— 4 —

IamFX (Panama)

IBFX Australia, Pty Ltd (Australia) — owned by TradeStation (division of Monex Group - Japan) — being sold to Oanda (Aus)

IBFX (US) — forex brokerage division of TradeStation (US) — currently being sold to Oanda (US)

icetrader .com — domain name of Glistentree Holdings (Cyprus) — no longer authorized by CySEC — defunct, out of business

IC Markets (Australia)

iCFD (Cyprus) — one of the companies of iForex Group (Cyprus?) — re-branded (Jun 2018) as Vestle (Cyprus) in order to become an ESMA-compliant EU broker

ICM Capital Ltd (UK) — rebranded in August 2018 as ICM .com (UK) — no U.S. clients

ICM .com (UK) — new name of ICM Capital Ltd (UK) and other ICM entities worldwide — no U.S. clients

ICM Capital Markets (Belgium?) — do not confuse with ICM Capital Ltd (UK) — see iTrade Capital Markets

IFC Markets (British Virgin Islands) — no U.S. clients

iForex Group (Cyprus?) — parent of ICFD (Cyprus) online forex broker serving the EU, and currently (Jun 2018) being re-branded as Vestle (see below) — also parent of Formula Investment House Ltd (BVI) serving non-EU clients

IFX Markets (Australia) — subsidiary of City Index (UK) / Gain Capital (US)

IG Markets (Australia)

IG Markets (UK) — forex, CFD, and spread-betting broker — applying for CFTC/NFA registration as retail forex broker (RFED) in the U.S. (application dated November 2017)

IGM Forex Ltd (Cyprus) — license temporarily suspended by CySEC (July 2018) for capital adequacy issues — CySEC suspension lifted (Nov 2019), but IGM remains offline.

IKOFX (British Virgin Islands / New Zealand) — no longer accepts U.S. residents

IKON Finance Ltd (UK) — exited the retail forex business in 2017, selling their client base to Hantec (UK) — do not confuse with IKON Global Markets (US) or IKON Markets Ltd (Belize/Bulgaria)

IKON Global Markets (US) — apparently not out of business (as reported here previously) — a U.S. court in Illinois entered a $23M fraud judgement against this broker in August 2017

IKON Markets Ltd (Belize/Bulgaria)) — boiler-room scam operating under various names: IKON Markets Ltd, Iconics PS Ltd, Hedgestone Group. Belize IFSC has issued a warning that these entities are unauthorized in Belize.

Infinox Capital (UK) — new name of GO Markets (UK), former subsidiary of GO Markets (Australia)

InovaTrade (Panama)

Insta Forex (Russia/BVI)

Institutional Liquidity - ILQ (Australia) — CFTC regulated, NFA member

Integral Forex (Turkey) — div. of Integral Menkul Degerler (Turkey) — partner of Dukascopy (CH)

IntelFX (New Zealand)

Interactive Brokers (US)

Interbank FX - IBFX (US) — owned by TradeStation (US) which is a subsidiary of Monex (Japan)

Internaxx (Luxembourg) — acquired by Swissquote (Switzerland) in March 2019

InterTrader .com (UK) — spread-betting

Invast Financial Services Pty Ltd (Australia) - subsidiary of Invast (Japan) — institutional and prime brokerage services

Invest100 (SVG) — parent of Growth Capital LLC (Belarus) — no U.S. clients

Investors Europe (Gibraltar)

IQ Option (Cyprus) — formerly options-only broker, now offering leveraged FX and CFD’s — no U.S. clients

IronFX Global Ltd (Cyprus) — CySEC-regulated — see 8Safe UK Ltd (UK) and GVS AU Pty Ltd (Australia)

iTrade Capital Markets (Belgium?) — do not confuse with iTraderFX (Israel) or with iTradeFX LLC (British Virgin Islands?)

iTraderFX (Israel) — binary options dealer now entering the FX market

iTradeFX LLC (British Virgin Islands?) — out of business

IV Brokers (Belize)

JAFX Ltd (SVG) — call-centers in U.K. and Australia — no U.S. clients

JFD Brokers (Cyprus)

JFX - Jiffix Markets Ltd (Cyprus) — out of business — clients transferred to Traders Trust (Cyprus)

