ActivTrades PLC
Financial Conduct Authority (FCA) · Reference 434413 3
Authorised Verified on register, 7 Oct 2026
ActivTrades
ActivTrades is a forex, CFD and spread betting broker that says it was founded in Switzerland in 2001 and has been run from London since 2005. UK clients deal with ActivTrades PLC (FCA) and EU clients with ActivMarkets Empresa de Investimento, S.A. in Portugal (CMVM). International clients are served through activtrades.com by ActivTrades Markets Ltd in Mauritius (FSC, according to the firm), ActivTrades Corp in the Bahamas (SCB) and ActivTrades International Limited in St Vincent and the Grenadines, which holds no licence. A Brazilian broker in the group is authorised by the central bank and registered with the CVM. The group sits under a Guernsey holding company, and ActivTrades PLC’s accounts name its chief executive, Alex Pusco, as the ultimate controlling party.
Research-based assessment This profile has not completed TTI’s on-site verification and 30-day platform review. How TTI verification works
Verified licences
| Regulator | Licence | Legal entity | Register status | Source |
|---|---|---|---|---|
| Financial Conduct Authority (FCA) | 434413 | ActivTrades PLC | Authorised Checked 7 Oct 2026 | Register entry for ActivTrades PLC (opens in a new tab) 3 |
| Comissão do Mercado de Valores Mobiliários (CMVM) | 433 | ActivMarkets Empresa de Investimento, S.A. | Authorised Checked 7 Oct 2026 | Register entry for ActivMarkets Empresa de Investimento, S.A. (opens in a new tab) 4 |
| Securities Commission of The Bahamas (SCB) | SIA-F193 | ActivTrades Corp. | Authorised Checked 7 Oct 2026 | Register entry for ActivTrades Corp. (opens in a new tab) 5 |
| Banco Central do Brasil (BCB) | No reference | ActivTrades Corretora de Câmbio, Títulos e Valores Mobiliários Ltda. | Authorised Checked 7 Oct 2026 | Register entry for ActivTrades Corretora de Câmbio, Títulos e Valores Mobiliários Ltda. (opens in a new tab) 8 |
| Comissão de Valores Mobiliários (CVM) | CVM code 3786 | ActivTrades Corretora de Câmbio, Títulos e Valores Mobiliários Ltda. | Authorised Checked 7 Oct 2026 | Register entry for ActivTrades Corretora de Câmbio, Títulos e Valores Mobiliários Ltda. (opens in a new tab) 7 |
| Capital Market Authority (CMA) | 20200000480 | ActivTrades Financial Services L.L.C | Authorised Checked 7 Oct 2026 | Register entry for ActivTrades Financial Services L.L.C (opens in a new tab) 6 |
| Commission de Surveillance du Secteur Financier (CSSF) | No reference | ActivTrades Europe S.A. | No longer authorised Checked 7 Oct 2026 | Register entry for ActivTrades Europe S.A. (opens in a new tab) 9 |
Each licence was matched on the regulator’s own register on the date shown. Unverified claims are listed under Regulation and legal entities.
Assessment summary
ActivTrades’ UK, Portuguese, Bahamas, Brazilian and UAE companies are on their regulators’ registers; we could not check the Mauritius licence, and the St Vincent company that also serves international clients holds none. The UK company files audited group accounts naming Alex Pusco as the ultimate controlling party. UK and EU clients get segregated client money, negative balance protection, a compensation scheme and an independent complaints route; international clients get segregated accounts and private insolvency insurance, but no compensation scheme, their complaints procedures point only to the regulators or to no outside body, and the St Vincent terms offer no negative balance protection. Banks holding client money are not named. Luxembourg’s CSSF fined the former EU company €14,000 in 2024 for anti-money laundering failures; older actions are the FSA’s 2011 client money fine and a 2009 Brazilian stop order. The international site calls ActivTrades fully MiFID-compliant while saying it is not subject to MiFID II.
Key positives
- Client money segregation is disclosed 21516171821
The UK, EU, Mauritius and Bahamas agreements hold client money in segregated client accounts at a custodian bank under the applicable client money rules, and the St Vincent agreement keeps client funds in dedicated accounts separate from operational funds. ActivTrades PLC’s accounts put client money held on statutory trust at £27.1 million at the end of 2025.
- Ultimate ownership can be identified 1921
ActivTrades PLC’s audited 2025 accounts name Alex Pusco as the ultimate controlling party and ActivTrades Group Ltd, a Guernsey holding company, as parent of all the broker companies; Companies House records Alexandre Pusco as the person with significant control of ActivTrades PLC, with 75% or more of the shares.
- Authorisations are current and unrestricted 3456789
The licences we could check are current, with no suspension or restriction shown. The Luxembourg company’s CSSF authorisation ended in October 2024 after it stopped trading and went into voluntary liquidation; it no longer serves clients.
- Legal entity details are published 124711121317181920
The footers and agreements give each company’s full name, registration or licence number and address; the UK and Portuguese details match Companies House and ESMA’s register. The Mauritius company is identified by its FSC licence number rather than a company number.
- A complaints procedure is published 3738394041
Each company publishes a complaints procedure with contact details and response times: a final response within 8 weeks in the UK, one month in the EU, 30 days in Mauritius and 40 days in the Bahamas.
