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Indus Review
62 brokers measured26 pricedmedian 6.75 USDformula v1.0Data captured 03.10.2026Some links are partner links. They never change a score or a position.
Vikram HussainVikram Hussain AuthorArjun AnsariArjun Ansari EditorZara IyerZara Iyer Fact-checkerScore recalculated 03.10.2026

How to verify a broker licence in Pakistan

Licence numbers on file
13
Brokers in base
62
Without a local licence
42
Checked
2026-10-03

Four checks, in this order

1. Find the number, not the badge. A logo is not a licence. The broker pages here print the licence number we found, or say plainly that none is published for this country.2. Read it in the register. Open the regulator's own register and search the number. The regulator for Pakistan and its register are named on every broker page we publish.3. Check the name on the licence against the name on the contract. This is where most of the confusion lives: the brand you signed up with and the entity on the client agreement are often different companies in different countries. Our entity column exists for this reason.4. Check the permissions, not just the presence. A firm can be on a register for one activity and not for the one it is selling you.

What goes wrong locally

Common scams: unlicensed 'forex/MLM' investment schemes and Ponzi structures promising fixed high returns, Telegram/WhatsApp signal and 'account management' groups, fake/clone broker apps, and Hawala-based deposit intermediaries. KYC to open an (offshore) broker account: clear photo of the CNIC (Smart National Identity Card preferred) or passport, plus proof of address (utility bill/bank statement).

Brokers here without a local licence

Showing 25 of 62 brokers that onboard Pakistan residents.
BrokerOnboarding entityMax leverage
BlackBull MarketsBBG Limited500.0geo
EightcapReporting indicates Eightcap does NOT currenno data
Fusion MarketsPakistani retail clients are onboarded under500.0geo
PepperstonePepperstone Markets Ltd200.0geo
Trade NationTrade Nation Ltd200.0geo
AlpariParlance Trading Ltd3000.0geo
BDSwissPakistani clients are onboarded under the of2000.0geo
CMC MarketsCMC Markets does not list Pakistan among itsno data
Capital.comPakistani clients are served under the offsh200.0geo
FP MarketsFP Markets LLC500.0geo
FXGTGT Global Ltd5000.0geo
LiteFinanceLiteFinance Global LLC1000.0geo
Moneta MarketsMoneta Markets Ltd1000.0geo
Plus500Not applicable - Plus500 does not accept Pakno data
TMGMTrademax Global Ltd1000.0geo
ThinkMarketsTF Global Markets Int Ltd500.0geo
VantagePakistani retail clients are onboarded by th500.0geo
XMXM Global Limited1000.0geo
XTBXTB does NOT serve Pakistan - Pakistani resino data
FBSFBS Markets Inc3000.0geo
HFMHF Markets (SV) Ltd2000.0geo
HYCMHYCM Ltd500.0geo
JustMarketsJust Global Markets Ltd3000.0geo
MitradeMitrade Holding Ltd200.0geo
OctaFXOcta Markets Ltdno data

FAQ (2)

How do I check a broker licence in Pakistan?

Common scams: unlicensed 'forex/MLM' investment schemes and Ponzi structures promising fixed high returns, Telegram/WhatsApp signal and 'account management' groups, fake/clone broker apps, and Hawala-based deposit intermediaries. KYC to open an (offshore) broker account: clear ph

The broker shows a licence from another country. Does it count?

It means a foreign entity regulates that company, not that it is authorised to serve Pakistan residents. The two are different questions and the broker page names which entity signs the client.