Choosing a forex license used to be a question of price and speed. In 2026 it is also a question of whether the license will still be accepted by the platform provider, the payment processor and the client a year from now.
Several offshore jurisdictions have tightened their rules since 2023, and at least one popular option has lost access to MetaTrader. This guide sets out what each of the most common offshore routes actually gives a broker, what changed recently, and what a client can do when a dispute is not resolved.
A license, a registration or neither
Not every “offshore forex license” is a license. The six jurisdictions brokers most often ask about fall into three groups:
| Jurisdiction | Who issues it | What it is |
|---|---|---|
| Seychelles | Financial Services Authority (FSA) | Securities Dealer license under the Securities Act 2007 |
| Mauritius | Financial Services Commission (FSC) | Investment Dealer license under the Securities Act 2005 |
| Vanuatu | Vanuatu Financial Services Commission (VFSC) | Financial Dealers License |
| St Vincent and the Grenadines | Financial Services Authority (FSA) | Company registration only; the FSA does not license forex brokers |
| Saint Lucia | Registry of International Business Companies | Company registration; no forex license is issued |
| Comoros (Mwali, Anjouan) | MISA, AOFA (island-level bodies) | Disputed; the Central Bank of the Comoros says these bodies have no authority to license financial firms |
The first three are regulators that issue a license, impose capital and conduct rules, and can suspend a licensee. The last three are, at best, a place to incorporate a company.
Seychelles
The Seychelles FSA licenses forex and CFD brokers as Securities Dealers. The regime was updated by the Securities (Amendment) Act 2024, which came into force on 1 January 2025, together with amended regulations. Licensing consultancies report that the minimum capital for a Securities Dealer is now USD 100,000, up from USD 50,000; brokers should confirm the current figure and any transition rules directly with the FSA.
The FSA also confirmed in 2025 that CFDs on crypto-assets are treated as securities, so they fall under the dealer license. For clients, the FSA publishes Complaints Handling Guidelines (updated in October 2025) that apply to its non-bank licensees, including securities dealers. Seychelles does not have an investor compensation scheme for clients of securities dealers.
Mauritius
Mauritius has become the main “step up” from the Comoros for brokers and prop firms that want a regulator recognised by banks and platform providers. The FSC licenses brokers as Investment Dealers, most often in the Full Service Dealer category. Capital requirements depend on the category and scope, and quoted figures vary widely between advisers, so the FSC’s own schedule is the only reliable reference.
Mauritius also has an Office of the Ombudsperson for Financial Services, set up under the Ombudsperson for Financial Services Act 2018. The Act excludes activity conducted under a global business licence and services provided from outside Mauritius, so whether a broker’s foreign clients can use it depends on how the broker is licensed.
Vanuatu
The VFSC issues Financial Dealers Licenses. Since the 2018 and 2021 amendments to the Financial Dealers Licensing Act, licensees face four license classes, higher requirements and a physical presence rule: at least one fit-and-proper employee in Vanuatu, with an exception for small firms that appoint a licensed resident manager. FinanceFeeds reported at the time that the era of cheap and easy offshore FX brokerage in Vanuatu was over.
Vanuatu does not run an ombudsman or compensation scheme for clients of financial dealers.
St Vincent and the Grenadines
The SVG FSA registers business companies and limited liability companies but does not license forex brokers. In January 2023 it went further: companies conducting forex business must show a license from each jurisdiction where they operate, or a letter from that jurisdiction’s regulator confirming that no license is needed. Firms that cannot do so face cancellation. FinanceFeeds published the FSA’s notice to FX brokers in full.
An SVG company is therefore a holding or operating vehicle, not a regulatory status, and a client of an SVG-registered broker has no regulator to complain to in SVG.
Saint Lucia
Saint Lucia is popular for the same reason as SVG: fast, low-cost incorporation as an International Business Company. Under the International Business Companies Act, an IBC may not carry on business with Saint Lucia residents, and the Financial Services Regulatory Authority does not issue forex licenses. Brokers using a Saint Lucia company typically state on their websites that they are not licensed by the FSRA.
Comoros: Mwali and Anjouan
Licenses from the Mwali International Services Authority (MISA) and the Anjouan Offshore Finance Authority (AOFA) were the fastest-growing offshore option for brokers and prop firms in 2024-2025. Their position has weakened sharply:
- The Central Bank of the Comoros has stated that island-level bodies such as MISA have no legal standing to license financial institutions, and that it is the only authority with that mandate across the three islands.
- In February 2026 MetaQuotes stopped issuing new MetaTrader licenses to brokers regulated only in the Comoros, according to trade press reports.
- Several prop firms that launched on Comoros licenses have since applied for licenses in Mauritius or Dubai.
A Comoros license may still let a company open some accounts, but brokers should not expect banks, payment providers or platform vendors to treat it as regulation.
What a license does not give your clients
Even a real offshore license leaves a gap that clients notice. In most of these jurisdictions a retail client who cannot settle a dispute with the broker has three options: a complaint to a regulator that may not handle individual disputes, a court case abroad, or a public complaint on forums and review sites. None of them is quick, and the last one is the most expensive for the broker.
That is why many offshore-licensed brokers add an independent dispute resolution layer on top of their license. The Financial Commission, an independent external dispute resolution (EDR) body for the forex and CFD industry, is one example: it reviews complaints from clients of its member brokers free of charge for the client, publishes its resolution statistics, and covers clients up to EUR 20,000 through its compensation fund if a member does not comply with a decision. It explains how membership works alongside a forex broker license. Membership is not a license and does not replace one.
Checklist before choosing a jurisdiction
- Is it a license or a registration? Ask for the regulator’s name and the law the license is issued under, and check the public register.
- Will your platform and payment providers accept it? MetaQuotes’ 2026 decision on Comoros brokers shows this can change quickly.
- What substance is required? Local directors, resident staff, a physical office and audited accounts all add cost.
- What are the capital and reporting rules today? Confirm them with the regulator, not only with a licensing agent.
- Where can your clients take a dispute? If the answer is “nowhere”, plan an independent dispute resolution route from day one.
FAQ
Which offshore forex license is easiest to get in 2026?
Company registrations in SVG and Saint Lucia remain the fastest to set up, but they are not forex licenses. Among jurisdictions that issue an actual license, Seychelles and Vanuatu are the most common offshore choices, with Mauritius as the more established option.
Is a Comoros forex license valid?
The Central Bank of the Comoros says island-level authorities such as MISA and AOFA have no power to license financial firms, and MetaQuotes stopped issuing new MetaTrader licenses to Comoros-only brokers in February 2026. Brokers should treat these licenses with caution.
Does the SVG FSA license forex brokers?
No. The SVG FSA registers companies. Since 2023 it has required forex companies to hold a license in each jurisdiction where they operate.
What is the minimum capital for a Seychelles forex license?
Licensing consultancies report USD 100,000 for a Securities Dealer since the 2024 amendments took effect on 1 January 2025. Confirm the current requirement with the Seychelles FSA.
Can clients of an offshore broker get compensation if the broker does not pay?
Usually not through the jurisdiction itself: none of the six jurisdictions above runs an investor compensation scheme for these clients. Some brokers join an independent dispute resolution body that offers its own compensation cover.
Answered from FinanceFeeds reporting, with sources