JP Markets (South Africa) — largest forex broker in Africa — FSCA-regulated

— currently (June 2020) suspended by FSCA for client withdrawal issues

Juno Markets (New Zealand) — very new — mainly focused on the Asian FX market — no U.S. clients

JustForex (Belize) - trading name of IPCTrade Inc (Belize) — FX and crypto trading — no U.S. clients

KAB Strategy Ltd (Cyprus) — no U.S. clients

Kabu .com — Kabu .com Securities Co. Ltd (Japan) — subsidiary of Mitsubishi UFJ Financial Group

— a TFX Click365 broker

Kinetic Securities (Australia)

KVB Kunlun (Hong Kong) — acquired by CITIC Securities (China) in 2015

— parent of FCA-regulated KVB Prime (UK) — name changed to CLSA Premium (Sept 2019)

LandFX UK Ltd (UK) — subsidiary of LandFX (New Zealand) — FCA license granted June 2016

Larson and Holz IT Ltd (Hong Kong) — no U.S. clients

Latitude FX (New Zealand)

LCG .com (UK) — see London Capital Group Ltd (UK) — no U.S. clients

LCM-FX (New Zealand) — see Lucror FX (New Zealand)

LeadCapital Group (Cyprus) - parent of LeadCapital Markets Ltd — also parent of LeadCapital Partners (Seychelles) which operates newly-formed FINQ .com in the Asian market

LeadCapital Markets Ltd (Cyprus) — operates as Trade .com (Cyprus) in the European market

LegacyFX (Cyprus) — founded in 2015, owned by technology company Leverate (Cyprus) — operation suspended

Leverate (Cyprus) — liquidity provider — see CWM FX

Libertex - Indication Investments Ltd (Cyprus) — multi-asset broker, online platform

Libra FX (Anguilla) — out of business

Lionstone Investment Services (Russia) — binary options broker — reportedly going out of business

LiteForex (Marshall Islands) — unregulated subsidiary of LiteForex Ltd (Cyprus)

LiteForex Ltd (Cyprus) — CySEC-regulated broker — parent of LiteForex (Marshall Islands)

Liquid Markets - LQD Markets (UK) — bankrupt — seeking buyer

LMAX Exchange Group (UK) — FCA-regulated multi-lateral trading facility (MTF)

LMAX Global (UK) — new brokerage name, spun off from LMAX Exchange to meet new MiFID II requirements

LMFX (Macedonia) — Trusted Broker

London Capital Group Holdings plc - LCG Group (UK) — currently facing bankruptcy — financially troubled parent of London Capital Group Ltd (UK) (currently being spun off), and London Capital Group (Cyprus) Ltd.

London Capital Group Ltd (UK) — FCA-regulated broker (forex, CFDs, spread betting) owned (and currently being spun off) by LCG Group (UK)

London Capital Group (Cyprus) Ltd (Cyprus) — CySEC-regulated broker owned by LCG Group (UK)

London Spreads (UK) — see London Capital Group Ltd (UK)

Loyal Forex (British Virgin Islands) — (and parent company FX Systems) — out of business

LQDFX (The Marshall Islands)

LQD Markets (UK) — see Liquid Markets — do not confuse with LQDFX (The Marshall Islands)

Lucror FX - Lucror Capital Markets (New Zealand) — aka LCM-FX

Magna FX - Magna Trust Securities and Investment Services, S.A. (Greece) — no U.S. clients

MahiFX (New Zealand) — retail fx broker and b2b fintech provider licensed in New Zealand, Australia and U.K. — exiting retail fx business (Dec 2019) — new b2b enterprise to be rebranded HFTrading.

