ATFX is a forex and CFD brand shared by a group of companies whose UK accounts name AT Capital Group Limited of the Cayman Islands as parent and Mr H Li as ultimate controlling party. EU clients deal with ATFX Global Markets (CY) Ltd (CySEC), Australian clients with AT Global Markets (Australia) Pty Ltd (ASIC), Cambodian clients with ATFX (Cambodia) Company Limited (SERC) and South African clients with AT Global Markets SA (Pty) Ltd or, since September 2026, AT Global Markets Intl Ltd of Mauritius through a local intermediary. International clients of atfx.com sign up with AT Global Markets LLC, an unlicensed St Vincent and the Grenadines company. The UK (FCA) and Hong Kong (SFC) companies serve professional clients only.
Research-based assessment This profile has not completed TTI’s on-site verification and 30-day platform review. How TTI verification works
| Regulator | Licence | Legal entity | Register status | Source |
|---|---|---|---|---|
| Financial Conduct Authority (FCA) | 760555 | AT Global Markets (UK) Limited | Authorised Checked 7 Oct 2026 | Register entry for AT Global Markets (UK) Limited (opens in a new tab) 3 |
| Cyprus Securities and Exchange Commission (CySEC) | 285/15 | ATFX Global Markets (CY) Ltd | Authorised Checked 7 Oct 2026 | Register entry for ATFX Global Markets (CY) Ltd (opens in a new tab) 4 |
| Australian Securities and Investments Commission (ASIC) | AFSL 418036 | AT Global Markets (Australia) Pty Ltd | Authorised Checked 7 Oct 2026 | Register entry for AT Global Markets (Australia) Pty Ltd (opens in a new tab) 5 |
| Superintendencia Financiera de Colombia (SFC) | Resolution 2065 of 2025 | AT Global Markets Intl Ltd | Authorised Checked 7 Oct 2026 | Register entry for AT Global Markets Intl Ltd (opens in a new tab) 11 |
| Financial Services Authority Seychelles (FSA) | SD093 | AT Global Markets (SC) Limited | Authorised Checked 7 Oct 2026 | Register entry for AT Global Markets (SC) Limited (opens in a new tab) 6 |
| Financial Sector Conduct Authority (FSCA) | FSP 44816 | AT Global Markets SA (Pty) Ltd | Authorised Checked 7 Oct 2026 | Register entry for AT Global Markets SA (Pty) Ltd (opens in a new tab) 9 |
| Financial Sector Conduct Authority (FSCA) | FSP 55142 | AT Global Capital Markets Africa (Pty) Ltd | Authorised Checked 7 Oct 2026 | Register entry for AT Global Capital Markets Africa (Pty) Ltd (opens in a new tab) 9 |
| Securities and Exchange Regulator of Cambodia (SERC) | 040 | ATFX (Cambodia) Company Limited | Authorised Checked 7 Oct 2026 | Register entry for ATFX (Cambodia) Company Limited (opens in a new tab) 8 |
| Securities and Futures Commission (SFC) | CE BUM667 | AT Global Financial Services (HK) Limited | Authorised Checked 7 Oct 2026 | Register entry for AT Global Financial Services (HK) Limited (opens in a new tab) 7 |
| Capital Market Authority (CMA) | 20200000078 | ATFX MENA Financial Services LLC | Authorised Checked 7 Oct 2026 | Register entry for ATFX MENA Financial Services LLC (opens in a new tab) 10 |
Each licence was matched on the regulator’s own register on the date shown. Unverified claims are listed under Regulation and legal entities.
ATFX’s Cyprus, Australian, Seychelles, South African, Cambodian and Hong Kong companies and its UAE introducer match their regulators’ records, and its UK company is on the FCA’s list but serves professional clients only. We could not check the Mauritius licence of AT Global Markets Intl Ltd, which ATFX says owns the brand, and international clients of atfx.com sign up with AT Global Markets LLC, an unlicensed company in St Vincent and the Grenadines. EU and Australian retail clients get segregated client money and negative balance protection, and EU clients the Investor Compensation Fund and the Cyprus ombudsman; the offshore terms let client money be passed to brokers as margin, leave negative balance relief to the firm’s discretion and name no independent dispute body. The UK company’s audited accounts name Mr H Li as the group’s ultimate controlling party. In 2026 Brazil’s CVM ordered ATFX companies to stop seeking Brazilian clients, and the UAE Capital Market Authority fined ATFX MENA AED 100,000 for holding itself out as authorised to broker. ATFX’s international pages tell clients that FCA regulation gives their funds the highest protection, although they contract with the St Vincent company.
