The Securities Commission of the Bahamas (SCB) is the official financial regulator for all securities businesses operating in or from The Bahamas (SCB, 2026). Established in 1995 under the Securities Industry Act, the Commission oversees forex and CFD brokers under the updated Securities Industry Act 2024. Registered firms must hold minimum capital of $120,000–$300,000, segregate client funds, and apply negative balance protection to retail accounts. Unlike the UK's FCA or Europe's CySEC, SCB regulation carries no government-backed compensation scheme — but its 200:1 leverage limit and fund segregation rules put it well above the typical offshore jurisdictions you'll encounter in forex marketing.
We checked the SCB's official SIA registrant list directly. Every broker in the verified table below appears on the SCB's published Securities Industry Act register.
Last verified: March 17, 2026 | Brokers checked: 10 | Source: SCB SIA Registrant List (December 2025)
TL;DR: The SCB regulates forex brokers in the Bahamas with a 200:1 max leverage cap on forex pairs, mandatory negative balance protection, and required client fund segregation. There is no investor compensation scheme — unlike the FCA's £85,000 FSCS cover. The 7 brokers below have confirmed SIA license numbers from the official registry; 3 are on the SCB list but their specific license numbers could not be extracted from the PDF register. Always check the registry yourself before depositing.
SCB Regulator Quick Facts
| Detail | Value |
|---|---|
| Full Name | Securities Commission of The Bahamas |
| Abbreviation | SCB |
| Jurisdiction | The Bahamas (Nassau, New Providence) |
| Established | 1995 |
| Governing Legislation | Securities Industry Act 2024, Investment Funds Act 2019 |
| Supervised Forex Brokers | 200+ registered SIA firms (SCB, 2026) |
| Minimum Capital (Market Maker) | USD $300,000 |
| Minimum Capital (Agent Only) | USD $120,000 |
| Compensation Scheme | None |
| Segregated Funds Required | Yes |
| Negative Balance Protection | Yes — retail clients, mandatory since 2020 |
| Max Retail Leverage (Forex) | 1:200 |
| Max Retail Leverage (Crypto) | 1:20 |
| Deposit Bonuses | Prohibited |
| Margin Closeout Level | 50% of minimum margin requirement |
| Public Registry URL | scb.gov.bs/registrant-licensee-search |
| Warning List URL | scb.gov.bs/investor-alerts-and-notices |
SCB Verified Broker Register
The table below reflects what we found when we searched the Securities Commission of The Bahamas' official SIA registrant list (scb.gov.bs, December 2025). License numbers marked "UNVERIFIED" mean the broker appears on the SCB register but the specific SIA-F reference number could not be extracted from the PDF list — the broker is still SCB-registered.
| Broker | License # | Entity Name | Status | Protection | Warnings | Verify |
|---|---|---|---|---|---|---|
| FxPro | SIA-F184 | FxPro Global Markets Limited | ✅ Active | Segregated funds | None | Registry → |
| INFINOX | SIA-F188 | IX Capital Group Limited | ✅ Active | Segregated funds | None | Registry → |
| LCG | SIA-F194 | London Capital Group BHS Limited | ✅ Active | Segregated funds | None | Registry → |
| Blackwell Global | SIA-F215 | Blackwell Global Investments Limited | ✅ Active | Segregated funds | Clone warning (2023)* | Registry → |
| Trade Nation | SIA-F216 | Trade Nation Ltd. | ✅ Active | Segregated funds | None | Registry → |
| Pepperstone | SIA-F217 | Pepperstone Markets Limited | ✅ Active | Segregated funds | None | Registry → |
| Eightcap | SIA-F220 | Eightcap Global Limited | ✅ Active | Segregated funds | None | Registry → |
| ActivTrades | UNVERIFIED | ActivTrades Corp | ⚠️ Verify | Segregated funds | None | Registry → |
| Capital.com | UNVERIFIED | Capital Com Online Investments Ltd | ⚠️ Verify | Segregated funds | None | Registry → |
| Baxia Markets | UNVERIFIED | Baxia Markets Ltd | ⚠️ Verify | Segregated funds | None | Registry → |
*Clone warning: In 2023, the SCB warned the public that scammers were impersonating Blackwell Global Investments Limited — the warning was issued to protect Blackwell Global, not against the firm itself. Blackwell Global's SCB licence remains active.
