Comparison
Forex licence comparison: 19 jurisdictions side by side
A qualitative comparison of speed, reputation, substance and cost of ownership. Click any jurisdiction for the full profile.
Updated
In short
This table compares 19 forex licence jurisdictions on regulator, licence, qualitative speed, reputation, substance and cost of ownership, EU passporting and typical timeline. Tier-1 regulators score highest on reputation and lowest on speed; offshore and no-licence routes are the reverse.
| Jurisdictions | Regulator | Licence | Speed | Reputation | Substance | Cost of ownership | EU passport | Typical timeline |
|---|---|---|---|---|---|---|---|---|
| Cyprus Tier-1 onshore | Cyprus Securities and Exchange Commission (CySEC) | Cyprus Investment Firm (CIF) | Heavy | Very high | Yes | Typically 6–12 months | ||
| Dubai & UAE Tier-1 onshore | DFSA (DIFC), Capital Market Authority (federal, formerly SCA), FSRA (ADGM) | DFSA Category 3A (or 2); CMA dealing licence or Category 5 introducer; FSRA Category 3A | Heavy | Very high | No | About 3–14 months depending on the regulator and category | ||
| South Africa Tier-1 onshore | Financial Sector Conduct Authority (FSCA) | FSP Category I/II; ODP authorisation for principal CFD providers | Heavy | Medium | No | FSP typically 4–9 months; ODP typically 9–18 months or more | ||
| Mauritius Regulated offshore | Financial Services Commission (FSC) | Investment Dealer (Full Service Dealer excluding Underwriting) | Moderate | Medium | No | Typically 4–8 months | ||
| The Bahamas Regulated offshore | Securities Commission of The Bahamas (SCB) | Securities firm registration (dealing) with CFD registration | Heavy | Very high | No | Typically 4–9 months | ||
| Seychelles Regulated offshore | Financial Services Authority (FSA) Seychelles | Securities Dealer Licence (plus Securities Dealer’s Representative licences) | Moderate | Medium | No | FSA service standard: 30 working days from a complete application; typically 3–6 months end to end including set-up | ||
| British Virgin Islands Regulated offshore | Financial Services Commission (FSC), British Virgin Islands | Investment Business Licence, Category 1 (Dealing in Investments) | Moderate | Very high | No | Typically 4–8 months | ||
| Cayman Islands Regulated offshore | Cayman Islands Monetary Authority (CIMA) | Securities Investment Business licence (SIBL), broker-dealer category; full or restricted | Moderate | Very high | No | Typically 6–12 months for a licence; registered persons are processed in days | ||
| Vanuatu Regulated offshore | Vanuatu Financial Services Commission (VFSC) | Financial Dealers Licence (Principal), classes A–D | Moderate | Medium | No | Typically 3–6 months | ||
| Labuan (Malaysia) Regulated offshore | Labuan Financial Services Authority (Labuan FSA) | Money Broking Licence | Moderate | Medium | No | Typically 4–8 months | ||
| Belize Regulated offshore | Financial Services Commission (FSC), Belize | Securities Industry Act registration: trading in securities as principal (market maker) or as agent | Moderate | Medium | No | Typically 3–6 months; no published service standard | ||
| Comoros – Mwali Offshore licence | Mwali International Services Authority (MISA), island level; not recognised by the Central Bank of the Comoros | Brokerage licence for a Mwali IBC (listed by MISA under “Brokerage Companies”) | None | Very low | No | About 2–3 weeks including the company | ||
| Comoros – Anjouan Offshore licence | Anjouan Offshore Finance Authority (AOFA), island level; not recognised by the Central Bank of the Comoros | “Brokerage License” marketed for forex, CFDs and securities | None | Very low | No | A few weeks | ||
| Saint Lucia No FX licence | None for forex. FSRA states forex business is not licensed; IBCs are registered by the Registry of International Business Companies | None. International Business Company (registration only) | None | Very low | No | Indicatively 3–5 business days to incorporate after due diligence; no licensing step | ||
| St Vincent & the Grenadines No FX licence | Financial Services Authority (FSA), SVG: registers companies, does not license forex | None. A foreign licence or approval must be filed since 6 January 2023 | None | Very low | No | Registration within 24 hours of a complete file; the foreign licence is the long step | ||
| Marshall Islands No FX licence | None for forex; companies registered via the Registrar of Corporations | None | None | Very low | No | Days | ||
| Dominica No FX licence | Financial Services Unit (FSU) for financial entities other than commercial banks and securities business; ECSRC for securities | None for forex/CFD brokerage. Securities dealing: ECSRC broker-dealer licence | None | Very low | No | Not applicable: no forex licence exists | ||
| Antigua and Barbuda No FX licence | Financial Services Regulatory Commission (FSRC): does not regulate CFD trading; ECSRC for securities | None for forex/CFD brokerage. International Business Corporation registration only | Light | Very low | No | Not applicable: no forex licence exists | ||
| Cape Verde (Cabo Verde) No FX licence | Banco de Cabo Verde (BCV) and the securities regulator AGMVM (Auditoria Geral do Mercado de Valores Mobiliários) | None offshore. Financial intermediaries need authorisation plus prior AGMVM registration | Heavy | Very high | No | Not applicable for an offshore licence; full authorisation is a lengthy onshore process |
Ratings are our qualitative judgement for comparison only (5 = strongest/fastest). They are not legal advice and do not include amounts; confirm current requirements with the regulator.
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