Did you know that UK, Seychelles and Hong Kong companies are no longer accepted for setting up your Forex brokerage?
MetaQuotes has modified its compliance rules regarding the onboarding of new MT4 / MT5 White labels.
Earlier it was possible to obtain a White Label through firms registered in countries such as the United Kingdom, Hong Kong, Singapore, and others without the need for a license or company categorization as a Forex Broker
MetaQuotes now needs the company to apply for White label, which confirms the company’s authorization to execute financial services/brokerage activity in that particular company and has a valid Bank account before they apply for the MT4/MT5 WhiteLabel or Admin.
In a nutshell, the Whitelabel can only be utilized by a firm that is legally permitted to undertake brokerage activity, either with or without a license.
Saint Vincent and the Grenadines was a prominent and widely used country that permitted brokers to conduct brokerage activities without a license. However, it is no longer accepted as they do not offer a bank account and don’t actually authorize any companies for operating a brokerage business.
In addition to the firm criteria, MetaQuotes now validates the authenticity of any contact data given by the broker, such as phone number, email address, website or domain ownership. All of these modifications in compliance policy were most likely driven by several scam firms that exploited reputed countries to entice and deceive their consumers.
OpenForexBroker will assist you in starting an acceptable Company for your brokerage firm; click here for more information or contact us.