Do not invest more money than you can afford to lose.
Forex broker Brifin Ltd. has obtained a license from the International Financial Services Commission (IFSC) of Belize, according to data from the regulator’s website.
The broker’s website, www.brifinfx.com, does not provide much information about its operations or origin. Part of the available information is not available in English, but only in Japanese. There is nothing concerning the trading instruments or conditions the broker offers; nothing about regulation; nor about where the company is based or whether it is affiliated to any other entity. The only information available is that Brifin uses MetaTrader 4 (MT4), the most widely-used forex trading platform, in its version for desktops and mobile devices (Android and iOS).
Belize is known as an offshore destination and is a regulator of choice for many forex brokers due to its mild regulation and licensing requirements, as well as its lower incorporation costs. Earlier this year, 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.
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.
The latest retail forex brokers to receive IFSC licenses include eToro, Arvis FX, GQFX, HeartForex, FX88, and TahoeFX.