#1
BenchMark
BulgariaEst. 2003AMF
Regulation
License
Spread
57.3Score
Seven brokers WIKILIX tracks are headquartered in Bulgaria, and they have less in common than a shared address suggests. One holds four tier-1 licences from across Europe. Two carry no regulation at all. This page lists all seven, ordered by overall score, and it is about where these firms are registered, not about which of them will accept you as a client.
What a Bulgarian address does and does not tell you
Bulgaria has been an EU member since 2007, and the authority that licenses investment firms there is the Financial Supervision Commission. A firm the FSC authorises operates under MiFID II, the same investor-protection framework that governs brokers in Cyprus, Malta and Germany. Being registered in Sofia is a separate fact from being licensed there. A company can incorporate in Bulgaria and answer to a regulator on the other side of the world, or to none. Telling those two apart is the whole job of this list.
The licence rarely matches the address
Only three of the seven record a licence that fits their Bulgarian home. DeltaStock, trading since 1998, is the firm most people mean by a Bulgarian broker, and it records an FSC entry, though WIKILIX currently marks its status as exceeded. D Bank also records the FSC. FXMERIDIAN pairs an FSC entry with a Vanuatu VFSC licence and carries an offshore flag. The highest-scoring firm on the page, BenchMark at 57.3, sits apart from all of them: its file lists the FCA, BaFin, France's AMF and Spain's CNMV, four tier-1 authorities, and no Bulgarian regulator. TP Global and Z Forex run on MISA, a tier-4 authority in the Comoros, while UP TREND, open since 1997, records no regulator on file.
Who you will not find here
Search for a Bulgarian forex broker and most of what comes back is international firms that accept Bulgarian clients, not companies based in the country. A platform the FSC lets passport into Bulgaria, or one running a Sofia support desk, is headquartered elsewhere and is not on this list. Neither are the large offshore brands that market to Bulgarian traders from Cyprus or Saint Vincent. What remains is the stricter set: the firms whose registered office is in Bulgaria itself, whatever their licence says.
How the seven compare
The group is small and uneven. Scores run from 17 to 57.3, with a median of 28.3. Three firms opened before 2010, and UP TREND, from 1997, is the oldest, while Z Forex, registered in 2023, is the newest. Only BenchMark holds a tier-1 licence, and just two firms hold two or more authorisations of any kind. Four carry a status a reader should weigh before depositing: two flagged for no regulation, one offshore, one exceeded. Recorded maximum leverage runs from 1:100 at UP TREND to 1:1000 at Z Forex, a spread that hints at how differently these firms are supervised.
Before you open an account with a Bulgaria-registered firm
- Check the licence, not the address. A Sofia registration tells you where a company files its paperwork, not who supervises your money.
- Where a firm records the Financial Supervision Commission, look up its licence number on the FSC's public register and confirm the licence covers the service you want.
- Where the licence is foreign, as with BenchMark's FCA and BaFin entries, your protection runs through that regulator and its compensation scheme, not a Bulgarian one.
- Treat a MISA or VFSC licence, the kind TP Global, Z Forex and FXMERIDIAN carry, as offshore authorisation with far lighter oversight than an EU licence.
- Confirm the firm will take you on from your own country before you deposit. A Bulgarian address answers none of that.
16brokers on this list
Researched & ranked by the Wikilix team
- #2
Z Forex Capital Market LLC
No RegulationBulgariaEst. 202345.0Score - #3
TP Global
No RegulationBulgariaEst. 201743.5Score - #4
Alaric Securities OOD
RegulatedBulgariaEst. 2011FSC
RegulationLicenseSpread42.7Score - #5
EURO-FINANCE AD
RegulatedBulgariaEst. 1994FSCRegulationLicenseSpread36.4Score - #6
Karoll JSC
RegulatedBulgariaFSCRegulationLicenseSpread35.8Score - #7
Bulbrokers EAD
RegulatedBulgariaEst. 1997FSCRegulationLicenseSpread34.7Score - #8
Varchev Finance Ltd
RegulatedBulgariaFSCRegulationLicenseSpread33.5Score - #9
UP TREND Ltd.
