VFSC (Vanuatu) Regulated Forex Brokers

Written by Eugene Lee, CFA

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Eugene Lee, CFA

Eugene Lee, CFA, is the Head of Research at BestBrokers.com, where he draws on more than two decades of experience in global markets, portfolio management, derivatives, and fintech to evaluate online brokers. His background in institutional investing and quantitative research helps ensure that broker reviews are based on data, risk assessment, and real-world trading conditions.

, | Updated: July 13, 2026

The Vanuatu Financial Services Commission (VFSC) is a widely recognized offshore jurisdiction for forex brokers due to its lower operating capital requirements, affordable administrative fees, and ability to offer high leverage to retail customers. This page covers six regulated forex brokers authorized by the VFSC. Below is more information about VFSC-licensed brokers, the local financial regulator, the requirements for obtaining a broker license in Vanuatu, and the applicable investor protections in the country.

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 ⭐

52% of retail investor accounts lose money

3Fusion Markets

Rating: 4.8 ⭐

74-89% of retail's CFD accounts lose money

4Global Prime

Rating: 4.7 ⭐

74-89% of retail CFD accounts lose money

5Vantage

Rating: 4.5 ⭐

Trading leveraged products is risky

6FX Primus

Rating: 4.1 ⭐

Trading on margin products involves a high level of risk, which may result in the loss of all invested capital.

VFSC (Vanuatu) Regulated Forex Brokers Ranked by Trustpilot Score

Comprehensive Comparison of the Top 6 VFSC Regulated Forex Brokers

Top 6 Brokers Licensed by VFSC

1. TRADE NOW READ REVIEWTrustpilot Rating

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   1. Fusion Markets

   Gleneagle Securities Pty Limited, trading as Fusion Markets, is a forex broker authorized and regulated by the VFSC. We confirmed that the entity appears on the Commission’s Financial Dealers Licensee List under license number 40256 and that its Vanuatu-regulated branch is headquartered in Port Vila.

   Our tests showed that Fusion Markets offers low spreads, execution speeds of around 37 ms, no minimum account size, and no deposit fees. During our evaluation of the Zero account, we traded EUR/USD with spreads as low as 0.0 pips and a competitive round-turn commission of $4.50 per standard lot. XAU/USD spreads stood at 10.3 pips, while the S&P 500 spread averaged around 3 pips. We used MT5 for our tests, although traders can also choose MT4, cTrader, or TradingView.

   Since we registered with the VFSC entity, the maximum leverage available to us was 1:500 for major forex pairs, energies, and metals. The broker caps leverage at 1:100 on indices and soft commodities, 1:20 on US shares and FX exotics involving DKK or HKD, and 1:10 on cryptocurrencies. Before trading with high leverage, however, clients should note that customers registered under the Vanuatu and Seychelles entities do not have access to negative balance protection.

   Fusion Markets also holds a license from the Australian Securities and Investments Commission (ASIC), allowing it to serve Australian clients. Unlike customers trading through the offshore branch, Australian retail traders are eligible for negative balance protection.

   Gleneagle Asset Management Limited (ABN 29 103 162 278) trading as Fusion Markets, is the issuer of the Fusion Markets Products described in this communication. Trading in Fusion Markets Products involves the potential for profit as well as the risk of loss which may vastly exceed the amount of your initial deposit and is not suitable for all investors. You should read all of these Financial Product Service Terms, the Product Disclosure Statement (PDS) and the Financial Services Guide (available on our website) carefully, consider your own financial situation, needs and objectives for investing in these Fusion Markets Products and obtain independent financial advice.
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   2. Vantage

   Founded in 2009, Vantage is another broker regulated by the VFSC, with a diverse portfolio of 1,000+ trading instruments and 30+ global offices. It has more than 5 million registered clients worldwide and operates in Vanuatu as Vantage Global Limited under license no. 700271, with a physical office in Port Vila. The broker holds client funds in segregated accounts and provides insurance of up to $1 million per claim through Lloyd’s of London.

   For testing, we opened a Standard STP account on MT5. EUR/USD spreads averaged 1.18 pips, with execution of around 30 ms, while gold spreads averaged 7 pips and the S&P 500 spread stood at roughly 3.6 pips. The maximum leverage available was 1:500, and our account was eligible for negative balance protection.