Key concerns
- CSSF fines ActivTrades Europe S.A. €14,000 for anti-money laundering failures 34
Reduced the enforcement dimension by 10 points (moderate severity, 1.8 years before the review).
- Client-facing entities appear on the regulator’s register 12345678
Partly met We matched ActivTrades PLC on the FCA’s list, ActivMarkets on ESMA’s register of CMVM-authorised firms, ActivTrades Corp on the Bahamas regulator’s list, the Brazilian broker on the CVM’s and the central bank’s registers and the UAE company on the CMA’s register. We could not check the Mauritius company’s FSC licence, and ActivTrades International Limited in St Vincent holds no licence.
- Complaint data is disclosed 43
Not met We found no complaint statistics published by ActivTrades, and ActivTrades PLC is below the thresholds for the FCA’s and the ombudsman’s firm-level tables.
- Banking and custody arrangements are disclosed 151629
Not met ActivTrades says client money is held at its custodian bank or at reputable, internationally recognised financial institutions, but we found no named bank.
- Regulatory claims on the website are accurate 134567891011
Partly met The FCA, CMVM, SCB, central bank of Brazil, CVM and CMA authorisations ActivTrades lists match the registers, and its pages no longer show the Luxembourg licence that ended in 2024. We could not confirm the FSC Mauritius licence.
Breakdown by dimension
Each dimension is scored from its criteria, then weighted. Dimensions without enough evidence are left out and the remaining weights are rescaled. Open a dimension to see every criterion, our rationale and the sources.
Regulatory status and licence verification 26% of score Whether the firm’s licences exist, are current and cover what it offers.
- Partly met
Client-facing entities appear on the regulator’s register 12345678
We matched ActivTrades PLC on the FCA’s list, ActivMarkets on ESMA’s register of CMVM-authorised firms, ActivTrades Corp on the Bahamas regulator’s list, the Brazilian broker on the CVM’s and the central bank’s registers and the UAE company on the CMA’s register. We could not check the Mauritius company’s FSC licence, and ActivTrades International Limited in St Vincent holds no licence.
- Met
- Partly met
Permissions cover the services offered 23456
ESMA’s register shows ActivMarkets authorised to deal on own account and execute orders, and the Bahamas regulator lists ActivTrades Corp for dealing as principal and trading CFDs; the UAE company holds only introduction and promotion licences, as ActivTrades says. The FCA’s published list does not show the UK company’s permissions, we could not see the Mauritius permissions on a register, and the St Vincent company offers CFDs without a licence.
- Partly met
- Partly met
Clients can tell which regulated entity serves them 1212131415161718
The UK and EU sites and agreements name the company, regulator and licence that clients deal with. The international site names ActivTrades Markets, ActivTrades Corp and ActivTrades International together and publishes documents for each, without saying which company a client will contract with; its legal notice says the site itself is provided by the Mauritius company.
Criteria and their weighting are explained in the methodology.
Corporate transparency and ownership 13% of score Whether you can find out who owns and runs the firm.
- Met
Legal entity details are published 124711121317181920
The footers and agreements give each company’s full name, registration or licence number and address; the UK and Portuguese details match Companies House and ESMA’s register. The Mauritius company is identified by its FSC licence number rather than a company number.
- Met
Ultimate ownership can be identified 1921
ActivTrades PLC’s audited 2025 accounts name Alex Pusco as the ultimate controlling party and ActivTrades Group Ltd, a Guernsey holding company, as parent of all the broker companies; Companies House records Alexandre Pusco as the person with significant control of ActivTrades PLC, with 75% or more of the shares.
- Met
Group structure is explained 113182122
The UK accounts explain the group: ActivTrades Group Ltd in Guernsey sits above the broker companies, ActivTrades PLC owns the Brazilian broker and the Luxembourg company in liquidation, ActivTrades Corp and ActivMarkets became direct subsidiaries of the Guernsey parent in 2025, and the Mauritius company is a related party that trades back to back with the group. Some documents still describe ActivTrades Corp and ActivMarkets as subsidiaries of ActivTrades PLC.
- Met
Directors or senior managers are identified 56101922
Companies House lists ActivTrades PLC’s four directors, including chief executive Alex Pusco, whom the site names; ActivMarkets names its board in its 2025 disclosures, and the Bahamas and UAE regulators list the officers of ActivTrades Corp and the UAE company.
- Partly met
Financial statements are available 212223
ActivTrades PLC files audited group accounts, most recently for 2025 with an unqualified opinion from Buzzacott Audit LLP, and ActivMarkets publishes audited 2025 financial statements and prudential disclosures. We found no financial statements for the Mauritius, Bahamas and St Vincent companies that serve international clients.
Criteria and their weighting are explained in the methodology.
Client fund protections and disclosed safeguards 13% of score What protects client money if something goes wrong.
- Met
Client money segregation is disclosed 21516171821
The UK, EU, Mauritius and Bahamas agreements hold client money in segregated client accounts at a custodian bank under the applicable client money rules, and the St Vincent agreement keeps client funds in dedicated accounts separate from operational funds. ActivTrades PLC’s accounts put client money held on statutory trust at £27.1 million at the end of 2025.
- Partly met
Retail clients have negative balance protection 215161718
The UK, EU, Mauritius and Bahamas agreements reimburse negative balances, with exclusions the company decides at its discretion, such as reckless trading or abuse of the protection. The St Vincent agreement contains no negative balance protection.
