Stratos Markets Limited
Financial Conduct Authority (FCA) · Reference 217689 1
Authorised Verified on register, 4 Oct 2026
FXCM
FXCM is a forex and CFD brand of the Stratos group (Stratos Group International, LLC, formerly FXCM Group), which Jefferies Financial Group Inc. has wholly owned since September 2023. UK clients deal with Stratos Markets Limited (FCA), EU clients with Stratos Europe Ltd (CySEC), Australian clients with Stratos Trading Pty. Limited (ASIC) and international clients with Stratos Global LLC, a St Vincent and the Grenadines company whose terms name no regulator.
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) | 217689 | Stratos Markets Limited | Authorised Checked 4 Oct 2026 | Register entry for Stratos Markets Limited (opens in a new tab) 1 |
| Cyprus Securities and Exchange Commission (CySEC) | 392/20 | Stratos Europe Ltd | Authorised Checked 4 Oct 2026 | Register entry for Stratos Europe Ltd (opens in a new tab) 2 |
| Australian Securities and Investments Commission (ASIC) | AFSL 309763 | Stratos Trading Pty. Limited | Authorised Checked 4 Oct 2026 | Register entry for Stratos Trading Pty. Limited (opens in a new tab) 3 |
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
FXCM is owned by Jefferies Financial Group, a listed company, through Stratos Group International. Its UK, EU and Australian companies are on their regulators’ registers, and their terms provide segregated client money, negative balance protection for retail clients and access to an ombudsman; UK and EU clients are also covered by compensation schemes. FXCM’s international clients, however, deal with Stratos Global LLC in St Vincent and the Grenadines, whose terms name no regulator, take ownership of client money, allow losses beyond deposits and offer no independent dispute resolution. The brand’s regulatory record is heavy. In 2017 the CFTC found that FXCM’s former US company had misled customers about its No Dealing Desk model and the NFA forced it out of membership; Hong Kong’s SFC fined FXCM’s former Hong Kong company in 2016 and 2017 for keeping clients’ price improvements and under-segregating client money; and in December 2025 ASIC briefly stopped the Australian company issuing CFDs to retail clients until it narrowed its target market. Older UK and US fines for the same price slippage practice no longer count. FXCM’s websites refused our automated requests, so its risk warnings, leverage pages and marketing claims are not determined.
Key positives
- Clients can tell which regulated entity serves them 46711
Each set of terms names the contracting company and its trading name, FXCM, and the UK, EU and Australian terms give its regulator and licence number. The international terms name Stratos Global LLC and say it was formed in St Vincent and the Grenadines.
- Ultimate ownership can be identified 12141516
Jefferies Financial Group Inc., a company listed on the New York Stock Exchange, has owned all of Stratos Group International, LLC, formerly FXCM Group, since September 2023, and is the person with significant control of the UK company at Companies House.
- Authorisations are current and unrestricted 1235
The FCA, CySEC and ASIC records show the three licences as current. ASIC’s December 2025 interim stop order on the Australian company’s retail CFDs was revoked after 11 days, once FXCM amended its target market determination.
- A complaints procedure is published 6830
The UK terms explain how to complain and allow eight weeks for a final response, the EU policy commits to acknowledge complaints within five days and respond within two months, and the Australian guide commits to a final response within 30 days.
- Costs are disclosed before account opening 817202122
Each company publishes a rate card, dated 25 June 2026, covering spreads, commissions, financing charges and mark-ups, currency conversion, withdrawal and dormant account fees.
Key concerns
- CFTC finds FXCM’s former US company defrauded retail forex customers; USD 7 million penalty and permanent withdrawal from registration 1223
Reduced the enforcement dimension by 12.5 points (critical severity, 9.7 years before the review, counted at a quarter of its weight).
- NFA requires Forex Capital Markets, LLC and its principals to withdraw from membership permanently 24
Reduced the enforcement dimension by 12.5 points (critical severity, 9.7 years before the review, counted at a quarter of its weight).
