The Mwali International Services Authority was established in 2016 as the regulatory body for international financial services on the island of Mwali (Moheli), one of the three islands of the Union of the Comoros. MISA issues licenses for international banking, insurance, gaming, and brokerage services - including forex and CFD broker licenses. It is part of the Comoros offshore financial services framework, designed to attract international business through low regulatory barriers and minimal oversight.
For forex traders, MISA is one of the newest and least established offshore regulators. The jurisdiction has virtually no track record of enforcement - there is no public record of MISA successfully sanctioning a licensed broker or securing restitution for defrauded clients. License requirements are among the lowest of any jurisdiction claiming to regulate forex brokers: capital requirements are negligible, reporting obligations are minimal, and there is no active supervision of broker operations. The license is effectively a registration stamp with ongoing fees.
Traders should approach any broker solely regulated by MISA with extreme caution. While a MISA license technically means the broker has filed paperwork and paid fees in the Comoros, it provides no meaningful oversight and no client protections. The jurisdiction has been used by some brokers who were denied or lost licenses in stricter jurisdictions. There is no compensation fund and no practical avenue for dispute resolution.
Leverage Limits
MISA imposes no statutory leverage limits on any instruments. Brokers are free to offer unlimited leverage with no regulatory constraints.
| Instrument | Max Leverage |
|---|---|
| All instruments | No statutory limit |
Trader Protections
- No client compensation or deposit guarantee scheme
- No mandatory negative balance protection
- No statutory client fund segregation requirements
- No leverage caps or product intervention measures
- No established track record of broker supervision or enforcement - the regulator has operated for less than a decade
- Capital requirements are negligible compared to any tier-1 or tier-2 jurisdiction
How to Verify a License
- Visit the MISA registry at mwaliregistrar.com
- Search by company name or license number
- Confirm the entity holds an active International Brokerage License - not just a generic business registration
- Given the jurisdiction's minimal oversight, independently verify the broker through third-party review sites, trader forums, and regulatory warning lists
Complaints & Disputes
Mwali International Services Authority - www.mwaliregistrar.com
MISA has no established complaints process or ombudsman service for retail forex traders. The regulator has no public record of resolving client disputes, and there is no statutory compensation mechanism. Complaints are likely to go unanswered or be referred back to the broker's internal process.
Brokers Regulated by MISA
- AMarkets
- OctaFX
- Alpari
- TegasFX
Frequently Asked Questions
- Is a MISA license worth anything to a forex trader?
- Functionally, a MISA license provides negligible protection. It means the broker has registered a company in the Comoros and paid licensing fees - nothing more. There is no evidence of MISA actively supervising brokers, enforcing rules, or recovering client funds. For all practical purposes, a broker with only a MISA license should be treated as unregulated.
- Why do brokers register in Mwali/Comoros?
- MISA offers one of the fastest, cheapest, and least restrictive paths to obtaining something that can be called a 'license.' Capital requirements are minimal, leverage is unrestricted, and there is no active supervision. For brokers who have been denied or lost licenses elsewhere - or who simply want a secondary license for high-risk client segments - the Comoros is an attractive option precisely because of the absence of real oversight.
- Can I recover my money if a MISA-regulated broker scams me?
- There is no known case of MISA successfully facilitating the recovery of client funds. The jurisdiction has no compensation fund, no effective complaints mechanism, and no track record of enforcement. Recovery would need to come through legal action - which is impractical and costly when the broker is incorporated in a jurisdiction with minimal judicial infrastructure for financial disputes.