Dr. Rebecca Harmon

Regulatory Compliance Expert

18+ years in financial regulation

PhD Financial Regulation (LSE)Former FCA advisory panel member

About

Dr. Rebecca Harmon earned her PhD in Financial Regulation from the London School of Economics and served on the Financial Conduct Authority's (FCA) advisory panel for three years. Her academic and regulatory background gives her unparalleled expertise in cross-border compliance, licensing frameworks, and the practical implications of regulations like MiFID II and EMIR. At BrokerChecker, Rebecca evaluates the regulatory standing of international brokers and assesses the strength of their compliance infrastructure. Her work ensures that our regulatory assessments go beyond surface-level license checks to examine the true depth of a firm's compliance posture.

Areas of Expertise

Cross-border regulationMiFID IIBanking licensesFCA complianceInternational regulatory frameworks

Published Reviews

Reviews by Dr.

24 reviews

N/A

PrimeXBT

Crypto ExchangeUnder Investigation

PrimeXBT is a cryptocurrency and CFD trading platform under investigation by the BrokerChecker team. The platform claims regulatory licenses in multiple jurisdictions, but verification of these claims is ongoing. Multiple concerning patterns have been identified, including inconsistent regulatory disclosures and user complaints from several countries.

Updated Mar 2026

N/A

GlobalTradeX

BrokerUnder Investigation

GlobalTradeX is a forex and crypto platform under investigation for potential unlicensed broker-dealer activity. The platform solicits US clients for leveraged trading without apparent SEC or CFTC registration, which would constitute a violation of federal securities law.

Updated Mar 2026

N/A

TradeFX Pro

BrokerUnder Investigation

TradeFX Pro claims to be SEC-registered and offers forex and crypto trading with promised returns of 3-8% weekly. Our investigation team has been unable to verify any SEC registration, and the platform displays multiple characteristics of a potential investment fraud scheme.

Updated Mar 2026

6.1

ZuluTrade

Trading PlatformUse With Caution

ZuluTrade is a social and copy trading platform that connects to various partner brokers, allowing users to automatically replicate the trades of signal providers. EU-regulated through a Hellenic Capital Market Commission license, ZuluTrade pioneered copy trading but faces challenges from newer, more integrated competitors.

Updated Mar 2026

7.0

Bybit

Crypto ExchangeRecommended

Bybit is a derivatives-focused cryptocurrency exchange headquartered in Dubai, offering perpetual contracts, spot trading, and options. It has grown into one of the top 5 exchanges by volume and holds a VARA license in Dubai, though its regulatory footprint remains narrower than US-based competitors.

Updated Mar 2026

6.0

Exness

BrokerUse With Caution

Exness is a high-volume forex broker offering unlimited leverage and instant withdrawals. While it publishes monthly trading volume data for transparency, its primary regulation through the Seychelles FSA and the availability of extreme leverage raise serious risk concerns for retail traders.

Updated Mar 2026

5.0

OctaFX

BrokerUse With Caution

OctaFX (now rebranded as Octa) is an offshore-regulated forex broker popular in developing markets. While it offers competitive spreads and a user-friendly experience, the lack of tier-1 regulation and heavy reliance on influencer marketing make it a risky choice compared to properly regulated alternatives.

Updated Mar 2026

6.0

FXTM (ForexTime)

BrokerUse With Caution

FXTM (ForexTime) is a forex and CFD broker with CySEC regulation for European clients and offshore operations for other regions. While it offers competitive spreads and educational resources, the dual-entity structure where many clients are served through less-regulated offshore entities warrants caution.

Updated Feb 2026

5.5

Gate.io

Crypto ExchangeUse With Caution

Gate.io is a Cayman Islands-registered cryptocurrency exchange offering one of the largest selections of tokens in the industry with over 1,700 listed assets. While it provides extensive trading options, its minimal regulatory oversight and offshore registration warrant caution.

Updated Feb 2026

7.3

Freetrade

OtherRecommended

Freetrade is a UK-based commission-free investment app offering access to US and UK stocks, ETFs, and investment trusts. FCA-regulated with ISA and SIPP options, Freetrade targets younger investors seeking a low-cost, mobile-first investing experience.

Updated Feb 2026

2.7

TeleTrade

BrokerAvoid

TeleTrade is a forex and CFD broker whose CySEC license was revoked in 2022 following an investigation that uncovered serious regulatory violations. The company's European entity was fined EUR 1 million by CySEC. Despite losing its EU license, TeleTrade continues to operate through offshore entities, making it unsuitable for any client.

