A quick checklist to avoid scams — check regulation, fund protection, fees, reputation, and whether you can actually get your money out.
First thing: search the broker on https://register.fca.org.uk/ or ASIC. If not found → delete. If status is Clone / Revoked / Suspended → delete.
In the client agreement, search "segregated". No clear statement → high risk.
Required for FCA / CySEC / ASIC retail clients. Without it, a black swan event can leave you owing the broker money.
Compare EUR/USD spread during London-NY overlap (13:00-17:00 GMT).
Within first week, try withdrawing $100. Settled in 3 business days → pass. If support stalls with "trade a few more lots first" → withdraw everything immediately.