When you look for a trading broker in France, the term “AMF” comes up again and again — and for good reason. The Autorité des marchés financiers (AMF) is the French financial markets regulator, the watchdog for stock market and investment activity in France: it authorises firms, supervises them, sanctions them and publishes blacklists. Choosing an AMF-regulated broker, or one authorised by an equivalent European regulator, makes a real difference to your rights if something goes wrong. This article explains what the AMF does, how to check a broker’s authorisation, the real risks of unregulated brokers and what to do in a dispute. This is educational content and does not constitute personalised investment advice.
What Is the AMF and What Does It Do?
The AMF (Autorité des marchés financiers) is the French public authority responsible for protecting savings invested in financial instruments and ensuring investors are properly informed. Created in 2003 through the merger of the Commission des opérations de Bourse (COB) with other regulatory bodies, it acts independently and oversees every type of financial market participant: listed companies, investment service providers (including brokers), fund managers and investment advisers. Its role can be summed up in four missions, each directly useful for your safety as a trader.
Granting Authorisation
No company may provide investment services in France without AMF authorisation, which is granted after reviewing its financial strength, the integrity of its managers, its business plan and its internal procedures. This authorisation is not a mere administrative stamp: it commits the company to permanent obligations on capital requirements, segregation of client assets, transparent pricing and fair treatment of clients. For traders, it is the first barrier against opportunistic operators.
Supervision and Monitoring
The AMF does not just authorise firms; it monitors them continuously. Its teams watch the markets (detecting manipulation and insider trading), audit authorised firms, and review financial advertising and information documents aimed at retail investors. In practice, this means an authorised broker operates under regular supervision, and a breach can be identified and sanctioned even without a prior client complaint.
Enforcement Powers
The AMF Enforcement Committee can issue warnings, reprimands, bans from practising, withdrawals of authorisation and fines that can be very large — in some cases reaching a significant multiple of the profit made. Its decisions are published, so you can check a firm’s disciplinary history before opening an account, which makes it a valuable and free verification tool.
Blacklists and Warnings
The AMF publishes and regularly updates a blacklist of websites and entities offering investment services to the French public without authorisation, along with warnings about fraudulent practices. The list is public and free to consult: it is often the first thing to check when an unknown trading site contacts you. It obviously does not list every scam in existence, but an entry on the list should lead to an immediate decision to stay away.
On related topics, our articles “ESMA CFD Rules” and “Alti Trading Review 2026” are a good complement to this guide.
Why Choose an AMF-Regulated Broker (or a European Equivalent)?
Choosing an authorised broker is not a matter of comfort: it is a matter of rights. Authorisation brings three concrete protections.
First, protection of your money. An authorised firm must keep client funds separate from its own funds (segregated accounts held with banks). If the company fails, these funds are not part of the broker’s assets and must be returned to clients. In France, an investor compensation scheme can also step in if an investment firm defaults, up to a legal ceiling. These mechanisms simply do not exist with an unregulated operator.
Second, access to mediation. If a dispute arises — a contested order execution, unexpected fees, a blocked withdrawal — a client of a broker authorised in France can refer the matter free of charge to the AMF Ombudsman, after exhausting the broker’s internal complaints procedure. This free, structured and documented remedy is a right that clients of unauthorised offshore brokers do not have.
Third, legal recourse. Authorisation means compliance with French law — or EU law for brokers authorised elsewhere in the Union: disclosure obligations, order execution rules and regulated advertising. In the event of a breach, the firm can be held liable in court, and the AMF itself can take action. With a broker registered in a jurisdiction outside any recognised framework, these remedies become theoretical: who do you turn to, in which court, and with what chance of enforcing a judgment?
How to Check a Broker’s Authorisation: Step by Step
The check takes about ten minutes and can be done entirely online, using free official sources.
Step one: identify the exact legal entity that will run your account. The platform’s brand name is not enough — look for the company name, authorisation number and registered office, usually in the footer or the legal notice. Be wary of sites where this information is missing or buried in cross-references.
Step two: search for this entity in the official registers. For France, use the AMF’s GECO database, which brings together all of the regulator’s registers (authorised investment firms, financial investment advisers, tied agents). Check that the name, number and authorised services match: a firm authorised for a limited scope cannot legally operate outside it.
Step three: cross-check against blacklists and sanctions. Check the AMF blacklist and warnings, its published enforcement decisions and, if the broker is authorised elsewhere, the public register of the relevant regulator. Step four: check that everything is consistent. Does the contact website match the authorised entity? Are the bank details for deposits in the name of the regulated entity? Any mismatch between the brand, the legal entity and the accounts receiving your money is a major red flag.
Once your broker has passed this safety filter, our guide to choosing a broker helps you compare costs, instruments and execution.
The European Passport: Foreign Brokers Legally Authorised in France
Beware of a common confusion: “foreign broker” does not mean “illegal broker”. In the European Union and the European Economic Area, a firm authorised by the regulator of one member state can provide its services in other member states thanks to the European passport created by the MiFID directive. This is why many platforms available to French residents are authorised by CySEC (Cyprus) or other European authorities, and operate entirely legally in France.
For these brokers, the check follows the same logic: the entity holding your account must appear in the public register of its home regulator, and the resulting rights apply — segregation of funds, leverage limits set at EU level by ESMA, disclosure obligations. Do, however, check the specific entity: the same brand may operate through several entities depending on the country, and only some are authorised in the European Economic Area. If in doubt, ask the broker in writing for the contracting entity and its authorisation number, then check that number in the relevant register.