Updated Feb 2026

8.6

JP Morgan Self-Directed

BrokerRecommended

JP Morgan Self-Directed Investing (through Chase) offers zero-commission trading backed by the world's largest bank by market capitalization. With seamless Chase banking integration, JP Morgan research access, and a clean user interface, it delivers institutional-grade safety for everyday investors.

Updated Feb 2026

5.6

HFM (HotForex)

BrokerUse With Caution

HFM (formerly HotForex) holds multiple regulatory licenses but relies primarily on offshore regulators. The broker offers competitive trading conditions and good education, but heavy use of bonuses, multiple offshore entities, and aggressive client acquisition tactics warrant caution.

Updated Feb 2026

2.8

Olymp Trade

Trading PlatformAvoid

Olymp Trade offers fixed-time trades (binary options by another name) and forex trading through an IFC-regulated entity. With no tier-1 regulation, questionable product structures, and regulatory warnings in multiple jurisdictions, Olymp Trade presents unacceptable risks for retail traders.

Updated Feb 2026

7.5

SoFi Invest

OtherRecommended

SoFi Invest is the investment arm of SoFi Technologies, a NASDAQ-listed fintech company and bank holding company. Offering commission-free stock, ETF, and crypto trading alongside banking, loans, and financial planning, SoFi Invest appeals to younger investors seeking an all-in-one financial platform.

Updated Feb 2026

6.6

IC Markets

BrokerUse With Caution

IC Markets is one of the world's largest forex brokers by volume, ASIC regulated, and known for institutional-grade raw spreads. The trading conditions are excellent, but aggressive affiliate marketing, offshore entities, and a business model optimized for high-volume trading warrant careful consideration.

Updated Feb 2026

3.2

Alpari

BrokerAvoid

Alpari is a forex broker with a troubled history, including the insolvency of its UK entity following the 2015 Swiss franc crisis. Now operating primarily through an offshore St. Vincent entity, Alpari's past failure and current weak regulatory standing earn it an Avoid rating.

Updated Feb 2026

6.7

AvaTrade

BrokerUse With Caution

AvaTrade is regulated by the Central Bank of Ireland and multiple other authorities. It offers a wide product range and its AvaOptions platform is unique for retail options trading. However, wider-than-average spreads and aggressive onboarding tactics place it in our caution category.

Updated Jan 2026

6.8

NDAX

Crypto ExchangeUse With Caution

NDAX (National Digital Asset Exchange) is a Canadian cryptocurrency exchange registered with FINTRAC and operating as a restricted dealer under the Canadian Securities Administrators. It offers CAD-denominated trading and is a solid option for Canadian residents, though its limited asset selection and higher fees compared to global exchanges are drawbacks.

Updated Jan 2026

8.4

Saxo Bank

BrokerRecommended

Saxo Bank is a Danish investment bank offering access to 72,000+ instruments across global markets. Regulated by the Danish FSA and holding a banking license, Saxo provides institutional-grade tools with premium service — at premium prices.

Updated Jan 2026

8.5

Swissquote

BrokerRecommended

Swissquote is a Swiss-listed online bank offering trading across multiple asset classes. Regulated by FINMA with a Swiss banking license, it provides one of the safest environments for trading and investing, backed by Swiss depositor protection.

Updated Jan 2026

3.8

Deriv (Binary.com)

BrokerAvoid

Deriv (formerly Binary.com) is one of the oldest binary options platforms, operating since 1999. It holds an MFSA license and has pivoted to include CFDs and multipliers, but its core business remains binary/digital options. The long operating history is offset by the fundamental concerns around binary options products.

Updated Jan 2026

7.5

Deutsche Bank (maxblue)

OtherRecommended

maxblue is the online brokerage service of Deutsche Bank, Germany's largest bank. BaFin-regulated and backed by one of Europe's most systemically important financial institutions, maxblue provides German investors with access to shares, funds, ETFs, bonds, and structured products through the security of a major bank.

Updated Jan 2026

1.5

FTX

Crypto ExchangeAvoid

FTX was once the third-largest cryptocurrency exchange by volume before collapsing spectacularly in November 2022 due to massive fraud orchestrated by founder Sam Bankman-Fried. Over $8 billion in customer funds were misappropriated. SBF was convicted of seven criminal charges and sentenced to 25 years in prison. FTX is in bankruptcy proceedings.

Updated Jan 2026

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