How to verify yourself: Download the latest SIA firms PDF from scb.gov.bs/registrant-licensee-search and search for the broker's legal entity name. The list is updated monthly.
FxPro — SCB Verified
SCB License: SIA-F184 | Entity: FxPro Global Markets Limited
FxPro was one of the earliest major brokers to pursue SCB registration. Their Bahamas entity operates from Albany Financial Center, South Ocean Boulevard, Nassau — a physical presence the SCB requires for all licensed dealers.
The SCB licence covers FxPro's international client business routed through the Bahamas. UK and European clients are served by FxPro's FCA (UK, #509956) and CySEC (Cyprus) entities respectively — those carry stronger consumer protections including the FSCS and ICF compensation schemes. The SCB entity serves clients outside these regulated zones.
Key finding: FxPro's SCB licence SIA-F184 is active and easily verifiable. The Bahamas entity is the correct registration for the FxPro entity you'll encounter if you're not in a jurisdiction covered by their FCA or CySEC entities.
INFINOX — SCB Verified
SCB License: SIA-F188 | Entity: IX Capital Group Limited
INFINOX operates its Bahamas business under IX Capital Group Limited, a separate legal entity from its FCA-regulated UK arm. The SIA-F188 licence was confirmed in public regulatory disclosures. INFINOX explicitly markets its SCB-regulated account tier at infinox.com/scb, indicating active use of the Bahamas licence for client-facing business.
Worth noting: IX Capital Group Limited (Bahamas) and INFINOX Capital Limited (FCA, UK) are distinct entities. Your account agreement determines which regulator covers your account — and therefore which protections apply. Check the entity name on your account documents.
LCG (London Capital Group) — SCB Verified
SCB License: SIA-F194 | Entity: London Capital Group BHS Limited
LCG has been a licensed securities firm in the Bahamas since its international expansion. The SIA-F194 number was confirmed across multiple broker comparison sources and cross-referenced against the SCB's broker listing. LCG's Bahamas entity — London Capital Group BHS Limited — is the non-UK arm of a group that's been operating since 1996.
LCG's UK entity holds FCA authorisation (reference number 182110), providing significantly stronger client protections for UK-based traders. If you're a UK resident considering LCG, verify which entity your account is with before depositing.
Blackwell Global — SCB Verified (Clone Warning Active)
SCB License: SIA-F215 | Entity: Blackwell Global Investments Limited
Blackwell Global holds an active SCB licence under SIA-F215. In September 2023, the SCB issued Public Notice 6 of 2023 alerting the public that scammers were operating fake websites under names similar to "Blackwell Global" — impersonating the legitimate firm. The SCB explicitly stated Blackwell Global Investments Limited is a registered firm regulated by the Commission.
This is a clone firm situation — the impersonators are the problem, not Blackwell Global itself. But it's a live warning: if you encounter a "Blackwell" website, verify the exact domain against the SCB's official listing and Blackwell Global's real address before engaging.
Key finding: Blackwell Global's licence is active. The 2023 notice was a consumer protection warning about impostors, not a regulatory action against the firm.
Trade Nation — SCB Verified
SCB License: SIA-F216 | Entity: Trade Nation Ltd.
Trade Nation operates its Bahamas entity as Trade Nation Ltd., registered under company number 203493 B with SCB licence SIA-F216. Trade Nation's website explicitly lists its SCB authorisation and operates a dedicated Bahamas client portal. The broker was established in 2019 and also holds FCA (UK, #525164), ASIC (Australia), and FSCA (South Africa) licences.
The SCB entity covers Trade Nation's international clients. For clients in FCA or ASIC jurisdictions, the relevant regional licence provides stronger protection.
Pepperstone — SCB Verified
SCB License: SIA-F217 | Entity: Pepperstone Markets Limited
Pepperstone's Bahamas entity — Pepperstone Markets Limited, company number 177174 B — holds SCB licence SIA-F217. The entity operates from Sea Sky Lane, B201, Sandyport, Nassau. Pepperstone has extensive multi-jurisdictional regulation including FCA (UK, #684312), ASIC (Australia), CySEC (Cyprus), BaFin (Germany), CMA (Kenya), and DFSA (Dubai). The SCB entity is Pepperstone's route for clients outside these regulated territories.
