Which Regulators Do Traders Trust Most? Analysis of 341 Brokers
We analyzed the regulatory licenses of 341 online brokers to find out which regulators are associated with the highest-quality brokers, how many brokers hold multiple licenses, and whether regulation actually correlates with better service.
56% of brokers (192 of 341) hold only a single regulatory license. CFTC-regulated brokers average the highest ratings, followed by FCA and ASIC. Multi-licensed brokers consistently score higher — broader compliance correlates with broker quality.
See full regulator breakdown belowKey Findings
- 56% of brokers (192 of 341) hold only a single regulatory license.
- CFTC-regulated brokers average 3.83/5 — the highest of any major regulator.
- FCA and CySEC are the most common Tier 1 regulators, covering the majority of EU/UK-based brokers.
- Multi-licensed brokers consistently score higher — broader compliance correlates with broker quality.
- 38% of brokers in our database have a zero regulation score, reflecting offshore or unregulated status.
341
Brokers Analyzed
CFTC
Top Regulator (by rating)
56%
Single License Only
5 licenses
Most Licensed Broker
Brokers Per Regulator
Number of brokers licensed by each major regulator. Many brokers hold multiple licenses.
Right column shows average BrokerRank rating for brokers under each regulator.
Average Broker Rating by Regulator
Which regulators are associated with the highest-rated brokers? Sorted by average BrokerRank score.
| # | Regulator | Full Name | Tier | Brokers | Avg Rating |
|---|---|---|---|---|---|
| 1 | CFTC | Commodity Futures Trading Commission | Tier 1 | 13 | 3.83 |
| 2 | MAS | Monetary Authority of Singapore | Tier 1 | 27 | 3.71 |
| 3 | ASIC | Australian Securities & Investments Commission | Tier 1 | 54 | 3.60 |
| 4 | FCA | Financial Conduct Authority | Tier 1 | 79 | 3.56 |
| 5 | CySEC | Cyprus Securities and Exchange Commission | Tier 1 | 51 | 3.52 |
| 6 | SEC | Securities and Exchange Commission | Tier 1 | 40 | 3.44 |
| 7 | FSA | Financial Services Authority (various) | Tier 2/3 | 39 | 3.38 |
| 8 | DFSA | — | — | 9 | 3.38 |
| 9 | FSCA | Financial Sector Conduct Authority | Tier 2 | 19 | 3.35 |
| 10 | FINRA | Financial Industry Regulatory Authority | Tier 1 | 5 | 3.30 |
| 11 | FSC | Financial Services Commission (various) | Tier 3 | 14 | 3.19 |
| 12 | Consob | — | — | 5 | 3.16 |
| 13 | SFC | — | — | 5 | 3.13 |
| 14 | Finansinspektionen | — | — | 6 | 3.09 |
| 15 | JSE | — | — | 5 | 3.05 |
| 16 | SEBI | Securities and Exchange Board of India | Tier 2 | 19 | 3.04 |
| 17 | Finanstilsynet | — | — | 5 | 3.02 |
| 18 | CVM | — | — | 8 | 3.01 |
| 19 | CMA | — | — | 5 | 3.01 |
| 20 | BaFin | Federal Financial Supervisory Authority | Tier 1 | 10 | 2.99 |
| 21 | FMA | — | — | 5 | 2.84 |
How Many Licenses Do Brokers Hold?
56% of brokers operate with a single regulatory license. Only 37 hold 3 or more.
Most Regulated Brokers (2026)
Brokers with the most regulatory licenses — a signal of global compliance commitment.
Related Reading
Explore Regulators
Methodology
This study analyzed regulatory data for 341 online brokers listed in the BrokerRank database. Regulatory licenses were verified through official regulator registries (FCA Register, ASIC Connect, CySEC Register, NFA BASIC, etc.).
Average ratings are BrokerRank scores calculated using our standard rating methodology which weighs regulation (25%), fees (20%), platforms (15%), markets (10%), trust (15%), and UX (15%).
Regulator tier classifications follow industry consensus. Tier 1 regulators enforce strict capital requirements, client fund segregation, and negative balance protection. Tier 2/3 regulators have less stringent requirements.
Cite This Research
— BrokerRank Research, Broker Regulation Analysis 2026. brokerrank.net/research/broker-regulation-analysis
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Frequently Asked Questions
Which financial regulator is the most trusted?
Based on our analysis, CFTC-regulated brokers have the highest average BrokerRank score (3.83/5), followed by ASIC and MAS. However, "trust" also depends on enforcement track record, client fund protection rules, and compensation schemes.
What is a Tier 1 regulator?
Tier 1 regulators are considered the most stringent and trusted globally. They include the FCA (UK), ASIC (Australia), SEC/CFTC (US), MAS (Singapore), BaFin (Germany), and CySEC (EU). They require high capital reserves, segregated client funds, and regular audits.
How many brokers are regulated by multiple authorities?
Out of 341 brokers analyzed, 192 (56%) hold only a single regulatory license. Only 37 brokers hold 3 or more licenses, indicating a strong commitment to global compliance.
Does regulation affect broker quality?
Yes. Our data shows a clear correlation: brokers with more regulatory licenses tend to score higher on BrokerRank. Multi-regulated brokers average 3.8+/5, while single-license brokers average 3.1/5. More regulation generally means tighter spreads, better platforms, and stronger fund protection.
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This data is free to cite with attribution to BrokerRank. Please link back to the original study.
BrokerRank. "Which Regulators Do Traders Trust Most?." BrokerRank, 2026. https://brokerrank.net/research/broker-regulation-analysis