Forex Licensing
Operating a foreign-exchange or contracts-for-difference (CFD) brokerage requires regulatory authorisation from a financial supervisory authority, a process that varies significantly by jurisdiction and carries ongoing capital, reporting, and client-protection obligations.
Forex and CFD brokerages are among the most heavily regulated businesses in the financial services sector, given the systemic and retail-investor protection concerns they raise. In Türkiye, forex brokerage is conducted under the Capital Markets Board's (SPK) investment firm licensing framework, which imposes strict equity thresholds, risk-management requirements, and client-margin rules. In the EU, forex and CFD activity is regulated as investment services under MiFID II, with passporting available once a single-state authorisation is obtained.
GlobalB Law advises prospective and existing brokers on the full licensing lifecycle: jurisdiction and entity structure analysis, preparation of the licence application (business plan, capital adequacy, risk management framework, compliance and internal audit functions), regulatory engagement, and post-authorisation compliance programme design. We have advised on licensing in Türkiye (SPK), Cyprus (CySEC), Malta (MFSA), the UK (FCA), and several other jurisdictions, and can structure multi-jurisdictional operations to minimise duplication while maximising market access.
Ongoing advisory covers the full range of broker obligations: MiFID II product governance and appropriateness assessments, ESMA and national-level leverage restrictions, best-execution policies, order-book and transaction-reporting obligations, and client-money safeguarding rules. For brokers expanding into crypto-CFDs or tokenised assets, we advise on the interaction between investment-firm authorisation and MiCA.
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Can a Cyprus (CySEC) licence be used to offer forex services across the EU?
Yes. A CIF (Cyprus Investment Firm) licence issued by CySEC can be passported across all EU/EEA member states under MiFID II, allowing the firm to provide forex and CFD services to clients in those states on a cross-border or branch basis. Cyprus remains a popular licensing jurisdiction due to its efficient process and proportionate ongoing costs, though ESMA's leverage restrictions apply uniformly across all EU jurisdictions.
What capital is required for a forex broker in Türkiye?
Turkish SPK-licensed forex brokers must meet the minimum equity capital requirements set in the SPK's communiqués for investment firms. The exact thresholds depend on the scope of activities and are subject to periodic update. We advise on current thresholds as part of the feasibility analysis for any Türkiye-focused application.
Are leverage restrictions the same across all EU member states?
For retail clients, ESMA has applied EU-wide leverage restrictions under MiFID II that cap leverage on major currency pairs at 30:1 and are stricter for other instruments. These apply uniformly in all EEA jurisdictions. Some jurisdictions allow higher leverage for professional clients who meet the applicable classification criteria. We advise on professional-client classification strategies within the permitted regulatory framework.
Do I need a separate licence to offer crypto-CFDs in addition to fiat forex?
Crypto-CFDs are derivative instruments referencing crypto-assets and are regulated as investment services under MiFID II. A MiFID II investment firm authorisation that covers derivatives trading is generally sufficient for crypto-CFDs. However, if the underlying crypto-assets are held in custody, or if the firm plans to offer spot crypto-asset trading as well, a MiCA CASP authorisation may also be required. We provide a combined analysis of both licences.
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