#1
LEGACYFX
RegulatedCyprusEst. 2016CySEC
Regulation
License
Spread
58.0Score
Eight brokers in the WIKILIX records hold a licence from the National Bank of the Republic of Belarus, the NBRB, and every one of them is listed below in score order. This is the complete set we track, not a shortlist. The National Bank keeps a public register of the forex companies allowed to operate inside Belarus, and these are the firms on our books that appear on it.
The scores run low by the standards of a tier-one list. LegacyFX leads at 58, the median sits near 31, and the lowest we record is 27.7. Only three of the eight hold licences from other authorities as well; the remaining five list the NBRB as their sole regulator. Read this as a small national register, not a roster of global names.
| Broker | Score | Domicile | Opened | Max leverage |
|---|---|---|---|---|
| LegacyFX | 58 | Cyprus | 2016 | 1:200 |
| GCM ASIA | 54.6 | United Kingdom | 2012 | 1:100 |
| FXPN | 41.4 | Belarus | 2008 | 1:100 |
| Alpari | 31 | Comoros | 1998 | 1:1000 |
| BFB Capital | 30.7 | Belarus | 2018 | 1:1500 |
| ForexClub | 29 | St Vincent | 2014 | 1:1000 |
| FTM Brokers | 29 | Belarus | 2016 | 1:200 |
| ForexBY | 27.7 | Belarus | 2005 | 1:200 |
What the National Bank actually registers
Belarus is one of the few places where the central bank itself, rather than a separate markets regulator, runs the forex register. A place on it means the National Bank has recorded a company as permitted to offer retail forex services to Belarusian residents. It says nothing about a firm's spreads or how well it fills an order, and it does not match the oversight a tier-one licence from the FCA or Germany's BaFin carries. Every fact here comes from the licence records WIKILIX holds. Confirm any name against the National Bank's own register of forex companies before you send money.
Why half of these firms really are Belarusian
Most regulator lists on this site are full of companies headquartered somewhere else, because a licence is not an address. This one breaks the pattern. Four of the eight, FXPN, BFB Capital, FTM Brokers and ForexBY, are actually domiciled in Belarus. The other four sit abroad: LegacyFX in Cyprus, GCM ASIA in the United Kingdom, Alpari in the Comoros and ForexClub in Saint Vincent and the Grenadines. A national register that is genuinely half local is unusual, and it changes what a Belarusian licence tells you about who you would be contracting with.
The three names carrying a clone warning
Three entries, GCM ASIA, FXPN and ForexBY, carry our suspicious-clone label. That is WIKILIX's recorded status for a firm whose identity or licence claims did not check out cleanly, often a brand reusing a legitimate company's details. GCM ASIA advertises FCA and ASIC oversight alongside its NBRB entry, the kind of licence stack a cloned brand tends to display. We report the label as recorded and nothing past it. Give those three more scrutiny than the five clean entries, and verify each one directly.
What to confirm on the National Bank's register
- Check the legal entity, not the brand. FXPN operates as Leverate Capital Markets LLC and ForexBY as MFEE Limited Liability Company, and the register lists the company, not the marketing name.
- Confirm the entry is current. A 2016 opening date is no proof the firm still holds its place on the register today.
- Match the domicile to the contract. If a name here claims a Belarusian licence but signs you up through an offshore entity, the local register does not cover you.
- Weigh the leverage. Alpari and ForexClub advertise up to 1:1000 and BFB Capital up to 1:1500, well beyond a capped jurisdiction, so understand that risk before you use it.
4brokers on this list
Researched & ranked by the Wikilix team
This list follows the licences WIKILIX has on record for the National Bank of the Republic of Belarus, and it changes as those records change. A firm that gains or loses its place on the register, or has its status label revised, moves on or off this page without anyone editing it by hand. We recheck the underlying records regularly, but the register in Minsk is the source that governs, so treat it as the final word.
If you are weighing a Belarusian licence against something with heavier oversight, the BaFin regulated brokers list covers a German tier-one authority, and LegacyFX appears on both. For firms licensed at the other end of the spectrum, the VFSC regulated brokers page collects the Vanuatu register, where LegacyFX also holds a licence. Both are useful next steps if you want to see how the same broker is treated under very different rules.
Frequently Asked Questions
Frequently asked questions
Answers from the Wikilix research team about this ranking.
Most Popular Questions
The National Bank of the Republic of Belarus publishes its register of authorised forex companies on its own website, and that is the definitive source. Search by the firm's legal entity rather than its brand: FXPN appears as Leverate Capital Markets LLC and ForexBY as MFEE Limited Liability Company. Confirm the entry is current, since a past listing does not prove a licence still stands today.
No. The National Bank of the Republic of Belarus sits at tier three in our ranking, below tier-one authorities such as the FCA in the United Kingdom or Germany's BaFin. A place on the Belarus register shows a firm is authorised to operate there, but it carries lighter investor protection than a tier-one licence. Two names here, LegacyFX and GCM ASIA, also hold tier-one licences elsewhere.
This list cannot answer that for you, so check each broker's own account terms. The National Bank's register governs firms offering forex services inside Belarus, and our page is organised by the licences a broker holds and its headquarters, not by which countries it accepts clients from. A firm on the Belarus register may or may not take clients elsewhere, and only its own terms state which.
Three entries, GCM ASIA, FXPN and ForexBY, carry our suspicious-clone label. That is WIKILIX's recorded status for a firm whose identity or licence claims did not verify cleanly, often a brand reusing a legitimate company's details. GCM ASIA, for example, advertises FCA and ASIC oversight alongside its NBRB entry. We report the label as recorded and nothing more; confirm each of the three directly against the register.
No. Four of the eight are actually headquartered in Belarus: FXPN, BFB Capital, FTM Brokers and ForexBY. The other four sit elsewhere, with LegacyFX in Cyprus, GCM ASIA in the United Kingdom, Alpari in the Comoros and ForexClub in Saint Vincent and the Grenadines. A National Bank licence records a right to operate in Belarus, not a Belarusian address.
Alpari, with a recorded opening date of 1998, is the oldest firm on the list by some margin. ForexBY follows at 2005 and FXPN at 2008, which makes three that predate 2010. The newest is BFB Capital, opened in 2018, with FTM Brokers and LegacyFX both dating from 2016. Age here is drawn from each firm's recorded opening date.
Eight, and that is the complete set on WIKILIX as of today rather than a shortlist. Five of them carry our clean regulation status and three carry a suspicious-clone warning. Five list the NBRB as their only regulator, while three hold licences from other authorities as well. If a firm joins or leaves the National Bank's register, this page changes with it.
Eight brokers we track hold a National Bank of the Republic of Belarus licence: LegacyFX, GCM ASIA, FXPN, Alpari, BFB Capital, ForexClub, FTM Brokers and ForexBY. LegacyFX scores highest at 58. Five carry our clean regulation label and three are flagged as suspicious clones, so the register is small enough to read name by name rather than trust as a group.