Jurisdictions
Forex licence jurisdictions, grouped by level of regulation
Start from the level of regulation your business needs, then compare the jurisdictions within it. Every profile follows the same format and links to official sources.
Updated
Forex licence jurisdictions fall into four levels: tier-1 onshore regulators (Cyprus, UAE, South Africa), regulated offshore centres (Mauritius, Bahamas, Seychelles, BVI, Cayman, Vanuatu, Labuan, Belize), light offshore licences (Comoros – Mwali and Anjouan) and no-licence company routes (Saint Lucia, St Vincent, Marshall Islands).
Tier-1 / onshore
Onshore regulators such as CySEC, the DFSA or the FSCA. The strongest recognition and, in Cyprus, an EU passport. Months of work, real offices and teams.
Cyprus
Cyprus Securities and Exchange Commission (CySEC)
Cyprus Investment Firm (CIF)
View profileDubai & UAE
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
View profileSouth Africa
Financial Sector Conduct Authority (FSCA)
FSP Category I/II; ODP authorisation for principal CFD providers
View profileRegulated offshore
Established offshore regulators such as Mauritius, the Bahamas, Seychelles, BVI or Labuan. Good recognition with banks and LPs, moderate substance.
Mauritius
Financial Services Commission (FSC)
Investment Dealer (Full Service Dealer excluding Underwriting)
View profileThe Bahamas
Securities Commission of The Bahamas (SCB)
Securities firm registration (dealing) with CFD registration
View profileSeychelles
Financial Services Authority (FSA)
Securities Dealer Licence
View profileBritish Virgin Islands
Financial Services Commission (FSC), British Virgin Islands
Investment Business Licence, Category 1 (Dealing in Investments)
View profileCayman Islands
Cayman Islands Monetary Authority (CIMA)
Securities Investment Business Licence (broker-dealer / market maker)
View profileVanuatu
Vanuatu Financial Services Commission (VFSC)
Financial Dealers Licence (Principal), classes A–D
View profileLabuan (Malaysia)
Labuan Financial Services Authority (Labuan FSA)
Money Broking Licence
View profileBelize
Financial Services Commission (FSC), Belize
Trading in foreign exchange / derivative instruments; SIA 2021 registration
View profileOffshore licences
Light licences from the Comoros islands of Mwali and Anjouan. Very fast, minimal substance, limited and disputed recognition.
Comoros – Mwali
Mwali International Services Authority (MISA), island-level
International Brokerage and Clearing House licence
View profileComoros – Anjouan
Anjouan Offshore Finance Authority (AOFA), island-level
Marketed as a forex / brokerage licence
View profileNo FX licence
Companies without an FX licence, such as a Saint Lucia IBC. Fastest route to MT5, but not a regulated brokerage.
Saint Lucia
None for forex (FSRA states forex business is not licensed)
None; International Business Company only
View profileSt Vincent & the Grenadines
Financial Services Authority (FSA), SVG — does not license forex
None; a foreign licence must be filed since 2023
View profileMarshall Islands
None for forex; companies registered via the Registrar of Corporations
None
View profileNot sure which licence is right for you?
Tell us your business model and target markets. We will shortlist jurisdictions and send a fixed, itemised proposal.