Marketiva (Montenegro) — see AGEA (Montenegro)

Markets Capital Ltd (UK) — trading as FX Markets Capital (UK) — currently under scrutiny by the FCA

Markets .com (Cyprus) — owned by TradeFX Ltd - UK (recently acquired by gaming company PlayTech)

MasterForex (Russia/Georgia/Belize) — see Master Services (Russia/Belize), MFX Broker (Georgia), and MFX Broker (Belize)

Master Services Inc (Russia/Belize) — operating as MFX Broker Belize, and MFX Broker Georgia

Matador Prime (Bulgaria) — de-listed by Bulgarian FSC (October 2018) which results in de-listing by MiFID

MaximusFX (Ukraine / Russia / Nigeria) — trading name of Maximus Markets Ltd (SVG)

Mayzus Investment Company Ltd (Cyprus)

MB Trading (US) — acquired by TradeKing (US) — MB Trading exited the forex market October 2015

MCM FX - Miffs Capital Management Ltd (UK) — no U.S. clients

Mercor Index (UK) — former name of TigerWit Ltd (UK) prior to acquisition by TigerWit (Bahamas)

Merex Markets (Republic of Georgia) — scam

MEX Group Worldwide Ltd (domicile?) — parent of MultiBank Forex Exchange Corp (US), and MultiBank FX International Corp (BVI)

MF Financial (Belize) — see MFFX (Belize) — out of business

MFFX (Belize) — out of business

MF Global (UK) — in reorganization — formerly a subsidiary of MF Global Holdings Ltd (UK)

MF Global Finance USA Inc. (US) — bankrupt — subsidiary of MF Global Holdings Ltd (UK)

MF Global Holdings Ltd (UK) — bankrupt

MFX Broker Belize (Belize) — see Master Services Inc (Russia/Belize) — do not confuse with MFFX (Belize)

MFX Broker Georgia (Republic of Georgia) — see Master Services Inc (Russia/Belize)

MFX Trade (Australia) — retail trading platform of MahiFX (Australia) — do not confuse with MFX Broker (Belize / Georgia)

MIG Bank (Switzerland) — see Swissquote (Switzerland)

Milltrade Ltd (Marshall Islands) — scam — bankrupt — merged with MMCIS (see below)

MMA Forex (Dubai) — brokerage arm of MMA Group (Dubai) — SCAM — ponzi-scheme, shut down by Dubai authorities

MMA Bank GT (Dubai) — new name of reorganized MMA Forex — warnings issued in Sweden, Ireland, and Switzerland

MMCIS (Ukraine / Marshall Islands) — scam — bankrupt — merged with Milltrade Ltd (Marshall Islands)

Monex (Japan) — parent of TradeStation (US) — do not confuse with Monex Deposit Co. (US). or Monex Credit Co. (US), both charged with fraud by the CFTC in Sept '17.

Money Partners FX - Money Partners Group Co. Ltd. (Japan) — Japanese customers only

MRC Markets (Russia) — scam

MTrading (SVG) — trading name of ServiceComSvgLtd — no U.S. clients

MultiBank Forex Exchange Corp (US) —

MultiBank FX International Corp (BVI) — online broker with branches throughout Asia, UAE, Cyprus, and western Europe

MXT Global Pty Ltd (Australia) — renamed Vantage Global Prime Pty Ltd (Australia)

MXTrade - Lau Global Services Corp (Belize) — KROUFR blacklisted — scam — do not confuse with MXT Global (Australia)

Nanshan Jinchuang Co. (China/Taiwan?) — has applied to NFA/CFTC for membership and registration as RFED in the U.S.

NatureForex (Belize) — no U.S. clients

NinjaTrader (US) — IB for FXCM (US)

NordFX (Vanuatu) — subsidiary of NFX Capital VU Inc (Vanuatu)

Nord Markets (Sweden)

NPBFX (Belize) — Russian-owned (subsidiary of Nefteprombank), offices in London and Belize — no U.S. or EU clients

NSFX (Malta) — no U.S. clients

Oanda (US) — second-largest U.S. forex broker (after Gain Capital) — controlling interest (98.5%) in this broker purchased (June '18) by CVC Partners Asia Fund (private)

Oasis Global FX (Belize) — scam, Ponzi scheme (per CFTC), license revoked by Belize IFSC.

OctaFX (St. Vincent and the Grenadines) — no U.S. clients — FCA-licensed (UK) — focused on the APAC region — re-focused on the E.U. with newly-acquired (Feb 2019) CySEC license.

