Comparison
Forex licence comparison: 16 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 16 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) | Securities Dealer Licence | Moderate | Medium | No | Typically 3–6 months | ||
| 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 (broker-dealer / market maker) | Moderate | Very high | No | Typically 6–12 months | ||
| 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 | Trading in foreign exchange / derivative instruments; SIA 2021 registration | Moderate | Medium | No | Typically 3–6 months | ||
| Comoros – Mwali Offshore licence | Mwali International Services Authority (MISA), island-level | International Brokerage and Clearing House licence | None | Very low | No | About 2–3 weeks including the company | ||
| Comoros – Anjouan Offshore licence | Anjouan Offshore Finance Authority (AOFA), island-level | Marketed as a forex / brokerage licence | None | Very low | No | A few weeks | ||
| Saint Lucia No FX licence | None for forex (FSRA states forex business is not licensed) | None; International Business Company only | None | Very low | No | About 3–5 business days to incorporate; no licensing step | ||
| St Vincent & the Grenadines No FX licence | Financial Services Authority (FSA), SVG — does not license forex | None; a foreign licence must be filed since 2023 | None | Very low | No | Incorporation in days, conditional on a foreign licence for forex | ||
| Marshall Islands No FX licence | None for forex; companies registered via the Registrar of Corporations | None | None | Very low | No | Days |
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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