- ASIC interim stop order bars FXCM Australia from issuing CFDs to retail clients over its target market determination 536
Reduced the enforcement dimension by 10 points (moderate severity, 0.8 years before the review).
- SFC fines FXCM’s former Hong Kong company HK$2 million for under-segregating client money 25
Reduced the enforcement dimension by 6.3 points (high severity, 8.8 years before the review, counted at a quarter of its weight).
- SFC fines FXCM’s former Hong Kong company HK$4 million for keeping clients’ price improvements 26
Reduced the enforcement dimension by 6.3 points (high severity, 10 years before the review, counted at a quarter of its weight).
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 1234
We matched Stratos Markets Limited on the FCA’s list, Stratos Europe Ltd on CySEC’s register and Stratos Trading Pty. Limited in ASIC’s data, with matching names and numbers. Stratos Global LLC, which contracts with FXCM’s international clients, is a St Vincent and the Grenadines company whose terms name no licence or regulator, so there is no register entry to match.
- Met
- Partly met
Permissions cover the services offered 123
CySEC lists execution of orders and dealing on own account, with safekeeping, for Stratos Europe, and ASIC’s data authorises Stratos Trading to deal in and make a market for derivatives and foreign exchange contracts for retail clients. The FCA’s published list does not show the UK company’s permissions.
- Partly met
- Met
Clients can tell which regulated entity serves them 46711
Each set of terms names the contracting company and its trading name, FXCM, and the UK, EU and Australian terms give its regulator and licence number. The international terms name Stratos Global LLC and say it was formed in St Vincent and the Grenadines.
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.
- Partly met
- Met
Ultimate ownership can be identified 12141516
Jefferies Financial Group Inc., a company listed on the New York Stock Exchange, has owned all of Stratos Group International, LLC, formerly FXCM Group, since September 2023, and is the person with significant control of the UK company at Companies House.
- Met
- Met
Directors or senior managers are identified 12
Companies House lists the UK company’s directors: Juan Miguel Café, Brendan Callan, Edwin Philip Alfred Manning and Richard Weighell.
- Partly met
Financial statements are available 121416
The UK company files full accounts at Companies House, most recently for 2024, and Stratos Europe publishes annual regulatory disclosures based on audited results for 2025; Jefferies’ audited accounts consolidate the group. We found no financial statements for Stratos Global LLC, and the UK company’s next accounts, due by 1 October 2026, were shown as overdue when we checked.
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.
- Partly met
Client money segregation is disclosed 46711
The UK, EU and Australian terms hold client money on trust in segregated accounts under client money rules. Stratos Global LLC’s terms take full ownership of money clients transfer, so its clients are general creditors if it fails, and allow it to pledge or re-pledge client money.
- Partly met
Retail clients have negative balance protection 4671117
Retail clients of the UK, EU and Australian companies cannot lose more than the money in their account. Stratos Global LLC’s terms say losses may exceed deposits and require clients to repay negative balances, and its rate card charges interest on them.
- Partly met
An investor compensation scheme applies 4681819
UK clients may claim from the FSCS, up to GBP 85,000, and EU clients from the Cyprus Investor Compensation Fund, of which Stratos Europe states it is a member. No compensation scheme covers Australian clients, whose company relies on professional indemnity insurance, or clients of Stratos Global LLC.
- Not determined
- Partly met
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: 50.5 points.
- Met
- Enforcement action
- Enforcement action
NFA requires Forex Capital Markets, LLC and its principals to withdraw from membership permanently 24
6 Feb 2017. Reduced the enforcement dimension by 12.5 points (critical severity, 9.7 years before the review, counted at a quarter of its weight).
- Enforcement action
SFC fines FXCM’s former Hong Kong company HK$2 million for under-segregating client money 25
13 Dec 2017. Reduced the enforcement dimension by 6.3 points (high severity, 8.8 years before the review, counted at a quarter of its weight).
