2Strong
Tier 2 regulated forex brokers
Credible regulators with real rulebooks, but fewer safeguards than tier 1 (e.g. no compensation scheme or looser leverage rules).
Regulators in tier 2
SEBISecurities and Exchange Board of India89 brokersCySECCyprus Securities and Exchange Commission80 brokersFSCAFinancial Sector Conduct Authority54 brokersSPK / CMBCapital Markets Board of Türkiye (Sermaye Piyasası Kurulu)45 brokersDFSADubai Financial Services Authority12 brokersFMA (NZ)Financial Markets Authority8 brokersSCASecurities and Commodities Authority7 brokersMFSAMalta Financial Services Authority6 brokersKNFPolish Financial Supervision Authority3 brokersAFMAutoriteit Financiële Markten2 brokersCSSFCommission de Surveillance du Secteur Financier2 brokersEFSAEstonian Financial Supervision and Resolution Authority2 brokersFSC (BG)Financial Supervision Commission of Bulgaria2 brokersFSRA (ADGM)Financial Services Regulatory Authority, Abu Dhabi Global Market2 brokersBank of LatviaLatvijas Banka (formerly FCMC)1 brokersCMVMComissão do Mercado de Valores Mobiliários1 brokersCNMVComisión Nacional del Mercado de Valores1 brokersCONSOBCommissione Nazionale per le Società e la Borsa1 brokersFinanstilsynet (DK)Danish Financial Supervisory Authority1 brokersHCMCHellenic Capital Market Commission1 brokersISAIsrael Securities Authority1 brokersAMFAutorité des Marchés Financiers0 brokersBank of LithuaniaBank of Lithuania0 brokersCNBCzech National Bank0 brokersFIFinansinspektionen0 brokersFMA (AT)Austrian Financial Market Authority0 brokers
Brokers whose strongest licence is tier 2 200
Broker
Licences on record
Licence Score
Actions
6
GF
Geojit Financial Services
Exchange-traded currency broker, since 1987
SEBI
53Moderate
Licences
Visit site
8
J
JustMarkets
Forex & CFD broker, since 2012
CySECFSCAFSC (MU)BVI FSCFSA (Seychelles)
51Moderate
Licences
Visit site
10
C
CFI
Forex & CFD broker, since 1998
CySECFSC (MU)FSA (Seychelles)VFSC
51Moderate
Licences
Visit site
11
WB
Windsor Brokers
Forex & CFD broker, since 1988
CySECCMA (Kenya)JSCFSC (Belize)
51Moderate
Licences
Visit site
19
S
SquaredFinancial
Forex & CFD broker, since 2005
CySECFSA (Seychelles)
49Moderate
Licences
Visit site
33
HS
HDFC Securities
Exchange-traded currency broker, since 2000
SEBI
48Moderate
Licences
Visit site
34
KS
Kotak Securities
Exchange-traded currency broker, since 1994
SEBI
48Moderate
Licences
Visit site
37
IS
IIFL Securities
Exchange-traded currency broker, since 1996
SEBI
48Moderate
Licences
Visit site
47
GM
Global Menkul Değerler
Multi-asset broker, since 1990
SPK / CMB
48Moderate
Licences
Visit site
63
RB
Religare Broking
Exchange-traded currency broker, since 1984
SEBI
48Moderate
Licences
Visit site
64
SS
SBICAP Securities
Exchange-traded currency broker, since 2006
SEBI
48Moderate
Licences
Visit site
65
CB
Choice Broking
Exchange-traded currency broker, since 1993
SEBI
48Moderate
Licences
Visit site
66
AR
Anand Rathi Share and Stock Brokers
Exchange-traded currency broker, since 1994
SEBI
48Moderate
Licences
Visit site
67
JF
JM Financial Services
Exchange-traded currency broker, since 1973
SEBI
48Moderate
Licences
Visit site
69
AB
Aditya Birla Money
Exchange-traded currency broker, since 1994
SEBI
48Moderate
Licences
Visit site
70
AC
Arihant Capital Markets
Exchange-traded currency broker, since 1992