- Partly met
An investor compensation scheme applies 1516172425262728
Eligible UK clients are covered by the FSCS (up to £85,000 for investments) and EU clients by Portugal’s Investor Compensation Scheme (up to €25,000), which lists ActivMarkets as participant 164. The Mauritius agreement says clients are not covered by any compensation scheme, and none is named for the Bahamas and St Vincent companies. ActivTrades adds private insolvency insurance of up to £1 million, €1 million or USD 1 million per client above a retention, which is not a compensation scheme.
- Not met
- Met
Withdrawal terms are disclosed 303132
The UK funding page says withdrawals requested by 12:30 UK time are processed the same day, lists the methods and says SEPA, BACS and Faster Payments transfers are free while urgent, international and CHAPS payments carry fees; the costs disclosures give the bank withdrawal charges (USD 12.50 for USD transfers in the UK, £9 for Mauritius clients).
Criteria and their weighting are explained in the methodology.
Enforcement and substantiated adverse findings 13% of score Regulator warnings, enforcement actions and final legal findings on record.
Starts at 100 and loses points for each substantiated adverse finding by severity and age. Allegations, complaints and clone warnings never count. Total deducted: 10 points.
- Met
Warning lists and enforcement records have been searched 33343536
We searched FCA, CySEC, CVM, KNF and Japan FSA records and the Indian and Malaysian alert lists, and ran web searches for other actions. We found the FSA’s 2011 client money fine, the CSSF’s 2024 anti-money laundering fine on ActivTrades Europe S.A. and the CVM’s 2009 stop order, and no alert-list entries.
- Enforcement action
CSSF fines ActivTrades Europe S.A. €14,000 for anti-money laundering failures 34
24 Dec 2024. Reduced the enforcement dimension by 10 points (moderate severity, 1.8 years before the review).
- Enforcement action
FSA fines ActivTrades Plc £85,750 for client money failures 33
15 Mar 2011. Not counted: more than 10 years old at the review date.
- Enforcement action
Brazil’s CVM stop order against ActivTrades PLC (2009) 35
25 Sept 2009. Not counted: more than 10 years old at the review date.
Criteria and their weighting are explained in the methodology.
Complaint handling and documented resolutions 8% of score How the firm handles complaints, and what independent records show.
- Met
- Partly met
Independent dispute resolution is available 3738394041
UK clients can go to the Financial Ombudsman Service and EU clients to the CMVM’s out-of-court complaint resolution. The Mauritius procedure refers clients to the FSC (giving an ombudsperson’s e-mail address), the Bahamas procedure refers them to the SCB, the regulator, and the St Vincent procedure names no outside body.
- Not determined
Independent complaint outcomes show no adverse pattern 42
The ombudsman published 2 decisions about ActivTrades PLC between October 2023 and October 2026 and upheld neither; that is too few to judge outcomes.
- Not met
Complaint data is disclosed 43
We found no complaint statistics published by ActivTrades, and ActivTrades PLC is below the thresholds for the FCA’s and the ombudsman’s firm-level tables.
Criteria and their weighting are explained in the methodology.
Trading terms and operational transparency 8% of score Whether costs, execution and risks are disclosed before you sign up.
- Partly met
Costs are disclosed before account opening 151617183032
The costs disclosures set out spreads with average spread statistics, no commission on CFDs, swaps, a 0.5% currency conversion fee and withdrawal charges, and the Mauritius, Bahamas and EU agreements set a dormancy fee of £10 or €10 a month after a year without activity. The UK agreement reserves the right to charge dormancy fees and refers to the website for the details, which we did not find.
- Met
An order execution policy is published 444546
The execution policies say the company acts as principal and is the only execution venue, prices come from liquidity providers that it also uses to hedge, and orders larger than the available size are filled at a volume-weighted price; conflicts of interest policies are published with the legal documents.
- Met
- Partly met
Leverage and margin terms are disclosed 474849
The UK and EU risk disclosures set the retail close-out at a 50% margin level with leverage of up to 1:30, and the leverage pages list margins by instrument; the international page shows Mauritius margins and an example with a 30% close-out and 1:1000 leverage. We did not find the close-out levels for the Bahamas and St Vincent companies.
- Met
Criteria and their weighting are explained in the methodology.
Public disclosures and communication 4% of score Whether public claims hold up and the firm communicates openly.
- Partly met
Marketing claims are accurate and attributable 11012242550
The international site, which says it operates outside the European regulatory framework and is not subject to MiFID II, also calls ActivTrades a fully MiFID-compliant financial services institution. The UK site gives the share of orders executed at the requested price as over 95.60% on its home page and over 93.60% on its about page. The insurance claims match the published certificates.
- Partly met
An address and working contact channels are published 121719253745
Addresses, phone numbers and e-mail addresses are published and the UK registered office matches Companies House, but the UK complaints procedure and execution policy still give The Loom 2.5, the registered office until July 2025, and the Mauritius company’s insurance certificate gives an address in Ebene while the site and agreement give Port Louis.
- Met
Criteria and their weighting are explained in the methodology.
On-site office verification 5% of score What our visit confirmed in person: a real, staffed office of the assessed entity, not a ghost address.
