The International Financial Services Commission (IFSC) is a financial regulatory authority located in Belize. It was founded in 1999 and tasked with regulating market participants, exchanges and the setting and enforcing of financial regulations.
Over the years, Belize has built up a sound financial system that is stable and one of the most investor-friendly economies in the world. A number of international online forex brokers obtain their international license from IFSC.
The IFSC is under the control of the Ministry of Belize Securities, operating under the International Financial Services Commission Act enacted in 1990.
Its supervisory work focuses mainly on the way firms are operated and governed and the identification of risks to consumers and the reputation of Belize more generally. The Commission also aims to supervise and control all international firms to link their international financial service requirements to their activities.
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1. Safety of Client Funds：
The licensee is required ti segregate customer funds.
2. Requirement on Forex Brokers' Reports：
Transaction Reports; Audit Reports; Anti-money laundering Reports.
Generally speaking, IFSC-regulated broker profile will be found at the Licensed Service Providers page on IFSC website. Try to find it and check if it will match the info from the broker website.
The detailed steps are as follow:
1. Find the licence number (preferred) or name of the forex broker, which you can get from the broker's website;
2. Enter the licence number or name into the search bar on https://www.ifsc.gov.bz/license-verification/ ;
If you can't find the broker's profile on IFSC wesbite, it's probably an unauthorised broker and please keep away of it.
3. At this time you need to check if the broker is listed in 'Trading in financial and commodity-based derivative instruments and other securities' or 'Trading in foreign exchange' on https://www.ifsc.gov.bz/license-service-provider/ ;
4. If all the steps above have been done, don't forget to check the most important information: check if the firm details published on IFSC website matches the ones you'll go to trade with, especially the website and email etc.
If no, please keep away the broker because it's probably an unauthorized firm and your money will fall in danger.
When you have disputes with a IFSC-regulated broker, you can proceed the following ways:
1st way: The recommended way is to contact the broker directly and discuss with them to find a solution.
2nd way: If you're not satisfied with the broker's solution, try to contact IFSC in Belize, which helps to solve the disputes between the forex broker and the investor.
You can submit an online complaint form: https://www.ifsc.gov.bz/complaints/
3rd way: If the 2 ways above can't solve the dispute, the last way is to issue a case to the court in Belize.
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