The UK company’s audited accounts name AT Capital Group Limited (Cayman Islands) as its parent and Mr H Li as the group’s ultimate controlling party; Companies House registers Hiu Keung Li with 75% or more of the UK company’s shares and votes, and GLEIF records AT Capital Group as the parent of the Mauritius company.
The licences we could check are current, with no suspension or restriction affecting retail services; the FCA and SFC companies are limited to professional clients, which matches what ATFX says they do.
The international funding page lists withdrawal methods, processing within one working day and a €/$/£5 fee only on withdrawals under 100, and the EU agreement and costs disclosure process withdrawals within one business day with no withdrawal fees.
Companies House lists the UK company’s directors, the Cyprus company’s 2025 disclosures name its board, the South African disclosure names that company’s directors, and the UAE and Hong Kong registers name directors and responsible officers.
The EU, Australian, St Vincent, Mauritius, South African and Cambodian agreements can be read without an account.
Reduced the enforcement dimension by 10 points (moderate severity, 0.7 years before the review).
Reduced the enforcement dimension by 10 points (moderate severity, 0.6 years before the review).
Not met Most licence numbers ATFX lists match the registers, but its international account page says ATFX is regulated by the FCA and that clients’ funds therefore have the highest level of protection, although those clients contract with an unlicensed St Vincent company and the FCA company takes no retail clients. The UAE page calls ATFX “a regulated broker in UAE by CMA”, while the CMA says ATFX MENA may not broker and fined it in February 2026 for holding itself out as authorised to do so. The EU site still says ATFX is registered with the FCA, which we could not match, and we could not confirm the Mauritius licence or a current Jordanian licence.
Partly met We matched AT Global Markets (UK) on the FCA’s list, ATFX Global Markets (CY) on CySEC’s register, AT Global Markets (Australia) in ASIC’s data, AT Global Markets (SC) on the FSA’s list, both South African companies on the FSCA’s FSP register, ATFX (Cambodia) on SERC’s list, the Hong Kong company on the SFC’s register, ATFX MENA on the UAE register and the Colombian representative office on the Superintendencia Financiera’s list. We could not check the FSC Mauritius licence of AT Global Markets Intl Ltd, and AT Global Markets LLC, which signs up international clients, has no licence.
Not met ATFX tells international clients that FCA regulation gives their funds the highest level of protection, although they deal with an unlicensed St Vincent company and the FCA company takes no retail clients; its UAE page calls it a regulated broker in the UAE, which the CMA fined ATFX MENA for claiming; and its EU site still says it is registered with the FCA.
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.
Whether the firm’s licences exist, are current and cover what it offers.
Client-facing entities appear on the regulator’s register 1234567891011
We matched AT Global Markets (UK) on the FCA’s list, ATFX Global Markets (CY) on CySEC’s register, AT Global Markets (Australia) in ASIC’s data, AT Global Markets (SC) on the FSA’s list, both South African companies on the FSCA’s FSP register, ATFX (Cambodia) on SERC’s list, the Hong Kong company on the SFC’s register, ATFX MENA on the UAE register and the Colombian representative office on the Superintendencia Financiera’s list. We could not check the FSC Mauritius licence of AT Global Markets Intl Ltd, and AT Global Markets LLC, which signs up international clients, has no licence.
Permissions cover the services offered 45810121314
ASIC authorises the Australian company to issue and make a market in derivatives and foreign exchange contracts, CySEC authorises the Cyprus company to receive and execute orders, which matches its agency model, and SERC lists the Cambodian company as a derivative broker. But the international business is run by an unlicensed St Vincent company, we could not see the Mauritius company’s permissions, and the UAE regulator fined ATFX MENA in 2026 for operating beyond its Category 5 licence.
Regulatory claims on the website are accurate 141012141516171819
Most licence numbers ATFX lists match the registers, but its international account page says ATFX is regulated by the FCA and that clients’ funds therefore have the highest level of protection, although those clients contract with an unlicensed St Vincent company and the FCA company takes no retail clients. The UAE page calls ATFX “a regulated broker in UAE by CMA”, while the CMA says ATFX MENA may not broker and fined it in February 2026 for holding itself out as authorised to do so. The EU site still says ATFX is registered with the FCA, which we could not match, and we could not confirm the Mauritius licence or a current Jordanian licence.
Clients can tell which regulated entity serves them 1121620
The footers list the group’s companies with their regulators and offices, and each agreement names the contracting company. But the pages do not say plainly which company serves which region: the international site lists every company and only its terms link shows that clients sign up with AT Global Markets LLC, and the UAE page leads with the UK company, which takes no retail clients.