   We also tested the Raw ECN and Pro ECN accounts. Raw ECN lowered average EUR/USD spreads to 0.08 pips, with a $6 round-turn commission per standard lot. Pro ECN offered live EUR/USD spreads of 0.0 pips and a lower $3 round-turn commission. Leverage varies by instrument. Forex majors, metals, energies, and indices were available with leverage of 1:500 during testing, while soft commodities and ETFs were capped at 1:50. Bond CFDs were capped at 1:100, and share CFDs were capped at 1:20.

   Traders can request leverage above 1:500 depending on their financial circumstances. The Premium Unlimited account offers unlimited leverage on forex and gold CFDs, provided traders have completed at least 10 trades with a total volume of 3 lots over the past year. Only CFD trades on forex, gold, oil, and BTC/USD count toward this requirement. Premium Unlimited leverage also scales with account equity: unlimited up to $5,000, 1:2000 between $5,000.01 and $30,000, 1:1000 between $30,000.01 and $100,000, and 1:500 from $100,000.01 and above.

   Besides its VFSC license, Vantage is regulated by ASIC in Australia and the FSCA in South Africa. Its VFSC division does not accept customers from several jurisdictions, including Canada, Singapore, China, and the US.

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   3. Global Prime

   Global Prime is a forex broker operating as Gleneagle Securities Pty Limited, a registered Vanuatu company with a physical office in Port Vila. It is authorized by the VFSC under license number 40256. The company offers retail clients maximum leverage of 1:1000 and holds client funds in segregated accounts at tier-1 financial institutions. Negative balance protection is available to all clients registered with the VFSC-licensed entity.

   Our analysis shows that Global Prime offers more than 150 instruments on MT5, including forex, indices, US stocks, commodities, crypto CFDs, and bond CFDs. It allows traders to access low spreads, with no minimum account requirement and no deposit or withdrawal fees. To assess commission-based trading costs, we opened a Raw Account. EUR/USD trading involved spreads of 0.10 pips and a $7 round-turn commission per standard lot. XAU/USD spreads averaged 7.9 pips, while US500 spreads stood at 4.01 pips. Our testing also recorded execution speeds of around 10 ms.

   We also opened a Standard account. Average spreads were 0.9 pips higher with this account type, but no commission was charged. Traders can choose from several deposit methods, including cards, Neteller, PayPal, Apple Pay, bank transfers, and Skrill. Accounts can be opened in seven base currencies: AUD, CAD, USD, GBP, EUR, JPY, and SGD. Global Prime has no minimum account requirement and did not charge deposit or withdrawal fees during testing.

   We used leverage of 1:1000 while trading forex and metals, while leverage on indices and commodities, excluding gold, was capped at 1:100. US share CFDs had a leverage cap of 1:20, and crypto CFDs were capped at 1:5. For retail clients, high-leverage trading is exclusive to the VFSC division, as the ASIC-regulated entity offers retail leverage of up to 1:30.

   Global Prime is a trading name of FMGP Trading Group Pty Ltd (ABN 74 146 086 017) and is regulated by ASIC and licensed to carry on a financial services business in Australia under Australian Financial Services License No. 385620. Gleneagle Securities Pty Limited trading as Global Prime FX, is a registered Vanuatu company (Company Number 40256) and is regulated by the VFSC. The website is owned and operated by FMGP Trading Group Pty Ltd, ABN 74 146 086 017.
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   4. FX Primus

   FXPrimus is an online trading and investing platform that has been in operation since 2009. Traders can access the broker’s range of over 1,000 instruments, benefit from low spreads, and diversify their trading portfolios.

   Our team began the evaluation by opening a PrimusZERO account, completing verification, and funding it with a $1,000 deposit. Testers could choose between MT4 and MT5, and we used maximum leverage of 1:500. During testing, we traded EUR/USD with spreads of 0.0 pips, XAU/USD with spreads of 6 pips, and the S&P 500 index with spreads of around 6 pips. We also paid a $5 round-turn commission per lot.

   To assess the commission-free environment, we opened a Classic account. The absence of commission came with wider spreads of 9 pips on EUR/USD, 17 pips on XAU/USD, and 18 pips on the S&P 500, although this account gave us access to leverage of 1:2000.

