How to Choose a Broker
Regulation, costs, platform, and warning signs — everything you check before opening an account, explained for the reality of the Republic of Moldova.
Risk warning: CFDs and leveraged products carry a high risk of losing money quickly. Between 74% and 89% of retail investor accounts lose money when trading CFDs. Assess whether you can afford this risk.
The broker is the company through which you access the financial markets. It determines the costs you pay on every trade, the speed at which you can withdraw your money, and the safety of your capital. This isn't a choice to make in a hurry.
This guide walks through the criteria an informed investor checks and focuses on the context of the Republic of Moldova, where things work differently than in other markets.
What a Broker Is — and Why Things Work Differently in Moldova
A broker — more precisely, a brokerage company — is a legal entity that acts as an intermediary between a buyer and a seller, facilitating the completion of a transaction in exchange for a commission. Its role is to connect the two parties and simplify the process of negotiating, buying, and selling. The term "broker" can make it sound like a person who calls you to sell or manage your investments; in reality, it's the company through which you trade, which provides the platform, the prices, and the infrastructure. Without it, an investor has no direct access to the stock exchange or the currency market.
There are no local brokerage companies in Moldova. To reach the international markets, you open an account with a regulated international broker. Trading.md helps you do that: it gives you access to regulated brokers, vetted by us since 2012, and support in Romanian, from Chisinau. Always check who actually holds the account and where your funds are held.
That's why your choice actually concerns two factors: the international brokerage company behind it and the company through which you open your account. A serious one opens your account directly with the regulated broker, without standing between you and your money.
Regulation: The First Filter, Not a Formality
Regulation is the thing you check before anything else. A financial conduct authority works for the safety of clients, not for the brokers' profit: it enforces the separation of client money from the company's own capital, cost transparency, and compensation mechanisms in case of insolvency. An unregulated brokerage company offers you none of these guarantees.
The top-tier (tier 1) authorities are the most demanding. Look for brokerage companies holding licenses issued by these financial conduct authorities. Many of them come with a compensation fund that reimburses you if the broker becomes insolvent — the cap differs from one jurisdiction to another:
At the SEC, securities are covered by SIPC; futures accounts (under CFTC/NFA) are not covered by SIPC, but instead rely on the segregation of funds. In Switzerland, esisuisse covers cash deposits, while securities are already segregated and belong to the client.
You can't register under whichever jurisdiction you want. Regulations only allow client onboarding based on region of residence — which is why large companies hold multiple licenses, so they can accept clients from as many regions as possible. You're not looking for a broker with a top-tier license so that you fall under that license yourself, but because if a company holds such a license, it means it is continuously controlled and audited at the most rigorous level — a guarantee of seriousness.
Specifically: EU residents are usually onboarded under a European license; only US residents can be onboarded under NFA and SEC; clients from Moldova and many other countries are typically registered under a lower-tier license, from an offshore jurisdiction (also called "global licenses"). It's not just Moldova — residents from many countries are onboarded the same way, including from developed economies (in the CIS, the Middle East, Asia, or Latin America), whenever the broker doesn't hold a license for their region.
Compared to a top-tier license, what mainly differs under an offshore license is: the size of the leverage (usually much higher), negative balance protection (not always guaranteed), the compensation fund (usually nonexistent), bonuses (allowed, unlike in the EU/UK), and the rigor of oversight. The actual trading conditions — spread, instruments, platform — remain largely the same. If the Republic of Moldova joins the European Union, our citizens will automatically be onboarded under European licenses.
Brokers are required to display their license type and number on their website — usually in the footer (at the bottom) or in the "Legal" menu. Take that number, go to the website of the regulatory authority named by the broker (the links are above), and check there whether the broker appears as valid and whether the license is currently active. An offshore license can be obtained in a few days, for a fee, without any serious procedures — which is why a tier-1 license means much more than a simple authorization.
The Legal Framework in the Republic of Moldova
In July 2025, Law 177/2025 came into force, initiating the regulation of the derivatives instruments market in Moldova. The law establishes a framework for how service-providing firms may promote and distribute financial instruments and strengthens investor protection.
Whether you're a retail or professional investor, what matters is working with a company that complies with this framework and that opens your account with a regulated broker. The CNPF is the authority that oversees the local financial market.
The existence of a legal framework doesn't restrict your right to invest — it strengthens your protection and raises the standard of companies you can safely work with.
The Real Costs of an Account
A broker can look cheap at first glance and expensive in reality. The total cost adds up from several components, not just the visible commission.
At the regulated brokers we work with, you pay nothing to open an account or to maintain it. You only pay when you trade. The only exception may be an inactivity fee, if you leave your account without activity for a long period.
Spread
The difference between the buy price and the sell price. The smaller it is, the cheaper it is to enter and exit a position.
Commission
A fixed fee per transaction, present mainly on Raw/ECN-type accounts.
Swap
The cost of holding a position overnight. Relevant if you keep trades open for several days.
Funding / Withdrawal
Most regulated brokers don't charge fees for deposits or withdrawals. Still, check which methods are available for Moldova.
Inactivity Fee
An amount withheld if you don't trade for a long period.
