MH Markets advertises four regulators across four countries, which is an unusual claim for a mid-tier retail broker. The short answer to whether it is legit: yes, the licences are real, but only one of them actually protects a typical retail client. This article walks through each entity, what each regulator covers and which one your account will sit under when you sign up.
The four licensed entities
MH Markets is the retail brand of the Mohicans Markets group. The group runs four separate legal entities, each with its own licence:
- MH Markets (PTY) LTD. FSCA South Africa, registration 2025/603612/07. Johannesburg office.
- Mohicans Markets (Ltd). FSC Mauritius Investment Dealer Licence GB20026131. Port-Louis office.
- Mohicans Markets Capital Pty Ltd. ASIC AFSL 455388, ACN 168 652 542. Sydney office.
- MH Markets Financial Services LLC. UAE Capital Market Authority Category 5 Licence 20200000159. Dubai office.
All four licences are verifiable on their respective public registers. That is the legitimacy floor. None of them are fabricated.
The catch with the ASIC licence
The ASIC entity holds a wholesale-only licence. It cannot onboard retail Australian clients. Any Australian trader who wants to open an account with MH Markets gets routed to the FSC Mauritius entity instead. The ASIC badge on the homepage is real, but it protects institutional counterparties, not retail traders.
This is the same pattern used by FP Markets, Axi and many other brokers that advertise an ASIC presence. It is legal. It just means the headline regulator is not the one that ends up covering most new clients.
Who FSC Mauritius actually protects
Most international retail clients end up under Mohicans Markets (Ltd) with FSC Mauritius oversight. FSC Mauritius is a mid-tier Category 1 investment dealer framework. It enforces segregated client money, capital adequacy, annual reporting and fit-and-proper tests for directors.
What it does not provide is a compensation scheme. If the broker fails, FSC Mauritius does not repay clients. Compare that to the Cyprus Investor Compensation Fund (up to 20,000 EUR) or the UK FSCS (up to 85,000 GBP), and you can see the coverage gap.
Why FSCA South Africa matters for African clients
South African traders get routed to MH Markets (PTY) LTD under FSCA. FSCA is the main South African non-banking financial services regulator. It enforces similar segregated-funds and reporting rules to FSC Mauritius and is the best-known licence among African retail clients.
FSCA does not provide a compensation scheme either, but it has the advantage of being locally enforceable. South African clients have a domestic regulator to complain to rather than trying to raise a case against an offshore entity.
The UAE CMA entity
MH Markets Financial Services LLC holds a Category 5 licence with the UAE Capital Market Authority. Category 5 is the introducing broker and marketing category, which means this entity handles MENA client acquisition rather than acting as the account-holding broker for Middle East clients. The account itself typically sits under Mauritius.
Has MH Markets been sanctioned anywhere?
We checked the public registers of each regulator plus the standard industry complaint databases. At the time of writing, there are no active regulatory enforcement actions against any of the four MH Markets entities. Awards marketing (Best Broker Middle East 2024 and 2025) is real but not a safety signal. Enforcement history is the stronger one.
The verdict on legitimacy
MH Markets is a legitimate broker. Four real licences, no active enforcement actions, and a live multi-country operation. The honest caveat is that the ASIC licence does not actually cover retail clients, so the "four regulators" headline simplifies to "two meaningful retail regulators plus an introducing broker entity and a wholesale-only entity". For traders who are comfortable with FSC Mauritius or FSCA oversight, MH Markets is a real option. For traders who need tier-1 FCA, ASIC or CySEC cover, look elsewhere.
Frequently Asked Questions
Is MH Markets regulated by ASIC?
Yes, but only for wholesale clients. Mohicans Markets Capital Pty Ltd holds ASIC AFSL 455388, which restricts the entity to wholesale client onboarding. Retail Australian traders are routed to the FSC Mauritius entity instead.
Which MH Markets entity will cover my account?
Country of residence determines the routing. South African clients go under FSCA. Most international retail clients land under FSC Mauritius (Mohicans Markets Ltd). Middle East clients typically also end up on the Mauritius entity for the actual account, with UAE CMA handling marketing.
Is my money safe with MH Markets?
Client funds are held in segregated accounts as required by each regulator. No compensation scheme covers the main retail entities (FSC Mauritius or FSCA). Traders who need deposit insurance should use a broker under FCA, CySEC or an equivalent tier-1 regulator.
Has MH Markets been in any regulatory trouble?
No active regulatory enforcement actions against any of the four MH Markets entities at the time of writing. The licences are in good standing on each regulator's public register.
Are MH Markets awards a safety indicator?
No. Industry awards like Best Broker Middle East 2024 and 2025 are marketing. They are not audited safety assessments and do not substitute for regulator enforcement history when assessing broker legitimacy.