Licence records: CMA 262; ASIC 406684; FSC SIBA/L/13/1049; FSA 関東財務局長（金商）第1662号; FSCA 45984; CBI C53877; ADGM 190018

Broker summary: AvaTrade's record carries seven licence entries, level with the widest tables in this ranking. They name companies in Australia, Ireland, Japan, Kenya, South Africa, the United Arab Emirates and the Virgin Islands, each with its own reference. MT4 is recorded alongside MT5 and a proprietary platform, so the platform question is settled even though the account question is not.

The main limitation is trading terms. No account entries are returned, which means no spread, commission, funding amount or leverage figure can be attached to any of those companies. A licence also says nothing about which of them would accept a given reader. Establish the onboarding company and check that its reference is current. Its account schedule and margin rules matter as much as the licence itself.

Pros

• Seven active licence entries name the company behind each market
• MT4, MT5 and a proprietary platform are all recorded
• Onshore and offshore entries are separated in the record

Drawbacks

• No account entries, so costs and leverage are unknown
• The record does not state which entity accepts which client

Licence records: ASIC 309763; FCA 217689; FSCA 46534; CYSEC 392/20; ISA 515234623

Broker summary: FXCM's licence table names five companies, in Australia, Cyprus, Israel, South Africa and the United Kingdom. Each entry carries a distinct reference, so the brand is a group of authorised firms rather than one globally licensed entity. MT4 appears next to a proprietary platform, which places the broker in that comparison without support from marketing text.

Two limits follow. The record contains no United States licence entry, so a United States reader should not read the global platform list as local availability. No account entries are returned either, which leaves spread, commission, funding and leverage unrecorded for every entity. A licence constrains how a company may operate; it does not tell you the price of a trade, and it does not establish that the company will accept your residence. Both questions have to be answered by the company before a ranking position means anything.

Pros

• Five licences name a company and reference for each market
• MT4 is recorded with a proprietary platform
• The missing United States entry is visible rather than implied

Drawbacks

• No United States licence entry appears in the record
• No account entries, so trading terms are unknown

Licence records: ASIC 412981; FCA 542574; NFA 0325821; MAS Unreleased; FSA 関東財務局長（金商）第2137号; CIRO Unreleased; FSC SIBA/L/20/1130

Broker summary: OANDA is one of two brokers in this table whose record contains a United States licence entry, held by OANDA CORPORATION. Six further entries cover Australia, Canada, Japan, Singapore, the United Kingdom and the Virgin Islands, with the Virgin Islands record marked offshore. Two of the seven entries do not release a licence number in this data, which is itself a detail a reader should notice.

The account side is empty of numbers. Premium and Premium Plus are listed, and all three trading permissions are marked as supported, but spread, commission, minimum deposit and leverage are blank on both. Regulation and trading terms are separate questions: the first can be verified from the reference, while the second has to be obtained from the company. A licence is not a complete answer: the entity, your residence and its margin rules still need confirming.

Pros

• A United States licence entry names the company and reference
• Seven entries cover onshore and offshore markets
• Hedging, scalping and expert advisors are recorded as supported

Drawbacks

• Two entries release no licence number in this record
• Every numeric account field is blank

Licence records: ASIC 247017; FCA 469459; FSCA 41920

Broker summary: DBG MARKETS records three licences, in Australia, South Africa and the United Kingdom, each held by a differently named company. That structure makes the onboarding question concrete: the Australian, South African and United Kingdom permissions belong to separate firms, and the record contains no offshore entry to blur the distinction.

The account rows are more complete than most here. STD, ECN and VIP each record a minimum deposit of 0.01 and leverage of 1:500, with spreads from 1.6 on STD and from 0 on ECN; the VIP spread field is blank. Three accounts sharing one leverage cap are easy to compare. But the missing commission and swap figures leave the all-in cost unresolved, and a 1:500 cap still allows a position large enough to lose a substantial share of the balance quickly. Ask which entity would hold the account and for the full schedule behind that 1:500 cap.

Pros

• Three onshore licences name a distinct company each
• All accounts record funding and leverage values
• No offshore record is mixed into the licence table

Drawbacks

• The VIP account records no spread
• Commission and swap terms are not recorded

Licence records: ASIC 436416; VFSC 40356; FSA SD224

Broker summary: TMGM records three licence entries: one Australian company and two offshore records in Vanuatu and Seychelles. The distinction matters because the onshore permission covers Trademax Australia Limited alone, while the other two entries are offshore records that operate under different arrangements. A reader comparing this broker with the three above is comparing very different regulatory structures.

The accounts are numerous but unevenly documented. Classic, Edge, TMGM Swap Free and ECN each record a minimum deposit of 0.01 and most record leverage of 1:500, with the swap-free account showing 1:1000. The ECN spread field lists separate values for individual instruments rather than one headline figure, and its leverage field is broken down by product. With commission and swap charges absent, the cost of holding a position stays unresolved.

Pros

• The Australian licence names the company and reference
• Four accounts record funding values
• Offshore entries are labelled rather than merged with the onshore one

Drawbacks

• Two of the three licence entries are offshore records
• The ECN row mixes per-instrument spreads with a broken-down leverage field

Licence records: ASIC 345646; NFA 0339826; MAS Unreleased; FSA 関東財務局長（金商）第291号; CIRO Unreleased; FCA 446717; CYSEC 400/21

Broker summary: FOREX.com's record contains seven licence entries, including a United States authorisation held by GAIN CAPITAL GROUP LLC. The companies carry different names from the brand, which is exactly why the entity has to be read from the licence row rather than from the page title. MT4 and MT5 are both recorded as platforms.

Three accounts appear, MetaTrader 5, RAW Spread and Standard, with spreads as low as 1.0, 0.0 and 0.8 and hedging marked as supported on each. Leverage, commission and minimum deposit are all blank, so the cost of trading cannot be derived from the spread alone, but the margin consequence of a position remains unknown. A United States licence also does not establish that every product or account is offered to every reader. Before funding, settle the entity, the account and the leverage rules that apply.

Pros

• A United States licence entry names the company and reference
• Three accounts record starting spreads
• Hedging is marked as supported on every account

Drawbacks

• Leverage, commission and minimum deposit are not recorded
• Two licence entries release no number in this data