{
  "title": "Caucasus & Central Asia Forex Broker Regulation Audit 2026",
  "publisher": "Lead Media OOD",
  "brand": "CaspianFX",
  "url": "https://caspianfx.com/research/caucasus-forex-broker-regulation-audit-2026/",
  "methodologyUrl": "https://caspianfx.com/methodology/",
  "license": "https://creativecommons.org/licenses/by/4.0/",
  "compiledOn": "2026-06-23",
  "notes": "Compiled and cross-checked from publicly verifiable facts (regulator registers, broker disclosures). Ratings, spreads and minimum deposits are intentionally omitted (null) because they require an independent hands-on test we have not yet completed — see the methodology's honest-null policy.",
  "tier1Regulators": [
    "FCA",
    "ASIC",
    "CySEC",
    "DFSA",
    "FSCA"
  ],
  "brokers": [
    {
      "broker": "Exness",
      "slug": "exness",
      "foundedYear": 2008,
      "regulatorsRegulated": [
        "FCA",
        "CySEC",
        "FSCA",
        "FSA"
      ],
      "regulatorsPending": [],
      "regulatorDetail": [
        {
          "abbr": "FCA",
          "jurisdiction": "United Kingdom",
          "status": "regulated"
        },
        {
          "abbr": "CySEC",
          "jurisdiction": "Cyprus",
          "status": "regulated"
        },
        {
          "abbr": "FSCA",
          "jurisdiction": "South Africa",
          "status": "regulated"
        },
        {
          "abbr": "FSA",
          "jurisdiction": "Seychelles",
          "status": "regulated"
        }
      ],
      "holdsTier1Licence": true,
      "holdsDfsaUae": false,
      "swapFreeAvailable": true,
      "platforms": [
        "MT4",
        "MT5",
        "Exness Terminal",
        "Exness App"
      ],
      "affiliateProgram": "Exness Partners",
      "marketsServedConfirmed": "Georgia; Kazakhstan; Azerbaijan",
      "rating": null,
      "typicalSpread": null,
      "minDeposit": null
    },
    {
      "broker": "XM",
      "slug": "xm",
      "foundedYear": 2009,
      "regulatorsRegulated": [
        "CySEC",
        "ASIC",
        "FSC"
      ],
      "regulatorsPending": [],
      "regulatorDetail": [
        {
          "abbr": "CySEC",
          "jurisdiction": "Cyprus",
          "status": "regulated"
        },
        {
          "abbr": "ASIC",
          "jurisdiction": "Australia",
          "status": "regulated"
        },
        {
          "abbr": "FSC",
          "jurisdiction": "Belize",
          "status": "regulated"
        }
      ],
      "holdsTier1Licence": true,
      "holdsDfsaUae": false,
      "swapFreeAvailable": true,
      "platforms": [
        "MT4",
        "MT5",
        "XM App"
      ],
      "affiliateProgram": "XM Partners",
      "marketsServedConfirmed": "Georgia; Kazakhstan; Azerbaijan",
      "rating": null,
      "typicalSpread": null,
      "minDeposit": null
    },
    {
      "broker": "FBS",
      "slug": "fbs",
      "foundedYear": 2009,
      "regulatorsRegulated": [
        "CySEC",
        "ASIC",
        "FSC"
      ],
      "regulatorsPending": [],
      "regulatorDetail": [
        {
          "abbr": "CySEC",
          "jurisdiction": "Cyprus",
          "status": "regulated"
        },
        {
          "abbr": "ASIC",
          "jurisdiction": "Australia",
          "status": "regulated"
        },
        {
          "abbr": "FSC",
          "jurisdiction": "Belize",
          "status": "regulated"
        }
      ],
      "holdsTier1Licence": true,
      "holdsDfsaUae": false,
      "swapFreeAvailable": true,
      "platforms": [
        "MT4",
        "MT5",
        "FBS App"
      ],
      "affiliateProgram": "FBS Partners",
      "marketsServedConfirmed": "Georgia; Kazakhstan; Azerbaijan",
      "rating": null,
      "typicalSpread": null,
      "minDeposit": null
    },
    {
      "broker": "IC Markets",
      "slug": "ic-markets",
      "foundedYear": 2007,
      "regulatorsRegulated": [
        "ASIC",
        "CySEC",
        "FSA"
      ],
      "regulatorsPending": [],
      "regulatorDetail": [
        {
          "abbr": "ASIC",
          "jurisdiction": "Australia",
          "status": "regulated"
        },
        {
          "abbr": "CySEC",
          "jurisdiction": "Cyprus",
          "status": "regulated"
        },
        {
          "abbr": "FSA",
          "jurisdiction": "Seychelles",
          "status": "regulated"
        }
      ],
      "holdsTier1Licence": true,
