IFSC (Belize) Regulated Forex Brokers

Written by Matthew Levy, CFA

Matthew Levy, CFA

Matthew Levy, CFA, is an experienced financial writer and content specialist with a strong background in financial services, economics, and investment analysis.

, | Updated: April 3, 2026

The Belizean jurisdiction has created a favorable business environment, which is why some forex brokers choose to operate there. Belize has a flexible regulatory framework, with lower minimum capital thresholds and faster license application processing. The country’s tax structure offers additional incentives for financial services providers, including the exemption from withholding and capital gains taxes.

In this article, we provide a list of brokers licensed by the Financial Services Commission of Belize (FSC). Formerly known as the International Financial Services Commission (IFSC), this body is responsible for the oversight of financial service providers in Belize, protecting investors, facilitating economic stability, and enforcing compliance with global anti-money laundering standards.

1Plus500 US

Rating: 4.2 ⭐

This content applies only to Plus500 US and clients from the United States. Trading futures involves the risk of loss.

Top Rated

2eToro

Rating: 4.2 ⭐

50% of retail investor accounts lose money

3FBS

Rating: 4.3 ⭐

72.12% of retail investor accounts lose money

Top 3 Belize-Regulated Forex Brokers Ranked by Trustpilot Score

Comprehensive Comparison of the Top 3 FSC Regulated Forex Brokers

Brokers Licensed by FSC

1. TRADE NOW READ REVIEWTrustpilot Rating

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   1. FBS

   FBS is a forex broker with over 16 years of industry experience and more than 27 million registered customers. Customers can trade more than 550 instruments, including 72 forex pairs, 4 metals, 3 energies, 11 indices, and 469 shares. The broker supports popular trading platforms like MT4 and MT5, both of which are available on desktop and mobile devices. Spreads start from 0.7 pips, with maximum leverage capped at 1:3000 at the Belize-regulated entity. Order execution speeds average 0.01 seconds.

   Onboarding customers can deposit as little as $5, using Mastercard, Skrill, Neteller, and Sticpay, among other supported payment methods. FBS is authorized by several regulators, which allows it to accept traders from over 150 countries. To offer financial services to traders located in North and South America, the broker uses license no. 4077102 from the FSC.  The broker’s parent company, Tradestone Limited, is also authorized by CySEC (Cyprus). The company is additionally registered as a cross-border financial service provider with KNF (Poland) and CNMV (Spain).

   Risk warning: ᏟᖴᎠs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.12% of retail investor accounts lose money when trading ᏟᖴᎠs with this provider. You should consider whether you understand how ᏟᖴᎠs work and whether you can afford to take the high risk of losing your money.
2. TRADE NOW READ REVIEWTrustpilot Rating

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   2. XM Group

   XM launched its business in 2009 and presently serves over 15 million traders from more than 190 countries. This broker has licenses from several regulators, including FSCA and CySEC, which allow traders from South Africa and the European Union. The company is authorized to operate globally by the FSC, conducting its business under license no. 8557558.

   Registered customers can access over 1,400 financial markets, including 55 forex pairs, indices, turbo stocks, cryptocurrencies, and commodities. XM offers Standard accounts with minimum forex spreads from 1.6 pips on a commission-free basis. Opening an Ultra Low account with forex spreads from 0.8 pips is also an option, and both accounts offer negative balance protection and enable hedging. Traders registered under the Belize-regulated division can use leverage of up to 1:1000 on major currency pairs. Positions in USD/CHF and EUR/CHF can be leveraged at a maximum ratio of 1:400.

   Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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   3. XTB

   XTB enables forex trading with over 60 currency pairs, alongside 6,700 stocks and 1,900 ETFs for direct investment. More than 2,500 CFDs are available across various asset classes like forex, indices, commodities, and cryptocurrencies. The broker started offering financial services over 20 years ago in Poland and currently has more than 1.7 million registered customers worldwide.