ODL Markets (UK)

Olsson Capital (Bulgaria) — forex, CFD’s and cryptocurrencies — targeting UK clients, currently blacklisted by FCA

OlympTrade (Seychelles / Cyprus) — binary options dealer owned by Smartex International Ltd (Seychelles) and Frandom Holding Ltd (Cyprus) reported to be Russian companies

OMFinancial (New Zealand)

Onasis IBC (Seychelles)

One Financial Markets (UK) — FSA (UK) and FSB (SA) regulated broker, focused on Middle East and s. Asian markets — being acquired by AxiCorp (Australia) as of August 2018

OneTrade (UK) — new STP broker with social- and copy-trading focus — owned by FxStat (UK)

Orbex Ltd (Cyprus)

OSG Forex - Optimum Standard International Group Ltd (domicile?) — claims to be Hong Kong domiciled and registered — but, in Oct 2017, Hong Kong SFC said those claims are fraudulent

Pacific Financial Derivatives Ltd (New Zealand) — no U.S. clients

Panteon Finance (Ukraine) — scam — bankrupt

ParFX (UK)

PaxForex (St. Vincent and the Grenadines)

Pellucid FX (Anguilla) — out of business

Pepperstone (Australia) — no U.S. or Canadian clients

Peregrine Financial Group - PFG Best (US) — out of business

PhillipCapital (Singapore) — exchange-traded equities, options and futures (including currency futures) — no OTC spot forex

PhillipCapital (UK) — FX, CFD indices and commodities — subsidiary of PhillipCapital (Singapore)

PipFixed (Panama)

Plus500 (UK) — trading name of Plus500UK Ltd (UK)

Prime CFD’s - TLC Consulting Ltd (Marshall Islands) — multi-asset broker

PrimeFX (New Zealand)

PrimeTradeFX (Switzerland) — no U.S. clients — accepts Canadian clients

Primus Capital Markets (UK) — FCA-regulated fx broker — acquired by crypto exchange Trade .io — will be re-branded TIO Markets (UK) — do not confuse with Primus Global Ltd (Cyprus)

Primus Global Ltd (Cyprus) — new name of FX Primus Europe Ltd (Cyprus) — do not confuse with Primus Capital Markets (UK)

ProbusFX (Cyprus) — CySEC-regulated (since 2017) retail broker — re-branded (Nov. 2018) to SquaredDirect (Cyprus)

ProfiForex (Seychelles) — does not accept U.S. clients

Q8 Trade - Q8 Securities Co (Kuwait) — multi-asset broker

Quaestor Zrt (Hungary) — bankrupt — business suspended by Hungarian National Bank

Questrade (Canada) — accepts Canadian citizens and permanent residents only

Rakuten Securities, Inc. (Japan) — has acquired FXCM Japan Securities Co. Ltd. — no U.S. clients

Real Forex (Belize) — removed from Group 1 (May 2017)

Real Trade (British Virgin Islands) — out of business (Oct 2019) — removed from Group 1

Renesource Capital (Latvia)

RJ O’Brien (US) — institutional forex broker

RoboForex Ltd (Cyprus) – name will be changed to RoboMarkets in 2018

RoboMarkets (Cyprus) — see RoboForex

RoboTrade Ltd (Belize) — M/M subsidiary (for cent accounts) of STP broker RoboForex Ltd (Cyprus)

Royal Forex Trading - RFXT (Lebanon) — licensed by CySEC (Cyprus), Sep 2016, providing access to the European market

RTFX - Realtime Forex (Malta) — out of business as of 29 May 2015 — do not confuse with RFXT

RubixFX (Australia) — rebranded as FXTrading .com

RV Markets (Hong Kong) — out of business — see UPME Group Ltd (British Virgin Islands)

RVD Markets Ltd (British Virgin Islands) — bankrupt

SamtradeFX (St. Vincent and the Grenadines) — trading name of Samtrade UK Int’l Ltd (UK) —

— FCA-regulated in UK, ASIC-regulated in Australia — offices in s.e. Asia and Shanghai China —

— retail trading in FX, CFDs, oil and gas

Saxo Bank (Denmark)

Scope Markets (Belize)

Sensus Capital Markets (Malta) — a.k.a. GBE Brokers (Malta) — license to operate in Malta suspended by MFSA (Mar '16) — SCAM

SGT Markets - Sterling Gent Trading Ltd (British Virgin Islands) — no U.S. clients

SHK Direct (Hong Kong)

SimpleFX Ltd (St. Vincent and the Grenadines)

Skilling Ltd (Cyprus) — formerly Finovel Cyprus Ltd — CySEC-regulated — branch offices in Spain, Malta, Seychelles, and (later in 2020) the U.K.