- Enforcement action
SFC fines FXCM’s former Hong Kong company HK$4 million for keeping clients’ price improvements 26
19 Oct 2016. Reduced the enforcement dimension by 6.3 points (high severity, 10 years before the review, counted at a quarter of its weight).
- Enforcement action
- Regulator warning
Named on the Reserve Bank of India’s alert list of unauthorised forex platforms 37
19 Nov 2025. Reduced the enforcement dimension by 2 points (low severity, 0.9 years before the review).
- Regulator warning
Listed on the Securities Commission Malaysia Investor Alert List 38
1 Jan 2021. Reduced the enforcement dimension by 1 points (low severity, 5.8 years before the review, counted at half weight).
- Enforcement action
- Enforcement action
CFTC orders FXCM’s former US company to pay more than USD 14.2 million for failing to supervise customer accounts 28
3 Oct 2011. Not counted: more than 10 years old at the review date.
- Enforcement action
NFA fines FXCM’s former US company USD 2 million 28
12 Aug 2011. 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 46830
UK clients can go to the Financial Ombudsman Service, EU clients to the Financial Ombudsman of Cyprus and Australian clients to AFCA. Stratos Global LLC’s terms name no ombudsman or independent dispute body, only the courts of England or, for residents of China, arbitration in London.
- Not determined
Independent complaint outcomes show no adverse pattern 31
The ombudsman published four decisions on Stratos Markets Limited in three years and upheld none, too few to show a pattern either way.
- Not determined
Complaint data is disclosed 32
We found no complaint statistics published by FXCM, and its UK company is below the thresholds for the FCA’s and the ombudsman’s firm-level tables. AFCA publishes complaint figures for the financial firms that are 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.
Trading terms and operational transparency 8% of score Whether costs, execution and risks are disclosed before you sign up.
- Met
- Met
- Met
- Partly met
Leverage and margin terms are disclosed 467101135
The UK, EU and Australian terms state that retail positions may be closed at 50% of margin, and the EU risk disclosure gives retail leverage limits of 1:2 to 1:30. The terms leave margin requirements to the websites, which we could not access, and the international terms state no leverage or close-out level.
- Not determined
Risk warnings are clear and current 10
We could not access FXCM’s websites to check its risk warnings, and the documents we read do not give the share of retail accounts that lose money.
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.
- Not determined
Marketing claims are accurate and attributable 10
We could not access FXCM’s marketing pages.
- Partly met
An address and working contact channels are published 2467812
The UK, EU and Australian documents give registered addresses, and the Australian guide gives a telephone number and email; the UK and EU addresses match Companies House and CySEC. The international terms give no address for Stratos Global LLC.
- 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.
Stratos Europe Ltd
Cyprus Securities and Exchange Commission (CySEC) · Reference 392/20 2
Authorised Verified on register, 4 Oct 2026
Stratos Trading Pty. Limited
Australian Securities and Investments Commission (ASIC) · Reference AFSL 309763 3
Licence start date 15 May 2007.
Authorised Verified on register, 4 Oct 2026
Stratos Global LLC
No licence recorded for this entity.
Stratos South Africa (Pty) Ltd
Financial Sector Conduct Authority (FSCA) 9
The company describes itself as an authorised financial services provider regulated by the FSCA. The policy gives no FSP number, and the FSCA register returned an error when we tried it.
Claimed by the firm, not yet verified
Forex Capital Markets, LLC
No licence recorded for this entity.
FXCM Asia Limited (now Rakuten Securities Hong Kong Limited)
No licence recorded for this entity.
Stratos Group International, LLC
No licence recorded for this entity.
Jefferies Financial Group Inc.
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
ASIC interim stop order bars FXCM Australia from issuing CFDs to retail clients over its target market determination 536
On 5 December 2025 ASIC made an interim stop order preventing Stratos Trading Pty Limited, trading as FXCM, from issuing CFDs to retail clients and opening new retail accounts, because its target market determination included investors with a medium risk appetite, for whom ASIC considered its CFDs unlikely to be suitable. Existing clients could still close or vary positions. ASIC revoked the order on 16 December 2025 after FXCM amended its target market determination; the current version, dated 16 December 2025, limits the target market to consumers with a high risk appetite.
