The developer of MetaTrader platforms has updated the list of documents required to access the White Label program. Many companies that do not have such a tool as their own software, turn to the platforms of leading technology providers in the Forex market, such as MetaQuotes Software, through White Label.
Recently, MetaQuotes Software, the creator of the most popular trading platforms for over-the-counter trading, MetaTrader 4 and 5, has published an updated list of documents required to connect to the platform under the White Label program. It is important to note that MetaQuotes has stopped selling full MetaTrader 4 servers since 2018. However, many forex brokers still choose this platform to start their activities. For them, the White Label program is the only available solution.
Let’s consider what documents brokers need to access platforms under the White Label program.
Certificate of Registration
The first step for a future forex broker is company registration. This process is mandatory and cannot be postponed. You can choose any jurisdiction for registration.
In order to gain access to the MetaTrader 5 White Labels program, the company must be engaged in the following activities.
- Online currency trading.
- Financial services and investment services.
- Trading in financial instruments.
- Online services on the Forex market and trading.
- Brokerage services on financial markets.
The company must have the right to offer its clients trading services on financial markets. It is also important to remember that in some countries, when registering a company with any of the listed activities, a license will be required or this company will be registered in non-regulated jurisdictions where such license is not required.
Please note that if you have already decided to choose White Labels or MetaTrader 5 White Labels as a tool such as your own trading platforms, then the name of your registered company will coincide with the name of your platform (branding).
Director Registry and Register of Shareholders
After registering a company, you must provide a standard package of documents, which includes a register of directors and a shareholders registry. These documents must be up-to-date and certified.
Additionally, you will need a copy of the director’s passport, as well as a selfie with their passport. At the final stage of verification, the broker will have to verify their identity on video with a passport or other identification.
Legal and Physical Address
The company’s legal address will be listed in the standard set of documents. You will also need to provide a physical address, which can be done by providing proof, such as a utility bill.
If your company is more than six months old, you will need a recent certificate of good standing or a document confirming the director’s current position.
Proof of Domain Ownership
The broker must also confirm the rights to the domain registered to the full company name. This will require a screenshot of the screen with the visible name of the registrant, the domain name, and its expiration date.
Corporate Account Verification
This is a new and rather complex requirement for a broker. The company must provide a certified letter of recommendation or a statement from the bank confirming the existence of an active bank account indicating the company’s registration number and legal address. It is no secret that many brokers initially choose accessible jurisdictions such as St. Lucia. Opening a bank account for such a company can be quite difficult. However, our lawyers still have several options for opening such accounts even for unregulated island forex brokers.
Thus, to connect to MetaTrader under the White Label program, it is necessary to comply with all the above requirements, which provides the company with access to one of the most popular platforms in the Forex market.
Our lawyers will help you to create all the structure necessary for a forex broker and will also help you to comply with all the new MetaQuotes requirements. Thanks to our professionalism and constant adherence to current trends, we provide our clients with the most up-to-date solutions.