SkyFX (Cyprus) — subsidiary of Trademarker (Cyprus) — suspended by CySEC (May 2016)

SmartTrade FX (St. Vincent and the Grenadines) — recently removed from Group 1

Solidity Brokers (Cyprus) — out of business

Spreadex (UK) — spread betting dealer

SquaredDirect (Cyprus) — new name of ProbusFX (Cyprus)

StarfishFX - Starfish Markets Ltd (Vanuatu) — forex, CFD’s, commodities and binary options — offices in New Zealand — expelled from Financial Commission (Nov. 2018) for non-compliance

Sterling Gent Trading Ltd (British Virgin Islands) — see SGT Markets (BVI)

STForex (Russia)

STP Markets (UK) — directional options broker — not regulated (FCA warning in effect) — £1000 minimum deposit

Strategem FX (Belize) — out of business

Strato Markets (Netherlands)

SVSFX - SVS Securities Plc (UK) — bankrupt broker, under Special Administration — assets purchased by ITI Capital (UK) in June 2020.

Swiss International (Kuwait)

Swissquote (Switzerland) — acquired MIG Bank (Switzerland) in 2013 — acquisition of Internaxx (Luxembourg) completed March 2019

SynergyFX - Synergy Financial Markets (Australia) — recently (Sept 2018) acquired by ACY Capital Group (Australia)

Tadawul FX — see Liquid Markets (UK)

Tallinex (St. Vincent and the Grenadines) — no longer accepts new U.S. clients as of October 2016

Tbilisi Traders Club LLC (Rep. of Georgia) — trading name of HDForex (Georgia)

TD Ameritrade (US) — multi-asset broker with about 11% share of the U,S. forex market (as of May 2020) — acquired by Charles Schwab (US) in 2020

TD Markets Ltd (UK) — owned by TDM Holdings Inc (St. Vincent and the Grenadines) — fx and binary options

TeleTrade - DJ International Consulting Ltd (Cyprus) – no U.S. client

Templer FX (SVG) — no clients from US, Canada, UK, EU, Japan, Israel, or Turkey

TempletonFX (UK) — one of the trading names of Templeton Securities Ltd (UK) — IB for ACM Group plc (UK)

Templeton Securities Ltd (UK) — parent of TempletonFX (UK) — not affiliated with Franklin Templeton Investments

Tenko FX (New Zealand)

TeraFX (UK) — FCA-regulated CFD broker — has a branch in Poland, and one planned for Dubai — focus is shifting away from retail clients, and toward professional and institutional clients

TFI Markets Ltd - TFIFX (Cyprus) — no U.S. clients

The Collective FX Global (Belize) — see BDG Financial Services Ltd — out of business

TheTradersDomain (SVG) — hybrid MM/ECN broker — U.S. clients must register country of residence as “crypto” and deposit funds via cryptocurrency — after conversion, U.S. accounts are denominated in USD

Think Forex (UK and Australia) — see ThinkMarkets (UK)

ThinkMarkets (UK) — TF Global Markets (UK) Ltd, and TF Global Markets (Australia) Pty Ltd — formerly ThinkForex — entering South Africa market in 2019

ThinkOrSwim (US) — division of TD Ameritrade (US) — acquired by Charles Schwab (US) in 2020 along with the acquisition of TD Ameritrade (US)

Tickmill Ltd (UK) — no U.S. clients — Canadian clients are accepted — Tickmill has acquired Vipro Markets (Cyprus) as of Sep 2017

TigerWit Financial Services Ltd (Bahamas) — fx (and copy-trading) broker — parent of TigerWit Ltd (UK)

TigerWit Ltd (UK) — FCA-regulated broker — formerly Mercor Index, prior to acquisition by TigerWit (Bahamas)

TIO Markets (UK) — new name of FCA-regulated fx broker Primus Capital Markets (UK) after acquisition by Trade .io (Nov. 2018)

