HulkMarkets Exposed: Stolen Licenses and Bank of Russia Illegal Activity Warning

1. The CySEC License Belongs to Trading 212, Bulgarian Registration Number Belongs to Avus Capital

HulkMarkets operates via hulkmarkets.com, claiming to be an ECN/STP broker offering forex, cryptocurrencies, precious metals, and CFDs, showcasing over 100 trading instruments.[1]

However, its regulatory claims are entirely misappropriated.

CySEC License 398/21: HulkMarkets' "About Us" page claims registration in Cyprus, authorized by CySEC with license number 398/21.[3] The official CySEC register shows 398/21 belongs to Trading 212 Markets Ltd, not HulkMarkets Markets Ltd.[4]

Bulgarian Registration Number RG-03-0237: HulkMarkets further claims regulation by the Bulgarian Financial Supervision Commission with license number RG-03-0237.[3] The Bulgarian FSC bulletin shows RG-03-0237 belongs to Avus Capital AD, not HulkMarkets.[5] Avus Capital has historical ties with Trading 212. HulkMarkets has misappropriated both Trading 212's Cyprus license and Avus Capital's Bulgarian registration number—this is a deliberate act of license theft.

FxFlat Reference: The website also references FXFlat Bank GmbH, claiming it is regulated by BaFin.[3] Merely citing the name of a regulated German institution does not establish a legal connection between HulkMarkets and the company.

2. FCA Claims Use Irregular Numbers, Company Registration Information is Confused

HulkMarkets' "Safety of Funds" page claims regulation by the UK FCA.[7] Other pages provide FCA license number IS/56519 and company registration number C/56519, claiming registration in London, UK.[8]

But these numbers are irregular. UK FCA-authorized companies use a Firm Reference Number, and "IS/56519" is not a standard FCA reference number format. "Category 3 Investment Services Provider" is associated with another regulatory framework, not a typical description for an FCA-authorized UK brokerage license. The "C/" prefix is also not a standard format for UK Companies House registration numbers.

Confused Registration Information:

• "About Us" page: Cyprus, Bulgaria, Germany [3]
• Product page: UK [8]
• Terms and Conditions: Malta, 168 St. Christopher Street, defined by Maltese bank working days [10]
• The same terms also reference "FCA" and Maltese Investment Services Act [10]

A legitimate broker can have multiple licensed subsidiaries, but it must specify which subsidiary is the contracting party. HulkMarkets switches between Cyprus, Bulgaria, Germany, the UK, and Malta without explaining how they relate to client deposits.

3. The Central Bank of Russia Has Listed It for Illegal Activities

The Central Bank of Russia has listed Hulkmarkets and the domain hulkmarkets.com in its database of entities with signs of illegal activities in the financial market, recorded as "signs of illegal professional securities market participants", dated November 29, 2024.[2]

This warning page groups HulkMarkets with Tallygridmarkets, Iqpips, and Ultimateaccuratemarkets.[2] This is an official finding by a national financial regulator, incompatible with HulkMarkets' claim of being a "widely regulated European broker."

4. What to Do If You Have Already Deposited Funds

Immediately stop adding any funds.

Do not pay any further "taxes," "verification fees," "insurance," "withdrawal unlocking fees," or "anti-money laundering fees."

Keep: account statements, trading records, emails, chat logs, payment receipts, wallet addresses, transaction hashes.

Check if the receiving company matches the claimed licensed entity. A mismatch could be significant evidence.

Report to relevant regulatory and law enforcement authorities:

• Involving CySEC license theft: report to Cyprus CySEC [4]
• Involving UK FCA claims: report to UK FCA [11]
• The Central Bank of Russia has already listed it on the warning list [2]
• Report to the financial regulator, police, or cybercrime department in the client's country

Do not trust anyone who contacts you offering to "recover funds"—this is a secondary scam.

5. Final Conclusion: Misappropriated Trading 212 License, Avus Capital Registration Number, Irregular FCA Numbers, Listed by the Central Bank of Russia as Illegal

HulkMarkets should be classified as a high-risk clone broker:

• ❌ CySEC License 398/21 belongs to Trading 212 Markets Ltd, not HulkMarkets [4]
• ❌ Bulgarian Registration Number RG-03-0237 belongs to Avus Capital AD, not HulkMarkets [5]
• ❌ FCA License Number IS/56519 is irregular, not a standard FCA reference number [7][8]
• ❌ Company registration is simultaneously in Cyprus, Bulgaria, UK, Malta, making it impossible to determine the contracting entity [3][8][10]
• ❌ Terms simultaneously reference "FCA" and Maltese Investment Services Act, legally incoherent [10]
• ❌ The Central Bank of Russia has listed it for illegal securities market activities[2]
• ❌ The website references FxFlat but does not establish a legal connection [3]

The CySEC license displayed by HulkMarkets belongs to Trading 212, the Bulgarian registration number belongs to Avus Capital, the FCA number format is irregular, registration information switches between four countries, and it has been listed by the Central Bank of Russia as illegal. This is not a compliant broker but a high-risk clone platform with misappropriated licenses and a confusing identity.

References

• [1] https://hulkmarkets.com/index.html (2026-07-10)
• [2] https://cbr.ru/eng/inside/warning-list/detail/?id=33006 (2026-07-10)
• [3] https://hulkmarkets.com/about-us.html (2026-07-10)
• [4] https://www.cysec.gov.cy/en-GB/entities/investment-firms/cypriot/89835/ (2026-07-10)
• [5] https://www.fsc.bg/wp-content/uploads/2021/files/118_file.pdf (2026-07-10)
• [6] https://www.fsc.bg/en/supervised-entities/notifications/investment-firms-from-the-republic-of-bulgaria-which-intend-to-perform-services-and-activities-under-the-freedom-to-provide-services-including-by-establishing-a-branch-within-the-territory-of-the-hos/trading-212-ltd/ (2026-07-10)
• [7] https://hulkmarkets.com/safety-of-funds.html (2026-07-10)
• [8] https://hulkmarkets.com/eth-usd.html (2026-07-10)
• [9] https://hulkmarkets.com/risk-disclosure.html (2026-07-10)
• [10] https://hulkmarkets.com/terms-and-conditions.html (2026-07-10)
• [11] https://www.fca.org.uk/consumers/online-trading-scams (2026-07-10)
• [12] https://www.scamwatch.gov.au/protect-yourself/real-life-stories/scam-victims-tell-us-their-stories/investment-scam-i-lost-50000-in-fake-online-trading (2026-07-10)