SEBI
48Moderate
Licences
Visit site
71
BP
Bonanza Portfolio
Exchange-traded currency broker, since 1994
SEBI
48Moderate
Licences
Visit site
72
CB
Centrum Broking
Exchange-traded currency broker, since 1994
SEBI
48Moderate
Licences
Visit site
74
IS
Indira Securities
Exchange-traded currency broker, since 1987
SEBI
48Moderate
Licences
Visit site
75
JB
Jainam Broking
Exchange-traded currency broker, since 2003
SEBI
48Moderate
Licences
Visit site
76
LS
LKP Securities
Exchange-traded currency broker, since 1948
SEBI
48Moderate
Licences
Visit site
77
MF
Marwadi Financial Services
Exchange-traded currency broker, since 1992
SEBI
48Moderate
Licences
Visit site
79
PL
Prabhudas Lilladher
Exchange-traded currency broker, since 1944
SEBI
48Moderate
Licences
Visit site
80
SG
SMC Global Securities
Exchange-traded currency broker, since 1990
SEBI
48Moderate
Licences
Visit site
81
SI
Swastika Investmart
Exchange-traded currency broker, since 1992
SEBI
48Moderate
Licences
Visit site
82
VS
Ventura Securities
Exchange-traded currency broker, since 1994
SEBI
48Moderate
Licences
Visit site
83
WC
Wisdom Capital
Exchange-traded currency broker, since 1995
SEBI
48Moderate
Licences
Visit site
86
PT
PhillipCapital Türkiye
Multi-asset broker, since 1990
SPK / CMB
48Moderate
Licences
Visit site
101
AG
Almondz Global Securities
Exchange-traded currency broker, since 1994
SEBI
48Moderate
Licences
Visit site
102
AC
Asit C. Mehta Investment Intermediates
Exchange-traded currency broker, since 1984
SEBI
48Moderate
Licences
Visit site
103
BW
BMA Wealth Creators
Exchange-traded currency broker, since 1990
SEBI
48Moderate
Licences
Visit site
104
BK
Batlivala & Karani Securities
Exchange-traded currency broker, since 1868
SEBI
48Moderate
Licences
Visit site
105
CB
Canara Bank Securities
Exchange-traded currency broker, since 1996
SEBI
48Moderate
Licences
Visit site
106
DB
Dalal & Broacha
Exchange-traded currency broker, since 1971
SEBI
48Moderate
Licences
Visit site
108
ES
Eureka Stock & Share Broking
Exchange-traded currency broker, since 1995
SEBI
48Moderate
Licences
Visit site
109
GC
Globe Capital Market
Exchange-traded currency broker, since 1985
SEBI
48Moderate
Licences
Visit site
110
HS
Hem Securities
Exchange-traded currency broker, since 1993
SEBI
48Moderate
Licences
Visit site
111
IC
IDBI Capital Markets
Exchange-traded currency broker, since 1993
SEBI
48Moderate
Licences
Visit site
112
IG
Inventure Growth & Securities
Exchange-traded currency broker, since 1995
SEBI
48Moderate
Licences
Visit site
113
KC
Kantilal Chhaganlal Securities
Exchange-traded currency broker, since 1954
SEBI
48Moderate
Licences
Visit site
114
KF
Kunvarji Finstock
Exchange-traded currency broker, since 1995
SEBI
48Moderate
Licences
Visit site
115
MN
Monarch Networth Capital
Exchange-traded currency broker, since 1993
SEBI
48Moderate
Licences
Visit site
116
NM
Navia Markets
Exchange-traded currency broker, since 1985
SEBI
48Moderate
Licences
Visit site
117
PR
Pravin Ratilal Share & Stock Brokers
Exchange-traded currency broker, since 1994
SEBI
48Moderate
Licences
Visit site
119
SR
Sykes & Ray Equities
Exchange-traded currency broker, since 1996
SEBI
48Moderate
Licences
Visit site
120
TS
Trustline Securities
Exchange-traded currency broker, since 1995
SEBI
48Moderate
Licences
Visit site
121
WB