We have not checked this firm’s office in person, so this dimension scores zero. We check offices through our on-site verification programme.
- Not met
Real office at the stated address, not a ghost address
- Not met
Office of the assessed entity
- Not met
Staffed and operating
Criteria and their weighting are explained in the methodology.
On-site assessment and platform testing 10% of score What our on-site checks and 30-day platform testing found.
We have not completed an on-site assessment of this firm, so this dimension does not count and its weight is shared among the others.
- Not determined
Company identity
- Not determined
Regulatory claims
- Not determined
Office visit
- Not determined
Account opening
- Not determined
Platform usability
- Not determined
Costs and disclosures
- Not determined
Customer support
- Not determined
Deposits and withdrawals
- Not determined
Trading functions
- Not determined
Complaints process
Criteria and their weighting are explained in the methodology.
Regulation and legal entities
A brand can trade through several companies, each licensed in a different place with different protections. Check which entity your account would be with.
ActivMarkets Empresa de Investimento, S.A.
Comissão do Mercado de Valores Mobiliários (CMVM) · Reference 433 4
Reception and transmission of orders, execution of orders, dealing on own account; safekeeping and foreign exchange as ancillary services
Listed on ESMA’s register as authorised by the CMVM since 8 September 2022; the licence number is ActivTrades’ own (the register shows none).
Authorised Verified on register, 7 Oct 2026
ActivTrades Markets Ltd
Financial Services Commission, Mauritius (FSC) · Reference GB24203277 1
Investment dealer (full service dealer excluding underwriting), as stated by ActivTrades
Stated by ActivTrades. The FSC Mauritius website and register put automated requests through a bot check, which we do not get around.
Claimed by the firm, not yet verified
ActivTrades Corp.
Securities Commission of The Bahamas (SCB) · Reference SIA-F193 5
Dealing in capital market instruments as agent or principal, arranging deals in capital market instruments, trading CFDs
Listed by the SCB as at 31 August 2026; SIA-F193 is the number ActivTrades gives in its Bahamas complaints procedure (the list shows none).
Authorised Verified on register, 7 Oct 2026
ActivTrades International Limited
No licence recorded for this entity.
ActivTrades Corretora de Câmbio, Títulos e Valores Mobiliários Ltda.
Banco Central do Brasil (BCB) 8
Securities brokerage firm (sociedade corretora de títulos e valores mobiliários)
Listed among institutions in operation; the list shows no licence number.
Authorised Verified on register, 7 Oct 2026
Comissão de Valores Mobiliários (CVM) · Reference CVM code 3786 7
Registered brokerage (securities intermediary)
Registered on 10 December 2021, operating normally.
Authorised Verified on register, 7 Oct 2026
ActivTrades Financial Services L.L.C
Capital Market Authority (CMA) · Reference 20200000480 6
Category 5: introduction and promotion
The register shows the company and its introduction and promotion licences as active but does not display a licence number; 20200000480 is the number ActivTrades gives.
Authorised Verified on register, 7 Oct 2026
ActivTrades Europe S.A.
Commission de Surveillance du Secteur Financier (CSSF) 9
Investment firm
Authorised by the CSSF from 16 December 2020; the authorisation ended on 18 October 2024.
No longer authorised Verified on register, 7 Oct 2026
ActivTrades Group Ltd
No licence recorded for this entity.
Dated findings
Warnings, enforcement actions, legal findings, allegations and complaint records are labelled separately. What each label means.
Enforcement action Concluded
CSSF fines ActivTrades Europe S.A. €14,000 for anti-money laundering failures 34
On 24 December 2024, after an on-site inspection in 2023, Luxembourg’s CSSF fined ActivTrades Europe S.A., then ActivTrades’ EU company, €14,000 for breaching anti-money laundering obligations: it had not obtained enough information on the origin of funds of several clients, had not carried out periodic reviews of many high-risk clients in 2022, and its governance and compliance function were weak. The sanction was published on 3 April 2025. The company had transferred its clients abroad at the end of 2023 and is in voluntary liquidation.
Enforcement action Settled
FSA fines ActivTrades Plc £85,750 for client money failures 33
By a final notice of 15 March 2011, the UK Financial Services Authority, the FCA’s predecessor, fined ActivTrades Plc £85,750 after an early settlement. Between April 2009 and September 2010 the firm failed to segregate client money properly, held up to €800,000 of client money in an account used for its own funds, and made inaccurate client money calculations; no client lost money. The fine is more than ten years old and no longer affects the score.
Enforcement action Concluded
Brazil’s CVM stop order against ActivTrades PLC (2009) 35
The CVM’s dataset records Ato Declaratório 10.608 of 25 September 2009 against ActivTrades PLC, a stop order on offering securities intermediation services in Brazil, published on 29 September 2009. It is more than ten years old and no longer affects the score. ActivTrades has since set up a Brazilian broker registered with the CVM.
Company response
Firms can respond to their profile and to any finding. No response has been published for ActivTrades. How firms can respond.
Assessment history
| Review date | Result | Methodology | Status |
|---|---|---|---|
| 7 Oct 2026 | Trust score 78 out of 100 Sound | 1.2 | Current |
Corrections and updates
No corrections have been made to this profile.