Regulator warning Active
Named on the Reserve Bank of India’s alert list of unauthorised forex platforms 37
The Reserve Bank of India’s Alert List, updated as on 19 November 2025, includes FXCM (www.fxcm.com) among entities that are neither authorised to deal in forex under the Foreign Exchange Management Act nor authorised to operate a forex trading platform in India. The list warns residents but does not allege fraud.
Regulator warning Active
Listed on the Securities Commission Malaysia Investor Alert List 38
The Securities Commission Malaysia’s Investor Alert List includes “FXCM” (www.fxcm.com/my/) for carrying on unregulated activities. The list records the entry under the year 2021 without a specific date; we use 1 January 2021. The entry was still on the list when we checked on 4 October 2026.
Enforcement action Concluded
SFC fines FXCM’s former Hong Kong company HK$2 million for under-segregating client money 25
On 13 December 2017 the SFC reprimanded and fined FXCM Asia Limited, by then renamed Rakuten Securities Hong Kong Limited, HK$2 million because from January 2013 to January 2015 it under-segregated client money, paying some clients’ withdrawals with money held for other clients and miscalculating the amounts it had to segregate. The shortfall ranged from HK$2.9 million to HK$11.6 million at month ends in 2013 and 2014 and reached HK$72 million in January 2015. Rakuten Securities acquired the business in September 2015, and the SFC attributed the failures to former management.
Enforcement action Settled
NFA requires Forex Capital Markets, LLC and its principals to withdraw from membership permanently 24
In a decision dated 6 February 2017 (case 17-BCC-001), the NFA’s Business Conduct Committee accepted a settlement in which Forex Capital Markets, LLC, William Ahdout, Dror Niv and Ornit Niv, without admitting or denying the allegations, accepted findings that they committed the violations charged. These included deceptive execution through a liquidity provider, Effex Capital, that FXCM supported and controlled, which denied customers price improvement; misleading information given to the NFA; an inadequate anti-money laundering programme; an inequitable margin and liquidation policy; capital deficiencies and failure to keep enough liquid assets to cover liabilities to retail customers; and failure to supervise. FXCM was withdrawn from NFA membership and may never reapply. FXCM Inc. filed the decision with the SEC with its 2016 annual report.
Enforcement action Settled
CFTC finds FXCM’s former US company defrauded retail forex customers; USD 7 million penalty and permanent withdrawal from registration 1223
On 6 February 2017 the CFTC issued a settled order finding that from September 2009 to at least 2014 Forex Capital Markets, LLC misled its retail forex customers by concealing its relationship with the market maker that took the largest share of their trades and by claiming that its No Dealing Desk platform had no conflicts of interest. The market maker had been spun off from FXCM and rebated about 70% of its revenue from FXCM’s platform to FXCM, around USD 77 million from 2010 to 2014. The order also found that FXCM made false statements to the NFA. FXCM, its parent FXCM Holdings, LLC and founders Dror Niv and William Ahdout were ordered to pay a USD 7 million civil penalty, and FXCM, Niv and Ahdout agreed to withdraw from CFTC registration and never to seek registration again. Neither founder is among the UK company’s current directors.
Enforcement action Concluded
SFC fines FXCM’s former Hong Kong company HK$4 million for keeping clients’ price improvements 26
On 19 October 2016 the SFC reprimanded and fined FXCM Asia Limited, by then Rakuten Securities Hong Kong Limited, HK$4 million because from December 2006 to December 2010 it and an affiliate kept USD 1,452,926.69 of profits from favourable price movements between receipt and execution of client orders while passing unfavourable movements on to clients. The SFC found that it did not treat clients fairly, did not execute orders on the best available terms and misrepresented that orders would be filled at the best available prices. The company agreed to full restitution to 3,739 affected accounts, and the SFC attributed the failures to former management, replaced after Rakuten Securities bought the company in September 2015.
