A financial license is a permit or registration granted by financial authorities in each country to FX brokers and other businesses.However, you cannot judge the reliability of a broker simply by looking at whether or not they have a license. You should look at three things:① which legal entity you are contracting with, ② which authority that legal entity is registered with, and ③ how substantial the regulations of that authority are.
This article provides a table ranking 12 major financial licenses actually used in overseas forex trading targeting Japanese investors, based on four criteria: minimum capital, investor protection, conduct regulations, and transparency . It also includes instructions on how to verify license numbers yourself using each authority's official register (with screenshots of our own verification process) and a list of licenses held by 23 major companies that are "corporations contracted by Japanese individuals."
Conclusion | Financial Licenses for Overseas Forex Trading (as of September 2026)
- Trustworthiness is not judged by whether it is "said to be difficult to obtain," but rather by four verifiable criteria: minimum capital (FCA £750,000 / CySEC €750,000 vs Seychelles $100,000), investor compensation (FCA £85,000 / CySEC €20,000; almost none for others), behavioral restrictions (leverage caps, forced liquidation, no bonuses), and transparency (official register, signing of IOSCO multilateral memorandum).
- Rating conclusions: High = FCA, CySEC, ASIC (plus Japan as a benchmark) / Medium = DFSA, FSCA, Mauritius FSC, Belize FSC, CIMA, Bahamas SCB / Low = Seychelles FSA, Vanuatu VFSC /SVG (Saint Vincent) does not issue FX licenses in the first place(official statement from the authorities)
- The majority of overseas forex accounts opened by Japanese individuals are contracts with "low-tier" companies in countries such as Seychelles and Vanuatu(13 out of 23 companies in the table of 23 companies in this article). The FCA and CySEC licenses held by the group companies do not apply to the individual accounts (this is the structure of overseas forex).
- You can verify the authenticity of your license yourself using the official registers of the authorities: Major authorities such as FCA, CySEC, ASIC, Seychelles FSA, and Vanuatu VFSC can be searched by company name or license number (instructions and screenshots are included in the main text).
- Many overseas forex brokers are not registered with Japan's Financial Services Agency (FSA), and many are listed on the FSA's unregistered warning list . The meaning of this listing and the legal implications for users are explained in " Is Overseas Forex Trading Illegal?".
*This article was created by the MoneyCharger editorial team in accordance with their content creation policy . The regulations, capital requirements, and compensation systems of each authority are based on the official websites of the authorities and the original legal texts (FCA Handbook, EU Directives, ASIC Intervention Order, Seychelles Securities Law Guidelines, Vanuatu FDL Law, Mauritius Securities Licensing Regulations, etc.), the signing status of the IOSCO Multilateral Memorandum of Understanding (MMoU) is based on the official IOSCO list of signatory authorities , the registration requirements in Japan are based on the e-Gov Law Search (Financial Instruments and Exchange Act and its Enforcement Order), and the warnings about unregistered brokers are based on the Financial Services Agency's " Regarding the Names of Persons Conducting Financial Instruments Business Without Registration, " all of which were checked on September 2-3, 2026. Overseas FX brokers are not registered with the Japanese Financial Services Agency, and the Financial Services Agency and the Consumer Affairs Agency have issued warnings against trading with unregistered brokers. This article provides general information and does not endorse the use of any specific broker.
If you are new to overseas forex trading,our complete guide for overseas forex trading beginners.
What is a financial license for overseas forex trading? | It depends on "which company is registered with which authority"
A financial license is a permit or registration granted by a national financial authority, acknowledging that "this entity is permitted to conduct financial business in accordance with the regulations of this country."Obtaining and maintaining a license involves requirements regarding capital, organizational structure, reporting, etc., making it an important indicator of a financial institution's reliability. However, the strictness of the requirements varies greatly from one authority to another, so it's necessary to look not just at whether a license exists, but also at "which authority issued the license."
Financial licensing requirements vary significantly from one authority to another | A look at Japan's registration requirements as a benchmark
As a point of comparison, please look at the registration requirements for a "Type 1 Financial Instruments Business Operator" required to provide FX services to individual customers in Japan.These are verifiable figures that can be checked down to the relevant articles using the e-Gov legal search.
Main registration requirements for Type 1 Financial Instruments Business Operators in Japan
- Capital stock of approximately $312,500 or more (Article 15-7, Paragraph 1, Item 3 of the Cabinet Order on Financial Instruments and Exchange Act)
- Maintaining a capital adequacy ratio of 120% or higher (Financial Instruments and Exchange Act, Article 46-6, Paragraph 2)
- Being a corporation; having a board of directors structure; having domestic offices
- Trust protection of customer funds (obligation to manage funds separately), monthly filing of capital adequacy ratios, and quarterly public disclosure
On the other hand, the minimum paid-up capital for a securities dealer license from the Seychelles FSA, where many overseas forex brokers are registered,US$100,000 (approximately $93,750), while the Vanuatu VFSCrequires a deposit of 5 million vatu (approximately $37,500). Even though the term "financial license" is used, the required financial foundations differ by orders of magnitude.It is dangerous to assume that a company is safe simply because it has obtained a license without knowing this difference.