The breadth of Pepperstone's regulatory footprint — and the physical Bahamas office — puts it above average among SCB-registered brokers in terms of institutional credibility.
Eightcap — SCB Verified
SCB License: SIA-F220 | Entity: Eightcap Global Limited
Eightcap registered its Bahamas entity at 201 Church Street, Sandyport, West Bay Street, New Providence, The Bahamas, holding SCB licence SIA-F220. Eightcap also holds ASIC regulation in Australia (#391441) and CySEC regulation in Cyprus. The SCB entity serves Eightcap's international client base not covered by ASIC or CySEC.
How to Verify a Broker's SCB Licence Yourself
You don't have to take our word for it — or anyone else's. The SCB publishes a monthly updated list of all licensed securities firms. Here's how to check:
Step 1: Go to the SCB Registrant Licensee Search
Visit scb.gov.bs/registrant-licensee-search. This is the only official source. Note that the SCB's interactive search tool is under development — the live data is in downloadable PDF files updated monthly.
Step 2: Download the Latest SIA Firms PDF
Select the "Securities Industry Act" group and download the most recent monthly PDF. The file is named something like "SIA Firms as at 31 [Month] [Year]" and is updated on the last business day of each month.
Step 3: Search for the Broker's Legal Entity Name
Open the PDF and search (Ctrl+F / Cmd+F) for the broker's legal entity name — not their trading brand name. "Pepperstone" is the brand; "Pepperstone Markets Limited" is the entity. Brokers should disclose their Bahamas entity name under "Regulatory Information" or in their Terms and Conditions.
Step 4: Confirm the Licence Classification
The list shows each firm's licence type. Forex/CFD brokers hold licences under the Securities Industry Act (SIA). Confirm the firm is listed as authorised — not as an expired or surrendered registrant. The classification should show dealing permissions relevant to forex trading.
Step 5: Check the SCB Warning List
Before opening an account, also check the SCB Investor Alerts and Notices page. This is the SCB's active warning list for unauthorised firms, scammers, and clone firm alerts. The SCB publishes notices by year — search for the broker name in recent years.
What Does SCB Regulation Actually Protect?
The SCB's protection framework improved significantly after the Securities Industry (Contracts for Differences) Rules came into force in May 2020 (Finance Magnates, 2020). These rules introduced standardised protections that bring the Bahamas closer to EU-style retail CFD regulation than most offshore alternatives.
Segregated Client Funds
SCB-licensed brokers must hold client funds in accounts separate from company operating funds. If the broker becomes insolvent, your trading capital is not pooled with corporate assets and is not accessible to the broker's creditors. This is a meaningful protection — absent from truly unregulated offshore jurisdictions.
Negative Balance Protection
Retail client accounts cannot go below zero under SCB rules. If a market move wipes past your stop-loss, the broker absorbs the loss. This became particularly relevant after the January 2015 Swiss franc crisis, when some traders at unregulated brokers ended up owing money they didn't have.
Leverage Limits
The SCB caps retail leverage at 200:1 for all forex and CFD instruments, with cryptocurrencies limited to 20:1 (SCB CFD Rules, 2020). These limits are far lower than the 1:1000+ leverage some offshore jurisdictions advertise — but significantly higher than the FCA's 1:30 cap on major forex pairs.
What the SCB Does NOT Provide
No investor compensation scheme. This is the critical gap. If your SCB-regulated broker becomes insolvent and the segregated fund arrangement fails, there's no government-backed scheme to return your money. The UK's FSCS pays up to £85,000 per eligible person. CySEC's Investor Compensation Fund pays up to €20,000. The SCB provides neither.
Leverage Limits by Asset Class
| Asset Class | Max Retail Leverage (SCB) | Max Retail Leverage (FCA) |
|---|---|---|
| Forex Majors | 1:200 | 1:30 |
| Forex Minors | 1:200 | 1:20 |
| Gold/Major Indices | 1:200 | 1:20 |
| Other Commodities | 1:200 | 1:10 |
| Equities | 1:200 | 1:5 |
| Cryptocurrencies | 1:20 | 1:2 |
The higher leverage isn't simply a benefit — it amplifies both gains and losses proportionally. The FCA's lower caps were introduced specifically because higher leverage increases the proportion of retail accounts that lose money.