Enforcement action Settled
FCA fines FXCM UK GBP 4 million for keeping clients’ price improvements and not telling the FCA about a US investigation 1227
On 26 February 2014 the FCA fined Forex Capital Markets Ltd, now Stratos Markets Limited, and FXCM Securities Ltd GBP 4 million. From August 2006 to December 2010 the FXCM group kept about GBP 6 million (USD 9,941,970) of profits from favourable price movements between order placement and execution while passing losses on to clients in full; the firms did not check that their execution arrangements met the best execution rules and did not tell the FCA that US authorities were investigating the same conduct. Clients were compensated in full, and the firms received a 20% settlement discount. The fine is more than ten years old and no longer affects the score.
Enforcement action Settled
CFTC orders FXCM’s former US company to pay more than USD 14.2 million for failing to supervise customer accounts 28
On 3 October 2011 the CFTC issued a settled order finding that from June 2008 to December 2010 Forex Capital Markets LLC failed to supervise how price changes between order placement and execution were handled on more than 57,000 customer accounts, so customers bore unfavourable price movements without getting favourable ones, and that it failed to produce records promptly. The order required a USD 6 million civil penalty, restitution of USD 8,261,937 and a three-year execution monitor. The order is more than ten years old and no longer affects the score.
Enforcement action Settled
NFA fines FXCM’s former US company USD 2 million 28
The CFTC’s release of October 2011 records that on 12 August 2011 the NFA imposed a USD 2 million sanction on Forex Capital Markets LLC to settle case 11-BCC-016, which involved some of the same execution practices. We have not read the NFA decision itself. The action is more than ten years old and no longer affects the score.
Company response
Firms can respond to their profile and to any finding. No response has been published for FXCM. How firms can respond.
Assessment history
| Review date | Result | Methodology | Status |
|---|---|---|---|
| 6 Oct 2026 | Trust score 75 out of 100 Sound | 1.2 | Current |
Corrections and updates
No corrections have been made to this profile.
Sources
- 1 Financial Services Register: investment firms list (CSV), data as at 3 October 2026 (opens in a new tab)
Shows Stratos Markets Limited (FRN 217689), first authorised 27 May 2003, with status Authorised.
- 2 CySEC register: Stratos Europe Ltd (opens in a new tab)
Licence 392/20 granted on 23 November 2020, company registration 405643, Neas Engomis 33, Engomi, Nicosia. Listed as formerly FXCM EU Ltd. Approved trade names FXCM, FXCM EU and Tradu, with domains under fxcm.com and tradu.com. Services include reception, transmission and execution of orders and dealing on own account, with safekeeping and credit as ancillary services.
- 3 Australian Financial Services Licensee dataset (October 2026) (opens in a new tab)
Lists AFSL 309763 held by Stratos Trading Pty. Limited (ACN 121934432), Melbourne, from 15 May 2007, authorising it to give general advice on, deal in and make a market for derivatives and foreign exchange contracts for retail and wholesale clients.
- 4 Stratos Global LLC terms of business (24 September 2024) (opens in a new tab)
Terms for FXCM’s international clients. Stratos Global LLC is a limited liability company formed in St Vincent and the Grenadines, trading as FXCM; the terms name no licence or regulator and give no address or registration number. Money clients transfer becomes the company’s property, clients rank as general creditors if it fails, and the company may pledge or re-pledge client money. Clients may lose more than they deposit and must repay negative balances. Complaints go to the company; disputes go to the courts of England, or to arbitration in London for residents of China. Changes to the agreement need 30 days’ notice and changes to the rate card 15 days’.
- 5 25-295MR ASIC issues DDO stop order against FXCM for TMD deficiencies (opens in a new tab)
Media release of 5 December 2025. ASIC made an interim stop order preventing Stratos Trading Pty Limited, trading as FXCM, from issuing CFDs to retail clients and opening new retail accounts, because its target market determination included investors with a medium risk appetite. An editor’s note records that ASIC revoked the order on 16 December 2025 after FXCM amended the determination.
