Key takeaways
- Regulated (Mauritius, Bahamas): strongest recognition, highest obligations.
- Offshore licence (Comoros): fast licensed status, limited recognition.
- No licence (Saint Lucia IBC): fastest route to MT5, no regulatory status.
- None of these allows serving markets that require local authorisation.
Side by side
| Regulated | Offshore licence | No licence | |
|---|---|---|---|
| Examples | Mauritius FSC, Bahamas SCB | Comoros (Mwali) | Saint Lucia IBC |
| Time | Months | Weeks | Days to weeks |
| Substance | Yes | No | No |
| Recognition | High | Limited | Not a licence |
| Banking | Easiest | Harder | Harder |
Who each suits
Prop firms and lean brokers often start without a licence. Brokers that need a licence on their website quickly choose an offshore licence. Brokers building long-term relationships with banks and LPs go regulated.