Reasons why overseas forex brokers do not register with Japan's Financial Services Agency
The reason overseas forex brokers don't register in Japan is that if they did, Japanese regulations would apply directly to them, preventing them from offering core services like high leverage, zero-cut protection, and bonuses. It'snot that they're "too suspicious to register," but rather it's a matter of systemic considerations.
| Restrictions when registering in Japan | Content |
|---|---|
| Leverage regulations | For individual investors, leverage is limited to a maximum of 25x (unlike overseas forex trading which offers leverage of 1,000x to unlimited) |
| Zero cut service unavailable | It is deemed that this would violate the prohibition against compensating for losses (Article 39 of the Financial Instruments and Exchange Act), and therefore, the company cannot provide a system (zero cut) in which the company covers losses exceeding the account balance |
| Bonus regulations | Account opening bonuses and deposit bonuses are subject to advertising and prize regulations |
| Registration and maintenance costs | Capital approx. $312,500, capital regulation ratio 120%, system development, regular reporting |
Therefore, overseas forex brokers operate under licenses from countries and regions with lax regulations, and provide services to Japanese residents without registering in Japan.This business model constitutes a violation of the Financial Instruments and Exchange Act by the brokers, and the Financial Services Agency (FSA) has placed such brokers on its warning list as unregistered brokers(there are no provisions to punish users). For more detailssee "Is Overseas Forex Illegal? Why Users Are Not Punished and How to Interpret the FSA's Warning List."
Distinguish between "group licenses" and "licenses for the corporation you are contracting with."
This is where the most common misunderstandings arise regarding overseas forex licensing.Many brokers are part of a group of multiple corporations and are advertised as having "FCA, CySEC, and ASIC licenses." However, under FCA and CySEC regulations, leverage is limited to a maximum of 30 times and bonuses are prohibited, soaccounts for Japanese residents are generally handled by corporations in countries with less stringent regulations, such as Seychelles or Vanuatu.
For example, XMTrading accounts for residents of Japan are under the jurisdiction of Tradexfin Limited (Seychelles FSA SD010) and Fintrade Limited (Mauritius FSC),Exnessaccounts for residents of JapanExness the group has an FCA-registered entity (Exness Even ifthe FCA's compensation scheme (FSCS) and conduct regulations do not apply to your account.
Businesses that do not have any financial licenses (and therefore cannot be found in any regulatory register) should not be used, as their financial foundation and supervisory authority cannot be verified.The rating system in this article is based on three categories: "no license," "loose license," and "strict license."
Our comprehensive evaluation of each broker, taking into account regulations, fund protection, and years of operation, is explained in our Overseas Forex Safety Ranking | We score and compare 23 companies based on regulations, compensation, and operating history
List of Financial License Trust Ratings | Determined by 4 Criteria: Minimum Capital, Compensation, Conduct, and Transparency
The explanation that "it's reliable because it's difficult to obtain" lacks evidence. This article rates each license based on four criteria that can be verified using official documents from the authorities and the original text of the law.All criteria and sources are made public, so anyone can verify them using the same procedure.
| standard | Things to see (source) |
|---|---|
| ①Minimum capital | The amount of capital and deposits required of brokers. This indicates the lower limit of their resilience to bankruptcy.Sources: FCA Handbook MIFIDPRU 4.4 / EU Directive 2019/2034 Article 9 / Seychelles FSA Application Guidelines / Vanuatu FDL Law Article 5 / Mauritius Securities Licensing Regulations 2007, etc. |
| ②Investor compensation | When a broker goes bankrupt, is there compensation paid to customers as part of the system, and what is the limit?Source: Official pages of FSCS (UK) and ICF (Cyprus). Australia explicitly states that CSLR does not cover FX and derivatives transactions. |
| ③ Restrictions on movement | Are customer protection rules, such as leverage limits for individual investors, mandatory closing at 50% margin, negative balance protection, and bonus bans, codified into law?Source: FCA PS19/18, ESMA intervention measures, ASIC intervention order 2020/986 (effective until May 23, 2027) |
| ④Transparency | Can the registration be verified in the official register, and is the entity a signatory to the IOSCO (International Organization of Securities Commissions) Multilateral Memorandum of Understanding (MMoU)?Source: List of each authority's register and IOSCO signatory authorities (verified September 2, 2026) |
| Authorities (Country/Region) | rating | ① Minimum capital and deposit | ②Investor compensation | ③ Restrictions on activities (for individuals) | ④ Transparency (Register/IOSCO) |
|---|---|---|---|---|---|
| FCA (UK) | high | £750,000 (proprietary trading. MIFIDPRU 4.4) | FSCS: Up to £85,000 per person per company | Leverage 30:1 to 2:1, 50% forced close, negative balance protection, bonus ban (permanently implemented in PS19/18) | Financial Services Register (searchable by number) / IOSCO signature (2003) |
| CySEC (Cyprus) | high | €750,000 (proprietary trading; EU Directive 2019/2034 Article 9) | ICF: Maximum €20,000 (the lower of €20,000 or 90% of the eligible debt) | ESMA measures stemming from: leverage 30:1 to 2:1, mandatory 50% close, NBP, and bonus ban | CIF Register (Number, Approval Date, Trade Name) / IOSCO Signature (2009) |
| ASIC (Australia) | high | I have not yet reviewed the publicly available documents | No statutory compensation (CSLR explicitly excludes FX and derivatives transactions) | Intervention Order 2020/986: Leverage 30:1 to 2:1, 50% mandatory close, NBP, and bonus ban (effective until May 23, 2027) | Professional Registers (AFSL number search) / IOSCO signature (2002) |
| Japan Financial Services Agency (Reference Standards) | high | Capital approx. $312,500 + Capital regulation ratio 120% maintained | Trust protection is mandatory (customer funds are fully protected by a trust bank, etc.) | 25x leverage, mandatory stop-loss orders, and bonus restrictions | List of registered businesses published / List of warnings for unregistered businesses also published |