- 6 Stratos Markets Limited terms of business (1 June 2026) (opens in a new tab)
Terms for FXCM’s UK clients. Stratos Markets Limited, FCA number 217689, registered office 110 Bishopsgate, trades as FXCM. Client money is held on trust in segregated accounts under the FCA’s client money rules and is excluded from the firm’s assets if it fails. Retail clients are not liable for negative balances, and their positions may be closed at 50% of margin. Complaints can go to the Financial Ombudsman Service after eight weeks, and the firm is covered by the FSCS, up to GBP 85,000 for most investments. Changes to the agreement need 30 days’ notice and changes to the rate card 15 days’.
- 7 Stratos Europe Limited terms of business (14 February 2025) (opens in a new tab)
Terms for FXCM’s EU clients. Stratos Europe Limited, registration HE 405643, regulated by CySEC, trades as FXCM. Client money is held on trust in segregated accounts and excluded from the firm’s assets on insolvency. Retail clients’ losses are limited to the funds in their account, and retail positions are closed at 50% of margin. Complaints can go to the Financial Ombudsman of Cyprus. Changes to the agreement need 30 days’ notice and changes to the rate card 15 days’.
- 8 Financial services guide, Stratos Trading Pty. Limited (June 2024) (opens in a new tab)
Gives the company’s ACN, AFSL, Melbourne address, free call number and email. Says FXCM acts as principal and market maker, lists withdrawal, conversion and dormancy fees, commits to acknowledge complaints within one business day and give a final response within 30 days, with access to AFCA, and says its compensation arrangements rely on professional indemnity insurance.
- 9 Stratos South Africa (Pty) Ltd managing conflicts of interest policy (4 March 2024) (opens in a new tab)
Describes Stratos South Africa (Pty) Ltd, trading as FXCM, as an authorised financial services provider regulated by the Financial Sector Conduct Authority that renders intermediary services only and gives no advice, as part of the Stratos Group. It gives no FSP number.
- 10 FXCM websites (opens in a new tab)
FXCM’s UK, EU, Australian and international websites answered our automated requests on 4 October 2026 with a browser challenge page, so we could not read their pricing, leverage, risk warning, funding or marketing pages. We used the documents FXCM publishes on its document host, docs.fxcorporate.com, instead.
- 11 Stratos Trading Pty. Limited terms of business (28 November 2024) (opens in a new tab)
Terms for FXCM’s Australian clients. Stratos Trading Pty. Limited, AFSL 309763, trades as FXCM. Client money is held on trust in segregated accounts with Australian deposit-taking institutions or approved foreign banks under the client money rules. For retail clients the company’s recourse is limited to the money in the account, and retail positions may be closed at 50% of margin. Complaints can go to AFCA. Changes to the agreement need 30 days’ notice and changes to the rate card 15 days’.
- 12 Companies House: Stratos Markets Limited (04072877) (opens in a new tab)
Incorporated on 15 September 2000 and named Forex Capital Markets Limited until 10 September 2023. Registered office 17th Floor, 110 Bishopsgate, London EC2N 4AY since 1 June 2026. Directors: Juan Miguel Café, Brendan Callan, Edwin Philip Alfred Manning and Richard Weighell. Jefferies Financial Group Inc. has been the person with significant control since 8 February 2018. Full accounts for 2024 were filed on 26 August 2025; when we checked on 4 October 2026 the register showed the next accounts, due by 1 October 2026, as overdue.
- 13 LEI record 549300LXVKEHYRZVXC40: Stratos Global LLC (opens in a new tab)
Active record for Stratos Global LLC, registered in St Vincent and the Grenadines as 1776 LLC 2022, at Euro House, Richmond Hill Road, Kingstown. Previous legal name: FXCM Markets LLC. No parent company is recorded.
