Reason to avoid: Offshore license
Listed Date: June 7, 2018
Top 3 Regulated Forex Brokers
- Company name: Oracle Finance International INC.
- Registration/license: Offshore license
- Registration/license requirement: $30,000
Oracle-FX is owned by the Oracle Finance International INC. It is an offshore forex broker registered in the British Virgin Islands with a British Virgin Islands Financial Services Commission license. The whole process of getting the Forex license costs typically under $30,000. The company will also need to deposit a minimum of $125,000 in its corporate account. Comparing the license from New Zealand’s FMA (Financial Markets Authority), the broker needs to have a physical office in New Zealand and minimum net tangible assets of 1 million NZD or 10% of average revenue. It is about $35,000-50,000 for a license depending on its type.