Wyncrest Capital operates using a newly registered domain, an offshore company in Saint Lucia, and the MT5 brand, but has not shown a valid forex license or a clear mechanism for client fund protection.

RYOEX presents its Saint Lucia company number 2023-00370 and FinCEN filing as “financial licenses.” Saint Lucia’s gazette shows it is only an IBC number, while FinCEN says MSB registration is not a license.

Crucial Markets domain was only registered in July 2025 and claims to be "Secure & Regulated," but the Saint Lucia FSRA clearly states that forex business is not licensed.

Diago Finance claims to offer forex, CFDs, and cryptocurrency trading, but in essence, it is merely a company registered in Saint Lucia without any valid financial regulatory licenses.

Excent Capital holds the Seychelles FSA license SD137, but the capital threshold is only $50,000, there is no investor compensation fund, and it is widely recognized in the industry as "offshore regulation, please be aware of the risks."

Frontbroker claims to be regulated by Mauritius, but Norway has warned that it lacks local authorization. We investigated its fund flows, copy trading, and withdrawal risks.

Enso Markets admitted that it does not hold a financial license while promoting high-leverage CFD trading, displaying a FinCEN MSB number, and making unfounded claims of trust.

TTP Markets offers no investor compensation fund and weak protection. Its contract lets the platform set prices, transfer client funds to third parties, and losses may exceed deposits. Launched in February 2026, disputes must be handled in Seychelles

Nftower claims a March 2015 launch, but nftower.cc was registered in April 2026, so its history is unverified. MSB registration is not an NFT license, the app link leads to unknown issuworls.com, management is anonymous, and risk is high.

VR Capitals calls itself a leading regulated broker but gives no verifiable license or regulator. Its “Most Reliable Broker 2025” award belongs to PU Prime, not VR Capitals. Insurance, compensation fund and app ratings also lack proof.

WM Markets holds an offshore Mwali license, but Japan’s FSA warned it for unlicensed OTC derivatives solicitation. Withdrawal delays have also been reported, while investor protection is extremely limited.

HulkMarkets displays CySEC license 398/21, which belongs to Trading 212 Markets Ltd, and Bulgarian registration RG-03-0237, which belongs to Avus Capital AD. It is also on the Bank of Russia’s illegal securities activity list.

RadhikaFX holds a Mauritius FSC license (GB25204826), but the company was formed in August 2025 and the site launched in January 2026. LinkedIn falsely claims a 2023 start, withdrawal complaints have emerged, and 1:500 leverage raises risk.

Prima Capital (prima-capital.com): Registered in Saint Lucia with a license, the UAE license only permits referral business, and the Mauritius company name does not match.

The 20-year history of QubeMarkets (qubemarkets.com) is false: the domain was only registered in August 2025, and the Australian company changed its name in September 2025.

NOVATRADE EX claims registration in Saint Lucia, but the FSRA says forex is not licensed there. Its domain was registered on May 11, 2026, the homepage still shows “Fortradex,” and no verifiable regulation exists.

KGP Markets claims to be regulated by the FSCA, but it is not an independently licensed FSP, relying on a three-tier indirect structure with L7 Prime and AT Global Markets.

FOREXPRESS labels Saint Lucia company number 2025-00354 as a “license,” though FSRA says forex is not licensed there. Registered in May 2025, its registration, office, phone and jurisdiction span four countries with no verifiable regulation.

INFO CAPITAL displays an Australian ABN/ACN, but the real company is a data analytics consultancy, not a forex broker. Its FCA link points to unrelated Info4 Limited, Turkey’s SPK ordered two blocks, and the 2025 domain conflicts with its 1990 claim.

Majesty Fx claims Saint Lucia registration, but the country does not regulate forex. Its domain was registered in October 2025, leverage claims conflict at 1:500 and 1:1000, and pages retain PrimeWave and ZForex names, with no verifiable license.

Imperial Solutions was directly named by BVI regulators for "false licensing," using a Saint Lucia registration number as a license

G4Trade opens client accounts under SB Global Ltd, an Anjouan shell whose L15825/SBG license was rejected by the Comoros central bank. FSCA and CNMV licenses belong to other firms, while its domain dates from September 2025.

XBlu claims to have a London office and a Dubai trading floor, but has no address or regulatory license.

FinVibe claims to be a "regulated financial service" but cannot specify the regulatory authority. The Saint Lucia FSRA clearly states that forex businesses are not licensed, and the domain was only registered in January 2026.

Orix Markets Ltd’s domain was registered in April 2026. It appears to misuse Japan’s ORIX brand, while Saint Lucia’s FSRA says forex is not licensed there. No verifiable license, named management team or custodian bank is disclosed.

ZeonFX: St. Lucia registration number "license", 2026 document states 2024 revision, negative balance protection is contradictory

Global Trend Markets: Registered in Saint Lucia with a license number, FSRA clearly states that forex business is not licensed, domain registered only in February 2026

AuroMarketsLtd’s domain was registered in January 2026. The UK company with the same name (No. 16144859) was dissolved on June 23, 2026. Its FAQ copies GXG Capital, the contact address is a placeholder, and no verifiable license exists.

Chalixa Capital’s domain was registered only in January 2026. Saint Lucia’s FSRA states forex is not licensed there. The site claims regulation in multiple jurisdictions but names no regulator and provides no license number.

Monarch Fx Markets’ domain was registered on February 19, 2026, only 133 days ago, yet it claims “5+ years” of operation. Its login page still shows “Metawave FX,” while no license, legal entity or executives can be verified.