| DFSA (Dubai DIFC) | Medium | Unconfirmed this time | No mention of statutory compensation | The legal limit on leverage for individual users has not been confirmed | Public Register (company name search and actual display confirmed) / IOSCO signature (2006) |
| FSCA (South Africa) | Medium | Unconfirmed this time | No mention of statutory compensation (FAIS Ombudsman = complaint handling available) | Multiple sources (unconfirmed) indicate that there is no legal limit on leverage for individual investors | FSP search (FSP number) / IOSCO signature (2003) |
| FSC (Mauritius) | Medium | Investment Dealer (Full Service, excluding underwriting): MUR 1 million = approximately US$20,000 (Securities Licensing Regulations 2007) | No mention of statutory compensation | The legal limit on leverage for individual users has not been confirmed | Searchable on the Online Public Register (OPR) / IOSCO signature (2012) |
| FSC (Belize - formerly IFSC) | Medium | There is no current information on the official website (annual license fee is US$25,000) | No mention of statutory compensation | The legal limit on leverage for individual users has not been confirmed | Public search (licensys) available /IOSCO signature (December 22, 2025 = most recent signature) |
| CIMA (Cayman) | Medium | Unconfirmed this time | No mention of statutory compensation | The legal limit on leverage for individual users has not been confirmed | Entity search available / IOSCO signature (2009) |
| SCB (Bahamas) | Medium | Unconfirmed this time | No mention of statutory compensation | The legal limit on leverage for individual users has not been confirmed | Registered user list published (search function under development) / IOSCO signature (2012) |
| FSA (Seychelles) | low | Minimum paid-up capital US$100,000 (Securities Dealer Application Guidelines. Annual license fee US$2,500) | No mention of statutory compensation | No leverage limit for individual investors (no laws or regulations regulating this are mentioned) | List of licensed operators (SD numbers) published /IOSCO not signed |
| VFSC (Vanuatu) | low | Deposit of VT5 million (Article 5 of the FDL Act) + appointment of a residential manager | No mention of statutory compensation (liability insurance is required) | No leverage limit for individual investors (no laws or regulations regulating this are mentioned) | Licensee List (Classes and Status) Published /Not Signed by IOSCO |
| SVG FSA (Saint Vincent) | Not applicable | In the first place, they do not issue FX licenses (official statement by the authorities in February 2022). The only thing that can be obtained is corporate registration, and from January 2023, registered corporations conducting FX business will be required to submit "certified copies of licenses from other jurisdictions." | Search for registered name only (i.e., not license verification) / IOSCO unsigned | ||
The dividing line between ratings is clear.The three "high" authorities plus Japan have (1) exceptionally high capital requirements (tens of millions of yen to over approximately $625,000) and (2) compensation or (3) legally mandated customer protection rules (leverage caps, mandatory closing, negative balance protection). The two "low" authorities have capital requirements of around $62,500 and have neither compensation nor restrictions on individual conduct.The "medium" category is somewhere in between; while they are part of IOSCO's information exchange network, they have few systemsin place to directly protect customers.
The ratings compare the overall strength of the systems and do not guarantee the safety of individual brokers. For individual broker evaluations, please see the overseas FX safety ranking
Characteristics and reliability of 12 major financial licenses
From here, we will individually explain the licenses that actually appear in overseas forex trading aimed at Japanese investors.While the "high" licenses of FCA, CySEC, and ASIC are often not applicable to Japanese accounts, they can be used to gauge the financial strength and integrity of the broker. The "low" licenses of Seychelles and Vanuatu are the jurisdictions to which the majority of Japanese accounts actually belong.
United Kingdom (FCA) | Trustworthiness: High. £85,000 compensation and strict behavioral restrictions, however, these do not apply to Japanese accounts
The FCA (Financial Conduct Authority) maintains the highest standards in all four criteria.The permanent minimum capital requirement for proprietary trading firms is £750,000 (approximately $875,000), and in the event of bankruptcy, the FSCS (Financial Services Compensation Scheme) will compensate up to £85,000 per person per company. For retail CFDs, leverage of 30:1 to 2:1, mandatory closing at 50% margin, negative balance protection, and a ban on bonus offers have been permanently implemented since 2019 (PS19/18).
The authenticity of a registration can be verified by anyone at the Financial Services Register (register.fca.org.uk) by entering the company name or FRN (Reference Number). The FCA itself recommends "verifying whether it is a cloner (a fake site impersonating a legitimate company)." There isonly one point to note: this strong protection applies only to "customers who contract with an FCA-registered company,"and accounts of Japanese residents are usually not covered by this jurisdiction.
Cyprus (CySEC) | Reliability: High. EU Common Regulations + ICF compensation €20,000
CySEC (Cyprus Securities and Exchange Commission) is an EU member state authority, and its regulations are based on common EU rules.The minimum capital requirement for proprietary trading is €750,000 (EU Directive 2019/2034, Article 9), and the Investor Compensation Fund (ICF) compensates the lower of "90% of the insured debt" or "€20,000". For individual investors, the ESMA (European Securities and Markets Authority) rules apply, including a 30:1 leverage limit, mandatory closing, negative balance protection, and bonus prohibition.
Due to the strictness of these regulations,CySEC-certified companies cannot offer high leverage or bonuses, andit is standard practice in the industry for accounts for Japanese customers to be handled by separate companies outside of CySEC's jurisdiction. Even if a broker is advertised as "CySEC-certified," please check your CIF register (cysec.gov.cy) and the contract you signed when opening your account to confirm whether your account is with a CySEC-certified company.
