A brokerage licence follows the activity, and the risk
There is no single forex broker license. Regulators license what you do, and the single biggest factor is whether you deal as principal (take the other side of client trades, the heaviest tier) or as agent (route orders to liquidity, a lighter tier), plus whether you also manage client money. The starting point is always the same: define your dealing model, then choose the jurisdiction whose regime, capital, and reputation fit it. Below are the main brokerage business types and what each needs, followed by the leading jurisdictions to license in.