Compliance

Forex License Cost by Jurisdiction: 2026 Comparison

What a forex licence costs in 12 places prop founders ask about: fees, capital, timelines, and where no forex licence exists at all. Checked 12 Oct 2026.

By PipValley Editorial
Published 12 Oct 2026
9 min read

"Forex licence" is shorthand for a regulator's permission to deal in, or arrange deals in, currency and CFD contracts for clients. Founders of prop firms search for it for two reasons: to find out whether an evaluation business needs one, and to price one for a brokerage arm. This guide answers the second question place by place, then comes back to the first.

Every figure below is a published regulator fee, a regulator's capital rule, or a consultant or agent figure that we label as such. We checked each on 12 October 2026. Our forex broker licence guide explains how regulators are grouped and what they assess; this page is the price list.

What does a forex licence cost in each jurisdiction?

The table compares the places we cover in our jurisdictions index. "Fees" are the regulator's own application and annual fees where published; "capital" is the minimum the regulator says must sit in the business. Neither includes lawyers, a compliance officer, audited accounts, local office rent or the platform, which together usually cost more than the fees.

Forex and CFD dealer licences compared (sources in this guide; checked 12 October 2026)
Jurisdiction	Licence	Published fees	Minimum capital	Reported timeline
United Kingdom (FCA)	MIFIDPRU investment firm	Application 11,260 UK pounds for Category 6, where the FCA says most CFD firms fall	75,000 / 150,000 / 750,000 UK pounds by permission; dealing on own account is the top tier	Not stated here; tier-one applications are generally the slowest
Cyprus (CySEC)	Cyprus Investment Firm (CIF)	EUR 7,000 application; annual from EUR 5,000 plus EUR 3,000 for CFD providers (CySEC fee directive, 2020 consolidation)	EUR 75,000 / 150,000 / 750,000 by business model (RSM Cyprus)	12–16 months (Salvus Funds, consultant)
Mauritius (FSC)	Investment Dealer, Full Service excl. Underwriting	USD 1,000 processing, USD 3,400 a year (GN 119 of 2026, from 1 Jul 2026)	MUR 1,000,000 stated capital (Sovereign Group)	Not published; several prop groups licensed in 2026
Seychelles (FSA)	Securities Dealer	USD 1,500 application; USD 2,500 a year in the 2024 guidelines, reported USD 6,000 after 2025 amendments	USD 50,000 in the guidelines; reported USD 100,000 after the amendments	30 working days service standard from a complete file; one licensee reported "over a year and a half"
Vanuatu (VFSC)	Financial dealer's licence	VT 50,000 application, VT 100,000 on grant, VT 500,000 a year	No fixed capital in the Act, but a VT 5,000,000 deposit with the Commissioner	Not published; physical office and resident manager required
Labuan (Labuan FSA)	Money broking	Not covered here	RM 1,000,000 paid-up for core activities; RM 1,500,000 with expanded activities	Not published
BVI (FSC)	Investment business licence (Dealing in Investments)	Depend on the categories chosen	No fixed capital requirement (Salvus Funds, consultant)	About 1–2 months (consultant estimate)
Anjouan (Comoros)	Brokerage licence sold by the Anjouan offshore authority	EUR 1,500 application, EUR 18,000 a year (agent figures)	None in law (agent)	Weeks; not recognised by the Union of the Comoros central bank
St Vincent and the Grenadines	None: SVG does not issue forex licences	Company fees only	n/a	n/a
Saint Lucia	None: "forex business is not licensed in Saint Lucia" (FSRA)	Company fees only	n/a	n/a
Abu Dhabi Global Market (FSRA)	Financial Services Permission, Category 2 or 3A	USD 25,000–40,000 to apply and USD 25,000–50,000 a year per activity; about USD 17,000 company registration	USD 2 million for principal dealing or retail OTC derivatives; USD 500,000 for other matched-principal or agency dealing	6–10 weeks to in-principle approval, then up to 3 months (Salvus Funds, consultant)
UAE mainland and free zones (CMA, formerly SCA)	Securities, derivatives and FX dealing	No single published price for brokers	Set by activity	Months; see our Dubai page

Why is the cheapest licence rarely the cheapest option?

Because the fee is the smallest line, and the cheap licences carry costs elsewhere. A Vanuatu licence has modest fees but a VT 5 million deposit, insurance cover, a stand-alone office ("a workstation in an open plan office would not suffice", in the VFSC's physical-presence guideline) and a manager resident in Vanuatu. Seychelles has a 30-working-day service standard on paper, yet Finance Magnates reported in June 2026 that a CFD broker backed by The5ers' founders took "over a year and a half" to get its licence.

The cheapest option of all can cost the most. Agents sell an Anjouan licence for about EUR 1,500 to apply and EUR 18,000 a year, but the Union of the Comoros central bank has warned about "fictitious structures claiming to issue licenses", and Finance Magnates reported that MetaQuotes stopped issuing MetaTrader licences to Comoros-registered brokers from February 2026. Banks, card processors and platform vendors read those warnings too.

Finally, a licence only covers the market it is issued for. Google, for example, requires advertisers of CFDs and rolling spot forex to be certified and licensed in each country they target, so an offshore licence does not open UK, EU or Australian advertising. Price the licence against the clients you actually want.

Which places do not issue a forex licence at all?