No RegulationBulgariaEst. 1997RegulationLicenseSpread33.5Score - #10
DE NOVO EAD
RegulatedBulgariaEst. 2012FSCRegulationLicenseSpread29.6Score - #11
Capman Holding AD
RegulatedBulgariaEst. 1996FSCRegulationLicenseSpread29.6Score - #12
Focal Point Investments AD
RegulatedBulgariaEst. 1998FSCRegulationLicenseSpread29.6Score
This list keeps pace with WIKILIX's records. A firm that gains or loses a licence, or moves its registered office out of Bulgaria, joins or drops off without anyone rewriting the page. The seven here were read against their licence records on 15 August 2026.
If your aim is to pick a broker to trade with, rather than to see who is registered in Bulgaria, the sharper question is which authority stands behind it. BenchMark's record points to the FCA and BaFin; DeltaStock's to the Financial Supervision Commission. Either tells you more about your protection than a Sofia postcode.
For neighbouring EU domiciles, the Cyprus, Malta and Germany lists sit closest to this one. For the offshore authorities two of these firms rely on, the Comoros and Vanuatu pages cover the same MISA and VFSC licences. Turkey's list shows a comparable market where a local address rarely comes with a local licence.
Frequently Asked Questions
Frequently asked questions
Answers from the Wikilix research team about this ranking.
Most Popular Questions
Because the list is ordered by overall WIKILIX score, not by regulation. UP TREND, flagged for no regulation, scores 50 and sits above DeltaStock at 20.6, which records a local FSC entry. The score weighs several factors and is not a licence check, so read a firm's regulation status as its own column rather than reading rank as a safety ranking.
Yes. TP Global and Z Forex are licensed through MISA, a tier-4 authority in the Comoros, and FXMERIDIAN records a VFSC licence from Vanuatu alongside its FSC entry. Offshore authorisation like this comes with much lighter supervision than an EU licence, which is worth knowing when a firm's registered address sits inside the European Union.
No. Bulgaria has been in the EU since 2007, but membership attaches to the country, not automatically to every firm registered there. Only a broker the Financial Supervision Commission authorises operates under MiFID II and the EU protections that come with it. BenchMark, for one, is Bulgaria-based yet relies on FCA and BaFin licences rather than a Bulgarian one.
This list cannot tell you. It is built from where each firm is headquartered and what it is licensed for, not from which countries it accepts clients in. A company registered in Sofia may onboard traders worldwide or only locally. Read the firm's own account terms, and confirm it is allowed to serve residents of your country, before you deposit anything.
UP TREND, on record from 1997, is the oldest by opening date, though it lists no regulator and is flagged for no regulation. DeltaStock, from 1998, is the oldest firm that records a local FSC entry and the one most traders recognise. Age alone says little here: the newest name, Z Forex, dates only to 2023.
Not all of them. Of the seven, only DeltaStock, D Bank and FXMERIDIAN record an FSC entry on file, and FXMERIDIAN pairs it with an offshore Vanuatu licence. The rest are licensed abroad or carry no regulator at all. A Bulgarian address does not place a firm under the FSC, so check each licence number on the commission's public register before you rely on it.
BenchMark. It records four tier-1 licences, from the FCA in the UK, BaFin in Germany, the AMF in France and the CNMV in Spain, and it holds the highest WIKILIX score on the list at 57.3. It carries no Bulgarian licence, though, so its oversight runs through those foreign regulators rather than the Financial Supervision Commission in Sofia.
Seven, as of today. That counts every firm WIKILIX records with a registered office in Bulgaria, from DeltaStock, trading since 1998, to Z Forex, registered in 2023. Their scores span 17 to 57.3, and only three record a licence from Bulgaria's own Financial Supervision Commission. The list rebuilds itself as firms move in or out of the country, so the number can change.