Belize’s IFSC grants license to forex broker GQFX

Belize’s IFSC grants license to forex broker GQFX

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The International Financial Services Commission (IFSC), the financial regulatory body of Belize, has granted license to forex, binary options, and contracts for difference (CFDs) broker GQ Capital Inc., operating as GQFX, according to data published on the regulator’s website.

GQFX is focused on the forex segment, but it also offers trading in stocks and commodity futures, in addition to binary options and CFDs. It supports the most widely-used trading platform, the MetaTrader 4 (MT4), as a desktop or mobile application, as well as Binary Auto Roller for binary options instruments. The broker requires a minimum deposit of $20 and promises profits of up to 80%.

The broker’s primary website is in Chinese and has an option for English translation.

The company is based and registered in Belize. It was included into the IFSC’s list of financial service providers registered and regulated in the country. With its addition, the list comprises of 101 regulated entities that provide trading in securities.

Belize is known as an offshore destination and is renowned for its milder regulation and licensing requirements and lower incorporation costs. Recently, the IFSC increased significantly the annual license fees and the minimum capital requirement for forex brokers to $25,000 and %500,000, respectively, but it still remains one of the countries with the lowest such requirements.

Many forex brokers choose to register in Belize and fall under the supervision of the IFSC since they need to meet fewer and softer criteria and to comply with less strict rules and requirements than if they registered in other countries. The latest retail forex broker (except for GQFX) to be included was Arvis Capital Ltd., trading as Arvis FX.

The IFSC rather relies on self-regulation by the companies. Nevertheless, a broker license is attractive to traders as it brings them a feeling of confidence and security when choosing a broker.

Source: IFSC

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