Criteria and their weighting are explained in the methodology.
Whether you can find out who owns and runs the firm.
Legal entity details are published 14172122232425
Names, registration numbers and registered offices are published for the UK, Cyprus, Australian, Mauritius, St Vincent, South African and Cambodian companies, but the Seychelles company is given only with its licence and address, and several addresses differ from the registers.
Ultimate ownership can be identified 252627
The UK company’s audited accounts name AT Capital Group Limited (Cayman Islands) as its parent and Mr H Li as the group’s ultimate controlling party; Companies House registers Hiu Keung Li with 75% or more of the UK company’s shares and votes, and GLEIF records AT Capital Group as the parent of the Mauritius company.
Group structure is explained 12627
ATFX says its brand is shared by a group of companies and lists them, and the UK accounts and GLEIF show AT Capital Group above the UK and Mauritius companies and the UK company above the Hong Kong and Polish ones. ATFX does not explain how the other companies are owned, and GLEIF reports the Cyprus and St Vincent companies as owned by unnamed natural persons.
Financial statements are available 242628
The UK company files audited group accounts (most recently for the year to 31 October 2024) and the Cyprus company publishes prudential disclosures for 2025, with a capital ratio of 155.44%. The Australian company’s accounts are only available on request, and we found no financial statements for the Mauritius and St Vincent companies, which serve international clients.
Criteria and their weighting are explained in the methodology.
What protects client money if something goes wrong.
Client money segregation is disclosed 1213242930313233
The Cyprus company keeps client money in segregated accounts, the Australian company holds it on trust and does not use it for hedging, the South African company uses segregated accounts in clients’ names at Standard Bank, and the Cambodian agreement keeps client cash with a SERC-accredited settlement agent. The St Vincent and Mauritius terms keep retail client money separate but let it be passed to intermediate brokers as margin, and do not segregate professional clients’ money.
Retail clients have negative balance protection 12132429303134
Retail clients of the Cyprus and Australian companies have negative balance protection. The St Vincent, Mauritius and Cambodian terms forgive negative balances only at the firm’s sole discretion, the South African agreement makes clients pay negative balances caused by abnormal market conditions, and the agreement for clients of ATFX Africa requires them to repay any negative balance.
Criteria and their weighting are explained in the methodology.
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: 20 points.
Warning lists and enforcement records have been searched 7143839
We searched CySEC, FCA, CVM, KNF and FSCA records, the Japanese, Indian and Malaysian lists, the UAE CMA’s 2026 violations list and the SFC’s register, and ran web searches for other actions. We found the CVM’s 2026 stop order and the UAE CMA’s 2026 fine; FCA clone warnings concern impersonators.
UAE Capital Market Authority fines ATFX MENA AED 100,000 for acting beyond its licence 14
11 Feb 2026. Reduced the enforcement dimension by 10 points (moderate severity, 0.7 years before the review).
Criteria and their weighting are explained in the methodology.
How the firm handles complaints, and what independent records show.
A complaints procedure is published 123340414243
The Cyprus, Australian, South African and Cambodian companies publish complaints procedures with contact details and response times. The St Vincent terms refer to a complaint handling policy that the international legal page does not publish; that page carries the UK company’s policy instead.
Independent dispute resolution is available 12242933404142
EU clients can go to the Financial Ombudsman of Cyprus, Australian clients to AFCA and South African clients to the FAIS Ombud. The St Vincent and Mauritius terms send disputes to the local courts and name no independent dispute body, and Cambodian disputes follow the regulator’s procedures.
Independent complaint outcomes show no adverse pattern 44
We found no published ombudsman or dispute-body decisions about ATFX companies; the UK company serves professional clients only.
Complaint data is disclosed 44
ATFX publishes no complaint statistics we could find, and its UK company is not in the FCA’s or the ombudsman’s firm-level tables. AFCA publishes figures for its members, but its data site refused our requests, so we could not check the Australian company.
Criteria and their weighting are explained in the methodology.
Whether costs, execution and risks are disclosed before you sign up.
Costs are disclosed before account opening 12243637
The EU costs disclosure, the Australian PDS and the international funding page set out spreads, swaps, commissions, dormant fees and funding charges; the EU inactivity fee is €10 or 20% of the balance a month, whichever is higher. The St Vincent terms convert deposits into the base currency at a rate they do not state and refer to Financial Terms we did not find.
An order execution policy is published 122445
The EU policy says the Cyprus company does not deal against clients and uses AT Global Markets (UK) Limited as execution venue, the Australian PDS explains its market-making model and names its main hedging counterparty, and the international terms say the company acts as principal.