Diversifiez votre patrimoineInvestissez dans l’artDes tableaux originaux, pièces uniques signées par l’artiste. Un actif tangible, loin des écrans et des cotations.Voir les tableaux →The Real Risks of an Unregulated Broker
The risks are not theoretical. Cases handled by regulators and courts describe recurring patterns: fake platforms with professional-looking interfaces, unrealistic displayed gains, withdrawals that are impossible or conditional on paying “release fees”, cloned firms using the identity of real brokers, and so-called advisers who push for ever-larger deposits by phone or through social media. When the operator is beyond the reach of French law, recovering funds is slow, uncertain and often impossible.
On top of these fraud risks come structural risks: no commitment to segregate funds (your money can finance the company’s operations), no oversight of pricing or execution, no protection if the firm goes bankrupt, and sometimes questionable market practices on platforms where the broker is both judge and party. Claims of “the best prices” or “unlimited leverage” from an unregulated broker should be read in this light: the very features that make these operators attractive are signs that safeguards are missing.
What to Do in a Dispute or Scam
If a problem arises with an authorised broker, or if you suspect fraud, follow a clear sequence — and act quickly.
First Step: A Written Complaint to the Broker
Send a formal written complaint (by email or recorded-delivery letter) describing the facts, dates, amounts and the resolution you expect. An authorised firm is required to have a complaints-handling procedure and to respond. Keep all evidence: screenshots, order confirmations, statements and complete correspondence. This file will be useful at every subsequent step.
Second Step: The AMF Ombudsman
If the broker’s response does not satisfy you, you can refer the matter free of charge to the AMF Ombudsman, who handles complaints from clients of firms supervised by the regulator. Mediation is an amicable, confidential and free process; it does not rule out other options, but it resolves many disputes about execution, fees or information without going to court.
Third Step: Reporting and Filing a Complaint
If you think you are facing fraud — especially with an unauthorised broker — act without delay: report the site to the AMF using its information and reporting form, alert your bank (stop payments, request a recall of transfers) and file a complaint with the police or gendarmerie. Trading fraud is a criminal offence, notably as fraud (escroquerie): the earlier it is reported, the better the chances of freezing funds and identifying the perpetrators. Associations that support victims of financial scams can also help you through the process.
A word of warning: no legitimate service will “recover your funds” in exchange for a fee. These recovery offers are a second-wave scam that specifically targets previous victims. The real steps — mediation, your bank, a police complaint — are free.
Checks to Make Before Opening Any Account
Checking authorisation should become an automatic habit. Before depositing your first euro, go through this list:
- Does the legal entity appear in the official register of the regulator it cites (GECO for France)?
- Does the brand or website appear on a regulator’s blacklist or warning list?
- Are funds deposited in the name of the authorised entity, with consistent bank details?
- Are the promised returns realistic, or do they look too good to be true?
- Are the withdrawal conditions clearly published before you sign up?
Ten minutes of checks protect capital built up over years. And if trading interests you beyond the choice of broker, our content on trading and the stock market helps you build a measured approach with realistic expectations.
FAQ: AMF-Regulated Brokers
How do I check whether a broker is authorised by the AMF?
Identify the exact legal entity (company name, authorisation number, registered office), then search for it in the AMF’s GECO database. Check that the details match exactly and look at the scope of authorised services. Then consult the regulator’s blacklist and enforcement decisions. For a broker authorised in another European Economic Area country, apply the same method using its regulator’s public register.
Is a CySEC-regulated broker reliable for a French resident?
A CySEC-authorised broker can legally provide its services in France thanks to the European passport. Reliability depends on your checks: is the contracting entity listed in the CySEC register? Do European protections — segregation of funds, leverage limits, disclosure obligations — apply to your account? If so, the framework is solid; if not, the brand may be running your account through an unauthorised entity.
What exactly does AMF authorisation cover?
Authorisation covers a specific legal entity, for defined investment services, under French supervision: segregation of client funds, disclosure obligations, execution rules, a complaints procedure, access to the AMF Ombudsman and investor compensation if the firm defaults, up to the legal ceiling. It does not, however, cover losses from market movements: regulation protects the integrity of the firm, not the performance of your positions.
What should I do if a broker refuses to return my money?
Document everything (correspondence, statements, screenshots), send a formal written complaint, then refer the matter to the AMF Ombudsman if the broker is under French or European supervision. If the broker is not authorised, alert your bank immediately, report the site to the AMF and file a police complaint. Never send additional money to “unlock” a withdrawal: this is the classic fraud pattern, and no extra payment will bring back the earlier ones.
How do I report a fraudulent trading website?
Use the AMF’s information and reporting form, which lets you report an unauthorised entity or website. You can also report the site to the judicial authorities through the French Interior Ministry’s online reporting platform, then file a complaint. Report fraudulent ads to the platforms that host them as well: every report reduces the scam’s visibility.
In Short: Regulation Is Not a Detail
When assessing a broker, regulation is the first criterion, ahead of fees and features: it is what turns blind trust into enforceable rights. Check the authorisation in the official registers (GECO for France), consult the blacklists, verify the entity that will hold your money, and remember the complaints sequence — written complaint, AMF Ombudsman, your bank, police complaint. This article is educational content and does not constitute personalised investment advice.