Forex Brokers Based in Madagascar

Madagascar registers companies. It does not license the ones that sell forex. Eight brokers on WIKILIX carry a Madagascar registered address, and every one of them is licensed, if at all, by an authority in another country. That single fact is what sorts this page. Seven of the eight also carry a warning flag on our record, and the exception is the surprise: 1Prime options, the top scorer at 56.8, is the firm making the boldest licence claim, listing CySEC, the FCA and ASIC from a shell registered in Antananarivo.

So a Madagascar address answers one question and dodges another. It tells you where a firm was incorporated. It says nothing about who, if anyone, supervises how it handles your money. This page leads with that gap rather than a ranking, because with a median score of 33.4 the ranking is mostly a list of firms scoring poorly.

What Madagascar registers, and what it leaves unsupervised

Madagascar has a banking supervisor, the CSBF, and a financial intelligence unit. Their remit covers banks and money laundering, not the retail firms that sell leveraged forex and CFDs to the public. A company can be incorporated here and start offering trading without meeting the capital rules or client-money safeguards an onshore regulator imposes. That is legal. It is not oversight. Six of the eight firms below cite a regulator, but only 1Prime options names an onshore securities authority; the rest point to offshore bodies carrying names like FSC or FSA.

The eight, ranked by score

The scores cluster low. The median is 33.4 on the WIKILIX 100-point scale, the range runs from Olive Markets at 0 up to 1Prime options at 56.8, and not one firm reaches the mid-60s a well-licensed broker often carries. Nothing here is old either. GSI Markets, trading since 2013, is the senior name, while Stockity dates only to 2022. Leverage climbs where no local rule caps it: four firms advertise 1:500 or more, and Xtreme Markets, the one our record marks as a scam, tops the list at 1:1000.

A Madagascar address with a London or Sydney licence

1Prime options is worth pausing on. It scores highest and is the only name here our record leaves unflagged, yet it trades from a Madagascar registration while listing three respected authorities: Cyprus's CySEC, the UK's FCA and Australia's ASIC. A firm can legitimately hold licences in several places, but a top-tier badge on an offshore shell is also the oldest move a clone makes. The check is the same either way. Find the company's exact legal name on each regulator's own register, not a logo on the website, and confirm the entity that would hold your account is the licensed one. Bridge Markets invites the same caution: a US FinCEN registration is a money-services filing, not a trading licence.

The brokers Malagasy traders actually use are somewhere else

If you searched for brokers in Madagascar expecting the big international names, this is not that list, and the difference matters. The firms that market to traders in Madagascar are almost all headquartered abroad and licensed by authorities like ASIC, CySEC or South Africa's FSCA. Because their registered office sits elsewhere, they show up on that country's page here, not this one. This page is the mirror image: companies incorporated in Madagascar, wherever their clients happen to live. An address also tells you nothing about who a firm accepts, so who a broker takes on is set by its own terms, not by its flag.

If a firm here fails, there is no one local to call

Under an onshore licence, a broker's collapse triggers protections a trader rarely notices until they are needed. Client money is meant to sit apart from the firm's own funds, and a complaints body can compel a hearing. Some jurisdictions add a statutory fund that returns part of a lost balance. A Madagascar registration switches those off. If a firm here stops responding, the registry that incorporated it has no mandate to step in, and any recovery runs through courts in whatever country you can reach the company. With seven of these eight already flagged, that is not a distant risk on this particular list.

Four checks before you fund an account

• Trace which legal entity receives your deposit, since the trading brand and the Madagascar company named in the terms are often not the same.
• Treat any FCA, ASIC or CySEC claim as unproven until you find the firm by name on that regulator's own register.
• Read leverage of 1:500 or 1:1000 as a measure of how little constrains the firm, not as a feature.
• Assume there is no recourse inside Madagascar, and decide in advance which country's courts you could realistically use.