Verdict: AFX Markets is best treated as a high-risk offshore broker, not as an established FCA-, CySEC-, ASIC-, NFA- or CFTC-regulated firm. Its current websites say that trading services are operated by Mauritius-registered afx Markets Ltd, formerly Vortex Inc., under FSC Mauritius licence GB19024587. That claim should be checked directly against the regulator’s current register before depositing money.
The evidence does not justify calling the current Mauritius entity a proven scam. However, there are enough reasons for caution: the brand uses multiple domains, the operational relationship between those domains is not independently clear from the material reviewed, investor protection is not equivalent to that available from a major Western regulator, and the connected afx.com website promotes investment strategies that go beyond ordinary self-directed MT5 trading.
What is AFX Markets?
AFX Markets presents itself through two related websites. The current afx.markets site is mainly informational. It covers forex, metals, indices, commodities, MetaTrader 5, trading conditions, contract specifications, market hours and account-result pages.
That site says it does not create accounts, verify clients, accept deposits, provide a web trading terminal or make personalised investment recommendations. The operational links appear on afx.com, whose navigation includes Login, Register, Platform, Strategies, Accounts and Service Status. The login and registration buttons lead to my.afx.com.
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This split is not automatically evidence of fraud, but it is a point that a prospective customer should clarify. The current visible contact route on afx.markets is [email protected], while the public-facing brand is AFX Markets. Before opening an account, check that the legal entity named in the client agreement, payment instructions and account portal is the same entity described on the regulation page.
Is AFX Markets regulated?
According to the broker’s regulation page, the operating entity is afx Markets Ltd, incorporated in Mauritius under company number 174130 GBC. The site says the company was previously named Vortex Inc. and holds an Investment Dealer (Full-Service Dealer, Excluding Underwriting) licence from the Financial Services Commission of Mauritius, licence number GB19024587.
The same company details and licence number appear on the connected afx.com terms page. The stated registered address is:
5th Floor, The CORE, No. 62, ICT Avenue, Cybercity 72201, Ebene, Republic of Mauritius.
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An independent LEI record for afx Markets Ltd also shows that address. That supports the existence of a company with the stated name and address, but it does not by itself prove that a licence is current, that every related domain is operated by the same entity, or that client money is safe.
The FSC Mauritius says its Register of Licensees is the place to check regulated firms. The public register is hosted at opr.fscmauritius.org. Automated access to the register returned a 403 response during this review, so the licence should be described as a claim made by the broker unless a reader independently confirms it through the regulator.
The accurate wording is:
“AFX Markets says it is operated by Mauritius-registered afx Markets Ltd and holds FSC Mauritius licence GB19024587.”
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It would be inaccurate to write that AFX Markets is “fully regulated and safe.”
What protection does a Mauritius licence provide?
A Mauritius FSC licence is not the same as authorisation from the UK Financial Conduct Authority, the Cyprus Securities and Exchange Commission, the Australian Securities and Investments Commission, or the US National Futures Association and Commodity Futures Trading Commission.
The connected afx.com legal wording states that the relevant entity is not established in the European Union or regulated by an EU regulated authority. The current sites do not claim FCA, CySEC, ASIC, NFA or CFTC authorisation.
This affects the remedies available if the broker becomes insolvent, mishandles client funds or disputes a withdrawal. A Mauritius licence may impose regulatory obligations, but it should not be treated as a guarantee of:
- profitable trading;
- instant or unrestricted withdrawals;
- solvency;
- segregated funds in every practical circumstance;
- compensation if the firm fails; or
- the authenticity of a website or payment account using the brand.
AFX Markets’ own terms also state that the company does not provide services to residents of the United States, Canada, Russia, Myanmar, Australia, New Zealand, Iran, North Korea, Cuba, Sudan or Syria, with other jurisdictions potentially excluded. A US resident should not assume that access to the website means the broker accepts US clients.
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The afx.markets site says that clients can trade through MetaTrader 5 on desktop, browser, iOS and Android. The listed markets include:
- forex;
- metals;
- indices; and
- commodities.
The public pages reviewed do not provide one universal spread, leverage figure or execution statistic. Instead, the site directs traders to the connected MT5 account and symbol specifications for details such as contract size, tick size, volume limits, margin, swaps and trading sessions.