   Although FXPrimus offers leverage as high as 1:2000 on Classic accounts under its VFSC entity, the available ratio depends on account equity. The higher the equity, the lower the maximum leverage. Equity of up to $2,500 unlocks leverage of 1:2000, while balances of $200,001 or more reduce the cap to 1:50. Leverage caps also vary by instrument. Indices are capped at 1:100, while stocks and cryptocurrencies can be traded with leverage of up to 1:10.

   Our team confirmed that the broker operates in line with VFSC requirements under license number 14595. FXPrimus’ Vanuatu-registered entity is Primus Markets INTL LTD, physically located at Govant Building, BP 1276, Port Vila, Vanuatu. Customers receive negative balance protection, and their funds are held in segregated accounts. The company is also regulated by CySEC for its European operations.

   Risk Warning: Please note that forex trading and trading in other leveraged products involves a significant level of risk and is not suitable for all investors. Trading in financial instruments may result in loss of your invested capital. Before undertaking any such transactions, you should ensure that you fully understand the risks involved and seek independent advice if necessary.
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   5. MultiBank Group

   The MultiBank Group is composed of multiple entities operating across five continents and regulated by 15 financial regulators. The company has registered offices in more than 25 jurisdictions, including Austria, China, Cyprus, Germany, and Hong Kong. In Vanuatu, MultiBank Group operates as MEX Pacific (V) Ltd.

   We found the company in the VFSC register under license number 700443, issued in 2020. In line with Vanuatu regulations, the division has a physical address in Port Vila. Beyond its VFSC license, the brokerage is authorized in jurisdictions governed by the MAS, ASIC, CySEC, FMA, and FSC, among others.

   After opening a commission-based ECN account, we could choose from several payment methods to meet the $10,000 minimum deposit requirement, including Visa, Mastercard, Skrill, Neteller, bank transfers, and cryptocurrencies. EUR/USD spreads averaged 0.1 pips, while XAU/USD spreads stood at around 23 pips. Live spreads on the S&P 500 index hovered around 9 pips. The broker also charged a low commission of $1.50 per lot, per side. Traders who prefer commission-free pricing can choose the Standard or Pro accounts, which offer spreads from 1.5 pips and 0.8 pips, respectively.

   MultiBank Group supports MT4 and MT5. During testing, we could access more than 55 currency pairs and trade with leverage of up to 1:500 on forex and metals. Other instruments have lower limits: indices are capped at 1:100, while shares and cryptocurrencies are limited to 1:20. The broker also offers negative balance protection and investor compensation of up to $1 million per customer.

   High Risk Investment Warning: Trading foreign exchange and/or contracts for differences on margin carries a high level of risk, and may not be suitable for all investors. The possibility exists that you could sustain a loss in excess of your deposited funds. Please refer to specific risk warning for each regulated entity during the account opening process.
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   6. Blueberry Markets

   Established in 2016, Blueberry Markets offers competitive spreads and dedicated customer support across multiple channels, including phone, email, and live chat. Blueberry Markets (V) Ltd operates under VFSC regulations, with company number 700697, and is headquartered in Port Vila. The broker offers more than 300 instruments and supports MetaTrader 4, MetaTrader 5, and TradingView. Its proprietary Blueberry X platform is also available.

   Our assessment began with a Standard account. Live spreads on this account averaged around 1 pip on EUR/USD, 23 pips on XAU/USD, and 5 pips on the S&P 500 index, with no commission charged during testing. We also opened a Raw account to assess the broker’s lower-spread pricing. EUR/USD spreads averaged 0.0 pips, while XAU/USD and S&P 500 spreads were around 5 pips. This account charges a commission of $3.50 per lot, per side. We also tested the broker’s Virtual Private Server, which enabled trade execution within 1 to 3 ms during the evaluation period.

   Both accounts require a minimum deposit of $100, include negative balance protection, and offer maximum leverage of 1:500. Traders should note, however, that exact leverage limits vary by market. Crypto CFDs are capped at 1:2, while stock CFDs have lower maximum leverage of 1:5.

   Margin trading involves a high level of risk and is not suitable for everyone. You should carefully consider your objectives, financial situation, needs and level of experience before entering into any margined transactions with Blueberry Markets, and seek independent advice if necessary. Margin Forex and CFDs are highly leveraged products, which means both gains and losses are magnified. You should only trade in these products if you fully understand the risks involved and can afford to incur losses.