Way2Wealth Brokers
Exchange-traded currency broker, since 2000
SEBI
48Moderate
Licences
Visit site
123
MS
Mandot Securities
Exchange-traded currency broker, since 1994
SEBI
48Moderate
Licences
Visit site
124
AS
Ashika Stock Broking
Exchange-traded currency broker, since 1994
SEBI
48Moderate
Licences
Visit site
125
SS
SPA Securities
Exchange-traded currency broker, since 1995
SEBI
48Moderate
Licences
Visit site
126
SF
Sushil Finance
Exchange-traded currency broker, since 1982
SEBI
48Moderate
Licences
Visit site
127
JC
Joindre Capital Services
Exchange-traded currency broker, since 1995
SEBI
48Moderate
Licences
Visit site
128
BN
B.N. Rathi Securities
Exchange-traded currency broker, since 1985
SEBI
48Moderate
Licences
Visit site
129
BB
Beeline Broking
Exchange-traded currency broker, since 2000
SEBI
48Moderate
Licences
Visit site
130
FS
Fairwealth Securities
Exchange-traded currency broker, since 2004
SEBI
48Moderate
Licences
Visit site
131
GS
Guiness Securities
Exchange-traded currency broker, since 1993
SEBI
48Moderate
Licences
Visit site
132
IC
Inditrade Capital
Exchange-traded currency broker, since 1994
SEBI
48Moderate
Licences
Visit site
133
KR
K.R. Choksey Shares & Securities
Exchange-traded currency broker, since 1978
SEBI
48Moderate
Licences
Visit site
134
KS
Khambatta Securities
Exchange-traded currency broker, since 1995
SEBI
48Moderate
Licences
Visit site
135
SS
Sunidhi Securities & Finance
Exchange-traded currency broker, since 1985
SEBI
48Moderate
Licences
Visit site
136
SS
Systematix Shares & Stocks
Exchange-traded currency broker, since 1985
SEBI
48Moderate
Licences
Visit site
137
WF
Wallfort Financial Services
Exchange-traded currency broker, since 1994
SEBI
48Moderate
Licences
Visit site
146
BM
Bizim Menkul Değerler
Multi-asset broker, since 1996
SPK / CMB
48Moderate
Licences
Visit site
150
B
BDSwiss
Forex & CFD broker, since 2012
FSCAFSC (MU)FSA (Seychelles)
47Moderate
Licences
Visit site
154
NW
Nuvama Wealth
Exchange-traded currency broker, since 2008
SEBI
47Moderate
Licences
Visit site
155
GW
Goodwill Wealth Management
Exchange-traded currency broker, since 2008
SEBI
47Moderate
Licences
Visit site
159
FC
FXGT.com
Forex & CFD broker, since 2019
CySECFSCAFSA (Seychelles)VFSC
46Moderate
Licences
Visit site
160
SM
Scope Markets
Forex & CFD broker, since 2014
FSCACMA (Kenya)FSC (Belize)
46Moderate
Licences
Visit site
163
CT
CM Trading
Forex & CFD broker, since 2012
FSCAFSA (Seychelles)
46Moderate
Licences
Visit site
168
TS
Tradebulls Securities
Exchange-traded currency broker, since 2009
SEBI
46Moderate
Licences
Visit site
170
BM
BlackBull Markets
Forex & CFD broker, since 2014
FMA (NZ)FSA (Seychelles)
45Moderate
Licences
Visit site
171
PP
PU Prime
Forex & CFD broker, since 2015
FSCAFSC (MU)FSA (Seychelles)
45Moderate
Licences
Visit site
173
M
M4Markets
Forex & CFD broker, since 2019
CySECDFSAFSA (Seychelles)
45Moderate
Licences
Visit site
182
SB
Shoonya by Finvasia
Exchange-traded currency broker, since 2013
SEBI
44Weak
Licences
Visit site
186
ZS
Zebu Share and Wealth
Exchange-traded currency broker, since 2013
SEBI
44Weak
Licences
Visit site
196
MM
Moneta Markets
Forex & CFD broker, since 2020
FSCAFSA (Seychelles)
42Weak
Licences
Visit site
200
MS
m.Stock by Mirae Asset
Exchange-traded currency broker, since 2018
SEBI
42Weak
Licences
Visit site