NBRB Regulated Brokers on the Belarus Forex Register

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.

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.