TMFX (Cyprus) - trading name of Topic Markets, Ltd (Cyprus) — TMFX voluntarily renounced their CySEC license 5/5/17

TMS Brokers (Poland) — will buy the FX unit of Noble Securities (Poland) in Nov 2019

Tokyo Financial Exchange Inc - TFX (Japan) — Japanese futures exchange; also Click365 margin-fx trading exchange (see above)

Topic Markets Ltd (Cyprus) — see TMFX (Cyprus)

Trade 12 (Marshall Islands) — KROUFR blacklisted — operated out of Ukraine — shut down by Ukrainian authorities (Dec 2018) — classified as criminal enterprise — see also HQBrokers

Trade-24 (UK) — unlicensed/unregistered broker, sanctioned by FCA (UK) and OSC (Ontario, Canada) for illegal operations

Trade .com (Cyprus) — trading name of Leadcapital Markets Ltd (Cyprus) — FX broker became multi-asset broker Nov 2019 — regulated in Cyprus, UK, and S. Africa.

Tradefort (Russia)

TradeFred - MagicPath Capital Ltd (Cyprus) — multi-asset broker licensed in Cyprus, Australia, and Vanuatu — no U.S. clients

TradeInvest90 (Montenegro ?) — trading name of Celestial Trading Ltd, which claims to be regulated in Montenegro — warning against this broker issued by Austrian regulator FMA (Feb 2019)

TradeKing Forex (US) — IB for Gain Capital (US) — acquired MB Trading, Aug 2015 — TradeKing is for sale as of Jan 2016

Trademarker (Cyprus) — parent company of SkyFX (Cyprus) — suspended by CySEC (May 2016)

TradeNext Ltd (UK) — no U.S. clients — facing reorganization — currently terminating some clients

Tradeo (Cyprus) - brand name of UR Trade Fix Ltd (Cyprus) — social trading platform for FX and CFD’s

TradeOrbitz (UK)

TradePulseFX (Seychelles) — registered and regulated in Seychelles, offices in Dubai UAE

Traders Choice FX (US) — IB for various brokers

Traders Trust Capital Markets Ltd - TTCM (Cyprus)

Trader’s Way (Dominica) — Trusted Broker

TradeStation Forex (US) — subsidiary of Monex Group (Japan) — parent of IBFX (US and Australia) being sold to Oanda

Tradeview Ltd (Cayman Islands)

TradeWiseFX (SVG) — recently removed from Group 1, and moved to Group 2

Trading 212 (UK) — trading name of Avus Capital UK Ltd

Trading .com Markets Inc (US) — new U.S. subsidiary of Cyprus broker XM’s parent, Trading Point — currently has applications pending with NFA and CFTC for membership and registration as U.S. RFED

Trading .com (UK) — new name (effective Jul 2019) of Trading Point’s FCA-regulated retail broker, formerly known as Trading Point of Financial Instruments (UK) Ltd

TradingForex .com (Cyprus) — domain name of Traders Trust Capital Markets Ltd (Cyprus)

Trading Point (Cyprus) — no U.S. clients — also see XM .com (Cyprus)

Tradomart Ltd (Cyprus) — see ForexMart (Cyprus)

Trust Capital S.A.L. (Lebanon) — multi-asset broker regulated by the Capital Markets Authority (Lebanon) — recently (Nov. 2018) also licensed by CySEC (Cyprus)

Turnkey Forex (Mauritius) — Trusted Broker — do not confuse with TurnkeyFX

TurnkeyFX (UK) — fintech company providing technical services and white-label trading platforms to brokers — partner to Finpro Trading

UB4Trade (UK) - Finatex Ltd (UK) — this broker has been placed on a Warning list by New Zealand regulator

UBFS Invest (Cyprus) — suspended by CySEC (May 2016)

UFX .com - United Global Ventures LP (UK) — may be UFX Markets Global / ufxmarkets .com / UFX Bank, rebranded — SCAM

UFX Bank (UK) — out of business

UFX Markets Global Inc (British Anguilla) — Israeli company — no U.S. clients

U Markets (Belize / UAE) — registered in Belize, office in UAE, also UK phone number

UMOfx (New Zealand)

Uni FX (UK)

United World Capital - UWCFX (Cyprus)

Universal FX (Switzerland)