About the VFSC

The Vanuatu Financial Services Commission (VFSC) is the regulatory body for non-banking financial services in Vanuatu. It was formally established under the Vanuatu Financial Services Commission Act No. 35 of 1993 when it took on the responsibilities of the Ministry of Finance and Economic Management. Previously, it operated as the Registrar of Companies and the Official Receivership Department of the Treasury.

The VFSC operates under a governance framework overseen by a Commission Board appointed by the Minister of Finance. The Board comprises representatives from key government ministries, the financial sector, and industry experts, ensuring wide-ranging oversight and accountability. The VFSC is led by Commissioner and CEO Mr. Branan Karae, who is responsible for its day-to-day management and execution of regulatory functions. Mr. Karae was re-elected as Chief Executive Officer for another five-year term, extending to 2029.

Along with administering the register of companies, the VFSC is tasked with regulating and monitoring the financial services industry in the country. Its main objectives also include protecting the public from fraud and losses and promoting the jurisdiction internationally. The official website of the Commission is where traders can find further information on the companies operating in compliance with its regulations. Traders should navigate to Registry Services, where they can search for regulated brokers by entity name or identifier.

There are several reasons why Vanuatu is a popular licensing jurisdiction among many forex brokers:

• Lower capital requirements: Compared to other jurisdictions, obtaining a license from the VFSC entails a reduced financial burden for companies.
• Quicker license approval: The application assessment process typically takes two to three months.
• Favorable tax rules: Vanuatu is known as a low-tax jurisdiction, offering favorable business conditions.

Requirements for Obtaining a Vanuatu Forex Broker License

Vanuatu is a popular regulatory destination for forex brokers, as licensees enjoy various tax benefits and must comply with low minimum capital requirements, especially compared to other jurisdictions like Cyprus and Australia. Here is the full list of fees and requirements license applicants must meet to gain the VFSC’s approval.

1. Application fees: Brokers interested in obtaining VFSC licenses must pay a fee of $2,000 upon submitting their applications to cover the regulator’s application processing expenses. Application processing costs in Vanuatu are considerably lower compared to jurisdictions like Cyprus, where applicants must pay between €7,500 and €12,000 to have their documents evaluated.
2. Minimum capital requirements: Prospective VFSC licensees must additionally deposit $50,000 (around 5.9 million VUV at current exchange rates) into a local bank account. By contrast, well-established regulators like CySEC have significantly higher thresholds for initial capital, requiring applicants to deposit up to €750,000 for market-maker licenses.
3. Application assessment timeframe: Evaluation timeframes largely depend on the VFSC’s workload, although the regulator typically assesses applications within two to three months. The timeframe can extend to seven months if incomplete applications are submitted.
4. Physical presence: Brokers seeking VFSC licenses must add their companies to the local registry and establish a physical presence by setting up offices in the island country. The local government mandated this requirement in October 2020 after its looser regulatory stance attracted an influx of fraudulent brokerages, prompting the Financial Action Task Force to add Vanuatu to its gray list.
5. Key employees: Each broker applying for a permit must have at least one local manager and director permanently residing in the island country. Compliance officers hired by the companies may be foreign nationals, however. Key employees must have clean criminal records and professional standing for a broker to gain the VFSC’s approval.
6. Corporate income tax rates: The absence of corporate income taxes is a notable feature of obtaining a broker license from Vanuatu. Licensees are also not liable for capital gains tax or value-added tax (VAT). This enables locally authorized brokerages to reinvest some of their revenue into improving and expanding their services.
7. Client funds segregation: License applicants must prove they have the necessary mechanisms in place to protect the money and assets of their customers. This includes keeping customers’ funds segregated from the companies’ operating capital in separate accounts.
8. Investor protection scheme: VFSC regulations do not contain specific provisions requiring licensees to contribute to designated investor protection funds. The absence of this requirement is a demerit from traders’ perspective, as it results in lower levels of investor protection.
9. Other requirements: When applying for VFSC licenses, brokers must submit business plans detailing their operations, business strategies, and target markets. They must also provide further information on their cybersecurity and trading infrastructures.