Leverage and margin terms are disclosed 1213242946
The Australian agreement closes positions at 50% of equity and the EU agreement at a 100% margin level, under the regulators’ retail leverage limits. The St Vincent and Mauritius terms state no maximum leverage, margin call or stop-out level, leaving them to warnings the firm may issue.
Criteria and their weighting are explained in the methodology.
Whether public claims hold up and the firm communicates openly.
Marketing claims are accurate and attributable 1214151617
ATFX tells international clients that FCA regulation gives their funds the highest level of protection, although they deal with an unlicensed St Vincent company and the FCA company takes no retail clients; its UAE page calls it a regulated broker in the UAE, which the CMA fined ATFX MENA for claiming; and its EU site still says it is registered with the FCA.
An address and working contact channels are published 14682122242533
Addresses and contact channels are published and the Cyprus address matches CySEC’s register, but the landing page gives the UK company’s former address at 32 Cornhill, the footers give a different Sydney address from the Australian PDS, the Seychelles address differs from the FSA’s register, and the Cambodian footer address differs from SERC’s list and the client agreement.
Material changes are communicated 121320293147
ATFX publishes dated client notices, including the change of South African company for new clients, and the EU, St Vincent and Mauritius terms give at least 10 days’ notice of most changes. The South African agreement takes effect on notification, with no minimum notice, and several EU documents date from 2017 to 2022.
Criteria and their weighting are explained in the methodology.
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.
Real office at the stated address, not a ghost address
Office of the assessed entity
Staffed and operating
Criteria and their weighting are explained in the methodology.
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.
Company identity
Regulatory claims
Office visit
Account opening
Platform usability
Costs and disclosures
Customer support
Deposits and withdrawals
Trading functions
Complaints process
Criteria and their weighting are explained in the methodology.
A brand can trade through several companies, each licensed in a different place with different protections. Check which entity your account would be with.
Financial Conduct Authority (FCA) · Reference 760555 3
Dealing as principal and agent and arranging deals in derivatives, for eligible counterparties and professional clients (according to its accounts)
Cyprus Securities and Exchange Commission (CySEC) · Reference 285/15 4
Reception and transmission of orders and execution of orders on behalf of clients in financial instruments 1 to 10; ancillary services including safekeeping, credit for transactions and foreign exchange; cross-border services to EEA states
Licence granted on 17 December 2015. Dealing on own account is not among the authorised services.
Australian Securities and Investments Commission (ASIC) · Reference AFSL 418036 5
General advice on, dealing in (including issuing) and making a market in derivatives and foreign exchange contracts, for retail and wholesale clients
Licence start date 2 May 2012.
Financial Services Commission, Mauritius (FSC) · Reference C118023331 1
Investment dealer (as stated by ATFX)
Stated by ATFX. The FSC Mauritius register put our request through a bot check (Incapsula) on 7 October 2026, which we did not get around.
Superintendencia Financiera de Colombia (SFC) · Reference Resolution 2065 of 2025 11
Representative office in Colombia for the promotion of its products and services
The superintendency lists AT Global Markets Intl Ltda among securities market representative offices (data to 26 August 2026); the resolution number is ATFX’s own (the list shows none).
No licence recorded for this entity.
Financial Services Authority Seychelles (FSA) · Reference SD093 6
Securities dealer
Listed by the FSA as a securities dealer; the licence number is ATFX’s own (the register shows none).
Financial Sector Conduct Authority (FSCA) · Reference FSP 44816 9
Category I advice and intermediary services in derivative instruments, participatory interests and short-term deposits; Category II discretionary services in derivatives
Authorised since 12 November 2013. ATFX also calls it a licensed OTC derivative provider; that licence is not shown on the FAIS register and we did not check it.
Financial Sector Conduct Authority (FSCA) · Reference FSP 55142 9
Category I intermediary services in shares, derivative instruments and deposits
Authorised since 28 October 2025.
Securities and Exchange Regulator of Cambodia (SERC) · Reference 040 8
Derivative broker
SERC lists the trading server ATFXKH-LIVE2 and a client money account at ABA.
Securities and Futures Commission (SFC) · Reference CE BUM667 7
Type 3 regulated activity (leveraged foreign exchange trading), institutional professional investors only, no discretionary accounts
Licensed since 22 July 2024; no public disciplinary actions.
Capital Market Authority (CMA) · Reference 20200000078 10
Category 5: introduction and financial consultations
The register shows the company and its introduction and financial consultation licences as active but no licence number; 20200000078 is the number ATFX gives.
