Overall Rating: ★★☆☆☆ (2.9/5)

The Bermuda Monetary Authority (BMA) is the integrated financial regulator of Bermuda, overseeing insurance, banking, investment businesses, and digital asset platforms. It also licences and regulates forex and CFD brokers, though its prominence in the retail forex industry is relatively low due to its offshore nature and focus on institutional regulation.

Forex brokers in Bermuda must obtain an Investment Business Licence under the Investment Business Act 2003, which includes requirements such as:

• Local incorporation
• A physical presence in Bermuda
• Fit-and-proper assessments for directors and officers
• Adequate capital and compliance frameworks

However, despite the structured application process, the BMA does not impose fixed leverage limits, does not prohibit bonuses or promotions, and offers no investor compensation scheme for retail clients. Its regulations are principles-based, giving firms wide discretion in how they meet conduct and disclosure expectations.

While the BMA does maintain a public register and occasionally publishes updates on enforcement actions, it lacks the transparency and regular supervision seen in Tier-1 jurisdictions. Most BMA-regulated brokers use the licence for flexibility to access global markets, not to offer retail client protection on par with the FCA, ASIC, or ESMA.

The BMA is better known for its role in digital asset and reinsurance regulation, and its licensing of retail forex brokers remains limited. Traders should view BMA regulation as valid but lightly enforced, and only trust such brokers if they are part of a group regulated in more robust jurisdictions.