## 5 checks you can finish in 5 minutes
### 1. Regulation (highest weight)
First thing: search the broker on https://register.fca.org.uk/ or ASIC. If not found → delete. If status is Clone / Revoked / Suspended → delete.
### 2. Segregated funds
In the client agreement, search "segregated". No clear statement → high risk.
### 3. Negative balance protection
Required for FCA / CySEC / ASIC retail clients. Without it, a black swan event can leave you owing the broker money.
### 4. Spread + commission
Compare EUR/USD spread during London-NY overlap (13:00-17:00 GMT).
### 5. Withdrawal test
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.