- 14 Jefferies Financial Group Inc. annual report on Form 10-K for the year ended 30 November 2024 (opens in a new tab)
Lists Stratos Group International, LLC (formerly FXCM Group, LLC), a provider of online foreign exchange trading, in Jefferies’ merchant banking portfolio. Jefferies held 49.9% of Stratos; on 14 September 2023 it foreclosed on the 50.1% held by a Global Brokerage Inc. subsidiary, which had been pledged to secure a credit facility, and it has owned 100% of Stratos as a consolidated subsidiary since then.
- 15 Jefferies Financial Group Inc. quarterly report on Form 10-Q for the quarter ended 31 May 2026 (opens in a new tab)
Still describes Stratos as a Jefferies subsidiary at 31 May 2026, with goodwill allocated to a Stratos reporting unit.
- 16 Stratos Europe Limited investment firm disclosure for the year ended 31 December 2025 (opens in a new tab)
Regulatory disclosures based on the company’s audited results for 2025. States that Jefferies Financial Group Inc. (NYSE: JEF) is the ultimate parent of Stratos Group International, LLC, which is the parent of Stratos Europe Limited and other subsidiaries under common control.
- 17 Rate card, Stratos Global LLC (25 June 2026) (opens in a new tab)
Sets out spreads, commissions, financing charges and mark-ups, a 25% mark-up on dividends paid to clients, currency conversion mark-ups, wire withdrawal fees of USD 25 or USD 40, a dormant account fee, and interest of 1.75% above the overnight rate on negative balances.
- 18 Investor Compensation Fund for IF clients: information (opens in a new tab)
Describes the Investor Compensation Fund for clients of Cyprus investment firms that are not credit institutions. Covered non-professional clients can claim the lower of 90% of their covered claims and EUR 20,000 if a member firm cannot meet its obligations.
- 19 Investor Compensation Fund policy, Stratos Europe Limited (31 August 2024) (opens in a new tab)
States that Stratos Europe Limited is a member of the Investor Compensation Fund for clients of Cyprus investment firms and explains which clients it covers.
- 20 Rate card, Stratos Markets Limited (25 June 2026) (opens in a new tab)
Sets out spreads, commissions, financing charges and mark-ups, a 0.1% currency conversion mark-up, wire withdrawal fees of up to GBP 30, EUR 30 or USD 25 (none for BACS or SEPA payments) and a dormant account fee of up to 50 units of the base currency after 12 months without trading, with an email warning first.
- 21 Rate card, Stratos Europe Limited (25 June 2026) (opens in a new tab)
Sets out spreads, commissions, financing charges, currency conversion mark-ups of 10 to 150 pips, wire withdrawal fees (none for SEPA euro payments) and a dormant account fee of up to 50 units of the base currency after 12 months without trading, with an email warning first.
- 22 Rate card, Stratos Trading Pty. Limited (25 June 2026) (opens in a new tab)
Sets out spreads, commissions, financing charges, currency conversion mark-ups and wire withdrawal fees.
- 23 CFTC Orders Forex Capital Markets, LLC (FXCM), Its Parent Company, FXCM Holdings, LLC and FXCM’s Founding Partners, Dror Niv and William Ahdout, to Pay a $7 Million Penalty for FXCM’s Defrauding of Retail Forex Customers (release 7528-17) (opens in a new tab)
Release of 6 February 2017. The CFTC found that from September 2009 to at least 2014 Forex Capital Markets, LLC concealed its relationship with the market maker that took the largest share of its retail customers’ trades and misrepresented its No Dealing Desk platform as free of conflicts of interest; the market maker, spun off from FXCM, rebated about USD 77 million to FXCM from 2010 to 2014. FXCM also made false statements to the NFA. The order imposed a USD 7 million civil penalty, jointly on FXCM, FXCM Holdings, LLC, Dror Niv and William Ahdout, and FXCM, Niv and Ahdout agreed to withdraw from CFTC registration and never to register again.
