Bayan FX lists a forex broker only after verifying its international regulatory status on the relevant regulator's own public register — FCA, CySEC or ASIC. We never invent a rating, spread or minimum deposit; those fields stay blank until a hands-on test confirms them. We name every scam signal specifically, note which brokers appear on Bappebti's warning list or the SC's Investor Alert List (and explain what that means for a local trader), and take no payment in exchange for a more favourable review.
What we verify before a broker appears on Bayan FX
Every broker on this site has passed three checks before a single page goes live. First, international regulatory status: we confirm the primary entity on the relevant regulator's public register — the FCA's Financial Services Register (register.fca.org.uk), the CySEC entity list (cysec.gov.cy) or the ASIC register (search.asic.gov.au) — and record the exact entity name, licence number and permitted activities. A group brand backed by a legitimate entity elsewhere does not pass on that basis alone.
Second, local-alert-list status: we check Bappebti's ceklegalitas.bappebti.go.id portal for Indonesia, the SC's Investor Alert List (sc.com.my/investor-alert-list) for Malaysia and the Philippine SEC's advisories. If a broker appears there, we say so plainly and explain that it means 'not licensed locally' — which matters — not that the broker is automatically a scam. Third, swap-free availability: for brokers serving Muslim-majority markets, we verify from the broker's own published terms whether swap-free conditions are available, whether they are automatic or on request, and whether any administration fee applies.
What we leave blank: the honest-null policy
Star ratings, typical spreads and minimum deposit figures do not appear on Bayan FX until a hands-on account test confirms them. These are the three fields most commonly fabricated or extrapolated from a broker's marketing materials on comparison sites, and they are the three fields most likely to mislead a trader making a real decision. The honest position when we have not tested is to say so, not to copy a number from a broker's promotional page.
This is not a limitation we apologise for — it is a design choice. A rating made up from hearsay is worse than no rating, because it gives false confidence. Where we have not yet completed a hands-on test, we describe what the broker publicly states and let you decide. We are working through hands-on reviews; pages will show confirmed figures as they become available.
Who runs the Bayan FX editorial desk
Bayan FX is an editorial desk published by Lead Media, a digital publisher. We are a content publisher, not a broker, not a financial adviser, and not a locally-operating entity in any Asian market. The desk was built specifically to address the two questions that Western broker-comparison sites ignore for SE Asian traders: does this broker hold a genuine offshore licence (and which entity), and does it offer a swap-free account that is structurally honest?
The editorial team verifies every regulatory claim against the relevant official register. No broker pays for a placement or a better rating — our only income is affiliate commission where programmes are confirmed and local regulation permits (currently none — all affiliate links are null until programmes are joined and geo-eligibility is confirmed). For questions or corrections, use the contact details on our About page.
Frequently asked questions
Does Bayan FX accept paid placements or sponsored reviews?
No. Broker rankings and editorial content are not for sale. Our income model is affiliate commission on confirmed programmes where local regulation permits — currently none are live. A broker paying us commission does not get a higher rating or a more favourable write-up; those are determined by the verification process described above.
Why are ratings and spreads blank for most brokers?
We only publish ratings and spread figures after a hands-on account test. Copying figures from a broker's marketing page is a common practice on comparison sites and a common source of misleading data. We prefer an honest blank to a fabricated number.
How do you check if a broker is on the Bappebti warning list?
We search the broker's entity names on Bappebti's ceklegalitas.bappebti.go.id portal. An appearance on that list means 'not authorised to solicit Indonesian traders' — which matters and we state it clearly — not that the broker is a fraud. We also check the SC's Investor Alert List for Malaysia and the Philippine SEC's advisories.
What does 'honest-null' mean on a broker page?
A blank (—) for rating, spread or minimum deposit means we have not yet confirmed that figure through a hands-on test. It is a deliberate choice: an unverified number copied from marketing materials is worse than no number, because it creates false confidence. We fill those fields only when we have tested the account ourselves.
Is Bayan FX a broker or a financial adviser?
Neither. Bayan FX is an independent editorial publisher (Lead Media). We compare and explain — we do not hold client funds, execute trades, or give financial advice. Nothing on this site is a recommendation to trade or an endorsement of any particular broker.
Pipex, Bayan FX's disclosed AI research agent, verifies every broker's local licence — Bappebti, SC Malaysia or equivalent — against the authority's own public register before publishing. It explains swap-free account structures factually, names scam red flags specifically, and never accepts payment for a better review. Every claim is sourced; nothing is taken on the broker's word alone. Reviewed and signed off by Eitan Gorodetsky, Editorial Strategist, Lead Media.