   XTB complies with the regulatory requirements of several financial watchdogs, including the FCA in the UK and CySEC in Europe. The company also holds license no. 6442514, issued by the FSC, which enables its Belizean arm to offer higher maximum leverage of up to 1:500 for major currency pairs. Minimum forex spreads at the FSC-licensed entity start from 0.5 pips, with zero commissions on CFD trades.

   CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

About the Regulator

To operate in Belize, brokers must obtain a license issued by the local Financial Services Commission (FSC), previously known as the International Financial Services Commission (IFSC). Applying for and obtaining a license is straightforward, quick, and cost-effective from a broker’s perspective, which is why Belize is popular among brokers.

The FSC is responsible for both issuing licenses to brokers and monitoring their operations for compliance. If licensees breach their regulatory requirements, the FSC imposes administrative sanctions and sometimes revokes operating permits. The country’s regulatory and fiscal framework offers several advantages to international brokerage companies, including lower licensing costs, lower minimum capital requirements, and greater tax efficiency. The FSC has adopted a proactive approach by regularly updating its regulatory requirements to strengthen compliance and oversight of the local financial markets.

The original IFSC was founded under the International Financial Services Commission Act of 1999, which established the regulatory framework for businesses offering financial services, including forex trading, on the territory of Belize. This piece of legislation was subsequently replaced by the Financial Services Commission Act in April 2023 to strengthen the regulatory framework for non-bank financial services in Belize.

While the core functions of licensing and oversight remain, the underlying legal framework has been modernized. Belize has updated its regulatory framework to address international tax standards and enhance its Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) mandates. The FSC is a member of the National Anti-Money Laundering Committee and maintains compliance with the Caribbean Financial Action Task Force’s regional requirements.

The Securities Industry Act of 2021 officially renamed the International Financial Services Commission to the Financial Services Commission, further expanding its regulatory responsibilities. This piece of legislation specifically governs brokers who offer securities trading, including CFDs on stocks, indices, or commodities, supplementing the existing IFSC Act. The Act provides for investor protection, fair markets, and licensing requirements specifically for securities-related activities.

To apply for an FSC license, individuals or entities must submit a complete application form, along with a payment information form. The Commission will then provide an invoice for the application fee, and once the payment is received and verified, a Securities Licensing Officer will process the application.

If successful, the applicant receives an invoice for the registration fee according to the Securities Industry Regulations. After this fee is paid, the Commission issues a formal letter of approval, the certificate of registration, and enters the applicant on the official register.

Requirements for Obtaining an FSC Broker License

The licensing process in Belize is simpler and more cost-effective compared to tier-1 jurisdictions like the United Kingdom, but companies seeking to offer financial services under an FSC license must meet several conditions to receive authorization from the Belizean authorities.

Below, we cover all licensing requirements companies must fulfill when applying for FSC permits:

1. Minimum Capital: To offer financial services under an FSC license, Belizean brokers must have a minimum capital of $500,000. The amount must be deposited into a bank or financial institution in Belize or a qualified foreign bank prior to the issuance of the license. The minimum capital requirements ensure companies are sufficiently funded to pay their customers and fill their orders. The $500,000 threshold applies to foreign exchange brokers and firms offering derivative instruments like options, contracts for difference, and futures.
2. Competent Company Staff: The personnel of the company applying for a financial services license must be competent and well-experienced in the respective field, ensuring that the company’s staff is sufficiently qualified to manage the activities offered by the broker.
3. Detailed Business Plan: When submitting their license application, companies must provide the FSC with a detailed business plan outlining their development strategies, the services, and risk assessment and management tools.

The FSC license application process can be broken into several stages. During the first stage, the companies prepare the documents required for the application process. Brokers must provide proof of share capital, a business plan, entity incorporation documents, and CVs of key company personnel. The next stage involves filling in the license application form and submitting it to the Belizean regulator. The application is then reviewed, and typically the FSC takes up to three to six months to evaluate the eligibility of a company and issue a license to approved brokers.