Jordan Securities Commission (JSC) · Reference 643 18
Introducing broker
The JSC’s list of companies licensed for foreign exchange market activities as at 8 June 2022 includes it as an introducing broker, without licence numbers, but it is not in the JSC’s current directory of financial services companies, so we could not confirm a current licence.
No licence recorded for this entity.
Warnings, enforcement actions, legal findings, allegations and complaint records are labelled separately. What each label means.
On 4 March 2026 the CVM’s markets and intermediaries department said it had found signs that AT Global Markets International Limited, AT Global Markets (Brazil) Ltda and AT Capital Group Limited, using the ATFX and ATFX Brasil brands and the sites www.atfx.com and www.atfx.com.br, were seeking clients resident in Brazil without CVM authorisation, and that AT Assessoria de Investimentos Ltda was prospecting clients for them. By Ato Declaratório CVM 24.870 of 26 February 2026 it ordered them to suspend immediately any public offering of securities intermediation services, with a daily fine of R$1,000 for non-compliance. ATFX’s site now says residents of Brazil cannot open accounts.
On 11 February 2026 the UAE Capital Market Authority fined ATFX MENA Financial Services L.L.C AED 100,000. It found that the company, which holds only a Category 5 licence for introduction and consultation, had breached Article 2 of Chapter 1 of Section 2 of the Rulebook for Financial Activities by operating beyond the scope of its licence, collaborating with an unlicensed foreign entity and holding itself out to investors as authorised to conduct brokerage activities in the UAE.
Firms can respond to their profile and to any finding. No response has been published for ATFX. How firms can respond.
| Review date | Result | Methodology | Status |
|---|---|---|---|
| 7 Oct 2026 | Trust score 70 out of 100 Sound | 1.2 | Current |
No corrections have been made to this profile.
The footer says ATFX is a co-brand shared by a group of companies and names AT Global Markets (UK) Ltd (FCA 760555), AT Global Markets (Australia) Pty Ltd (AFSL 418036), AT Global Markets SA (Pty) Ltd (FSP 44816, licensed OTC derivative provider), ATFX Global Markets (CY) Ltd (CySEC 285/15), AT Global Markets Intl Ltd (FSC Mauritius licence C118023331), AT Global Markets (SC) Limited (FSA SD093), AT Global Markets LLC (St Vincent and the Grenadines company 333 LLC 2020, Euro House, Richmond Hill Road, Kingstown) and ATFX (Cambodia) Company Limited (SERC 040), with their registered offices. It says the UK company serves institutional and professional clients and does not accept retail clients, that the ATFX trademark belongs to AT Global Markets Intl Ltd and that services in Jordan are offered through its introducing broker. The terms link and the restricted regions notice name AT Global Markets LLC. The licences block also lists the SFC in Hong Kong (CE number BUM667) and a representative office in Colombia. The risk warning is general and gives no share of losing accounts. A notice says accounts cannot currently be opened by residents of Brazil.
Lists the regulators of the group companies, adding AT Global Financial Services (HK) Limited (Securities and Futures Commission, Hong Kong), ATFX MENA Financial Services LLC (UAE Capital Market Authority) and AT Global Markets Intl Ltd’s representative office in Colombia, authorised by the Financial Superintendence of Colombia under Resolution No. 2065 of 2025.
Shows AT Global Markets (UK) Limited (FRN 760555), first authorised on 11 July 2017, with status Authorised. The list covers UK firms only.
Licence 285/15 granted on 17 December 2015, company registration 340674, previous name Positiva Markets (Cy) Ltd, address Leontiou A Street, Maryvonne Building, Office 204, 3022 Limassol, trade names ATFXGM and ATFX Connect EU, approved domains atfxgm.eu, atfx.eu and www.atfxconnect.com/en-eu/. Authorises reception and transmission of orders and execution of orders in financial instruments 1 to 10, with safekeeping, credit for transactions and foreign exchange as ancillary services; dealing on own account is not listed. Cross-border services to EEA states.
Lists AFSL 418036 held by AT Global Markets (Australia) Pty Ltd (ABN 99153803804), Sydney, from 2 May 2012, authorised to give general advice on derivatives and foreign exchange contracts, to deal in them including by issuing them, and to make a market in them, for retail and wholesale clients.
Lists AT Global Markets (SC) Limited among licensed securities dealers at Block B, Room 6, Global Village, Jivan’s Complex, Mont Fleuri, Mahe, with the email cs.sc@atfx.com, the website www.atfx.com and Siu Man Kit as contact. The register does not show licence numbers.
