Forex Broker Licences Ranked by Tier
We group licences into three tiers by what they do for you. Tier 1 (UK FCA, EU regulators such as CySEC, Australia's ASIC) brings strict supervision, leverage caps and, in the UK and EU, a compensation scheme. Tier 2 (e.g. South Africa's FSCA, Mauritius FSC) is a real licence with lighter oversight. Tier 3 offshore licences (Seychelles FSA, Belize FSC, Vanuatu FSC and similar) allow high leverage but offer the least protection and usually no compensation.
How we tier licences
We look at what a licence actually means for a client: compensation if the firm fails, rules on client money, leverage and marketing limits, and how actively the regulator supervises. The tiers below are our editorial grouping, not an official ranking.
| Tier | Examples | Compensation scheme | Retail leverage | What it means for you |
|---|---|---|---|---|
| 1 | FCA (UK), CySEC and other EU regulators, ASIC (Australia) | UK and EU: yes | Capped (EU: 30:1 on major FX) | Strongest protection, fewer perks |
| 2 | FSCA (South Africa), FSC (Mauritius) | Not that we found | Generally higher | Real oversight, lighter rules |
| 3 | FSA (Seychelles), FSC (Belize), VFSC (Vanuatu), FSC (BVI), CBCS (Curaçao) | Not that we found | High, often 1000:1+ | Licensed and registered; least protection |
The EU leverage cap is from ESMA’s measures. Compensation limits are from the FSCS and CySEC’s Investor Compensation Fund. Mauritius and Seychelles sit close together in practice; our individual guides explain each: Seychelles FSA, Mauritius FSC, Vanuatu VFSC, CySEC.
Group licences vs your licence
Most big brands are groups. The licences on the homepage often belong to sister companies serving other regions:
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XS.com lists ASIC, CySEC, FSA, FSCA, LFSA and FSC licences across the group.
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HFM lists CySEC 183/12, FCA 801701, FSCA 46632, FSA SD015 and CMA 155 across its group.
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XM serves international clients through XM Global Limited (FSC Belize, 8557558), while separate Seychelles- and Mauritius-licensed companies serve Japan.
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IronFX has CySEC- and FCA-regulated companies for the EU and UK, while its international clients deal with a BVI company, Notesco (BVI) Ltd, outside both: is IronFX safe?
Your protection comes from the one company named in your client agreement. Find it before you deposit.
Licences of the brokers we cover
| Broker | Licence | Visit broker | |
|---|---|---|---|
 XMFeatured | 4.9/5Editorial rating | FSC Belize | Visit |
 Titan FX | 3.7/5 | Vanuatu FSC | Visit |
 FXGT | 4.1/5 | FSA Seychelles SD019 | Visit |
 XS.com | 4.1/5 | FSA Seychelles SD089 | Visit |
 HFM | 4.1/5 | CySEC 183/12, FCA 801701, FSCA 46632, FSA SD015, CMA 155 | Visit |
 Vantage | 4.3/5 | FSCA South Africa 51268 | Visit |
 Exness | 4.2/5 | FSA Seychelles SD025, CBCS Curaçao, FSC BVI, FSC Belize, F… | Visit |
Our safest offshore brokers page ranks them by the licence that actually serves international clients.
What any licence doesn’t do
No licence protects you from trading losses, and compensation schemes exclude them. A licence also doesn’t guarantee smooth withdrawals; it gives you a regulator to complain to. Combine the licence check with the rest of our 7 scam checks and read segregated funds and compensation.
Safest Offshore Forex Brokers 2026
| Broker | Licence | Visit broker | |||
|---|---|---|---|---|---|
| XMFeatured | 4.9/5Editorial rating | FSC Belize | ✓ | 1,000:1 | Visit |
| Vantage | 4.3/5 | FSCA South Africa 51268 | ✓ | Unlimited | Visit |
| Exness | 4.2/5 | FSA Seychelles SD025, CBCS Curaçao, FSC BVI, FSC Belize, F… | ✓ | 2,000:1 | Visit |
| HFM | 4.1/5 | CySEC 183/12, FCA 801701, FSCA 46632, FSA SD015, CMA 155 | ✓ | 2,000:1 | Visit |
| XS.com | 4.1/5 | FSA Seychelles SD089 | ✓ | 2,000:1 | Visit |
| FXGT | 4.1/5 | FSA Seychelles SD019 | ✓ | 5,000:1 | Visit |
| Titan FX | 3.7/5 | Vanuatu FSC | ✓ | 2,000:1 | Visit |
 easyMarkets | 3.7/5 | EF Worldwide Ltd, FSA Seychelles securities dealer | ✓ | 2,000:1 | Visit |
 Axi | 3.5/5 | AxiTrader LLC, registered in St Vincent and the Grenadines | ✗ | 1,000:1 | Visit |
 EBC Financial | 3.5/5 | EBC Financial Group | ✓ | 500:1 | Visit |
 AXIORY | 3.4/5 | FSC Belize 4496214 | ✓ | 2,000:1 | Visit |
 BigBoss | 3.2/5 | Comoros | ✓ | 2,222:1 | Visit |
Related
- How to Spot a Scam Forex Broker: 7 Checks
- Japan FSA Warnings: What They Mean for Offshore Brokers
- Segregated Funds and Investor Compensation Explained
- What Happens to Your Money if a Broker Goes Bust
- Seychelles FSA Licence: How Strong Is It?
- Mauritius FSC Licence Explained
- Vanuatu VFSC Licence Explained
- CySEC Regulation: What It Covers
- Forex Glossary
Frequently asked questions
Which forex licence is the best?
For protecting your deposit, a UK or EU licence with a compensation scheme. The UK's FSCS covers up to £85,000 and Cyprus's fund up to €20,000 if a firm fails.
Is an offshore licence worthless?
No. It means the company is registered, licensed and can be found on a public register. It just gives far less protection than a top-tier licence.
My broker lists six licences. Am I covered by all of them?
No. Each licence belongs to a separate company in the group. You're covered only by the licence of the company named in your client agreement.
Where do I check a licence?
On the regulator's own website. Our scam-check guide lists the registers we use.