Wikilix
Licence record

MISA licence T2023349

Holder
Brex Capital
Jurisdiction
Comoros
Licence type
Retail Forex License
Last checked
Sep 18, 2026

This is Wikilix's record of a licence issued by Moroni International Services Authority. It sets out what the register says, what we checked, and what the authority's own rules protect.

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RecordModified Sep 18, 2026

Licence Verification Record

Moroni International Services Authority T2023349

Wikilix read the MISA register on Sep 18, 2026. This is what it said.

Issuing authority
Moroni International Services Authority
Holder
Brex Capital LLC
Name on the register
Brex Capital Ltd
Jurisdiction
Comoros
Licence type
Retail Forex License
Effective
Aug 22, 2023
Register status
Active on the MISA list, recorded to QRS Global LLC; MISA is disavowed by the Comoros central bank

Checked Sep 18, 2026

A licence record describes what an authority published. It is not an endorsement, and Wikilix does not issue authorisations.

wikilix.com/licenses/moroni-international-services-authority/brex-capital/t2023349Fields on file 10 / 11

Open Brex CapitalAbout MISA
Our check
Checked

What we checked

This authorisation is in force but limited — it does not carry the same protections as a full trading licence.

Wikilix check
Limited
Authority strength
Tier 4
Jurisdiction
Comoros
Last checked
Sep 18, 2026
Register says
Active on the MISA list, recorded to QRS Global LLC; MISA is disavowed by the Comoros central bank

Finding

An offshore registrar on the autonomous island of Mwali, not a functioning financial regulator. The Comoros central bank has said these entities are not recognised in the Union of the Comoros. Licence T2023349 is recorded on the MISA list to QRS Global LLC (qrsfx.com), the predecessor identity. Client protection: None. Does not protect client deposits.. Effective: 22 Aug 2023.

Exhibit

Register screenshot, captured Sep 18, 2026

Verification note

Offshore Comoros (Mwali) authorisation held by the entity clients actually contract with. Light-touch framework: no client-money compensation scheme and no public register lookup. This is the only authorisation covering Brex Capital LLC, the counterparty named in the Client Agreement.

The register

What the authority publishes

Printed as the register prints it. A field that is missing here is one nobody has recorded, not one the register leaves blank.

Licence number
T2023349
Issued to
Brex Capital Ltd
Licence type (Wikilix classification)
Retail Forex License
Register status
Active on the MISA list, recorded to QRS Global LLC; MISA is disavowed by the Comoros central bank
Effective from
Expires
No expiry shown
The authority

About MISA

Moroni International Services Authority is the authority that issued this licence, and the jurisdiction it applies in is Comoros.

Full name
Moroni International Services Authority
Jurisdiction
Comoros
Strength
Tier 4Minimal supervision. A registration here says little about client protection.
Established
2014
Oversight
A government or statutory body
Firms we track under it
20 firms
Regulates
Forex
Licences it issues
International Brokerage Licence
Typical cost of a licence
USD 3000-7000
Public register
No public register published
Transparency
Low

MISA is classed as an offshore regime. An offshore registration can be entirely legitimate, but it typically means lower capital requirements, no compensation scheme, and a complaint route that is harder to use from abroad.

Protection

What this licence protects

MISA's own rules for the firms it authorises.

  • No compensation scheme
  • Negative balance protection
  • No complaints route
  • Maximum leverage1:997
This describes the authority's regime, not how Brex Capital applies it.
The holder

Who holds this licence

The licence above is recorded against Brex Capital. A licence is issued to a legal company, so the companies below are what you would search a corporate register for.

Broker
Brex Capital LLC
Named on the register
Brex Capital Ltd
Based in
Comoros
Wikilix score
37.0the firm’s overall score, not a rating of this licence

Recorded companies

None of these matches the name the register printed, so we do not say which one holds this licence.

  • Brex Capital LLCComoros · Reg. 457 LLC 2020
  • BREX CAPITAL LIMITEDNew Zealand · Reg. 9429042326809 · May 4, 2016
  • Brex Capital (Pty) LtdSouth Africa · Reg. 2025/134967/07
Provenance

Where this record came from

Every date below has already happened. We do not publish a promised next-update date, because we do not schedule per-licence re-checks.

Official source
The issuing authority’s registerPublished by the authority, not by Wikilix.
Last checked by Wikilix
Record last edited
When this entry was last changed in our database, which may be a correction rather than a change at the register.
Evidence held
A screenshot of the register entry is on file.
Wikilix records what an authority published. It does not issue or endorse authorisations.
Also on record

Other licences Brex Capital holds

One other licence is on record for Brex Capital.

Frequently Asked Questions

Questions about this licence

Answered from this register entry and the authority’s own record.

Most Popular Questions

Complaints go first to compliance@brexcapital.com within 30 days, with a written response due in 10 business days, then escalate to the Financial Commission, a private membership body rather than a statutory ombudsman, within 45 days.

Two limits matter: claims arising from a specific trading incident must be filed within seven business days even where the fault is the broker's own system, and liability is capped at your account balance.

Support is offered 24 hours a day in English and Thai, through live chat on the site, email to support@brexcapital.com, a LINE account and a web form. Compliance matters go to compliance@brexcapital.com.

No telephone number is published anywhere on the site, and the only address given is the Comoros registered office.

