1. Direct Judgment: Anjouan License Rejected by Comoros Central Bank, South African and Spanish Licenses Borrowed
G4Trade operates via g4trade.com, claiming to be an international multi-asset broker offering forex, stocks, commodities, indices, cryptocurrencies, and copy trading. It asserts that client funds are held in segregated accounts at "top-tier banks," showcases a South African FSCA-regulated company as a group entity, and emphasizes collaboration with Darwinex, regulated by Spain's CNMV.[1]
However, the actual contracting party for all client accounts is SB Global Ltd, a company registered in Anjouan (Union of Comoros). Neither the South African company nor Spanish Darwinex are contractual counterparties for these accounts.[2]
The Anjouan license L15825/SBG has been explicitly rejected by the Central Bank of Comoros.
- On December 8, 2025, the Central Bank of Comoros named the Anjouan Offshore Finance Authority and Anjouan Corporate Services, stating these entities are not recognized within the Union of Comoros and have no authority to issue approvals or licenses for financial or banking activities, and that forex activities are unauthorized in Comoros, with no corresponding licenses issued.[3]
- In June 2022, the Central Bank had already pointed out that the Anjouan Offshore Finance Authority is a fictitious structure, claiming to issue banking and financial approvals.[4]
G4Trade's terms are dated October 2025, with the Central Bank's warning issued in December 2025—the terms predate the warning, yet G4Trade continued to display the Anjouan license statement as of July 2026. [1][2][3]
The South African FSCA license (47701) belongs to Trading One Capital (Pty) Ltd, not SB Global Ltd. G4Trade's terms clearly state: all accounts and client relationships governed by the master agreement are entirely established with Anjouan's SB Global Ltd. [2]
The Spanish CNMV registration (No. 311) belongs to Sapiens Markets EU Sociedad de Valores SA (Darwinex), not SB Global Ltd, nor G4Trade itself. [6] Business or technical cooperation does not transfer financial service licenses, nor does it make each G4Trade account a Darwinex account.
2. South African FSCA and Spanish CNMV Licenses Are Borrowed, Do Not Cover Main Site Accounts
The G4Trade website displays regulatory information for Trading One Capital (Pty) Ltd (FSCA 47701) and Darwinex (CNMV 311), but these companies are not contracting parties for G4Trade's main site accounts.[1]
G4Trade's own terms clearly state: all accounts and client relationships are entirely established with Anjouan's SB Global Ltd. [2]
Using one company's license to endorse another company's offshore products, even if the license itself is genuine, can still create a misleading impression for clients.
3. Domain Registered Only in September 2025, Retains GeldBeat Brand Residue
TraderKnows records show g4trade.com was registered in mid-September 2025, with terms dated October 2025.[8][2]
On Google Play, the "G4Trade cTrader" app's developer name is GeldBeat, with the privacy policy link pointing to geldbeatpro.com, and the developer email is [email protected], with only 50+ downloads.[9] The "G4Trade Copy" app is also listed under GeldBeat.[10]
This indicates G4Trade uses shared or repurposed GeldBeat infrastructure but does not clearly explain the brand change and technical operator.
4. Commissions and Copy Trading Create Multiple Conflicts of Interest
G4Trade's partner program pays $200 per client + 20% revenue share**, with introducing brokers earning **$6 to $20 per standard lot.[11]
Copy trading encourages inexperienced clients to replicate "verified internal strategies" or independent strategy providers, but does not provide audited performance records and does not identify strategy operators.[11]
Introducing brokers profit based on trading volume, strategy providers charge based on copiers' performance, and G4Trade/SB Global may also profit from spreads, commissions, financing fees, or client losses. Multiple conflicts of interest overlap, but the main regulatory endorsement points to the Anjouan authority, which has been rejected by the Comoros Central Bank.