Licensed for Type 3 regulated activity (leveraged foreign exchange trading) since 22 July 2024, on conditions that it serves only institutional professional investors and provides no discretionary account services. Address Room 1103, 11/F, 303 Hennessy Road, Wan Chai; two responsible officers; no public disciplinary actions.
Lists ATFX (Cambodia) Company Limited as a derivative broker under licence 040, at House No. 176 (Amass Central Tower), 24th floor, rooms 2401 and 2402, Street 63, Sangkat Boeung Keng Kang 1, Phnom Penh, with the trading server ATFXKH-LIVE2 and a client money account at ABA.
The FSP search lists AT GLOBAL MARKETS SA (PTY) LTD (2013/129459/07) as authorised under number 44816 since 12 November 2013 (Category I advice and intermediary services in derivative instruments, participatory interests and short-term deposits; Category II discretionary services in derivatives), and AT GLOBAL CAPITAL MARKETS AFRICA (PTY) LTD (2025/091437/07) as authorised under number 55142 since 28 October 2025 (Category I services in shares, derivative instruments and deposits), both at Portside Tower, 4 Bree Street, Cape Town. The FAIS register does not show OTC derivative provider licences.
Lists ATFX MENA FINANCIAL SERVICES LLC (CP-0000953) as active, established on 1 May 2023, at Land Mark Tower, Unit 901, Marina, Dubai, with active licences for financial consultations and introduction, and directors Khaldoun Sharaiha, Hiu Keung Li and Siu Man Kit. The authority notes that the company holds only a Category 5 licence and is not licensed to broker derivatives, unregulated commodity contracts or spot foreign exchange. No licence number is shown.
The superintendency’s spreadsheet of securities market representative offices, with data to 26 August 2026, lists AT GLOBAL MARKETS INTL LTDA (code 67), with Irvin Alexis Ortega Flores as principal legal representative for Colombia since 5 March 2026.
The terms linked from atfx.com/en: an agreement with AT Global Markets LLC (333 LLC 2020, Euro House, Richmond Hill Road, Kingstown), which acts as principal. Retail client money is kept separate from the firm’s funds but may be passed to a third party such as an intermediate broker as margin; professional clients’ money is not segregated. A client with a negative balance may ask the firm to forgo it, which it decides at its sole discretion. Margin call warnings are optional and the terms give no stop-out level or maximum leverage. Deposits in other currencies are converted into the base currency without a stated rate. Dormant accounts pay 10 USD, AUD, GBP or EUR (200 ZAR) a month after six months without activity. Amendments take effect on written notice, in most cases at least 10 business days later. Disputes go to the courts of St Vincent and the Grenadines; no ombudsman or dispute body is named.
The company acts only as agent and passes client orders to external liquidity providers. Client money is placed in segregated accounts and cannot be used in the company’s business, though it may be passed to third parties such as intermediate brokers to effect transactions. Retail clients have negative balance protection, and the company is a member of the Investor Compensation Fund (up to €20,000 per client). If a margin call is not met, positions are closed at a stop-out level of 100%. Withdrawals are processed within one business day. Accounts inactive for 12 months may be charged a monthly fee. Changes need at least 10 working days’ notice. Disputes go to the courts of Cyprus.
Records a decision of 11 February 2026 against ATFX MENA FINANCIAL SERVICES L.L.C: it violated Article 2 of Chapter 1 of Section 2 of the Rulebook for Financial Activities (Board Chairman’s Decision No. 13 of 2021) by operating beyond the scope of its licence, collaborating with an unlicensed foreign entity and holding itself out to investors as authorised to conduct brokerage activities in the UAE. Penalty: AED 100,000.
Says “ATFX is regulated by the FCA, an authority that demands the highest standards of compliance. This means that you and your funds have the highest level of protection”, and that funds are kept in segregated accounts with reputable banks.
The page title reads “Join ATFX. A Regulated broker in UAE by CMA”. The footer leads with AT Global Markets (UK) Limited and then says ATFX MENA Financial Services LLC is regulated by the UAE Capital Market Authority with Category 5 licence 20200000078.
Operated by ATFX Global Markets (CY) Ltd (HE 340674, CySEC 285/15, 159 Leontiou A’ Street, Maryvonne Building, Office 204, Limassol). Promises negative balance protection, the Investor Compensation Fund and segregated accounts, says ATFX is “Registered with the FCA and approved to operate across the EEA”, and warns that “the majority of retail investor accounts lose money when trading CFDs with this provider” without giving a percentage.
The JSC’s list of financial services companies licensed for foreign exchange market activities “till 8th June 2022” includes Emerging Markets for Financial Services and Investment as an introducing broker. The list shows no licence numbers.
