#1
Agena Markets
No RegulationMontenegro
50.0Score
Six brokerages keep their registered office in Montenegro, and this page lists all six, ordered by overall WIKILIX score. Two of them, TFCAPITAL and Limit Prime Securities, hold a licence from Montenegro's own Capital Market Commission. The other four do not, and that gap is the first thing a Montenegrin address fails to tell you.
A registered office in Podgorica is a company fact, not a safety rating. It records where a firm is incorporated and nothing about who may open an account there. TFCAPITAL carries both a Montenegrin seat and a Montenegrin licence, alongside a United States FINRA registration. Limit Prime Securities holds the Montenegrin licence too. The remaining four lean on a foreign permission or on nothing at all.
What a Montenegrin address does and does not cover
Three of the six carry a clean regulation status on record and three are marked as having no regulation. NOZAX is recorded as regulated, but on a foreign FSC licence rather than a Montenegrin one. MFX Prime DOO is the odd case: it holds an Australian ASIC licence, a genuine tier-1 authority, yet still carries a no-regulation status in our records. Agena Markets and Dana Brokerage Co. list no regulator at all.
| Broker | Score | Licences on record | Opened | Max leverage |
|---|---|---|---|---|
| Agena Markets | 50 | None on record | Not recorded | Not recorded |
| TFCAPITAL | 49.2 | SCMN (Montenegro), FINRA | 2022 | 1:200 |
| MFX | 49 | ASIC | 2022 | 1:1000 |
| Limit Prime Securities | 32.5 | SCMN (Montenegro), CMA | 2017 | 1:200 |
| NOZAX | 30.3 | FSC | 2017 | 1:500 |
| Dana | 0 | None on record | 2005 | 1:1 |
Who you will not find here
Most people trading from Montenegro do not use a Montenegrin firm. The large international brokers they tend to open accounts with are seated in the United Kingdom, Cyprus, Australia or the offshore islands, and they show up on the country pages for those places rather than this one. This page answers a narrower question: which brokerages are legally based in Montenegro. If you arrived expecting a shortlist of firms that accept Montenegrin residents, start with the questions at the foot of the page, because domicile and client acceptance are two different tests.
The Capital Market Commission and what its licence buys
Montenegro's Capital Market Commission sits at tier three in the WIKILIX regulator ranking, an onshore body that oversees the domestic capital market. A licence from it is a real permission granted inside Montenegro, which is more than four of these six firms can show. It is not the same cover a client of a UK or Australian regulator receives, and it does not follow you abroad: a Montenegrin licence governs business done under Montenegrin rules and stops there.
Age cuts a similar way. The oldest name here, Dana Brokerage Co., dates to 2005, yet records a score of zero and lists no trading platform, so its years count for little. TFCAPITAL and MFX both opened in 2022. Scores across the list run from 0 to 50 with a midpoint near 41, so even the highest-rated firm sits mid-table against the wider field, and leverage stretches from a nominal 1:1 up to 1:1000.
Before you open an account with a Montenegro-registered broker
- Confirm the exact legal entity on your client agreement. A Podgorica registration and the company that actually holds your money are not always one and the same.
- Check whether the licence is Montenegrin or foreign. Only TFCAPITAL and Limit Prime Securities hold the Capital Market Commission licence; the rest lean on a foreign permission or none.
- Weigh the leverage against your own limits. MFX advertises up to 1:1000, several times what a tier-1 regulator permits a retail client.
- Confirm any licence number on the Capital Market Commission's own register before funding an account, rather than trusting a badge shown on a website.
Everything here reflects the licences and status labels WIKILIX holds on record as of today. Check any of it against the regulator's own register before you commit money.
6brokers on this list
Researched & ranked by the Wikilix team
- #2
Investiciono Društvo Limit Prime Securities AD Podgorica
No RegulationMontenegroEst. 201750.0Score - #3
TFCapital
RegulatedMontenegroEst. 2022SCMN
RegulationLicenseSpread49.2Score - #4
MFX Prime DOO
No RegulationMontenegroEst. 2022ASIC
RegulationLicenseSpread49.0Score - #5
NOZAX
No RegulationMontenegroEst. 201738.0Score - #6
Dana Brokerage Co.
No RegulationMontenegroEst. 20050.0Score
This page rebuilds itself whenever a broker's country or licence record changes, so a firm that gains a Montenegrin licence, moves its registration or drops out of our records will appear or disappear here without anyone rewriting the text. The six names above are what stands on record today.
Montenegro is a small seat for this industry, and the more useful comparisons are usually regional. The pages for Bulgaria, Turkey and Cyprus cover larger populations of the same kind, where a local licence is far more common. The Malta and Ireland pages show what a European Union licence adds that a Montenegrin one does not.
Whichever you read next, treat the licence rather than the address as the thing that matters. A registered office is cheap to establish and tells you almost nothing about the protection behind a deposit. The Capital Market Commission's register is where you confirm a Montenegrin licence, and each foreign authority keeps its own. These records are rechecked as licences change, but the register itself is always more current than any list.
Frequently Asked Questions
Frequently asked questions
Answers from the Wikilix research team about this ranking.
Most Popular Questions
This page is built by registered address, and the large brokers most Montenegrin traders use are headquartered in places like the United Kingdom, Cyprus or Australia, not Montenegro. You will find those firms on the country pages for their own domiciles. Their absence here is not a judgement, it just means their registered seat is elsewhere.
Based in Montenegro means the company is registered there, which every firm on this page is. Regulated in Montenegro means it holds a licence from the Capital Market Commission, which only two of the six can show. A firm can sit in Podgorica and be licensed abroad, licensed nowhere, or licensed locally, and this page separates those cases.
MFX advertises leverage up to 1:1000, the highest on this list and several times what a tier-1 authority allows a retail client. NOZAX reaches 1:500, while the two locally licensed firms, TFCAPITAL and Limit Prime Securities, cap at 1:200. High leverage is a warning sign as often as a feature, so read it against your own risk limits.
Dana Brokerage Co. is the oldest on the list, on record since 2005, but it scores zero and lists no trading platform, so its age buys a reader little. NOZAX and Limit Prime Securities both date to 2017, while TFCAPITAL and MFX are the newest, each opened in 2022.
No. Four of these six firms record no Montenegrin licence at all, and a registered office is simply where a company is incorporated. Only TFCAPITAL and Limit Prime Securities hold the Capital Market Commission licence. NOZAX is marked regulated but on a foreign FSC permission, so the address and the licence are two separate questions.
This list is built from where each firm is registered, not from who it accepts as a client, so it cannot tell you which of the six will onboard a Montenegrin resident. Some may, some may not. Check each broker's own account terms before you apply, and treat a Montenegrin address as separate from client eligibility.
TFCAPITAL and Limit Prime Securities are the two firms on this list recorded with a Capital Market Commission licence. TFCAPITAL also holds a United States FINRA registration, and Limit Prime Securities records a second Capital Markets Authority (CMA) entry. The remaining four brokers show no Montenegrin licence on record.
Six brokerages keep a registered office in Montenegro, and all six are listed here in score order. Only two of them, TFCAPITAL and Limit Prime Securities, hold a licence from Montenegro's Capital Market Commission. The other four record either a foreign licence or none, so the headline number is smaller than it first looks.