Australia (ASIC) | Trustworthiness: High. Restrictions are at their highest level, but there is no statutory compensation
The Australian Securities and Investments Commission (ASIC) has imposed an intervention order (2020/986) on retail CFDs, prohibiting leverage from 30:1 to 2:1, mandatory 50% margin closing, negative balance protection, and bonus offers, placing its conduct restrictions at the same level as the FCA and CySEC(the current order is valid until May 23, 2027). Holding an AFS license can be checked on the Professional Registers (service.asic.gov.au/search).
On the other hand, compensation is often overlooked. Australia's last line of defense, the Compensation System for Lenders (CSLR), limits the types of transactions covered,explicitly excluding "foreign exchange and derivatives trading." In other words, even under ASIC regulations, there is no legal system to compensate FX deposits in the event of a broker's bankruptcy.The explanation that "ASIC = peace of mind with compensation" is inaccurate; the value of ASIC lies in its behavioral regulations and the transparency of its registers.
Seychelles FSA (also known as the Seychelles Financial Services Authority) | Trustworthiness: Low. Has the largest jurisdiction over Japanese accounts. Capital requirement: US$100,000. No compensation
The Seychelles FSA Securities Dealer License (SD number) is the most common jurisdiction for overseas FX accounts used by Japanese traders. CompaniesXMTrading (Tradexfin),Exness (SC),IC Markets(Raw Trading),XS, andFXGT(GT Global), belong to this jurisdiction.
The minimum paid-up capital, as confirmed by the authorities' application guidelines, isUS$100,000(annual license fee US$2,500). While there are obligations to employ a representative license holder and provide insurance,there is no investor compensation scheme, no legislation restricting personal leverage, and the company has not signed the IOSCO multilateral information exchange memorandum.The ability to offer "unlimited leverage" and "high bonuses" is a reflection of this lax regulation. Note that the "minimum capital of US$50,000" often found in older explanatory articles does not match the current guidelines (confirmed by our editorial team in the original text).
A list of licensed operators is available on the Capital Markets page of the official website (fsaseychelles.sc). The list includes only the company name and trade name; the SD number is not included, so verification should be done using the company name
Vanuatu (VFSC) | Reliability: Low. Deposit of 5 million VT is required for a Class A-D dealer license
The Vanuatu VFSC's Financial Dealers License (FDL)ThreeTrader, andVantage(Vantage has jurisdiction over companies such asThe financial requirements verifiable by law (Article 5 of the FDL Act) are a deposit of VT5 million (several million yen), and the appointment of a resident manager in Vanuatu and the acquisition of liability insurance are also required. Licenses are divided into classes A (including foreign exchange) to D (digital assets), with FX brokers holding a Class A license.
While the system has been improved since 2019, making it easier than the days when "even shell companies could obtain licenses," thereis still no investor compensation, no restrictions on individual users' actions, andits status as an IOSCO-unsigned license is the same as in Seychelles. You can check the company name, class, and status (Active) on the Licensee List (vfsc.vu).
Mauritius (FSC) | Trustworthiness: Medium. Investment Dealer license, minimum capital MUR 1 million
The Mauritius FSC is the authority to which XMTrading's Fintrade Limited andINFINOX Limited are registered.Overseas forex brokers primarily hold Investment Dealer (Full Service Dealer, excluding underwriting) licenses, with a minimum capital of MUR 1,000,000 (approximately US$20,000, according to Securities Licensing Regulations 2007). While they signed an IOSCO affiliation in 2012 and their licenses can be verified through the Online Public Register (OPR), theydo not offer investor compensation, and their capital requirements are about 1/40th of those of the FCA and CySEC.
Belize (FSC, formerly IFSC) | Trust level: Medium. An emerging reform group that signed IOSCO in December 2025
The Belize FSC (formerly IFSC) isAXIORY(Axiory Global Ltd).The annual license fee for the "Trading in Commodity-based and Other Financial Instruments" category is US$25,000. While it was once considered a prime example of a "lax offshore" financial center,it signed a multilateral information exchange memorandum with IOSCO on December 22, 2025, and is beginning to lag behind Seychelles and Vanuatu in terms of transparency(there are almost no Japanese explanations mentioning this signing at the time of writing this article). Licenses can be verified through a public search (licensys.belizefsc.org.bz). Note that the "minimum capital of US$500,000" that was circulated during the former IFSC era cannot be confirmed in current official documents, so it is not included in this article.
Other authorities (DFSA, FSCA, CIMA, Bahamas SCB, etc.) | Reliability: Medium
All of these organizations are signed by IOSCO and have official registrations, but they do not offer legal compensation to FX customers, and the legal limits on personal leverage cannot be confirmed.In terms of connections with Japanese brokers, DFSA (Dubai DIFC) is registered with the Middle Eastern subsidiaries of the XM Group andHFMGroup, FSCA (South Africa) isHFM,FXGTandExness, CIMA (Cayman Islands) is registered with EBC, and SCB (Bahamas)Titan FXis registered with the
| authorities | Positioning (as of September 2026) |
|---|---|
| DFSA (Dubai DIFC) | Signed by IOSCO (2006). Company names can be searched in the Public Register. Authorities in financial special zones in the Middle East |
| FSCA (South Africa) | Signed by IOSCO (2003). Searchable by FSP number. There is a complaints handling system (FAIS Ombudsman), but it is not a compensation fund |
| CIMA (Cayman) | IOSCO signature (2009). Entity search available |
| SCB (Bahamas) | IOSCO signature (2012). List of registered users published (search function under development) |
| FINMA (Switzerland), MFSA (Malta), FMA (New Zealand), BVI FSC | Since it does not practically appear among the contracting companies of major overseas FX brokers targeting Japanese customers, it is excluded from the rating in this article (FINMA is based on strict regulations at the banking level, MFSA is based on EU common regulations, and BVI is mainly based on offshore registration) |
Saint Vincent and the Grenadines (SVG) | No license exists. Be wary of companies claiming to offer "SVG acquisition."
