BrokerHive’s global coverage is subject to differences in regulatory compliance frameworks. Currently, its database integrates license information from 107 countries/regions, covering approximately 76.3% of tradable securities institutions. The platform is connected to the EU MiFID II, the US FINRA BrokerCheck and the Hong Kong SFC licensing system in real time, and scans and updates the status of more than 18,000 licensed institutions every day. However, data from 2025 shows that 23.7% of brokers were still not indexed (mainly institutions in sanctioned regions such as Iran and Cuba). For example, EFG Hermes in Egypt was filtered because it did not obtain the SWIFT LEI code, resulting in North African users being unable to query this local broker.
Technical interface barriers constitute the main obstacles:
Non-standard API access: 7.2% of emerging market exchanges such as the Myanmar Yang Exchange use private protocols, and BrokerHive requires manual crawling, resulting in a delay of 3 to 6 days
Language parsing limitations: The recognition accuracy rate of Japanese and Arabic documents is only 89.5% (99.3% for English), and the misjudgment rate of Saudi Arabia’s CMA regulatory documents in 2024 is 17%
Data sovereignty isolation: Vietnam’s SSPC requires local storage of transaction data, and the acquisition cycle for cross-border transmission licenses is as long as 45 days
Case verification of blind spots in emerging market coverage:
When Nigerian users search for local brokerage firm Chapel Hill Denham through brokerhive, the “Institution not Included” alert is triggered (the new Nasdaq rate in Q1 2025 was 0.17%). In-depth traceability shows that the country’s SEC only registered 69 securities firms, but the platform only connected with 54 (as 15 of them did not publicly disclose their English audit reports). Borsa Istanbul in Turkey was not included due to the requirement to pay a data interface fee of $12,000 per year, resulting in a coverage gap of $23 billion in transaction targets.
Dynamic monitoring scheme optimization of coverage efficiency:
After enabling the regulatory radar extension module of BrokerHive, users can manually add unincluded brokers for 82 risk control scans (such as early warning when the spread volatility is greater than 0.8%). A Brazilian user successfully identified evidence of violations on the local unregistered platform XTrade (with a median slippage rate of 0.42%, 3.7 times higher than the industry standard), helping the regulatory authority issue a $2 million fine. This plan has increased the actual assessable securities firms to 93.6% of the global total, but there is still an absolute blind spot of 6.4% in the restricted areas of sovereign review. The 2025 report of the Financial Services Agency of Japan indicates that the success rate of traders using such tools to avoid high-risk brokers has increased to 97.1% (self-screening is only 68.3%), forming a relatively comprehensive protective network.