA broker lookup
The National Futures Association (NFA) is the self-regulatory body for the US futures and forex industry. Its BASIC tool (Background Affiliation Status Information Center) is the NFA broker lookup. Search by firm name or NFA ID. Read the NFA membership status, the registration status with the Commodity Futures Trading Commission (CFTC), and any regulatory or arbitration actions listed.
SEC broker check
For US securities firms, the Securities and Exchange Commission (SEC) points the public to BrokerCheck, run by FINRA, for broker-dealers. Its Investment Adviser Public Disclosure search covers advisers. An SEC broker check shows registration, employment history and disclosures such as complaints or sanctions. A US securities registration does not cover forex or CFD trading for clients abroad.
What these registers mean in Pakistan
A foreign licence protects clients of that licensed entity under that country's rules. It does not make a firm licensed in Pakistan. For more detail, see What Regulation Protects and Offshore vs Onshore.
- The supervisor is the Securities and Exchange Commission of Pakistan (SECP), with trading in listed securities and commodities only via SECP-licensed securities and futures brokers.
- Per the SECP, lists of licensed brokers are on the PSX and PMEX websites.
- On offshore platforms: per the SECP, offshore forex/CFD platforms operate without regulatory approval in Pakistan.
- It also states per the SECP, offshore platforms have no Pakistani licence or oversight and offer no legal protection or recourse.
- On remittances: per the SBP, remitting foreign exchange to overseas forex/margin/CFD platforms is not allowed through any payment channel (FERA s.5(1)).
- It also says per the SBP, the purchase of offshore forex/margin/CFD products by Pakistani residents violates section 4(1) of FERA 1947.
The SECP also issues warnings. Its record shows SECP warnings by press release naming platforms (Quotex 09.04.2025; IBKR look-alikes, IGIL Securities, BMA Capital No.108 etc. 22.05.2025; Hillhouse Capital, S-169 Wharton 13.01.2026), none of which names Exness. Read the named firm in the official release itself, not in a screenshot shared on social media.
The Law and regulators page covers the Pakistani rules in full. Leveraged forex and CFD trading can lose money fast, whatever licence a firm holds.
Common mistakes
- Trusting a logo or badge instead of searching the register yourself.
- Accepting a company registration number as a financial licence.
- Ignoring which group entity actually holds your account.
- Not checking the warning lists.
Use the Broker Checklist. If you find a fake, use Report a Scam.
Frequent questions
Does a firm on the ASIC or FINMA register have a licence in Pakistan?
No. Each register covers only its own country. For Pakistan, check the SECP position and the PSX and PMEX broker lists.
The register shows the same name but a different website. What does it mean?
This may be a clone firm. Contact the firm only through the details shown in the register, and report the copy.
Is the NFA broker lookup the same as a CFTC licence?
BASIC shows both the NFA membership and the CFTC registration status. Read both lines.
Can I rely on a screenshot of a register entry?
No. Screenshots can be edited. Run the search yourself on the regulator's official site.
Where do leverage rules differ between these regulators?
See Leverage Limits.