UpFX (Seychelles)

UPME Group Ltd - FXUP ME (British Virgin Islands) — formerly RV Markets (Hong Kong)

USG Capital (Israel) — subs. of Int’l USG Capital Ltd, owned by Atlantic Brokers (Bulgaria) — suspended by ISA — no longer brokering forex — do not confuse with USGFX (Australia)

USG AU (Australia) - Union Standard Int’l Group Pty Ltd (Australia) — broker previously licensed and regulated by ASIC — license suspended (July 2020) — corp. offices relocated to UK (see USG UK, below) — broker put into liquidation (August 2020)

USG Global (Vanuatu) - Union Standard Int’l Group Ltd — broker licensed and regulated by VFSC

USG UK (U.K.) - Union Standard Int’l Group Ltd — broker licensed and regulated by FCA

UTMarkets - United Trading Markets (Bulgaria?) — trade-name of T-Marketing Services Ltd (Bulgaria?) — warning from FSC

UTrade Premium Ltd (Israel) — algo-trading brokerage, banned by Israeli Securities Authority (ISA) — scam — CEO and other executives face fraud and racketeering charges in Israel

UWCFX — see United World Capital (Cyprus)

Valbury Capital (UK) — no U.S. clients

Valutrades (UK)

Valutrades Ltd (Seychelles) – subs. of UK parent

Vantage FX Pty Ltd (Australia) — retail partner of Vantage Global Prime (Australia) — FX (ECN) only — no longer offers trading in binary options — no U.S. clients

Vantage Global Prime Pty Ltd (Australia) — institutional partner of Vantage FX (Australia)

Varchev Financial (Bulgaria)

Varengold (Germany) — will cease operation as a retail FX broker by May 2016

Varianse - trading name of Vibhs Financial Limited (UK) — FCA-regulated — no U.S. clients

Venbey Yatirim (Turkey) — scam

VertiFX (Canada)

Vestle (Cyprus) — new name of broker iCFD (Cyprus), one of the companies of iForex Group (Cyprus?) — ESMA-compliant broker serving EU clients

Victory International Futures (Indonesia) — Indonesian clients only

Vinson Financials Ltd (Cyprus)

VIPRO Markets (Cyprus) — no U.S. or Canadian clients — Vipro has been acquired by Tickmill (UK)

VIPTRADE - Trade Holding Ltd (Rep. of Georgia) — MT5 broker — FX, metals, indices, oil

VistaBrokers (Cyprus) — no U.S. clients

WFX Markets (British Virgin Islands)

Windsor Brokers (Cyprus) — licensed and regulated in Cyprus, and (as Seldon Investments Ltd) in Jordan.

WSD Global Markets (New Zealand) — out of business

xCFD Ltd (Cyprus / New Zealand)

XE Markets (Malaysia) — see Trading Point (Cyprus)

XForex - XFR Financial Ltd (Cyprus) — currently being dissolved — clients are being transferred to Xtrade (Cyprus)

XGlobal Markets (Cyprus)

XM .com (Cyprus / New Zealand) — see Trading Point (Cyprus) — no U.S. clients

XoomForex (Cyprus) — out of business

Xtrade (Cyprus) - XFR Financial Ltd (Cyprus) — no U.S. clients — do not confuse with X-Trade Brokers (Poland)

X-Trade Brokers (XTB) (Poland) — expanding into South America and Belize — fined $2.5M by Polish FSA — separately, Polish police are investigating possible fraud by XTB (potentially $23M)

Yadix (British Virgin Islands)

YJFX (Japan) — subsidiary of Yahoo Japan Corp — FX and binary options broker — no U.S. clients

— will be re-branded as PayPal FX in fall 2020

You Trade FX (Mauritius) — scam — do not confuse with scam broker UTrade Premium (Israel)

Z .com (GMO-Z .com Trade UK Ltd) (U.K.) — subs. of GMO Click (Japan) — no U.S. or Japanese clients

Zecco Forex Inc (US) — merged with TradeKing (US)

Zinfinex Limited (UK) — new FCA-regulated (effective Mar 2019) FX and CFD broker

ZuluTrade (Greece) — copy-trading partner of fx/cfd broker BlackBull Markets (New Zealand)