SVG's issues go beyond mere credit rating; the authority (SVG FSA) itself has officially stated (dated February 3, 2022) that "FX trading and brokerage operations are not subject to licensing in Saint Vincent and the Grenadines."All that SVG can obtain is the registration of a business company (BC/LLC), not a financial license.
Furthermore, since January 2023, registered corporations conducting FX business have been required to submit a certified copy of the license issued by the regulatory authority of the jurisdiction in which they actually operate, as a condition of registration.In other words, under the SVG system, companies that are only registered with SVG and cannot show any licenses from other jurisdictions (or equivalent confirmation documents from other authorities) are not generally expected to exist.If you see a company or website that states "acquired an SVG financial license," you should be wary at that point.HFM(HF Markets (SV) Ltd) andAxi(AxiTrader LLC) that are SVG corporations and provide services to Japanese people, but this is not a case of "having an SVG license," but rather a structure of "an SVG registered corporation + licenses in other countries of the group."
This article discusses the legal treatment of unregistered overseas forex trading, including whether it's illegal , and compares the mechanisms for protecting funds in the event of a broker's bankruptcy, specifically focusing on trust protection and segregated accounts in overseas forex trading
You can verify the authenticity of the license yourself | Search procedure for the authority register
The phrase "〇〇 License Acquired" can be verified by anyone in the official register of the authorities.This is the most reliable way to spot fake license numbers and clone sites impersonating legitimate businesses. The procedure consists of three steps and is the same for all authorities.
3 steps of verification
- ① Note down the company name and license number from the bottom of the vendor's official website (footer) or in the terms of service (e.g., "Exness (SC) Ltd, regulated by FSA Seychelles, SD025").
- ② Search for the company name or number in the official register of that authority (see the list below).
- ③the company name, number, and status (Active/Authorized) match(for authorities like the Seychelles FSA, where the list only includes company names, verify the company name against the trade name). If they don't match, the number doesn't exist, or the company name spelling is slightly different, suspect fraud or that it's a cloning company.
This is an example that our editorial team actually verified.When we searched for reference number "730729" in the FCA register,Exness, a UK subsidiary of theExness one result was found:
The Seychelles FSA's list of licensed dealers is not available through a search bar, but rather under the "Securities Dealer" tab on the Capital Markets page.Exness (SC) Ltd, a company catering to Japanese clients, is also listed there
On the Vanuatu VFSC Licensee List, TitanFX (TITAN FX LIMITED, 40313),ThreeTrader(ThreeTrader Global Limited, 40430), andVantage(VANTAGE GLOBAL LIMITED, 700271) can all be found as Class A, B, and C, respectively, and are listed as Active
List of official registers of major authorities
| authorities | Register (Official) | How to search |
|---|---|---|
| FCA (UK) | Financial Services Registerregister.fca.org.uk | Search by vendor name or FRN (Reference Number). You can check Status, Permissions, and even warnings from cloning vendors |
| CySEC (Cyprus) | CIF (Investment Firm) Register:cysec.gov.cy → Regulated Entities → Investment Firms | Search by company name or browse alphabetically. Verify license number (xxx/xx format), authorization date, and trade name |
| ASIC (Australia) | Professional Registersservice.asic.gov.au/search | Search by company name or AFSL number (6 digits). Check the registration and status of the "Australian Financial Services Licensee" |
| Seychelles FSA | List of licensed Capital Markets operatorsfsaseychelles.sc → Regulated Entities → Capital Markets | Find the company name/trade name (Trade Name) in the list under the "Securities Dealer" tab (the in-page search is convenient). The SD number is not listed |
| Vanuatu VFSC | Financial Dealers Licensee Listvfsc.vu → Financial Dealers Licensee List | Find the broker name in the list and check the number, class (FX is Class A), and Active status |
| Mauritius FSC | Online Public Register (OPR)opr.fscmauritius.org | Search by company name and match the license category (Investment Dealer, etc.) with the number |
| Belize FSC | Public search (Licensys)licensys.belizefsc.org.bz | Search by company name or license number |
| FSCA (South Africa) | Entity/Persons Searchfsca.co.za → Entity-Persons-Search | Search by FSP number or company name to check licensing status and category |
| CIMA (Cayman) | Search Entitiescima.ky/search-entities-cima | Search using the company name (partial match allowed) + sector (Securities). Check the Reference Number and Status |
| DFSA (Dubai DIFC) | Public Registerdfsa.ae/public-register | Enter the company name in the Firms search box and search |
| SVG FSA | Entity Name Searchfsasvg.com → Entity Name Search | This is a verification of corporate registration, not a verification of license(SVG does not issue FX licenses). |
| Japan Financial Services Agency | List of licensed, permitted, and registered businesses:fsa.go.jp/menkyo/menkyo.html | Check the registration status in the list of "Financial Instruments Business Operators." You can also search the warning list (HTML version) for unregistered operators |
Even if a legal entity exists on the register, whether you choose to enter into a contract with that entity is a separate issue. Please check the name of the contracting legal entity displayed on the final account opening screen and in the terms of service. Also, since the register cannot detect clone sites that impersonate legitimate companies' names and numbers, you should also check the official website's URL (domain)
List of licenses held by 23 overseas forex brokers | Corporate basis for contracts with Japanese individuals
For the 23 major companies, we have created a list that separates "the legal entity and its license that Japanese residents actually contract with" and "the higher-level licenses held by the group" (this can also be used as a basis for choosing a broker as a list of overseas FX companies).There are very few other lists that separate these two. In addition, we have included the membership status of the Financial Commission, which can be used to file complaints with third parties in the event of a dispute.