Sources
- 1 ActivTrades international website: home page and footer (opens in a new tab)
A banner says the site operates outside the European regulatory framework and is not subject to MiFID II, and the footer warns that 84% of retail investor accounts lose money when trading CFDs with this provider. The footer, headed © ActivTrades Corp & ActivTrades Markets, names ActivTrades Markets Ltd (Mauritius, FSC licence GB24203277), ActivTrades Corp (Bahamas, SCB, registration 199667 B), ActivTrades PLC (FCA 434413), ActivTrades International Limited (a subsidiary of ActivTrades Group Limited) and ActivTrades Financial Services L.L.C (UAE CMA Category 5, licence 20200000480). The sign-in link opens the Mauritius branch of the trading platform. activtrades.bs redirects here.
- 2 ActivTrades International client agreement (version 17 October 2025) (opens in a new tab)
ActivTrades International Limited is incorporated in St Vincent and the Grenadines under number 27238 BC 2025, at Beachmont Business Centre, Suite 435, Kingstown. The agreement warns that it is not authorised to carry on investment business in St Vincent and that local investor protections do not apply. Client funds are held in dedicated accounts separate from operational funds. It contains no negative balance protection, names no outside body for complaints and gives at least 10 business days’ notice of changes.
- 3 Financial Services Register: investment firms list (CSV), data as at 3 October 2026 (opens in a new tab)
Shows Activtrades Plc (FRN 434413), first authorised on 27 October 2005, with status Authorised.
- 4 ESMA register of investment firms: ActivMarkets - Empresa de Investimento S.A. (opens in a new tab)
Lists ActivMarkets - Empresa de Investimento S.A. (LEI 254900QQE0VXGRW8QH25) as an investment firm authorised by the CMVM on 8 September 2022, status active, at Rua Duque de Palmela 37, Lisbon, for reception and transmission of orders, execution of orders and dealing on own account, with safekeeping and foreign exchange as ancillary services, and a Milan branch notified on 22 June 2023. The register does not show licence numbers.
- 5 Securities Commission of The Bahamas: SIA registered firms as at 31 August 2026 (opens in a new tab)
Lists ActivTrades Corp. at 209/210 Church Street, Sandyport Plaza, Nassau, registered for dealing in capital market instruments as agent or principal and arranging deals and trading CFDs, with Alessandro Giuseppe Gho as chief executive and CFD supervisory officer, Clesha Morley as compliance officer and Andrea Draghi as trading representative. The list does not show licence numbers.
- 6 UAE Capital Market Authority, licensed companies: ActivTrades Financial Services L.L.C (opens in a new tab)
Lists ACTIVTRADES FINANCIAL SERVICES L.L.C (record CP-0001956) as active, established on 9 January 2026, at 601 office, Business Village Tower, Dubai, with active introduction and promotion licences, Alexandre Pusco on its board and accredited heads of category and compliance. The authority notes that a Category 5 company may not broker derivatives or spot foreign exchange. The register does not display a licence number.
- 7 CVM register of intermediaries (open data, cad_intermed) (opens in a new tab)
Lists ActivTrades Corretora de Câmbio, Títulos e Valores Mobiliários Ltda (CNPJ 43.050.917/0001-03, CVM code 3786) as a brokerage registered on 10 December 2021 and operating normally, at Av. Mauro Ramos 1512, Florianópolis, with net equity of BRL 10.9 million at 31 December 2025 and website www.activtrades.com.br.
- 8 Banco Central do Brasil: institutions in operation (open data, SedesSociedades) (opens in a new tab)
Lists ActivTrades Corretora de Câmbio, Títulos e Valores Mobiliários Ltda. (CNPJ base 43050917) among institutions in operation, as a securities brokerage firm (sociedade corretora de TVM) in Florianópolis.
- 9 ESMA register of investment firms: ActivTrades Europe S.A. (opens in a new tab)
Lists ActivTrades Europe S.A. as an investment firm authorised by the CSSF from 16 December 2020, now inactive, with the authorisation ending on 18 October 2024, and a Milan branch that closed on 12 July 2023.
- 10 ActivTrades: about us (opens in a new tab)
Says ActivTrades was founded in Switzerland in 2001 and moved its headquarters to London in 2005, opened offices in Nassau (2018), Brazil (2022), Portugal (2023) and St Vincent and the Grenadines (2025), and added FSC Mauritius (2024) and UAE CMA (2026) licences. It says ActivTrades Plc is authorised and regulated by the FCA and that the group has entities regulated by the SCB, CMVM, FSC, BACEN and CVM, and shows the FCA, SCB, BACEN and CVM, CMVM, FSC and CMA as its regulators. It names Alex Pusco as chief executive, says all retail accounts are protected from negative balances, and gives the share of orders executed at the requested price or better as over 93.60%.
- 11 ActivTrades Brazil website (opens in a new tab)
Offers Brazilian residents US shares, ETFs and NDFs, says the company is authorised by the Banco Central do Brasil and regulated by the CVM, gives CNPJ 43.050.917/0001-03 and says client funds are kept in registration accounts used only by the broker under CMN Resolution 5,008 of 2022.