The JSC’s current directory of financial services companies (site updated 6 October 2026), searched in all four categories, does not list Emerging Markets for Financial Services and Investment.
Says AT Global Capital Markets Africa (Pty) Ltd (2025/091437/07, FSP 55142) acts only as a non-discretionary intermediary between clients and AT Global Markets Intl Ltd, the product supplier and principal, and that from 5 September 2026 all new South African retail registrations are handled by it, with trading accounts provided by AT Global Markets Intl Ltd.
The footer names AT Global Markets (UK) Limited (FCA 760555, company 09827091) with the registered office 1st Floor, 32 Cornhill, London EC3V 3SG, and lists the group companies, including ATFX MENA Financial Services LLC (UAE licence 20200000078) and EMERGING MARKETS, described as regulated by the Jordan Securities Commission as an introducing broker under licence 643 and as the regulated entity in Jordan.
Names ATFX (Cambodia) Company Limited, company 1000450868, SERC licence 040, with the registered office House/Building No. F220, Street Okha Khou Kimbac, Khtor village, Prek Leap, Chroy Changvar, Phnom Penh.
Gives registration 2013/129459/07, FSP 44816 and OTC derivative provider status, the directors HK Li, SLS Tse, JJL White, AL Peter and DB Khulu, the office 1801B, 18th Floor, Portside Tower, 4 Bree Street, Cape Town, and the FAIS Ombud’s contact details.
The company issues CFDs and margin FX as principal under a market-making model, and its main hedging counterparty is AT Global Markets Intl Ltd. Retail clients have negative balance protection under ASIC’s rules. Client money is held in a trust account under the Australian client money rules and is not used for hedging. Fees include spreads, commissions, financing and a dormant fee of 10 a month after six months without activity. Complaints can go to AFCA (member 29851). Audited accounts are available on request. Office: Suite 3302, Level 33, Gateway, 1 Macquarie Place, Sydney.
Incorporated on 16 October 2015 and named Piper Rockfort Capital Limited until August 2017. Registered office Leaf C, 35th Floor, Tower 42, 25 Old Broad Street, London EC2N 1HQ since 8 April 2026 (previously 32 Cornhill). Directors: Julian Morgan Courtney, Hiu Keung Li, Weiqiang Zhang and Hui Zhu. Hiu Keung Li is registered as person with significant control since 7 April 2017, with 75% or more of shares and votes and the right to appoint directors; AT Capital Group Limited (Cayman Islands, 325773) was also registered from 1 November 2018 until 10 December 2025.
Filed on 22 October 2025 and audited by Fisher, Sassoon & Marks, with an unqualified opinion. Turnover was £4.89 million and group profit £109,208. The company serves eligible counterparties and professional customers, held £166,470 of client money under the FCA’s client assets rules, and brokers its CFD business with AT Global Markets Intl Ltd, a group company. Its subsidiaries are AT Global Markets PL sp. z o.o. (Poland) and AT Global Financial Services (HK) Limited, neither of which traded in the year. The parent is AT Capital Group Limited (Cayman Islands), which prepares no consolidated accounts, and the ultimate controlling party is Mr H Li.
GLEIF records AT Capital Group Limited (Cayman Islands, SI-325773) as the direct and ultimate parent of AT Global Markets Intl Ltd (Mauritius, C157819). It reports that AT Capital Group Limited, AT Global Markets LLC (St Vincent and the Grenadines, 333, also named AT Global Markets Limited, at First Floor, First St. Vincent Bank Ltd, James Street, Kingstown) and ATFX Global Markets (CY) Limited are owned by natural persons, and that AT Global Markets (Australia) Pty Ltd was formerly Rakuten Securities Australia Pty Ltd and AT Global Markets SA formerly Khwezi Financial Services (Pty) Ltd.
Prudential disclosures dated April 2026. Licensed on 17 December 2015 for reception and transmission and execution of orders. Board: Rima Khabbaze and Stelios Petrides (executive), Vassos Shiarly, Georgios Koufaris and Hiu Keung Li (non-executive). Own funds of €233,000 against a requirement of €150,000 (capital ratio 155.44%) at 31 December 2025, with accumulated losses of €1.8 million.
An agreement with AT Global Markets Intl Ltd (company 157819, FSC licence C118023331), which acts as principal, on the same terms as the St Vincent agreement: retail client money kept separate but transferable to intermediate brokers as margin, negative balances forgiven only at the firm’s sole discretion and no stated stop-out level. Dormant accounts pay 10 a month and may be closed when the balance falls below the fee. Amendments take effect on written notice, in most cases at least 10 business days later. Mauritian law and courts apply.