Located in the South Pacific Ocean, the Y-shaped archipelago composed of more than 80 islands is a common offshore jurisdiction for multiple business activities, including trading. Vanuatu is well known for its lower capital requirements, relatively cheap administrative and registration fees, and considerable flexibility.

Depending on the type of services provided, brokers seeking permission to operate under the VFSC can apply for four different types of licenses. Class A represents the most basic VFSC license available, authorizing the provision of products such as FX deliverables and debt instruments. Once they have obtained a Class A license, brokers may also apply for Class B (shares, precious metals, commodities), Class C (futures, derivatives), and Class D (digital assets) licenses.

To be eligible for a Class C license, an entity must already hold both Class A and Class B licenses. For the Class D license, which covers the distribution of digital asset trading services, the applicant must hold all three other license types (Class A, B, and C).

For Class A, B, and C licenses, aside from the one-time application fee, brokers must pay principal and representative license fees of approximately $1,500 each. The cumulative first-year cost is around $3,000, and the annual fee for each of these licenses is $2,000.

The fees associated with the Class D license are higher. While the principal and representative license fees remain $1,500 each, the cumulative first-year fees amount to around $12,000. The annual fee for the Class D license is $8,000.

A VFSC license requires the establishment of a company in Vanuatu that will function as the legal entity through which forex trading services are provided. Obtaining a license from the VFSC is cost-effective, with minimum capital requirements of $50,000. For the sake of comparison, the minimum capital requirement for CySEC-regulated brokers ranges from €125,000 to €750,000 based on the type of license brokers are looking to obtain.

The process of issuing a business license is also relatively streamlined and efficient, taking between two and three months. Successful applicants must provide a business and financial plan and an AML/CFT policies and procedures manual, as well as specify their target markets.

Additionally, individuals involved in the business enterprise are required to submit further documentation, including a CV, a valid passport, proof of address, and a bank reference letter, among others.

Once brokers obtain their licenses, they are required to undergo regular annual audits to ensure compliance with the requirements of the regulatory authority. Licenses are granted for one year and can be extended by meeting regulatory and financial obligations and paying a renewal fee.

As of 2020, the VFSC requires licensees to set up a physical presence in the country. Another feature specific to Vanuatu’s legal environment is that there is no income tax, capital gains tax, or inheritance tax.

The lighter regulatory standards enable brokers to provide competitive spreads and commissions, higher leverage, and bonus promotions, which may appeal to traders.

In early 2025, the regulatory framework for the provision of digital asset trading services was significantly updated with the passing of the Virtual Asset Service Provider (VASP) Act. The new law introduces a separate, dedicated licensing framework for cryptocurrency brokers, exchanges, and custodians. Companies dealing in digital assets are now subject to the VASP Act’s requirements, which include new license classes and stricter adherence to anti-money laundering and counter-terrorist financing standards, superseding the former Class D license provisions.

Is Your Money Protected?

The VFSC is known for its flexible regulatory model, which entails both advantages and disadvantages. Since obtaining a license from the regulator is relatively easy, client protection is not as strong as that offered by well-established financial authorities such as the Financial Conduct Authority in the UK or the Cyprus Securities and Exchange Commission.

The VFSC does not impose the same level of checks on companies’ backgrounds or secure fund-management practices. There are no investor protection requirements imposed on brokers. With fewer regulatory safeguards in place, traders expose themselves to a higher risk of fraud and a lower level of fund protection.

Therefore, traders are advised to double-check some additional aspects of VFSC-regulated brokers to make sure they trade in a secure environment. To minimize the risks associated with their funds, traders are advised to look for additional licenses, such as those issued by the above-mentioned regulators. Traders may also find it helpful to check customer reviews.

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

• CySEC (Cyprus) Regulated Forex Brokers
• FCA (United Kingdom) Regulated Forex Brokers
• IFSC (Belize) Regulated Forex Brokers
• FSA (Seychelles) Regulated Forex Brokers
• ASIC (Australia) Regulated Forex Brokers

About the Editorial Team

Eugene Lee, CFA, is the Head of Research at BestBrokers.com, where he draws on more than two decades of experience in global markets, portfolio management, derivatives, and fintech to evaluate online brokers. His background in institutional investing and quantitative research helps ensure that broker reviews are based on data, risk assessment, and real-world trading conditions. He is also one of the key contributors responsible for developing and refining the testing methodology used across BestBrokers.com.

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