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Brokerlist2026

Regulator profile · KM

MISA — Mwali International Services Authority

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The Mwali International Services Authority (MISA) is an offshore licensing body operating from Mohéli, one of the three islands of the Union of Comoros. It issues International Brokerage and Clearing House Licences widely used by retail forex/CFD brands as a low-cost alternative to Vanuatu, Belize and St Vincent.

Jurisdiction
Mohéli (Mwali) island, autonomous from Comoros federal authority. Not regulated by the Comoros Central Bank or the Comoros financial-services authorities.
Founded
2017
Mandate
Established by Mohéli's autonomous government under the Comoros constitutional framework that grants the islands self-governing powers over local commercial affairs. MISA issues International Brokerage Licences for FX, CFDs, securities and crypto. Licensing fees are low and capital requirements are minimal compared with FCA, ASIC or even tier-2 jurisdictions.
Consumer protection
No statutory deposit-protection or investor-compensation scheme. No required minimum capital comparable to onshore frameworks. No mandatory client-money segregation rules with statutory teeth. Practical consumer recourse against MISA licensees is essentially nil.
Retail leverage caps
No statutory cap on retail leverage. MISA-licensed brokers commonly advertise 1:1000 to 1:3000, and apply no negative balance protection by default. Some brokers add NBP voluntarily.
Public register
MISA publishes a list of licensed entities on its website, but the registry is not internationally indexed (no IOSCO MMoU coverage) and is not cross-referenced by FCA, ASIC, ESMA or other tier-1 warning systems. License authenticity should be verified by direct contact with MISA where it matters. Open register ↗
Dispute resolution
No statutory ombudsman or compensation arrangement. Disputes default to courts in Mohéli or wherever the licence terms specify; cross-border enforcement of judgments is impractical.
Editor notes
MISA emerged in the late 2010s as Vanuatu (VFSC) and Belize (IFSC) tightened their offshore frameworks. It is treated by tier-1 regulators as a "red-flag" jurisdiction — most international payment processors and some banks decline to onboard MISA-only entities. In our coverage, Alpari's offshore arm carries a MISA licence; the framework prioritises operating flexibility over consumer protection.

Brokers we track with a MISA licence

1 broker

  1. 10Alpari

    MISA1 action
    Open account at Alpari →
    Avg spread
    0.25pip
    midpoint of broker range
    Cost / lot
    $7.50
    incl. $5 commission
    Min deposit
    $500
    Max leverage
    1:1000
    Pro ECN tier (Mauritius / St. Vincent offshore); Standard tier reaches 1:3000 at $50 min · not offered to EU/UK/AU retail

    27 years of operating history (founded 1998) — predates most current retail brokers · Regulated only by offshore entities (Mauritius / St. Vincent) after losing its FCA licence in 2015 — no tier-1 regulator, no FSCS-equivalent protection

    Fits ifYou have $500+ and want commission-based Pro ECN pricing at ~$7.50/lot with 27 years of operating history
    PlatformsMetaTrader 4, MetaTrader 5

    Founded in 1998 · Verified Jun 1, 2026

    Full Alpari details →