FSRA (ADGM): how to check a broker’s authorisation (2026)
The Financial Services Regulatory Authority (FSRA) regulates financial services conducted in or from Abu Dhabi Global Market (ADGM), Abu Dhabi’s financial free zone. ADGM has its own legal framework and authorities. The FSRA is its financial-services regulator, and it authorises and supervises firms activity by activity. An ADGM address or a broker-group brand does not, on its own, show that the company in your account agreement is FSRA-authorised for the service you are using. Check the exact entity and its permissions on the official register before you fund an account.
In short: identify the contracting entity, find its FSP number, open the FSRA register, and match the entity name, status and permitted activities against your account agreement.
By Braden Chase · Fact-checked by Tomislav Turcin · Last Updated On: 19 Oct 2026
FSRA register checked 19 Oct 2026 · Law checked 19 Oct 2026
What the FSRA regulates, and how it differs from other UAE regulators
ADGM is one of the UAE’s two financial free zones, and the FSRA is its financial-services regulator. It is separate from the DFSA, which regulates the Dubai International Financial Centre (DIFC). It is also separate from the CMA (formerly SCA), the federal capital-markets regulator onshore. ADGM is not the federal mainland regulator, and the FSRA does not replace the CMA, the DFSA, the Central Bank of the UAE or Dubai’s VARA in their own jurisdictions.
The 2025 federal framework includes a cross-border provision. It addresses certain regulated activities by persons targeting clients in the UAE from abroad or from a financial free zone (Federal Decree-Law No. 33 of 2025, Art. 2). Whether it applies to a particular firm depends on the activity, the entity, the client and the current rules. A firm’s location or brand does not answer that question, so do not draw a firm-specific legal conclusion from either.
Sources: CMA: the two new Federal Decree-Laws ↗ · UAE Legislation portal ↗ · CMS: From the SCA to the CMA ↗
How to check a firm on the FSRA Public Register
The FSRA Public Register ↗ is the official public record of the FSRA. It covers authorised firms, individuals, funds and exempt persons. The FSRA states it cannot guarantee the register’s accuracy, so note the date you checked it.
- Exact legal entity name: from your account agreement, matched character for character.
- FSP number: the reference for the firm’s Financial Services Permission.
- Current status: use the register’s own status and classification wording. Do not reduce it to “active”.
- Permitted activities: what the permission covers.
- Conditions or restrictions: anything on the record that limits the permission.
- Compare with your account agreement: the entity, FSP number and activities should all match it. If they do not, ask the firm before you fund the account.
Authorisation is specific to the activity and the entity. Dealing as principal, arranging deals, managing assets and providing custody are separate permissions. Holding one does not imply the others. None of them is an endorsement or a guarantee.
Investor protection: what an FSRA licence does not cover
An FSRA permission provides no compensation cover. Authorisation does not protect a UAE client against losses, against a firm’s insolvency or against not getting money back. Before you rely on any compensation or protection arrangement, confirm the current position under ADGM and FSRA rules.
Client-money and custody rules are a separate matter, and they differ from entity to entity. Segregated client money is not the same as compensation if a firm fails. Overseas schemes such as the UK’s FSCS or Cyprus’s ICF cover only the clients of those overseas entities. They do not cover clients of a group’s ADGM entity.
A licence is not a safety guarantee either. On 21 May 2024 the FSRA announced a USD 122,500 financial penalty on Sarwa Digital Wealth (Capital) Limited (FSP 190037), an FSRA-licensed firm, which it said had offered securities in ADGM without an approved prospectus. The FSRA also required an independent review of the firm’s governance. The offer, made to 144 investors, has since been reversed ADGM ↗.
FSRA-authorised firms we review
These are the brokers in our reviews whose UAE contracting entity is authorised by the FSRA. The table covers the entity only. Fees, deposits and account features are in each review.
| Broker | Legal entity | FSP number | Permitted activities | Review | Checked on |
|---|---|---|---|---|---|
| eToro | eToro (ME) Ltd | 220073 | Dealing as matched principal, arranging deals, managing assets, arranging custody (crypto included) and providing custody (crypto not listed) | Read review › | 19 Oct 2026 |
| AvaTrade | Ava Trade Middle East Ltd | 190018 | Dealing in investments as principal (matched) and arranging deals; not licensed for custody or asset management | Read review › | 19 Oct 2026 |
Status: shown active on the FSRA Public Register on the date given. Activities are as recorded in our reviews. The register is the authority, so open each entry before you rely on it. Pepperstone, Interactive Brokers and Capital.com do not appear in the table because they serve UAE clients through CMA or DFSA entities. See the CMA (formerly SCA) and DFSA guides.
Complaints and limits
- Raise it with the firm first, in writing, and keep the reference. The FSRA expects customers of authorised firms to try the firm directly in the first instance.
- If it isn’t resolved, first confirm that the FSRA regulates your entity. Then complain to the FSRA in writing using its complaints form. Complaints about non-financial ADGM businesses go to ADGM’s Registration Authority instead.
- Keep records: statements, deposit and withdrawal confirmations, KYC documents, the terms you accepted, and emails or chat logs.
Making a complaint does not guarantee a refund, compensation or recovery. Reporting a firm to the regulator is also separate from resolving a private contractual dispute with it.
Frequently asked questions
What is the FSRA, and what is ADGM?
Abu Dhabi Global Market (ADGM) is one of the UAE’s two financial free zones, with its own legal framework and authorities. The Financial Services Regulatory Authority (FSRA) is its financial-services regulator. It authorises and supervises firms activity by activity.
How is the FSRA different from the DFSA and the CMA?
They cover different jurisdictions. The FSRA regulates financial services in ADGM, and the DFSA regulates them in the Dubai International Financial Centre. The CMA (formerly SCA) regulates the federal, onshore capital markets. Which one applies depends on the entity named in your account agreement.
How do I check a firm on the FSRA register?
Take the contracting entity from your account agreement, search the FSRA Public Register for it, and match the name, FSP number, current status, permitted activities and any conditions. Note the date you checked, because the FSRA does not guarantee the register’s accuracy.
Does an FSRA licence protect my money if the broker fails?
An FSRA permission provides no compensation cover. It does not protect you against losses, a firm’s insolvency or not getting money back. Client-money and custody rules are separate and specific to each entity, and segregated money is not the same as compensation. Confirm the current position under ADGM and FSRA rules before relying on any scheme.
Which brokers you review are FSRA-regulated?
Two of the brokers we review serve UAE clients through FSRA-authorised entities. eToro uses eToro (ME) Ltd (FSP 220073), and AvaTrade uses Ava Trade Middle East Ltd (FSP 190018). Both showed as active on the register when we checked on 19 October 2026. Open each entry yourself before you rely on it.
Does FSRA authorisation mean a broker is safe?
No. It shows that a named entity is permitted to carry out named activities under FSRA supervision. It is not an endorsement, a guarantee of returns or protection against losses. Licensed firms can still face regulatory action. In May 2024 the FSRA announced a financial penalty on Sarwa Digital Wealth (Capital) Limited, an FSRA-licensed firm, over an offer of securities made without an approved prospectus.