| Contractor | Contracting companies (authorities/numbers) for Japanese nationals | Group's higher license | Financial Summer | Manecha CB |
|---|---|---|---|---|
| Exness | Exness (SC) Ltd (Seychelles FSA SD025) | CySEC 178/12・FCA 730729 | Membership (July 2021) | correspondence |
| AXIORY | Axiory Global Ltd (Belize FSC 4496214) | — | Membership (November 2016) | correspondence |
| IC Markets | Raw Trading Ltd (Seychelles FSA SD018) | ASIC 335692・CySEC 362/18 | Membership (November 2021) | correspondence |
| INFINOX | INFINOX Limited (Mauritius FSC GB20025832) | FCA 501057 (Infinox Capital Ltd) | Not a member | correspondence |
| Vantage | Vantage Trading Ltd. (Mauritius) /Vantage Global Limited (Vanuatu VFSC 700271) | ASIC 428901・FCA 590299 | Membership (October 2022) | correspondence |
| XS | XS Ltd (Seychelles FSA SD089) | ASIC 374409 / CySEC 412/22 | Not a member | correspondence |
| XMTrading | Tradexfin Limited (Seychelles FSA SD010) / Fintrade Limited (Mauritius FSC GB20025835) | CySEC/ASIC (Group) | Not Registered | Not applicable |
| HFM | HF Markets (SV) Ltd (Saint Vincent, Business Registration No. 22747 IBC 2015 = Registration, not License) | FCA 801701, CySEC, DFSA, FSCA (Group) | Not a member | correspondence |
| TitanFX | Titan FX Limited (Vanuatu VFSC 40313) | — | Membership (November 2020) | correspondence |
| FXGT | GT Global Ltd (Seychelles FSA SD019), and others | CySEC 382/20 (GT Investment Services Ltd) | Not a member | correspondence |
| Errante | Errante Securities (Seychelles) Ltd (FSA SD038) | CySEC 383/20 (Notely Trading Ltd) | Not a member | correspondence |
| EBC | EBC Financial Group (Cayman) Ltd (CIMA 2038223) | FCA 927552・ASIC 500991 | Membership (August 2023) | correspondence |
| DecodeFX | Decode Global Limited (Vanuatu, Company Registration Number 700415) | ASIC 246796 (Decode Capital Pty Ltd) | Not a member | correspondence |
| ThreeTrader | ThreeTrader Global Limited (Vanuatu VFSC 40430) | — | Membership (December 2022) | correspondence |
| Axi | AxiTrader LLC (Saint Vincent, registered company = not licensed) | ASIC/FCA (AxiCorp Group) | Membership (June 2019) | correspondence |
| BigBoss | Big Boss Ltd (Comoro Mwali MISA BFX2024045) | — | Not a member | correspondence |
| MYFX Markets | MYFX Group Limited (Seychelles FSA SD202) | — | Not a member | correspondence |
| IS6FX | IS6 Technologies Ltd (Mauritius FSC GB21026470) | — | Not a member | correspondence |
| OQtima | CDE Global Markets Ltd (Seychelles FSA SD109) | CySEC 406/21 | Not a member | correspondence |
| Dupoin | Dupoin Markets Ltd (Comoros Anjuan AOFA) | — | Not a member | correspondence |
| JadeFOREX | Jade Belfort Limited (Seychelles IBC 227736 = registered, not licensed) | — | Not a member | correspondence |
| Monaxa | Monaxa Ltd (Mauritius FSC GB23201577) | — | Not a member | correspondence |
| Axon Markets | Axon Markets Ltd (Seychelles FSA SD115) | — | Not a member | correspondence |
XMTrading's financial licenses: Japanese accounts are available in Seychelles and Mauritius. FCA and ASIC are separate legal entities within the group
While you often see XM advertised as "safe because it has FCA and ASIC licenses," accounts for Japanese residents are managed by Tradexfin Limited (Seychelles FSA SD010) and Fintrade Limited (Mauritius FSC GB20025835).CySEC and ASIC licenses belong to separate entities within the Trading Point group and do not apply to accounts for Japanese citizens. The Financial Commission's page for this broker displays "Not Registered," and third-party dispute resolution is not available. It has been listed on the Financial Services Agency's warning list, including in August 2020 (under the name of Tradexfin). Also, XMTrading is not eligible for MoneyChat's cashback program.
Exness's financial license | Contract is with a Seychelles company. The group is actually registered with FCA and CySEC
For Japanese residents, the contracting partyExness (SC) Ltd (Seychelles FSA SD025).The group includesExness (UK) Ltd (FRN 730729, verified by our editorial department using the register) which is registered with the FCA, and a CySEC-registered company (178/12), confirming the group's regulatory compliance capabilities. In addition,Exnesshas been a member of the Financial Commission since July 2021, andthe ability to file a complaint with a third party in the event of a dispute with a Seychelles companyis a key difference from other companies under the same Seychelles jurisdiction.