Two Caribbean favourites do not. In St Vincent and the Grenadines, the FSA has said forex licences are not issued to companies registered there, and since January 2023 companies wishing to do forex business "must provide a certified copy of requisite licenses/approval" from where they operate, according to Searchlight's report of the notice. In Saint Lucia, the FSRA's warning notice of 8 January 2026 says "forex business is not licensed in Saint Lucia" and calls documents claiming otherwise "false and misleading".

That does not make either place useless for a prop firm. An SVG LLC still costs USD 125 to register, per the FSA's fee page, and many evaluation firms use simple companies like it. It does mean your website must never describe a company registration as a forex licence.

Does a prop firm need a forex licence?

Most evaluation prop firms do not hold one, because they sell access to simulated accounts and pay rewards from their own revenue; they do not take deposits, hold client money or route client orders. We found no regulator in the places above that has published a licence category written for simulated evaluations as of 12 October 2026. Our guide to whether prop firms need a licence sets out the questions to put to a lawyer.

Three things change the answer: executing real client trades, holding client money, or marketing in a way a regulator treats as promoting a regulated product. The best-known US test case, CFTC v. My Forex Funds, was dismissed with prejudice in May 2025, according to Willkie; that was a ruling on that case, not a clean bill of health for every model.

Groups that do take a licence usually do it for a brokerage arm. Finance Magnates reported in June 2026 that FundingPips, FundedNext's FNmarkets, Hola Prime and Finotive Markets had secured Mauritius licences, many after starting in the Comoros.

Selling simulated evaluations only: usually a company and good legal documents, no forex licence. Start with [how to start a prop firm](/guides/how-to-start-a-prop-firm).
Copying funded traders' positions to a live account you control: still your own trading, but ask a lawyer about your broker relationship and disclosures.
Offering real trading accounts to clients: you are a broker and need a licence where you operate and where you market. See [how to start a forex brokerage](/guides/how-to-start-a-forex-brokerage).

How do you budget for a licence?

Budget in three layers. First the regulator: application and annual fees from the table. Second the capital, which is not spent but is locked in the business and must be shown in the right bank. Third the substance: directors who pass fit-and-proper tests, a compliance officer and money-laundering reporting officer, audited accounts, a local office where required, and legal drafting of the client agreement and policies.

Then add the time cost. If a licence takes 12 to 16 months, as Salvus Funds estimates for a CySEC investment firm, you pay salaries and rent before your first client. That is why many founders launch an evaluation business on a simple company first and add a licensed entity later, if at all. Our launch cost calculator and the budget page price the evaluation route; white label forex broker cost prices the platform side of a brokerage.

Regulator fees: from the table, per entity and per year.
Capital: the minimum for your permission, plus the buffer your regulator and bank expect.
People: compliance, risk and money-laundering officers who meet local requirements.
Advisers: lawyers for the application and client documents; auditors every year.
Website: the entity, licence number and regulator link on every page, and risk warnings in the format the regulator sets.

Where should a prop founder look first?

Start from the business you are actually running. If you only sell simulated evaluations, compare company vehicles, banking and payment access first: our pages on Cyprus, the United Kingdom, the BVI and Dubai cover both company formation and the licence question. If you want a brokerage arm, compare Seychelles, Mauritius, Labuan, the EU route in our European forex licence guide and Abu Dhabi in our ADGM FSRA licence guide, then budget for a year of work.

Whatever you choose, your website states the entity and what it is and is not licensed to do. PipValley builds that into every prop firm site, from the $1,490 Launch build upwards, so the legal footer, restricted countries and simulated-trading notice match the structure your lawyer signs off.

Questions

How much does a forex licence cost?

Regulator fees run from about USD 1,500 to apply in Seychelles to 11,260 UK pounds at the FCA for most CFD firms, but capital is the bigger number: 75,000–750,000 euros or pounds in Cyprus and the UK, MUR 1 million in Mauritius, RM 1 million in Labuan. Add lawyers, staff and an office.

What is the cheapest forex licence?

On fees alone, Anjouan licences sold by agents look cheapest, but the Union of the Comoros does not recognise them and MetaQuotes stopped licensing Comoros brokers in 2026. Among recognised regulators, Seychelles and the BVI have lower fees and capital than the EU or UK, with slower real timelines than advertised.

Can I get a forex licence in St Vincent or Saint Lucia?

No. SVG's FSA does not issue forex licences and since 2023 asks forex companies for licences from where they operate. Saint Lucia's FSRA said in January 2026 that forex business is not licensed there. You can form a company in either, but not a licensed broker.

Do I need a forex licence to start a prop firm?

Usually not for a purely simulated evaluation model, as of October 2026, but there is no universal answer. Taking client money, executing real client trades or marketing into strict markets can change it. Ask a lawyer in the place you operate and in your main customer markets.

How long does a forex licence take?

Consultants estimate 12 to 16 months for CySEC and about one to two months for a BVI investment business licence. Seychelles has a 30-working-day service standard for complete files, but one broker reported taking more than 18 months. Plan the rest of your launch around a realistic date.

Sources

Illustrative figures, not a forecast. Nothing on this site is legal, tax or financial advice. PipValley is a web design studio; we don’t sell challenges, run trading accounts or provide trading platforms. Spotted something out of date? Tell us and we’ll fix it with the date.

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