- 12 ActivTrades UK website: home page and footer (opens in a new tab)
The footer names ActivTrades PLC, authorised and regulated by the FCA under number 434413 and registered in England and Wales under number 05367727, and warns that 69% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. The home page says clients’ funds are insured up to £1,000,000 and that over 95.60% of orders are executed at the requested price. The list of offices gives The Loom 2.6, 14 Gower’s Walk, London (FCA), Nassau (SCB), Milan and Sofia (CMVM, registered with CONSOB and the Bulgarian FSC), Lisbon (CMVM), Florianópolis (central bank of Brazil), Port Louis (FSC Mauritius) and Dubai (CMA). The footer text is rendered by script; we read it from the page data and from a rendered copy.
- 13 ActivTrades EU website: home page and footer (opens in a new tab)
The footer names ActivMarkets Empresa de Investimento, S.A., authorised and regulated by the CMVM with the number 433 and registered in Portugal under number 516 929 291, as the sole counterparty to clients’ derivative trades and a subsidiary of ActivTrades Group Limited trading as ActivTrades. It says the company participates in Portugal’s Investor Compensation Scheme under number 164, which pays eligible claims up to €25,000, and adds insurance for client funds above that limit up to €1,000,000. It warns that 72% of retail investor accounts lose money when trading CFDs with this provider.
- 14 ActivTrades international website: legal documents and legal notices (opens in a new tab)
The legal notice says activtrades.com is provided by ActivTrades Markets, licence GB24203277, 1st Floor River Court, 6 St Denis Street, Port Louis, authorised by the FSC under the Securities Act 2005. The page publishes separate document sets for ActivTrades Markets, for ActivTrades Corp (Nassau) and for ActivTrades International, whose legal notice applies the law of St Vincent and the Grenadines and gives the address Beachmont Business Centre, Suite 435, Kingstown.
- 15 ActivTrades PLC client agreement (margin trading) (opens in a new tab)
The agreement is undated; the file’s properties date it to July 2025. ActivTrades PLC (05367727, The Loom 2.6, Gower’s Walk, London) deals as principal. Client money is held under the FCA’s client money rules in a segregated client account at the company’s custodian bank, may be placed in deposits with up to 95 days’ notice and may be held outside the UK. Clause 33 reimburses negative balances, except where the company decides that, for example, the client traded recklessly or abused the protection. The company is a member of the FSCS and unresolved complaints can go to the Financial Ombudsman Service. Changes take effect on at least 10 business days’ notice. The company reserves the right to charge dormancy fees, with details on its website, and converts currencies at rates it sets.
- 16 ActivMarkets client agreement (margin trading) (opens in a new tab)
The file’s properties date it to December 2025. ActivMarkets (516 929 291, Rua Duque de Palmela 37, Lisbon) is entered on the CMVM’s list of authorised firms under number 433. Client money is held in a segregated client account at the company’s custodian bank; clause 35 reimburses negative balances with discretionary exclusions; the company is a member of the Investor Compensation Scheme; complaints go to compliance and then to the CMVM for out-of-court resolution. Changes take effect on at least 10 business days’ notice, and dormant accounts pay €10 a month after a year without use.
- 17 ActivTrades Markets client agreement (margin trading) (opens in a new tab)
The file’s properties date it to December 2025. ActivTrades Markets is an investment dealer (full service dealer excluding underwriting) licensed by the FSC Mauritius under number GB24203277, at 1st Floor River Court, St Denis Street, Port Louis. Client money is held in a segregated client account at the custodian bank and may be held outside Mauritius; clause 33 reimburses negative balances with discretionary exclusions; complaints can be referred to the FSC; the information notice says trading with the company is not covered by any client compensation scheme. Changes take effect on at least 10 business days’ notice, and dormant accounts pay £10 a month after a year without use.
- 18 ActivTrades Corp client agreement (version 10 December 2020) (opens in a new tab)
ActivTrades Corp (199667 B, 209 & 210 Church Street, Sandyport, Nassau) is regulated by the SCB under the Securities Industry Act 2011. Client money is held in a segregated client account at the custodian bank; clause 33 reimburses negative balances with discretionary exclusions; complaints can be referred to the SCB; changes take effect on at least 10 business days’ notice; dormant accounts pay £10 a month after a year. It describes ActivTrades Corp as a subsidiary of ActivTrades Plc.
- 19 Companies House: ActivTrades PLC (05367727) (opens in a new tab)
Incorporated on 17 February 2005 as ActivTrades Limited; registered office The Loom, Office 2.6, 14 Gowers Walk, London E1 8PY since 21 July 2025 (Office 2.5 before). Directors: Ernst Martin Bleisteiner, Sohail Chaudhry, Andrea Draghi and Alexandre Pusco. Alexandre Pusco has been the person with significant control, with 75% or more of the shares, since 6 April 2016.
- 20 GLEIF: ActivTrades Corp., ActivTrades Europe S.A. and ActivMarkets (opens in a new tab)
The global LEI index records ActivTrades Corp. (Bahamas, 199667B, LEI 254900NC7MOLRG844B41) at 209 & 210 Church Street, Sandyport, Nassau; ActivTrades Europe S.A. (Luxembourg, B232167, LEI 2221006C4LUJBAOZ9S89, whose LEI registration has lapsed); and ActivMarkets - Empresa De Investimento, S.A. (Portugal, 516929291, LEI 254900QQE0VXGRW8QH25).