Currency Conversion
The conversion cost is usually charged by your bank, not the broker. At many brokers, in-account conversion is done at the market rate, with a small commission or even none at all.
The Trading Platform
The platform is the tool you work with daily. MetaTrader 4 and MetaTrader 5 remain the most widely used, but many brokers also offer proprietary platforms or compatibility with external analysis tools. Check its stability during volatile moments and the quality of the mobile app.
Watch out for a common confusion: the platform is not the same thing as how the broker executes your orders. The same platform (for example MT5) can operate with different execution models, depending on the broker. Details about platforms
Broker Types and Order Execution
How the broker executes your orders influences the speed, the price you get, and any potential delays. There are two main execution families.
The broker executes orders internally, on its own platform. It usually offers stable prices and fast execution, suited especially for beginners.
MMOrders are passed on to the market. It has three variants — STP, ECN, and DMA — suited for active trading, scalping, or automated strategies.
STP · ECN · DMASpeed, execution price, and costs all depend on the execution model. Both families are legitimate as long as the broker is regulated; for most people just starting out, a regulated broker of either type is a good choice.
How each model works in detail can be found on the What a Broker Means page
Account Type and Instruments
Before choosing a broker, clarify what you want to do. Trading leveraged instruments (CFDs on Forex, indices, commodities) is different from real investing in stocks and ETFs, where you actually own the asset.
For real investing, bank-type brokers offer an extra layer of safety. Our partners include Swissquote Bank. (Saxo Bank remains a partner, but no longer opens accounts for residents of Moldova.) For active trading, partners such as Tickmill, FxPro, or AvaTrade offer conditions specific to that purpose.
Do you want to own the asset (investing) or trade on price direction (trading)? The answer narrows down the list of suitable brokers before you even compare costs.
Deposits, Withdrawals, and Support
At a regulated broker, funding and withdrawals are automated: you can take your money out anytime, quickly, without having to give explanations.
This is also the stage where you might discover you made the wrong choice. If you notice that withdrawals are stalled or delayed, or you're asked for unexpected fees to take your money out, you've probably landed on a pseudo-broker. Don't let yourself be talked into it — check thoroughly and move to a real brokerage company.
The most commonly used transfer methods are bank cards and bank transfers. As a rule, regulated brokers don't charge fees for deposits or withdrawals — if a cost appears, it usually comes from your bank.
Support matters more than it seems. International brokers don't offer support in Romanian — you communicate with them in English. This is where the difference comes in: for accounts opened through Trading.md, you get technical and informational support in Romanian, directly from Chisinau.
Signs You've Landed on an Unsafe Broker
These signals appear often in schemes that use unregulated companies. If you encounter even one of them, stop and check everything before depositing money.
"Guaranteed" Profit Promises
No serious broker guarantees gains. Trading in the markets always carries the risk of losing money.
Signals or a "Manager" Trading for You
Authorities prohibit brokers from intervening in clients' trading decisions.
Cash or Crypto Deposits, Not via Bank
Regulated brokers don't accept cash. Non-transparent methods are a serious warning sign.
Blocked or Conditional Withdrawals
If you get called and told not to withdraw, or you're asked for a "profit tax" before withdrawing, your money is at risk.
Cold Contact You Didn't Ask For
Unexpected calls and messages about "opportunities" are a common tactic.
Offshore License or No License at All
The lack of tier-1 regulation drastically reduces your protection.
Compare Regulated Brokers
A comparison on the essential criteria. All are regulated partners of Trading.md.
| Broker | Regulation | Profile | Segregated Accounts | |
|---|---|---|---|---|
| Tickmill | FCA · CySEC | Trading | Yes | Open Account |
| FxPro | FCA · CySEC | Trading | Yes | Open Account |
| AvaTrade | CBI · ASIC | Trading | Yes | Open Account |
| Swissquote Bank | FINMA (bank) | Investments | Yes | Open Account |
International brokers don't offer support in Romanian. For accounts opened through Trading.md, you get support in Romanian from Chisinau.
Checklist Before Opening an Account
Frequently Asked Questions
Are there local brokers in the Republic of Moldova?
No. In Moldova, companies operate that collaborate with regulated international brokers. Your account is opened with the broker abroad, while the local company provides support and assistance.
How do I check if a broker is regulated?
Look for the license number displayed on the broker's website and check it directly in the regulatory authority's registry (FCA, ASIC, CySEC, etc.). If the license is missing or can't be found, avoid the company.
Does it cost anything to open or maintain the account?
No. At the regulated brokers we work with, opening and maintaining the account are free. You only pay when you trade — spread, commission, or swap. A fee may only apply if you leave the account inactive for a long period.
What minimum amount do I need to get started?
There's no universal figure. The amount depends on your goals, your trading style, and how much you're willing to risk. Requirements vary from broker to broker.
What's the difference between trading and real investing?
With real investing, you actually own the asset (stocks, ETFs). With CFD trading, you trade on price direction without owning the asset, usually with leverage and high risk.
Choose a Regulated Broker
See the list of regulated brokers we work with, or schedule a consultation for help opening the account that fits your profile.