Three leading brokers in the online trading industry have launched a new industry body for companies regulated in the Bahamas.
Pepperstone, Trade Nation, and Capital.com are the founding members of what they have called the Bahamas Institute of Forex and CFD Issuers (BIFCI).
The non-profit is also open to new members, so long as they hold a license in the Bahamas.
“BIFCI exists to represent licensed Forex and CFD issuers in The Bahamas, promote transparency and responsible business practices, and support a strong compliance culture across the industry,” the institute says on its website.
“We serve as a bridge between our member firms and the broader regulatory and stakeholder environment providing a collective platform for dialogue, advocacy, and continuous improvement.”
The Bahamas has become a relatively popular option for brokers to acquire a license since overly restrictive leverage caps were introduced in most tier-1 jurisdictions back in 2018.
However, the costs associated with holding a license in the country are substantially higher than in more popular jurisdictions, notably the Seychelles and Mauritius.
This has arguably been a positive thing for the players who are regulated in the Bahamas, as it means bad actors tend to not to get regulated in the country.