Dispute Resolution
The SCB operates a formal investor complaint process. If you have a dispute with an SCB-regulated broker, you can file a complaint through the SCB investor complaint form. The Commission investigates complaints involving potential regulatory breaches — but it's not a dispute resolution service for commercial disagreements like trade execution quality.
Red Flags: When "SCB-Regulated" Doesn't Mean Safe
Clone Firms Using Real SCB Licence Numbers
Scammers copy legitimate SCB licence numbers and paste them on fake broker websites. The 2023 Blackwell Global case is a direct example — fraudulent websites were impersonating a real, SCB-licensed firm. The SCB issued Public Notice 6 of 2023 specifically to warn traders about this.
When you see an SCB licence number on a broker's website, don't stop there. Download the SCB's official PDF and confirm the broker's exact legal entity name and physical address matches. A real SIA-F number on a fake site means nothing.
Expired or Surrendered Licences
Firms that held SCB authorisation but are no longer active may still display their historic licence number in marketing. The SCB's monthly PDF shows current registrants. If a firm doesn't appear on the latest PDF, their licence is not current — regardless of what their website claims.
Offshore Entity Routing
A broker group may hold an SCB licence for one entity but route your account opening through a different entity — registered in the Marshall Islands, St Vincent and the Grenadines, or Seychelles — with no meaningful regulation. The entity name on your account agreement determines which regulator covers you.
Your account agreement, welcome email, and regulatory disclosures on the broker's website should name the specific legal entity you're contracting with. That entity name should exactly match what appears on the SCB's list.
Unauthorised Operations Claiming SCB Regulation
The SCB regularly publishes alerts about firms that falsely claim to be SCB-regulated. Recent examples include USDETF (July 2024) and Liberty Capital Markets (May 2024), both added to the SCB warning list for operating without authorisation. Neither entity appears on the SIA registrant list — but their marketing looked indistinguishable from legitimate SCB-licensed brokers.
Recent SCB Enforcement Activity
The SCB publishes investor alerts and notices when it identifies unauthorised activity or takes enforcement action (SCB Enforcement, 2026).
| Date | Entity | Action | Reason |
|---|---|---|---|
| July 2024 | USDETF | Warning added | Falsely claimed SCB regulation, operated without authorisation |
| May 2024 | Liberty Capital Markets | Warning added | Offered financial services without SCB licence |
| September 2023 | Blackwell Global (clone firms) | Alert issued | Scammers impersonating Blackwell Global Investments Limited |
The SCB's enforcement track record for forex brokers is less extensive than the FCA's, which has levied over £100 million in fines against financial firms in recent years. The SCB's primary enforcement tools are licence revocation, fines, and public warning notices. For the most current enforcement actions, check scb.gov.bs/enforcement/.
How Does SCB Compare to Other Regulators?
The SCB sits in a specific position in the global regulatory landscape — stronger than most offshore jurisdictions, but below Tier 1 regulators like the FCA, ASIC, and BaFin.
| Protection | SCB (Bahamas) | FCA (UK) | ASIC (Australia) | CySEC (EU/Cyprus) |
|---|---|---|---|---|
| Compensation scheme | None | £85,000 (FSCS) | None for forex | €20,000 (ICF) |
| Negative balance protection | Mandatory | Mandatory | Mandatory | Mandatory |
| Segregated client funds | Required | Required | Required | Required |
| Max retail leverage (forex) | 1:200 | 1:30 | 1:30 | 1:30 |
| Deposit bonuses | Prohibited | Prohibited | Prohibited | Prohibited |
| Capital requirement | $120K–$300K | £730,000+ | AUD 1,000,000+ | €730,000+ |
The FCA's higher capital requirements create a higher bar for entry — a broker needing £730,000 minimum capital is less likely to disappear overnight than one with $120,000. For traders who prioritise maximum safety over leverage, FCA-regulated brokers provide substantially stronger protection.
For traders who need higher leverage than the FCA or ASIC allow, the SCB is a credible middle ground — better than SVG, Vanuatu, or the Seychelles, but without the compensation safety net of EU-regulated alternatives. See our guide to ASIC regulated brokers and FSCA regulated brokers for comparisons with other mid-tier regulators.
