How to check a currency broker is legitimate
To check that a currency broker is legitimate, use the FCA Financial Services Register to verify its firm reference number (FRN) and authorisation status, then confirm that the contact details and FRN shown on the Register match the details the company has given you. Never use the phone number or email address supplied by the company itself — use only the contact information listed on the FCA Register. This single habit stops the vast majority of clone-firm scams.
Clone firms — fraudsters operating under near-identical names and branding to genuine FCA-authorised companies — are one of the fastest-growing types of currency transfer scam. This guide shows you how to run the checks that protect you, how clone firms disguise themselves, and why a five-minute verification step before you transfer is your strongest defence.
What makes a broker “legitimate”?
A legitimate currency broker or international payment company is one that is authorised by the Financial Conduct Authority (FCA) in the UK, or operates through FCA-authorised partners. Authorisation means the firm has passed the FCA’s checks on financial stability, governance, and compliance with anti-money laundering rules. It also means you have recourse: if something goes wrong, you can report the firm to the Financial Ombudsman Service (FOS) and potentially recover losses through the Financial Services Compensation Scheme (FSCS) — if the firm is indeed authorised.
An unauthorised firm gives you no such protection, no matter how professional its website looks or how friendly its staff sound.
How to verify a broker on the FCA Register
The FCA maintains a public register of all authorised firms. Checking it takes less than five minutes and is the most reliable way to confirm a broker is genuine.
Step 1: Go to the FCA Register
Visit the FCA Financial Services Register and use the search function. Search by the firm’s name or its firm reference number (FRN) — not by phone number or address.
Step 2: Match the firm reference number
The Register will show a firm reference number (a six-digit code, e.g., FRN 900199). Check that this matches the FRN the company has given you. If the company has provided no FRN, that is a major red flag — ask them for it before you proceed.
Step 3: Check the contact details
Confirm that the address and phone number shown on the Register match what the company has given you. Clone firms often copy the FRN and name but register a different phone number or address. Compare line by line.
Step 4: Verify the services are authorised
The Register shows what services each firm is authorised to provide. If the firm says it offers money transfers or currency exchange but the Register does not list those services, the firm is not authorised for that activity — do not proceed.
Step 5: Check for restrictions or conditions
The Register may show restrictions on a firm’s authorisation — for example, “only for professional clients” or “limited to e-money services.” If these conditions do not match your use case, the firm is not authorised for you.
What is a clone firm, and how do they operate?
A clone firm is a fraudster’s website or phone number that mimics an FCA-authorised company. The goal is to steal your money before you realise the firm is not genuine.
Clone firms typically:
- Copy the official company name exactly, or use a very similar name (e.g., “Currency Cloud” instead of “Currencycloud”, or “FX Specialists UK” when the real firm is “FX Specialists Ltd”)
- Recreate the official website and branding pixel-for-pixel
- Copy the firm’s FRN and include it on their fake website (but the FRN belongs to the real firm, not the clone)
- Provide a phone number that is close to the real firm’s number, or a similar-sounding address
- Use email addresses similar to the real firm’s domain
If you search the FCA Register using the contact details the clone firm gave you, the search will fail — or will return details that do not match. That mismatch is your signal to stop.
Red flags: How to spot a clone firm or unauthorised broker
Before you even reach the FCA Register, several warning signs should alert you:
- The company contacted you out of the blue. Legitimate brokers do not cold-call or email offering transfers. If someone unsolicited offers you a great rate or promises to help with a transfer, check the Register immediately.
- The phone number or email address is slightly different from the official contact. Clone firms use domains like “currencycloud.co.uk” when the real firm uses “currencycloud.com”. Check the official website first, not the number the caller gave you.
- The website has spelling mistakes or awkward phrasing. Legitimate financial firms invest in professional design. Typos and poor English can signal a clone.
- They have no FRN, or are evasive about it. A genuine FCA-authorised firm will provide its FRN immediately. If they hesitate or say “it’s on our website,” verify it on the Register before proceeding.
- The company claims to be FCA-authorised but is not on the Register. Search multiple times using different keywords. If the Register returns no results, the firm is unauthorised — do not transfer money.
- They pressure you to act quickly. Clone firms and scammers create urgency (“limited time offer”, “act today”). Take time to verify every detail.
- They ask you to keep the transfer secret. A legitimate broker will never ask you to hide a transaction from your bank or family.
What to do if a broker fails the FCA check
If a broker is not on the FCA Register, or if its details do not match the Register, do not transfer any money. You have no recourse if the firm is unauthorised.
