FXCM

The FCA, CySEC and ASIC licences were confirmed on the registers, and FXCM discloses an intermediary licence in South Africa and an Israeli licence. Clients outside those markets are served by Stratos Global LLC, which FXCM states is not required to hold any financial services licence.

• StrengthStratos Markets Limited (formerly Forex Capital Markets Limited) has been authorised by the FCA since 27 May 2003 (FRN 217689).
• StrengthStratos Europe Ltd (formerly FXCM EU Ltd) holds CySEC licence 392/20, issued 23 November 2020; the register lists FXCM, FXCM EU and Tradu as approved trade names.
• StrengthStratos Trading Pty. Limited (formerly FXCM Australia) holds ASIC licence AFSL 309763.
• HighAll services on FXCM’s global site are provided by Stratos Global LLC, incorporated in St Vincent and the Grenadines, which FXCM states “is not required to hold any financial services license or authorization in St Vincent and the Grenadines to offer its products and services”. The site serves residents of every country except the US, Canada, the UK, the EU, Hong Kong, Australia, Israel, Japan and India.
• ObservationStratos South Africa (Pty) Ltd (FSP 46534) acts only as an intermediary for Stratos Markets Limited, and Stratos Light Limited is described as supervised by the Israel Securities Authority; both are taken from the firm’s disclosures.

Jefferies Financial Group, listed on the New York Stock Exchange, has owned 100% of Stratos Group International, LLC since a foreclosure on 14 September 2023 and consolidates it in its audited accounts. Stratos has since agreed to sell substantially all of its assets and operations to AvaTrade Markets Ltd.

• StrengthJefferies’ annual report for the year to 30 November 2025 states that it owns 100% of Stratos and that Stratos is a consolidated subsidiary, part of its legacy merchant banking portfolio.
• MediumJefferies’ quarterly report filed on 9 October 2026 states that after 31 August 2026 Stratos entered into a definitive agreement with AvaTrade Markets Ltd. to sell substantially all of its assets and business operations, with the assets expected to be migrated over the following 120 days.
• ObservationTrade Nation states that it has agreed to acquire the retail and professional accounts of Stratos Markets Limited, with accounts closing at FXCM on 20 November 2026 and opening at Trade Nation on 22 November 2026.
• ObservationStratos does not publish consolidated accounts of its own. Its former 50.1% owner, Global Brokerage Holdings LLC, was the subject of an involuntary bankruptcy petition in March 2023, before Jefferies’ foreclosure.

UK clients are covered by the FSCS and UK retail clients cannot lose more than their deposits. Clients of the global company transfer full ownership of their money to it, rank as general creditors if it fails, are liable for negative balances and have no compensation scheme, and the company holds no financial licence.

• StrengthFXCM states that retail clients of Stratos Markets Limited “could sustain a total loss of deposited funds but are not subject to subsequent payment obligations beyond the deposited funds”.
• HighStratos Global LLC’s terms of business (24 September 2024) state that any money a client transfers “is a transfer of full ownership of the money to us”, that the client will “no longer have a proprietary claim over the money”, and that “in the event of our insolvency you will rank as a general creditor”. The terms also state that losses may exceed deposits and that a client with an overall negative balance must immediately transfer funds.

Not assessed in a desk audit. Spreads, slippage and fill quality can only be measured with live accounts.

ASIC briefly stopped the Australian company from issuing CFDs to retail clients in December 2025 over its target market determination. Earlier US and UK sanctions are more than eight years old and are recorded but not scored.

• MediumOn 5 December 2025 ASIC made an interim stop order preventing Stratos Trading Pty Limited (trading as FXCM) from issuing CFDs to retail clients, because its target market determination included investors with a medium risk appetite. ASIC said it acted after FXCM failed to respond to its concerns. The order was revoked on 16 December 2025 after FXCM amended its target market determination.
• ObservationOn 6 February 2017 the CFTC ordered Forex Capital Markets, LLC, its parent FXCM Holdings, LLC and founders Dror Niv and William Ahdout to pay a $7 million penalty, finding that between 2009 and at least 2014 FXCM made false and misleading solicitations to retail forex customers by concealing its relationship with its main market maker; FXCM, Niv and Ahdout were barred from CFTC registration. On 24 February 2014 the FCA fined Forex Capital Markets Limited and FXCM Securities Limited £4 million for failing to pass on favourable price movements to customers between 2006 and 2010, with redress of up to USD 9,941,970. These decisions are more than eight years old, so they are recorded here but not scored.
• ObservationMalaysia’s Securities Commission has listed FXCM’s Malaysian page (fxcm.com/my) on its Investor Alert List since 2021 for carrying on unregulated activities. Under our methodology these warnings are recorded but not scored.
• ObservationStratos Global LLC offers leverage of up to 1000:1 on forex and CFDs to new accounts and a referral reward of up to $400. Under our methodology offshore incentives are recorded but not scored.
• ObservationNo CySEC board decision naming FXCM EU or Stratos Europe was found in CySEC’s published decisions from 2014 onwards.

Not assessed in a desk audit. Uptime, incident history and security controls require evidence from the firm or live monitoring.

No Great Place to Work certification and no community programme were found in public sources.

• ObservationNo Great Place to Work certification or community programme was found in public sources.