- 21 ActivTrades PLC: group accounts for the year to 31 December 2025 (opens in a new tab)
Filed on 11 July 2026 (scanned; read with text recognition) and audited by Buzzacott Audit LLP, which says they give a true and fair view. Group revenue was £33.1 million and profit before tax £2.3 million (2024: £37.6 million and £4.6 million). ActivTrades Group Ltd, a Guernsey holding company, is parent of all broker companies including ActivTrades PLC; ActivTrades Corp and ActivMarkets left the PLC group in 2025 and became its direct subsidiaries. ActivTrades PLC owns the Brazilian broker through ActivTrades Brasil Participações, ActivTrades Europe S.A. (in liquidation after giving up its CSSF permissions) and ActivTrades SPV No 1 Ltd. ActivTrades Markets Ltd (Mauritius) is a related party that trades back to back with the group. Client money held on statutory trust was £27.1 million at the year end. The ultimate controlling party is Alex Pusco.
- 22 ActivMarkets prudential information for 2025 (opens in a new tab)
At 31 December 2025 own funds were €4.59 million against a requirement of €1.25 million (a solvency ratio of 368%). The board is Nuno Filipe Cortesão da Costa Couceiro (chairman), Ricardo Alexandre Lopes Evangelista (director and chief executive) and Alessandro Giuseppe Gho. All client trades are immediately collateralised with ActivTrades PLC. The document calls ActivMarkets a subsidiary of ActivTrades PLC.
- 23 ActivMarkets financial statements for 2025 (opens in a new tab)
Scanned report and accounts (read with text recognition). ActivMarkets had 18,493 clients at the end of 2025 and net income of €2.05 million, and was wholly owned by ActivTrades Group Limited. The statutory auditor, Auren Auditores e Associados, SROC, S.A., says the statements give a true and fair view.
- 24 ActivTrades PLC excess of loss policy: evidence of cover (April 2026) (opens in a new tab)
Cover from QBE Underwriting and other Lloyd’s syndicates for customers of ActivTrades PLC from 1 April 2026 to 1 April 2027: up to £1,000,000 per claimant if the firm defaults, above a retention of at least £85,000 or any larger amount paid by the FSCS or the firm’s estate.
- 25 ActivTrades Corp and ActivTrades Markets Ltd excess of loss policies: evidence of cover (2026) (opens in a new tab)
Two certificates. ActivTrades Corp (209-210 Church Street, Sandyport, Nassau) is insured by Arch and AXA XL syndicates at Lloyd’s from 1 June 2026 to 31 May 2027, and ActivTrades Markets Ltd by Arch and Kiln syndicates from 1 January to 31 December 2026, each for up to USD 1,000,000 per claimant in an insolvency, above a retention of at least USD 10,000. The Mauritius certificate gives the address G08 Ground Floor, The Catalyst, Silicon Avenue, 40 Cybercity, Ebene.
- 26 ActivMarkets excess of loss policy: evidence of cover (April 2026) (opens in a new tab)
Cover from Lloyd’s syndicates for customers of ActivMarkets from 17 April 2026 to 16 April 2027: up to €1,000,000 per claimant in an insolvency, above a retention of €25,000.
- 27 Investor Compensation Scheme: participating entities as at 17 September 2026 (opens in a new tab)
Lists ActivMarkets - Empresa de Investimento, SA as participant 164, a member since 8 September 2022.
- 28 FSCS: investments (opens in a new tab)
For investment firms that failed after 1 April 2019, the FSCS pays up to £85,000 per eligible person, per firm.
- 29 ActivTrades UK: protection of funds (opens in a new tab)
Says client funds insurance covers amounts above £85,000 up to £1,000,000 and that client accounts are ring-fenced in segregated accounts with reputable, internationally recognised financial institutions, which it does not name.
- 30 ActivTrades PLC costs and charges disclosures (opens in a new tab)
The file’s properties date it to July 2026. Deposits are free in normal circumstances; bank transfer withdrawals in USD cost USD 12.50 and other withdrawals are free unless third-party charges arise. Spreads are the main trading cost, with average spread statistics published; there is no commission on CFDs; swaps are explained with a formula; a 0.5% fee applies to currency conversions of deposits and of profits and losses.
- 31 ActivTrades UK: account funding (opens in a new tab)
Lists deposit methods and timings and the withdrawal terms: withdrawals requested by 12:30 UK time are processed the same day; funds return to the original source; SEPA, BACS and Faster Payments transfers are free while urgent, international and CHAPS payments carry fees; intraday profits can be withdrawn from the next business day.
- 32 ActivTrades Markets costs and charges disclosures (opens in a new tab)
Sets out spreads, no commission on CFDs, swaps, a 0.5% currency conversion fee and a £9 charge for bank transfer withdrawals.
- 33 FSA final notice: ActivTrades Plc (15 March 2011) (opens in a new tab)
The FSA fined ActivTrades Plc £85,750 (£122,500 before a 30% settlement discount) for breaching Principles 3 and 10 and the client money rules between 14 April 2009 and 2 September 2010: it failed to segregate client money properly, held client money in its own accounts (€800,000 between January and June 2010), performed inaccurate or late client money calculations and lacked adequate policies and management information. Client money held ranged from £3.4 million to £23.6 million; no client suffered a loss.