There is no evidence of fraud, and the operation is real: a working platform, three named companies, and licence records we confirmed exist and are in force. It is better described as high risk than dishonest.

The concerns are the offshore-only cover for the entity you contract with, a self-contradictory registration number in the footer, and terms allowing profits to be clawed back at any time with no time limit. Treat it as unverified rather than proven safe.

The broker does not publish a list. Its risk warning says it does not serve certain regions without naming any, and its compliance policy refers to jurisdiction restrictions that are not set out anywhere on the site.

The registration form asks only for a name, email, mobile number and password, with no country of residence field at all, so nothing in the sign-up process indicates which residents are accepted or refused.

The published instrument tables cover forex majors, gold and silver, the US30, US100, US500, UK100 and dollar index, WTI, Brent and natural gas, and four crypto CFDs.

Be aware the site is inconsistent about its range: the markets page headline offers stocks and ETFs, but no stock or ETF appears in any instrument table, and the same page claims both 20 plus instruments in total and 40 plus currency pairs.

MetaTrader 5 only, on desktop, web and mobile, and every account type runs on it. There is a free MT5 demo account.

Brex Capital adds a branded mobile app and a copy trading service on top of the same platform. MetaTrader 4 is not offered and there is no proprietary terminal.

The broker states requests are reviewed and processed within 24 hours, with Thai baht payouts often landing the same day. The minimum withdrawal is 150 THB or 5 USD and the broker adds no fee.

The compliance policy allows a hold where an investigation, an AML review, a suspected identity issue, an outstanding chargeback or a profit claw back applies, so the 24 hour figure describes the normal case rather than a guarantee.

Funding is regional. Local bank transfer is offered in Thailand through SCB, KBank, Bangkok Bank and Krungthai from 150 THB, in Laos from 150,000 LAK and in Vietnam from 150,000 VND, all quoted at instant to 15 minutes. USDT on TRC20 or ERC20 is accepted from 100 USDT, quoted at 10 to 30 minutes.

Money must come back out the same way and in the same name it went in.

The spread is the only stated cost. Brex Capital charges no commission on any trade and no overnight swap on any instrument, and no deposit or withdrawal fee of its own.

Indicative spreads start at 0.5 pips on EURUSD, 1.6 on gold and 20.0 points on US30. Spread from varies by account, from 0.8 pips on PRO to 1.6 pips on STANDARD and CENT.

Up to 1:3000, which is among the highest advertised anywhere and far beyond what onshore regulators allow retail clients.

It is dynamic and falls as your balance grows: 1:3000 below 100 USD, 1:2000 to 10,000 USD, 1:1000 to 20,000 USD, 1:500 to 50,000 USD, 1:300 to 100,000 USD and 1:100 above that. Cryptocurrency is capped at 1:200 regardless of tier.

Five US dollars on the STANDARD and CAPITAL accounts, or 500 cent units on the CENT account. The PRO account requires 1,000 US dollars.

One practical catch: the only USD funding channel is USDT, and that carries a 100 USDT minimum, twenty times the advertised account minimum. The 5 USD entry point is only reachable through the Thai, Lao or Vietnamese local bank rails.

No, not if you are a client of Brex Capital LLC. FSP licence 55069 is held by Brex Capital (Pty) Ltd, a separate South African company registered as 2025/134967/07, and the Client Agreement places affiliates outside your trading relationship.

The licence itself is real and in force from 30 June 2025 for financial derivatives trading. It simply does not cover the counterparty holding your money.

Brex Capital LLC, a company incorporated on the Autonomous Island of Mwali in the Union of the Comoros, at Bonovo Road, Fomboni. Its Client Agreement states that clients contract exclusively with this company.

Two affiliates are named on the site: Brex Capital (Pty) Ltd in South Africa and Brex Capital Limited in New Zealand. The agreement expressly says no affiliate is responsible for the company's obligations. Individual ownership of the Comoros company is not disclosed.

Only in the Comoros. The entity you actually open an account with, Brex Capital LLC, holds licence T2023349 from the Mwali International Services Authority, an offshore authority with no client compensation scheme and no searchable public register. The broker's own FAQ gives this same single licence when asked the question.

The site also advertises a South African FSCA licence and a New Zealand register entry, but neither belongs to the company you contract with.

Licence T2023349 was issued by Moroni International Services Authority (MISA), the financial authority for Comoros.
Brex Capital holds this MISA licence. A licence on record means the authority published an entry; it is not an endorsement.
We located this entry on the MISA register. Note that confirming a register ENTRY is not the same as confirming a live licence — the register’s own wording on this page is what states its current standing.
The MISA register prints it under Brex Capital Ltd, not Brex Capital. Licences are often held by a subsidiary rather than the trading brand, which is why searching a register for the brand alone can return nothing.
Wikilix rates MISA tier 4, the lowest band. A registration here says little on its own about client protection.
Yes, MISA is classed as an offshore regime. That can be a legitimate registration, but it usually means lower capital requirements, no compensation scheme, and a complaint route that is harder to use from abroad.
This page links straight to the MISA register. Search it for T2023349, and for the name Brex Capital Ltd rather than the trading brand.
Brex Capital has one other licence on record with Wikilix, across one jurisdiction. They are listed further down this page.
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