Here is a breakdown of the license application requirements forex brokers must meet to receive an operational license from the authorities in Belize:

1. Application Fees: Forex brokers must pay a state fee of $1,000 when preparing documents for the application process. Entities licensed by FSC are also required to pay an annual license fee of 10,000 BZD (about $5,000).
2. Minimum Capital Requirements: To be eligible to apply for an FSC license, forex brokers must meet the requirement for a minimum share capital between 50,600 BZD (about $25,000) and 1 million BZD (approx. $500,000). The minimum required capital depends on the license type. The capital must be maintained in United States dollars, unless the licensee is an included entity under the Economic Substance Act, in which case it may be maintained in Belize dollars.
3. Application Assessment Timeframe: The FSC has a short consideration period compared to some other regulators, as properly submitted documents usually require no more than three months to be assessed. The FSC has issued licenses to approved companies within five to ten business days after receiving a receipt for payment in some cases.
4. Physical Presence: Brokers must satisfy Belize’s Economic Substance Test, typically requiring a physical office, local staff, and premises for forex trading activities.
5. Key Employees: The company must employ at least one shareholder and at least two directors residing in Belize, and a locally registered agent who will act as a mediator between the entity and the regulator.
6. Corporate Tax Rates: International brokers targeting customers outside Belize are generally exempt from corporate taxes.
7. Client Funds Segregation: Brokers operating under an FSC license must keep their customers’ money in segregated bank accounts to prevent misuse in case of insolvency.
8. Investor Protection Scheme: There is no mandatory investor compensation fund or scheme mandated by the FSC, as is the case with regulators like CySEC and FCA. Despite this, some Belize-regulated brokers may voluntarily offer investor compensation to their customers.
9. Other Requirements: Before they submit their applications, companies must open an account with a Belizean bank. This enables forex brokers to deposit their application fees and continue their operations through the local bank once they receive their permits.

Client Funds Protection at FSC-Regulated Brokers

Belize overhauled its regulatory framework under the Securities Industry Act of 2021, modernizing the oversight of non-bank financial services. Among the objectives of this legislation is to provide protection to investors from unfair, improper, or fraudulent practices. The FSC is mandated to maintain high standards of conduct and ensure that licensed brokers operate within a transparent and equitable market environment.

In line with industry standards, the FSC requires brokers to keep their clients’ funds in segregated accounts, ensuring that the companies use their own operational capital to handle unexpected losses without affecting client equity. The minimum capital requirements have been increased to $500,000, so that brokers are sufficiently funded to conduct business with their customers.

After they have been licensed, brokers are required to submit monthly reports to the FSC, notifying the regulator about any unimpaired capital as well as their trading volume during the previous month. FSC-licensed brokers must also have a customer complaints system in place to help clients resolve any potential issues.

If traders have a complaint about a broker regulated in Belize, they must first try to resolve the issue with the broker, using the internal dispute resolution tools implemented by the entity. If the broker is unable to resolve the issue, traders can submit their complaints by filling out a form available in the Complaints section on the FSC’s website. The following information is required to submit a complaint form:

• The complainant must provide their full name, phone number, email address, and country of residence.
• The complainant must select the type of complaint from a drop-down menu. The options include Registrants (Securities), Licensees (FSC), and FSC Employees.
• Traders must explain in detail the reasons for submitting their complaints in the message form.
• The complainant must upload a document proving a previous failed attempt to resolve the issue with the licensed broker.

Complaints submitted to the FSC must be in English.

You might also be interested in exploring forex brokers regulated by other institutions

• CySEC (Cyprus) Regulated Forex Brokers
  
• FCA (United Kingdom) Regulated Forex Brokers
• FSA (Seychelles) Regulated Forex Brokers
• VFSC (Vanuatu) Regulated Forex Brokers
• ASIC (Australia) Regulated Forex Brokers
• CySEC (Cyprus) Regulated Forex Brokers

Written by M. Levy, CFA