- 34 CSSF administrative sanction of 24 December 2024: ActivTrades Europe S.A. (opens in a new tab)
Published on 3 April 2025. After an on-site inspection between February and October 2023, the CSSF fined ActivTrades Europe S.A. €14,000 for breaches of anti-money laundering obligations, including insufficient checks on the origin of funds of several clients, missed periodic reviews of high-risk clients in 2022 and weaknesses in governance and the compliance function. It notes that the firm stopped its Luxembourg activities on 1 January 2024 after transferring its clients to a foreign entity on 31 December 2023, decided on voluntary liquidation on 18 September 2024 and was removed from the CSSF’s list on 18 October 2024, and that the exit was unrelated to the sanction.
- 35 CVM declaratory acts (stop orders) dataset (opens in a new tab)
Records Ato Declaratório 10.608 of 25 September 2009 against ACTIVTRADES PLC, published in the official gazette on 29 September 2009. The linked copy of the act no longer loads.
- 36 Searches of FCA, CySEC, CSSF, CVM, KNF and Japan FSA records and the Indian and Malaysian alert lists for ActivTrades (opens in a new tab)
On 7 October 2026 we searched the FCA’s list and final notices, CySEC’s 1,173 board decisions, the CVM’s declaratory acts, KNF’s lists, the Japan FSA’s lists of warned unregistered firms and the Indian, Securities Commission Malaysia and Bank Negara Malaysia alert lists for ActivTrades, ActivMarkets and ActivFutures, and ran web searches for actions by the FCA, the CSSF, the CMVM, CONSOB, the AMF, the CNMV, the SCB and others. We found the FSA’s 2011 fine, the CSSF’s 2024 fine on ActivTrades Europe S.A. and the CVM’s 2009 order, and no alert-list entries.
- 37 ActivTrades PLC complaint handling procedures (opens in a new tab)
Complaints go to complaints@activtrades.com or The Loom 2.5, 14 Gower’s Walk, London; the company acknowledges them and gives a final response, or explains the delay, within 8 weeks. Clients who are still unhappy can go to the Financial Ombudsman Service.
- 38 ActivMarkets complaint handling procedure (opens in a new tab)
Complaints are acknowledged within 10 business days and answered within one month; clients can appeal to the chief executive and then ask the CMVM for out-of-court complaint resolution.
- 39 ActivTrades Markets complaint handling procedures (opens in a new tab)
Complaints go to complaints@activtrades.mu or the Port Louis office and are answered within 30 days. Clients who are still unhappy may contact the FSC Mauritius; the procedure gives a phone number, the FSC’s online complaints form and the e-mail address ombudspersonfs@ofsmauritius.org.
- 40 ActivTrades Corp complaint handling procedure (opens in a new tab)
Gives SCB registration number SIA-F193. Complaints go to complaints@activtrades.bs and are answered within 40 days; clients who are still unhappy may contact the Securities Commission of The Bahamas.
- 41 ActivTrades International complaint handling procedure (opens in a new tab)
Complaints go to complaints@activtrades.vc or the Kingstown address; the procedure names no outside body for unresolved complaints.
- 42 Ombudsman decisions: Activtrades Plc, October 2023 to October 2026 (opens in a new tab)
Between 4 October 2023 and 4 October 2026 the ombudsman published 2 decisions about Activtrades Plc and upheld neither.
- 43 FCA firm-level complaints data 2025 H2 and Financial Ombudsman business complaints data (July 2025 to March 2026) (opens in a new tab)
Neither dataset includes ActivTrades PLC; both publish firm-level figures only above minimum complaint volumes.
- 44 ActivTrades UK website: legal documents (opens in a new tab)
Publishes the UK customer agreement, risk disclosure notice, summary execution policy, conflicts of interest policy, complaint handling procedure, banned reviews policy and costs and charges disclosures, all readable without an account.
- 45 ActivTrades PLC order execution policy disclosure (opens in a new tab)
The company acts as principal and is the only execution venue for client trades; liquidity providers supply the prices at which it deals and are also used to hedge its exposure. Orders larger than the tradable size are filled at a volume-weighted average price, and positive slippage is passed on. The letterhead gives the address The Loom 2.5, 14 Gower’s Walk.
- 46 ActivTrades Markets order execution policy disclosure (opens in a new tab)
The company acts as principal and is the only execution venue; liquidity providers supply its prices and are used to hedge its exposure.
- 47 ActivTrades PLC risk disclosure notice (opens in a new tab)
Retail positions are closed out when the margin level falls to 50%; worked examples use maximum leverage of 1:30 for a forex CFD and 1:20 for an index spread bet.
- 48 ActivTrades international website: leverage information (opens in a new tab)
Lists leverage and margin by instrument and position size, noting that the figures shown are for Mauritius clients and linking to those for Bahamas clients. A worked example for the Mauritius company uses a 30% close-out level and 1:1000 leverage, and the page gives a 30% close-out level for professional accounts. The UK and EU sites publish their own tables.
- 49 ActivMarkets risk disclosure notice (opens in a new tab)
Retail positions are closed out when the margin level falls to 50%; the worked example uses maximum leverage of 1:30.
- 50 ActivTrades international website: protection of funds (opens in a new tab)
Says ActivTrades Corp has bought insurance that covers losses in an insolvency above USD 10,000 and up to USD 1,000,000, that client accounts are held in segregated accounts, and that ActivTrades is a fully MiFID-compliant financial services institution.
Something wrong or missing?
Tell us about an error or send evidence. We read every report.