      "holdsDfsaUae": false,
      "swapFreeAvailable": true,
      "platforms": [
        "MT4",
        "MT5",
        "cTrader",
        "TradingView"
      ],
      "affiliateProgram": "IC Markets Partners (IB)",
      "marketsServedConfirmed": "Georgia; Kazakhstan; Azerbaijan",
      "rating": null,
      "typicalSpread": null,
      "minDeposit": null
    },
    {
      "broker": "Pepperstone",
      "slug": "pepperstone",
      "foundedYear": 2010,
      "regulatorsRegulated": [
        "FCA",
        "ASIC",
        "CySEC",
        "DFSA"
      ],
      "regulatorsPending": [],
      "regulatorDetail": [
        {
          "abbr": "FCA",
          "jurisdiction": "United Kingdom",
          "status": "regulated"
        },
        {
          "abbr": "ASIC",
          "jurisdiction": "Australia",
          "status": "regulated"
        },
        {
          "abbr": "CySEC",
          "jurisdiction": "Cyprus",
          "status": "regulated"
        },
        {
          "abbr": "DFSA",
          "jurisdiction": "Dubai (DIFC)",
          "status": "regulated"
        }
      ],
      "holdsTier1Licence": true,
      "holdsDfsaUae": true,
      "swapFreeAvailable": true,
      "platforms": [
        "MT4",
        "MT5",
        "cTrader",
        "TradingView"
      ],
      "affiliateProgram": "Pepperstone Partners",
      "marketsServedConfirmed": "Georgia; Azerbaijan",
      "rating": null,
      "typicalSpread": null,
      "minDeposit": null
    },
    {
      "broker": "FP Markets",
      "slug": "fp-markets",
      "foundedYear": 2005,
      "regulatorsRegulated": [
        "ASIC",
        "CySEC",
        "FSCA",
        "DFSA"
      ],
      "regulatorsPending": [],
      "regulatorDetail": [
        {
          "abbr": "ASIC",
          "jurisdiction": "Australia",
          "status": "regulated"
        },
        {
          "abbr": "CySEC",
          "jurisdiction": "Cyprus",
          "status": "regulated"
        },
        {
          "abbr": "FSCA",
          "jurisdiction": "South Africa",
          "status": "regulated"
        },
        {
          "abbr": "DFSA",
          "jurisdiction": "Dubai (DIFC)",
          "status": "regulated"
        }
      ],
      "holdsTier1Licence": true,
      "holdsDfsaUae": true,
      "swapFreeAvailable": true,
      "platforms": [
        "MT4",
        "MT5",
        "cTrader",
        "TradingView"
      ],
      "affiliateProgram": "FP Markets Partners (IB)",
      "marketsServedConfirmed": "",
      "rating": null,
      "typicalSpread": null,
      "minDeposit": null
    },
    {
      "broker": "Octa",
      "slug": "octa",
      "foundedYear": 2011,
      "regulatorsRegulated": [
        "CySEC",
        "FSCA"
      ],
      "regulatorsPending": [],
      "regulatorDetail": [
        {
          "abbr": "CySEC",
          "jurisdiction": "Cyprus",
          "status": "regulated"
        },
        {
          "abbr": "FSCA",
          "jurisdiction": "South Africa",
          "status": "regulated"
        }
      ],
      "holdsTier1Licence": true,
      "holdsDfsaUae": false,
      "swapFreeAvailable": true,
      "platforms": [
        "MT4",
        "MT5",
        "OctaTrader"
      ],
      "affiliateProgram": "Octa Partners",
      "marketsServedConfirmed": "",
      "rating": null,
      "typicalSpread": null,
      "minDeposit": null
    }
  ],
  "markets": [
    {
      "market": "Georgia",
      "slug": "georgia",
      "region": "Caucasus",
      "tier": 1,
      "regulator": "National Bank of Georgia",
      "regulatorAbbr": "NBG",
      "regulatorUrl": "https://nbg.gov.ge/en",
      "tradingStatus": "legal",
      "affiliateRisk": "low"
    },
    {
      "market": "Kazakhstan",
      "slug": "kazakhstan",
      "region": "Central Asia",
      "tier": 1,
      "regulator": "Astana Financial Services Authority (AIFC) and Agency for Regulation & Development of the Financial Market",
      "regulatorAbbr": "AFSA / ARDFM",
      "regulatorUrl": "https://afsa.aifc.kz/",
      "tradingStatus": "offshore-only",
      "affiliateRisk": "grey"
    },
    {
      "market": "Azerbaijan",
      "slug": "azerbaijan",
      "region": "Caucasus",
      "tier": 2,
      "regulator": "Central Bank of Azerbaijan",
      "regulatorAbbr": "CBAR",
      "regulatorUrl": "https://www.cbar.az/?language=en",
      "tradingStatus": "offshore-only",
      "affiliateRisk": "grey"
    }
  ]
}