Reason to avoid: Offshore license
Listed Date: September 22, 2018
Top 3 Regulated Forex Brokers
- Company name: TMI Holding Limited
- Registration/license: Vanuatu
- Registration/license requirement: USD 2,000
TopicMarkets is an offshore Forex broker, licensed and registered in Vanuatu by the Vanuatu financial service commission under the name of TMI Holding Limited. VFSC is very popular regulator among forex brokers and famous for its cheap and fast process of getting a license. It requires only USD 2,000 of the capital, when, for example, the UK’s FCA requires EUR 125,000 of capital for the STP license.
We recommend traders to avoid offshore-registered brokers as they usually don’t provide any guarantees to compensate the investments in case the broker wouldn’t be able to do that. The UK’s FCA, on the contrary, provides the Financial Services Compensation Scheme of up to GBP 50,000. Check the list of the FCA-regulated brokers here.