Instead:
- Report the firm to the FCA Warning List using their scams reporting form
- Report it to Action Fraud on 0300 123 2040
- Tell your bank — they may flag similar attempts from other customers
- If you have already sent money, contact your bank immediately and follow the steps in our guide: What to do if you’ve been scammed
Checking brokers that operate through partners
Some currency brokers, including Cambridge Currencies, operate through FCA-authorised partners rather than holding direct FCA authorisation themselves. This is a legitimate business model — but you must verify the partners’ authorisation, not just the broker’s name.
If a broker tells you it “operates through” an FCA-authorised partner, ask for the partner’s name and FRN, then check that partner on the Register in the same way. For example, Cambridge Currencies operates through Currencycloud (FRN 900199) and ScioPay (FRN 927951) — you can verify both on the FCA Register and see that both are authorised to provide payment services.
If a broker refuses to name its authorised partners, or if you cannot find those partners on the Register, that is a red flag — do not proceed.
Other overseas regulators: Checking brokers outside the UK
If you are dealing with a currency broker or payment company based outside the UK, the FCA Register will not cover it. Instead, you need to check the relevant regulator in that country.
Key overseas regulators include:
- USA: FinCEN (Financial Crimes Enforcement Network) and state money transmitter licences
- EU: National financial regulators (BaFin in Germany, AMF in France, etc.) — many EU firms should also be registered with their local regulator
- Australia: ASIC (Australian Securities and Investments Commission)
- Canada: FINTRAC (Financial Transactions and Reports Analysis Centre of Canada)
If you do not know which regulator covers a company, that is itself a reason to pause. Legitimate firms are registered with a named regulator and can tell you immediately.
A real-world example: Spotting a clone firm
A business owner received an email from “Currencycloud” offering a competitive rate on a EUR to GBP transfer. The email came from an address that looked official: “quotes@currencycloud.co.uk”. The quoted rate was slightly better than their usual broker’s. They almost sent £50,000 immediately.
Before clicking the payment link in the email, they called the phone number on their original Currencycloud invoice — not the phone number in the new email. The real Currencycloud had received no quote request from this client. The incoming email was from a clone firm. The business owner reported it to the FCA and Action Fraud, and no money was lost.
The lesson: always verify using contact details you have already confirmed as genuine, not details from an unexpected email or website.
Why a currency specialist matters for this check
A specialist currency broker you speak to by phone builds a relationship where verification is simpler. If you have a named contact and their direct number, it is far harder for a clone firm to impersonate them. A phone-based broker also cannot suddenly change its bank details via email — any request for new details has to be confirmed verbally on a number you already hold.
Working with a trusted specialist means you have a person to check with before you send anything, which is a powerful defence against both scams and simple mistakes.
Speak to a Cambridge Currencies specialist
If you are planning a transfer and want to verify the broker’s legitimacy as part of your due diligence, you can request a quote and speak to a currency specialist directly. Cambridge Currencies is not itself FCA-authorised but operates through FCA-authorised partners Currencycloud (FRN 900199) and ScioPay (FRN 927951) — both of which you can verify on the FCA Register. Every transfer is completed by phone with a named specialist, so you have a trusted contact to confirm any detail before you send.
Frequently asked questions
Is it safe to use a broker that is not on the FCA Register?
No. If a broker is not on the FCA Register, it is not authorised in the UK and you have no protection if something goes wrong. Do not send money to an unauthorised firm.
What is an FRN?
An FRN is a firm reference number — a six-digit code assigned by the FCA to each authorised firm. You can search the FCA Register using either the firm’s name or its FRN. Genuine firms can provide their FRN immediately.
What’s the difference between the FCA Register and the Warning List?
The FCA Register shows authorised firms. The Warning List shows firms operating without permission — they are known scams or fraudulent operations. Check the Register first (to confirm legitimacy), then check the Warning List (to confirm the firm is not a known scam).
Can a clone firm really copy the real FRN?
Yes, clone firms copy the real firm’s FRN and include it on their fake website. But when you search that FRN on the FCA Register, the contact details (phone, address, email) will not match the clone’s details. That mismatch is how you catch them.
What if the broker’s website says it is FCA-regulated?
Ignore the website. Verify on the Register. Clone firms copy this language all the time. The only source of truth is the FCA’s own Register.
Can I check a broker in another country the same way?
No. The FCA Register only covers firms authorised in the UK. For overseas firms, you must check the regulator in that country. Ask the firm which regulator it is authorised by, then verify independently.
What should I do if I find a clone firm?
Report it to the FCA (using the scams reporting form on their website), to Action Fraud (0300 123 2040), and to your bank. Do not engage further with the clone firm or click any links in their emails.
Related guides: How to send money abroad safely · How we work · Currency guides
This article is provided for general guidance only and does not constitute financial advice. Information about the FCA Register and authorisation status is correct as of June 2026. Cambridge Currencies Ltd is registered in England & Wales (No. 15402338) and operates through FCA-authorised partners, Currencycloud (FRN 900199) and ScioPay (FRN 927951).