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That approach matters because trading conditions can differ by account, instrument and server. Do not rely on a marketing page or a screenshot when the live MT5 specification says otherwise. After logging in, check the instrument directly in MT5 by right-clicking it in Market Watch and selecting Specification. Review:
- spread and whether it is fixed or variable;
- contract size;
- minimum and maximum trade volume;
- margin requirements;
- swap charges;
- trading hours;
- stop-out level; and
- any restrictions around news trading, hedging or scalping.
The broker states that account-specific information on its server is the practical source for current specifications. That means prospective clients should test the conditions on a demo account and then make a small withdrawal test before considering a larger deposit.
Important distinction: broker accounts and investment strategies
The afx.com website does more than advertise self-directed MT5 trading. It also promotes investment strategies. Its GBP diversified strategy says that 40% is allocated to a “Capital Reserve Account” offering a 2% monthly return, with the remainder divided between Medium Risk, High Risk and High Risk+ strategies.
This is materially different from simply opening an MT5 account and placing your own CFD trades. A claimed 2% monthly return is especially important to investigate: it is not a normal bank deposit guarantee, and it should not be understood as risk-free income. Ask for the complete legal terms, fee schedule, withdrawal rules, risk disclosures and explanation of how the return is generated before transferring money.
Do not assume that regulatory claims made for a trading entity automatically answer questions about every investment product, strategy or account offered through an associated domain. Confirm which legal entity contracts with you and which regulator, if any, supervises that specific product.
What happened to the old UK AFX Markets?
A separate company, AFX Markets Limited, was authorised by the UK FCA from May 2012 and entered special administration in 2019. According to the FCA customer notice:
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- On 31 July 2019, the FCA required the firm to stop regulated activities except closing open positions and froze its assets.
- On 27 August 2019, the High Court appointed special administrators.
- The FCA cited concerns about the company’s financial position and client-money arrangements.
- The firm had operated online forex and CFD platforms including afxgroup.com and stofs.co.uk.
- Its parent, AFX Capital Markets Limited, was based in Cyprus, where CySEC suspended its licence on 19 July 2019.
The Financial Services Compensation Scheme records the old UK company as failed on 24 August 2021 and describes a compensation process for eligible customers of that UK entity. It also says customers of the separate Cypriot AFX Capital Markets entity were not eligible for FSCS protection through that process.
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This history is relevant when assessing the brand, but it must not be overstated. The UK failure is a verified historical event; it does not by itself prove that the current Mauritius company is the same legal entity or that the current websites are fraudulent. The two entities should be kept separate unless corporate records establish a formal connection.
Warnings that are often wrongly attributed to AFX Markets
Several online warnings involve similar names but different domains or companies. They should not be merged into one allegation.
| Warning | Entity or domain named | Does it automatically concern the current afx.com site? |
|---|---|---|
| Québec AMF warning, 8 August 2024 | afx-markets.com |
No. This is a different hyphenated domain. |
| Central Bank of Ireland warning, 9 October 2025 | “AFEX Markets (Clone)” at afex-markets.com |
No. It uses “AFEX” with an E and concerns a stated clone entity. |
| Financial Commission warning, July 2022 | AFX Trade LLC and afxtrader.com |
No. This concerns AFX Trade, not afx Markets Ltd. |
| FCA and FSCS proceedings | AFX Markets Limited, UK | Not automatically. The current site identifies a Mauritius company. |
The domain matters. A warning against afx-markets.com should not be presented as a warning against afx.markets, afx.com or my.afx.com without evidence connecting the sites.
How to verify AFX Markets before depositing
- Confirm the domain. Type the address manually and check for lookalikes such as extra hyphens, different top-level domains or misspellings.
- Check the legal entity. Compare the name, company number, address and licence number in the client agreement with the broker’s regulation page.
- Search the FSC register directly. Look for afx Markets Ltd and licence GB19024587 on the FSC Mauritius public register. If the result does not match, stop.
- Ask who receives your money. The beneficiary name on a bank-transfer or card instruction should match the contracting entity, not an unrelated individual, payment processor or different company without a clear explanation.