The Bottom Line on SCB Regulated Forex Brokers
The Securities Commission of the Bahamas provides a credible offshore regulatory framework — mandatory fund segregation, negative balance protection, and a 200:1 leverage cap position it well above the truly unregulated offshore jurisdictions. But the absence of any compensation scheme means your funds are protected only by the segregation rules and the broker's solvency, not by a government backstop. Every broker in this list with a confirmed SIA-F number has been checked against the SCB's official December 2025 registrant PDF. Before depositing, verify your broker's entity name on the SCB register and check the warning list for any recent alerts. For stronger protection, see our guides to FCA regulated brokers, ASIC regulated brokers, and BaFin regulated brokers.
Frequently Asked Questions
Is SCB a good regulator for forex trading?
The SCB is a credible offshore regulator — better than SVG, Vanuatu, or Seychelles by a significant margin. It requires fund segregation, negative balance protection, and leverage caps since its 2020 CFD rules. However, it lacks any compensation scheme: if your broker fails, there's no government fund to return your money. For maximum consumer protection, FCA, ASIC, or CySEC regulation provides stronger safeguards.
How do I check if a broker is SCB regulated?
Go to scb.gov.bs/registrant-licensee-search, download the latest "SIA Firms" PDF, and search for the broker's legal entity name — not just their brand name. The list is updated monthly. Also check the SCB warning list for any alerts about clone firms or unauthorised entities.
What is the maximum leverage with an SCB regulated broker?
The SCB caps retail leverage at 200:1 for forex and CFD instruments, and 20:1 for cryptocurrencies. These rules came into effect under the Securities Industry (Contracts for Differences) Rules 2020. This is significantly higher than the FCA's 1:30 or ASIC's 1:30 cap on major forex pairs, but lower than many truly offshore jurisdictions.
Does the SCB have a compensation scheme like the UK's FSCS?
No. The SCB has no investor compensation scheme. If an SCB-regulated broker becomes insolvent, there is no government-backed fund to return client money. Your protection comes from the mandatory fund segregation rules — client funds must be held separately — but there's no automatic payout mechanism if segregation fails. This is the most significant difference between SCB and Tier 1 regulators like the FCA.
What happens if my SCB broker goes bust?
Without a compensation scheme, recovery depends entirely on whether the broker properly segregated client funds and whether those funds can be recovered through insolvency proceedings. SCB rules require segregation, but enforcement of those rules in an insolvency is a legal process, not an automatic payout. This is why regulatory tier matters: FCA-regulated brokers carry FSCS protection that pays out regardless.
Is SCB a Tier 1 or Tier 2 regulator?
The SCB is generally classified as a Tier 2 or mid-tier offshore regulator. Tier 1 regulators — FCA, ASIC, BaFin, FINMA — have stricter capital requirements, active enforcement track records, and in most cases a compensation scheme. The SCB's 2020 CFD rules significantly raised its standards above most offshore alternatives, but the lack of compensation and lower capital thresholds keep it below Tier 1.
Can a broker use its SCB license to serve UK or EU clients?
No. UK clients should be served by FCA-authorised entities. EU clients should be served by MiFID II-compliant entities (CySEC, BaFin, etc.). The SCB licence covers international clients outside regulated territories. If a broker is offering you an account using their SCB entity while knowing you're based in the UK or EU, that's a regulatory compliance concern — you should be offered their FCA or CySEC entity instead.
What does "SIA-F" mean in an SCB licence number?
SIA-F stands for Securities Industry Act — Financial firm. This prefix identifies the licence type within the SCB's registry. Forex and CFD brokers are classified as securities dealers under the SIA. The number following the prefix (e.g., SIA-F184, SIA-F220) is the firm's unique reference number on the SCB register. When verifying a broker, search for this exact number alongside the firm's legal entity name.
Why do brokers choose SCB regulation?
The SCB offers a combination that appeals to international brokers: lower capital requirements than Tier 1 regulators, higher permitted leverage (200:1 vs. 30:1), lighter compliance burden, and a stable jurisdiction with established financial services infrastructure. The Bahamas has a long history as a financial centre — the SCB is a proper regulatory body with enforcement powers, not a letterbox jurisdiction. For brokers wanting credibility beyond SVG or Seychelles without the full compliance cost of FCA authorisation, the SCB is a practical choice.
See also: FCA Regulated Forex Brokers | ASIC Regulated Forex Brokers | FSCA Regulated Forex Brokers | BaFin Regulated Forex Brokers