The South African company (FSP 55142) acts only as intermediary and AT Global Markets Intl Ltd is principal and sole counterparty. Client funds are held in segregated accounts with approved financial institutions, possibly in an omnibus account. A client with a negative balance must deposit immediately, and after seven days the broker may recover the debt and charge interest. Margin calls and close-outs are at the broker’s discretion.
AT Global Markets SA (FSP 44816) is principal and counterparty to the CFDs as OTC derivative provider. Client funds are held as segregated funds in a third-party funds administrator account. A negative balance caused by abnormal market conditions is payable by the client. Amendments take effect when the client is notified, with no minimum notice. Dormant accounts are charged after six months without activity.
Clients authorise AT Global Markets SA to open and operate a third-party funds administrator account in their name with Standard Bank of South Africa.
The company acts as the client’s agent as a derivatives broker (licence 040). Client cash is held in an account separate from the company’s with a cash settlement agent accredited by SERC, and clients who are not qualified investors may deposit up to USD 50,000. Claims are settled within seven working days and disputes follow SERC’s procedures. Clients must not publicly share dissatisfaction that could damage the company’s reputation without its permission. Gives the office as Amass Central Tower, 24th floor, Street 63, Phnom Penh.
Uses the same template as the offshore terms: negative balances are forgiven only at the firm’s sole discretion.
States that the company is a member of the Investor Compensation Fund, which does not cover professional clients.
Lists card, e-wallet and bank transfer methods in EUR, GBP and USD. Withdrawals are processed within one working day and are free for €/$/£100 or more or the full balance; smaller withdrawals cost €/$/£5. The minimum deposit is 100 per transaction and 500 to open a Standard account.
Explains variable spreads, swaps and commissions. There are no deposit or withdrawal fees. MT4 accounts inactive for 12 months pay €10 or 20% of the remaining balance a month, whichever is higher.
Market alert published on 4 March 2026 announcing Ato Declaratório CVM 24.870 against AT Global Markets International Limited, AT Global Markets (Brazil) Ltda and AT Capital Group Limited, which used the ATFX and ATFX Brasil brands and the sites www.atfx.com and www.atfx.com.br to seek clients in Brazil, and naming AT Assessoria de Investimentos Ltda as prospecting clients for them.
On 7 October 2026 we searched CySEC’s 1,173 board decisions, the FCA’s list and warnings, the CVM’s declaratory acts, KNF’s lists, the Japan FSA’s list of warned unregistered firms (25 September 2026), the Indian, Securities Commission Malaysia and Bank Negara Malaysia alert lists, the UAE CMA’s 2026 violations list, the SFC’s register entry and the FSCA’s regulatory actions report for 2025/26, and ran web searches for actions by ASIC, the FCA and the CNMV, for ATFX, AT Global Markets, AT Capital Group and Positiva Markets. We found the CVM’s 2026 order and the UAE CMA’s 2026 fine. The FCA’s warnings about ATFX, ATFX Global Markets and ATFX Global Trading concern firms impersonating ATFX and are not findings about it.
Complaints are made in writing and answered within 14 working days; if a complaint is not resolved within six weeks, the client may refer it to the Ombud for Financial Services Providers.
Complaints go in writing to compliance.sa@atfxafrica.com and are answered within 14 working days; unresolved complaints may be referred to the Ombud for Financial Services Providers after six weeks.
Complaints are acknowledged within five business days and answered within one month, or within a further month after a holding response; clients may then go to CySEC, the Financial Ombudsman of the Republic of Cyprus, an ADR body or the courts.
Complaints go to support@atfx.au, are acknowledged within one business day and, if not resolved, pass to the head of compliance under an internal dispute resolution process based on ASIC’s RG 271.
Neither the FCA’s firm-level complaints data for the second half of 2025 nor the ombudsman’s business data for July 2025 to March 2026 includes AT Global Markets (UK) Limited, and the ombudsman’s decision search offers no business of that name.
The company does not deal as principal against clients; its execution venue is AT Global Markets (UK) Limited, a group company. The policy explains the execution factors.
Positions are liquidated when the margin close-out level of 50% of equity is reached.
Publishes dated notices to clients, such as dividend and corporate action adjustments for share and ETF CFDs.
Records Ato Declaratório 24.870 of 26 February 2026, published in the official gazette on 4 March 2026, against AT Global Markets International Limited, AT Global Markets (Brazil) Ltda, AT Capital Group Limited and AT Assessoria de Investimentos Ltda.
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