- Read withdrawal conditions first. Look for minimum withdrawal amounts, fees, verification requirements, processing times, bonus restrictions and rules requiring further deposits.
- Test the platform. On MT5, inspect each symbol’s specification and compare the quoted spread and execution with the broker’s public claims.
- Make a small withdrawal. Do this before increasing the balance. A successful deposit is not evidence that withdrawals will work.
- Keep records. Save the agreement, account statements, payment receipts, support emails, trade IDs and screenshots. These are useful if a dispute arises.
Never send more money to “unlock” a withdrawal, pay an alleged tax to a private account or accept pressure to move funds into a higher-risk strategy.
What to do if there is a dispute
The current complaints page says to submit a written complaint with the subject line “Complaint”. It asks for:
- your name;
- a safe account reference, where relevant;
- the date and time of the events;
- a factual chronology;
- order or transaction references;
- supporting documents;
- the financial or other impact; and
- the outcome you want.
The published contact route is [email protected]. Keep the complaint factual and avoid sending passwords, full card numbers or unnecessary identity documents by ordinary email. If the broker does not resolve the issue, contact your card issuer or bank promptly about available dispute options and contact the relevant regulator or law-enforcement authority.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Pros and cons
| Potential advantages | Risks and limitations |
|---|---|
| MT5 access across desktop, web and mobile. | Offshore Mauritius regulatory profile rather than top-tier Western regulation. |
| Forex, metals, indices and commodities are advertised. | Public pages do not give one universal spread, leverage or execution figure. |
| The company name, number and Mauritius address are stated consistently across related sites. | The relationship between afx.markets, afx.com and my.afx.com should be independently verified. |
| There is a published complaints process. | The connected site also promotes higher-risk investment strategies, including a claimed 2% monthly return for one reserve allocation. |
| The current site identifies a specific FSC Mauritius licence number. | A licence claim is not the same as guaranteed withdrawals, profitability or compensation. |
FAQ
Is AFX Markets a scam?
The available evidence does not prove that the current Mauritius entity is a scam. It does show a high-risk offshore setup that requires verification. AFX Markets says it is operated by afx Markets Ltd and holds FSC Mauritius licence GB19024587, but that claim should be checked on the regulator’s current register before any deposit.
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Is AFX Markets FCA regulated?
The current website does not claim FCA authorisation. A separate UK company named AFX Markets Limited was FCA-authorised but entered special administration in 2019. That historical company should not automatically be treated as the same entity as current Mauritius-registered afx Markets Ltd.
Does AFX Markets accept US clients?
Its connected website says that afx Markets Ltd does not provide services to US residents. US readers should not assume that being able to access the website means they are eligible to open an account.
What platform does AFX Markets use?
The current afx.markets site advertises MetaTrader 5 for desktop, browser, iOS and Android. Trading conditions and symbol specifications may vary by account and should be checked directly in the MT5 server.
Is the AMF warning about AFX Markets the same broker?
Not based on the domain identified in the warning. Québec’s AMF warning from 8 August 2024 names AFX Markets at afx-markets.com, with a hyphen. That is different from afx.markets, afx.com and my.afx.com.
What should I check before depositing?
Verify afx Markets Ltd and licence GB19024587 on the FSC Mauritius register, match the legal entity to the client agreement and payment beneficiary, read withdrawal terms, test MT5 conditions and make a small withdrawal before considering a larger deposit.
The Bottom Line
AFX Markets should not be labelled a proven scam solely because of the old UK AFX failure or warnings against similarly named domains. Those matters involve separate entities or websites unless a documented connection is established.
It should also not be presented as a safe, top-tier regulated broker. The current websites claim a Mauritius FSC licence for afx Markets Ltd, but the licence and the relationship between afx.markets, afx.com and my.afx.com need independent verification. The lack of FCA, CySEC, ASIC, NFA or CFTC status means a materially weaker protection profile for many traders.
Our conclusion: treat AFX Markets as a high-risk offshore broker. Do not deposit until the licence appears in the regulator’s register, the contracting entity and payment destination match, and you understand the withdrawal and investment-strategy terms. Even then, use only money you can afford to lose.
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