ExnessFor a review of 's reputation and customer feedback Exness's reputation page Exnessincluding information on security and rumors of withdrawal refusals , please see
FXGT's financial license | Contract with GT Global (Seychelles). CySEC is a group company
The leading company for Japanese residents is GT Global Ltd (Seychelles FSA SD019).The company introduced as "CySEC-certified" is the group's GT Investment Services Ltd (382/20), which does not have jurisdiction over Japanese accounts. Although they publish liability insurance for customers (with a limit of 1 million euros; verified by our editorial department using the original insurance certificate issued in October 2025; the currency does not match the "1 million dollars" stated on the Japanese website), they are not members of the Financial Commission. They were listed on the Financial Services Agency's warning list in June 2020 (under the name of 360 Degrees Markets Ltd) and November 2025 (under the name of GT Global Ltd).
For information on opening an account, please see FXGTaccount opening page
Axi's Financial License | A Typical Example of a Structure with SVG Registered Firm + Group's ASIC and FCA
AxiTrader LLC, the company contracted by Japanese residents, is a registered entity in Saint Vincent (SVG), and since SVG does not issue FX licenses, this entity itself does not possess a financial license.On the other hand, the AxiCorp Group is a registered entity with ASIC and FCA, and has been a member of the Financial Commission under the name of AxiTrader LLC since June 2019. This is a typical example of a structure that complements the SVG model, consisting of a registered entity, a higher-level group license, and third-party dispute resolution. It was listed on the Financial Services Agency's warning list in January 2024 (under the name of AxiTrader Limited).
AxiFor a review of 's reputation and customer feedback , please see Axi's reputation and customer feedback | Safety, withdrawal refusal cases , and how to Axiopen an account with
HFM's financial license | Contracts are with SVG, a registered corporation. Group includes FCA, CySEC, DFSA, and FSCA
HF Markets (SV) Ltd, the contracting party for Japanese residents, is registered under SVG's business registration (22747 IBC 2015), not a license.The group (HF Markets Group) is a registered entity with FCA 801701, CySEC, DFSA, and FSCA, and offers liability insurance up to €5 million to its customers. It is not a member of the Financial Commission. It was listed on the Financial Services Agency's warning list in August 2017. The previous version of this article stated that SVG had a "license from Saint Vincent and the Grenadines (FSA)," but this has been corrected in this article as SVG does not have an FX license.
For a review of HFM's reputation and customer feedback, please see HFM's reputation and customer feedback page. For information on opening an account with HFM, please see HFM's account opening page
ThreeTrader's Financial License | Vanuatu VFSC Only, but supplemented by membership in the Financial Commission
ThreeTrader Global Limited holds a standalone license from the Vanuatu VFSC (40430, Class A, B, C) and does not have any group companies with higher licenses.Instead, it has been a member of the Financial Commission since December 2022, and in the event of a dispute, it can utilize third-party arbitration and a compensation fund of up to €20,000 per customer. Its status as Active can be confirmed on the VFSC Licensee List (verified by our editorial team). It was listed on the Financial Services Agency's warning list in August 2023.
For a review of ThreeTrader's reputation and customer feedback, please see ThreeTrader's reputation and customer feedback page. For information on opening an account with ThreeTrader, please see ThreeTrader's account opening page
Vantage's financial licenses | Vanuatu and Mauritius companies. Group includes ASIC and FCA
The company name on the Japanese website isVantage Trading Ltd. (Mauritius), while accounts areVantage handled byThe group holds ASIC 428901 and FCA 590299, joined the Financial Commission in October 2022, and has also announced fund insurance (up to $1 million per eligible customer, underwritten by Lloyds).Vantage Global Limited (March 2023) and several other names are listed on the Financial Services Agency's warning list.
TitanFX's Financial License | Vanuatu VFSC 40313. Member of the Financial Commission
Titan FX Limited holds a Vanuatu VFSC license (40313, Class A, B, C), which can be verified on the VFSC Licensee List (confirmed by our editorial team).While it does not hold any higher-level group licenses, it has been a member of the Financial Commission since November 2020 and publishes the results of the commission's executive audits. It was listed on the Financial Services Agency's warning list in August 2015.
For reviews and testimonials about TitanFX, please see TitanFX reviews and testimonials . For information on opening an account with TitanFX, please see TitanFX account opening
Of the 23 companies on the list, all except XMTrading are cashback providers through MoneyChat
Three reasons why a financial license alone doesn't guarantee "safety"
The license is the starting point, not the goal, when choosing a service provider.After checking the license information, keep the following three points in mind to avoid making a wrong decision.
① Only licenses of "contracting corporations" apply
As we have seen, even if a group holds FCA or ASIC licenses,the standard structureis that Japanese accounts are managed by legal entities in Seychelles, Vanuatu, or other countries. Protection such as FSCS and ICF compensation and leverage regulations is subject to the jurisdiction of the contracting legal entity. The main point of this article is that "having many licenses does not equal being protected."
② Inclusion on the Financial Services Agency's warning list is separate from licensing
Overseas forex brokers operating unregistered with Japanese residents are placed on the Financial Services Agency's warning list, regardless of the licenses they hold. Almost all of the 23 major companies are already on this list, and "being on the list" does not mean they are fraudulent, nor does "not being on the list" mean they are safe. The correct way to read the warning list is explained in " Is Overseas Forex Illegal?"