5. Withdrawal Terms Grant Platform Broad Control
The homepage promises fund safety and segregation.[1] However, the contract stipulates withdrawals are processed only upon approval, "as soon as reasonably practicable"—with no fixed maximum timeframe.[2]
SB Global may request additional verification documents, and if not provided within 5 business days, withdrawals can be delayed or denied. Withdrawals can also be denied if open positions cause margin to fall below 200%, bonus trading volume conditions are unmet, or if the company suspects fraud or money laundering.[2]
After 6 years of inactivity, unclaimed funds can be removed from segregated accounts and become company property. The contract also includes a "public defamation" clause, allowing G4Trade to suspend or terminate accounts for statements deemed false, misleading, or damaging on social media, forums, or blogs.[2]
Disputes are governed by Anjouan law, with clients accepting the exclusive jurisdiction of Anjouan courts, but SB Global reserves the right to take action or enforce judgments elsewhere.[2]
6. Comoros Central Bank Has Warned Anjouan License Is Illegal
In a warning on December 8, 2025, the Comoros Central Bank made it clear: The Anjouan Offshore Finance Authority is not recognized and has no authority to issue approvals or licenses for financial or banking activities, forex activities are unauthorized in Comoros, and claiming to conduct such activities under Comoros approval not issued by the Central Bank is fraudulent and may lead to legal action.[3]
In June 2022, the Central Bank had already identified the institution as a fictitious structure, illegally offering financial products and services.[4]
7. What to Do If You Have Already Deposited Funds
Immediately stop adding any funds.
Do not pay any further "taxes," "insurance fees," "verification fees," "anti-money laundering fees," or "account unlocking fees."
Retain: account statements, transaction records, emails, chat logs, phone numbers, wallet addresses, payment receipts.
Reporting channels: immediately contact your card issuer or bank. UK victims can report through the National Fraud Reporting Service.[14] US victims can report to the FBI IC3.[13]
Do not trust anyone who contacts you offering "fund recovery", as the FCA warns of recovery room scams targeting former investment victims.[14]
Account Security: If you have submitted passport, ID, bank statement, or card images, monitor financial accounts, replace compromised cards, secure email accounts, and enable multi-factor authentication.
8. Final Conclusion: Anjouan License Rejected by Central Bank, South African and Spanish Licenses Borrowed
G4Trade should be classified as an extremely high-risk offshore broker:
- ❌ Anjouan license L15825/SBG has been explicitly rejected by the Comoros Central Bank, stating the institution is not recognized and has no authority to issue financial licenses [2][3]
- ❌ South African FSCA license (47701) belongs to Trading One Capital, not SB Global Ltd[1][2]
- ❌ Spanish CNMV registration (311) belongs to Sapiens Markets EU (Darwinex), not SB Global Ltd[1][6]
- ❌ G4Trade's terms clearly state: all accounts are entirely established with Anjouan's SB Global Ltd[2]
- ❌ Domain registered only in September 2025, retains GeldBeat brand [8][9]
- ❌ Partner program $200/client + 20% share**, introducing brokers earn **$6-20 per lot[11]
- ❌ Withdrawals have no fixed maximum timeframe, funds inactive for 6 years can be seized by the company [2]
- ❌ "Public defamation" clause can suspend accounts for negative comments [2]
G4Trade uses the Anjouan license as a facade, but the Comoros Central Bank has clearly rejected its legitimacy. The South African FSCA and Spanish CNMV licenses belong to other companies and do not cover G4Trade's main site accounts. All client accounts are actually contracted with the Anjouan shell company SB Global Ltd. This is not a compliant broker, but a high-risk offshore shell using a rejected Anjouan license and borrowed South African and Spanish licenses for packaging.
References
- [1] https://www.g4trade.com/ (2026-07-07)
- [2] https://www.g4trade.com/wp-content/uploads/2025/12/Terms-Conditions.pdf (2026-07-07)
- [3] https://banque-comores.km/uploads/COMMUNIQUE-BCC-banques-illegales%281%29.pdf (2026-07-07)
- [4] https://banque-comores.km/uploads/COMMUNIQUE-DE-LA-BCC-SUR-LEXERCICE-ILLEGAL-DACTIVITES-BANCAIRES-OFFSHORES%283%29.pdf (2026-07-07)
- [6] https://www.cnmv.es/portal/consultas/esi/esis?lang=es&nif=A10537348&vista=16 (2026-07-07)
- [8] https://www.traderknows.com/en/wiki/organizations/58a2626733e5432bb2716450f73dc48b (2026-07-07)
- [9] https://play.google.com/store/apps/details?id=com.geldbeat.app (2026-07-07)
- [10] https://play.google.com/store/apps/details?id=com.geldbeat.pelican (2026-07-07)
- [11] https://www.g4trade.com/partnership/ (2026-07-07)
- [13] https://consumer.ftc.gov/articles/what-do-if-you-were-scammed (2026-07-07)
- [14] https://www.fca.org.uk/consumers/recovery-room-scams (2026-07-07)
