Lawyer
Expert in corporate and international corporate law. Has extensive experience in supporting the acquisition of financial licenses in Ukraine, as well as business incorporation in the EU, the United Kingdom, Switzerland, the UAE, and key Asian jurisdictions.
How to to get MT4/MT5 Whitelabel licence
What is MT4/MT5 Whitelabel licence
If you want to start your own brokerage firm, getting a full MetaTrader white label license is very important.
MetaTrader 4 and 5 White Label solutions empower both introducing brokers and experienced traders to become forex brokers.
While applying for this license you have to use the applicatins proposed by the Meta Trader trading platform.
Let’s look at the steps required to obtain MT4/MT5 Whitelabel licence.
Certificate of Incorporation as the initial step
The first step to becoming a Forex Broker is to legally establish your business and when applying show your Certificate of Incorporation. This is crucial and can’t be avoided. You can choose to register your company in any jurisdiction that allows it.
What your company should be authorized for:
- Trading currencies online
- Providing financial and investment services
- Dealing in financial instruments
- Offering online forex trading services
- Acting as a broker and providing financial services
To offer trading services in financial markets, a brokerage company must be authorized to do so.
Keep in mind that registering your company with activities related to financial markets might require applying for a license, depending on your chosen country.
If you plan to use MetaTrader 4 or 5 White Label platforms, your registered company name will become your platform’s brand.
Therefore, it’s important to choose a name for your brokerage upfront. Alternatively, you’ll need to register a separate Business Name, Trademark, or other identifier (DBA, Trade Name) to be used for the platform’s program name, server name, and logos.
The second step means your Director and Shareholder Lists
The next step is providing you Director and Shareholder Lists. While you’ll receive a standard set of documents after registering your company, when applying they need to be up-to-date and certified.
Director and Ultimate Beneficial Owner (UBO) Verification:
On top of the documents, you’ll also need to provide:
- A copy of the Director’s passport with a selfie holding the passport.
- A similar selfie for the UBO (Ultimate Beneficial Owner).
In some cases, there might even be a video verification step where the broker needs to record themselves holding their passport/ID.
Company Location Verification is an essential element
The third step is Company Location Verification.
While your registered address will be included in your company documents, you’ll also need to prove you have a physical business location.
A recent utility bill (landline, water, gas, or electricity) in the company’s name will suffice.
If your company operates more than 6 months, you’ll need to provide an updated document proving its good standing or current operation.
Your domain name needs to be registered under the full company name. To verify this, you’ll need to provide a screenshot showing the registrant name, domain name, expiration date, and registration time.
The final document you have to provide is Corporate Account Verification.
The last step (which actually creates a new hurdle for Offshore Brokers) is Corporate Account Verification.
That’s an innovation meaning that Brokers now need to provide a certified bank document verifying an active account with the company’s registration details (registration number and so on).
This is a challenge because many brokers initially choose locations known for fast and cheap incorporation. Unfortunately, opening a corporate bank account in these jurisdictions can be difficult.
As a result, brokers may need to consider incorporating in other locations, which could mean higher costs and longer wait times.
The law firm “Prikhodko & Partners” offers you the fastest and most understandable procedure for applying for and obtaining a MT4/MT5 licence if you decide to become a forex broker.
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