③ The "low" license is based on the premise of zero compensation. This is compensated for by the provider's additional fees
Accounts under the jurisdiction of Seychelles and Vanuatu do not have statutory compensation. This is compensated for by membership in the Financial Commission (third-party dispute arbitration + a compensation fund of €20,000 per customer) and liability and fund insurance contracted independently by the broker . Even if the license rating is "low," the actual protection varies from broker to broker depending on whether or not these additional measures are in place. For specific actions to take in case of trouble , please see the causes and solutions for withdrawal refusals in overseas forex trading , and for scores of each broker's system, please see the overseas forex safety ranking
Frequently Asked Questions about Financial Licenses for Overseas Forex Trading
Q. Which financial license is the most reliable for overseas forex trading?
In a comparison of the four criteria, the UK's FCA comesout on top. It has a minimum capital of £750,000, compensation of up to £85,000 per person through FSCS, behavioral restrictions such as a 30:1 leverage ratio, and transparency in registration and disciplinary actions. However, FCA entities cannot offer high leverage or bonuses, sooverseas FX accounts used by Japanese people are basically never under FCA jurisdiction.It is more accurate to view the value of the FCA as "proof of the group's financial strength and stance."
Q. Is it illegal to use an overseas forex broker that is not registered with Japan's Financial Services Agency?
It is not illegal for users to trade. The Financial Instruments and Exchange Act regulates unregistered brokers who solicit customers, and there are no provisions to punish users. However, you cannot expect relief under the Japanese system in the event of trouble, and the Financial Services Agency and the Consumer Affairs Agency warn against trading with unregistered brokers. For more details, see " Is Overseas Forex Trading Illegal? Why Users Are Not Punished ."
Q. How can I verify if a license claimed by a vendor is genuine?
Note down the company name and license number from the vendor's website footer, and then cross-reference them with the official register of the relevant authority.Major authorities such as FCA, CySEC, ASIC, Seychelles FSA, and Vanuatu VFSC all have official search and listing pages. The "Procedure for Searching Authority Registers" section in this article includes screenshots of the verification process actually carried out by our editorial team.
Q. What about overseas forex brokers that don't have a financial license?
You should not use a company that cannot be found in any regulatory register, as its financial foundation and supervisory authority cannot be verified.The same applies to claims of "SVG (Saint Vincent) license acquisition"—the SVG authorities have officially stated that they do not issue FX licenses, only corporate registration. Avoid companies that only have SVG registration and cannot demonstrate any other licenses.
Q. Are operators with only licenses from Seychelles or Vanuatu dangerous?
It's not "immediately dangerous," but you should assume that the authorities' regulations are largely ineffective.The majority of overseas FX accounts used by Japanese people fall under this jurisdiction, and high leverage and bonuses are based on the laxity of these regulations. That's why you should check for "additional features on the broker's side," such as membership in the Financial Commission, publicly disclosed insurance, years in operation, and higher-level licenses within the group. Theoverseas FX safety ranking.
Q. Where can I check which FX brokers are registered with the Japanese Financial Services Agency?
The Financial Services Agency's (FSA) "List of Licensed, Permitted, and Registered Brokers" (fsa.go.jp/menkyo/menkyo.html) provides a list of FX trading companies registered (so-called authorized) by the FSA, which are also known as financial instrument business operators.Conversely, companies that solicit Japanese residents without registration are listed as "Unregistered Financial Instrument Business Operators" in an HTML version, and can be searched by company name. For a comparison of domestic and overseas FX,the Advantages and Disadvantages of Overseas FX.
Summary | When obtaining a license, check "which legal entity and which authority" and verify it with a register
The reliability of a financial license can be judged not by rumors about how difficult it is to obtain, but by verifiable criteria such as minimum capital requirements, compensation, conduct regulations, and transparency.And because the majority of overseas FX accounts used by Japanese people are under jurisdictions with "low" ratings, it is important for brokers to add their own surplus (Financial Commission, insurance, higher-level group licenses) and to self-verify their registration.
Key points of this article
- The ratings are based on four criteria: High = FCA, CySEC, ASIC / Medium = DFSA, FSCA, Mauritius, Belize, CIMA, Bahamas / Low = Seychelles, Vanuatu / SVG does not have a license at all
- We distinguish between group licenses and licenses for "the legal entity you contract with." The majority of Japanese accounts are under the jurisdiction of Seychelles and Vanuatu
- You can verify the authenticity yourself using the official registers (FCA uses a number search, Seychelles uses a list, and VFSC uses a Licensee List)
- Accounts in "low" jurisdictions are assumed to have no statutory compensation. This is supplemented by using financial institutions that are members of the Financial Commission or have publicly disclosed insurance
- Also, check the Financial Services Agency's list of registered companies and the list of unregistered companies that are subject to warnings
Exness,AXIORY, TitanFX,ThreeTrader,Vantage,Axi, andIC Markets, all members of the Financial Commission, are eligible for MoneyChat's cashback program
For instructions on registering with MoneyChat , please refer to the MoneyChat registration procedure . For a comprehensive comparison of brokers, please refer to the recommended overseas FX broker comparison ranking
*The ratings and figures in this article are the editorial team's assessments, compiled by reviewing the official websites of each authority, original legal texts, the IOSCO signatory authority list, and publicly available materials from the Financial Services Agency on September 2-3, 2026, and do not guarantee the safety of your funds. Items marked "Unconfirmed" are those for which we were unable to access primary sources from the authorities and have not been supplemented with secondary information. Regulations of each authority and the corporate structure of brokers may change, so be sure to check the latest information on the authority's register and the broker's official website before opening an account