- 24 NFA Business Conduct Committee decision in case 17-BCC-001 (Forex Capital Markets, LLC, William Ahdout, Dror Niv and Ornit Niv), filed as exhibit 10.37 to FXCM Inc.’s annual report for 2016 (opens in a new tab)
Decision dated 6 February 2017 accepting a settlement in which, without admitting or denying the allegations, the respondents accepted findings that they committed the violations charged: deceptive execution through a liquidity provider, Effex Capital, that FXCM supported and controlled; misleading information given to the NFA; an inadequate anti-money laundering programme; an inequitable margin and liquidation policy; unequal price adjustments and incomplete trade data; capital and liquid asset deficiencies; and failure to supervise. FXCM was withdrawn from NFA membership and may never reapply, and the three individuals were barred from membership and principal status.
- 25 SFC reprimands and fines FXCM Asia Limited HK$2 million (opens in a new tab)
Press release of 13 December 2017. FXCM Asia Limited, renamed Rakuten Securities Hong Kong Limited, under-segregated client money from January 2013 to January 2015 by meeting some clients’ withdrawals with money held for other clients and by miscalculating the amounts to be segregated. The shortfall ranged from HK$2.9 million to HK$11.6 million at month ends in 2013 and 2014 and reached HK$72 million in January 2015. The SFC attributed the failures to former management; Rakuten Securities acquired the business in September 2015.
- 26 SFC reprimands and fines FXCM Asia Limited HK$4 million (opens in a new tab)
Press release of 19 October 2016. From December 2006 to December 2010 FXCM Asia Limited and an affiliate kept USD 1,452,926.69 of profits from favourable price movements between receipt and execution of client orders while passing unfavourable movements on to clients, and told clients orders would be executed at the best available prices. The company agreed to full restitution to 3,739 affected accounts. The SFC noted that it had been wholly owned by Rakuten Securities since September 2015 and that the failures were attributable to former management, since replaced.
- 27 The Financial Conduct Authority fines FXCM UK £4 million for making ‘unfair profits’ and not being open with the FCA (opens in a new tab)
Press release of 26 February 2014. The FCA fined Forex Capital Markets Ltd and FXCM Securities Ltd GBP 4 million because from August 2006 to December 2010 the FXCM group kept about GBP 6 million (USD 9,941,970) of profits from favourable price movements between order placement and execution while passing losses on to clients in full, the firms did not check that their execution arrangements met the best execution rules, and they did not tell the FCA about a US investigation into the same conduct. Clients were compensated in full. The firms settled early and received a 20% discount.
- 28 Forex Capital Markets LLC Ordered to Pay More Than $14.2 Million to Settle CFTC Charges Relating to Its Failure to Supervise Customer Accounts (release 6119-11) (opens in a new tab)
Release of 3 October 2011. The CFTC found that from June 2008 to December 2010 Forex Capital Markets LLC failed to supervise how price changes between order placement and execution were handled on more than 57,000 customer accounts, so customers bore unfavourable movements without receiving favourable ones, and that it failed to produce records promptly. It ordered a USD 6 million civil penalty, restitution of USD 8,261,937 and a three-year execution monitor. The release also notes an NFA decision of 12 August 2011 (case 11-BCC-016) imposing a USD 2 million sanction for some of the same practices.
- 29 Searches of FCA, ASIC, CySEC, CFTC, SFC and CVM records, SEC filings and the Indian and Malaysian alert lists for FXCM and Stratos companies (opens in a new tab)
On 4 October 2026 we searched CySEC’s 1,173 board decisions, the CVM’s declaratory acts, KNF’s penalty lists, the Indian, Securities Commission Malaysia and Bank Negara Malaysia alert lists and the SEC filings of FXCM Inc. and Jefferies, and ran web searches for actions by the FCA, ASIC, CFTC, NFA, SFC and others. The findings on this profile are what we found. The CFTC also sued Forex Capital Markets LLC in August 2016 over its capital shortfall after the Swiss franc move of January 2015; we did not find the outcome in a primary source, and the case is more than ten years old, so it is not recorded. The SFC actions concern FXCM’s former Hong Kong company, which Rakuten Securities bought in 2015.
- 30 Complaints handling policy, Stratos Europe Limited (30 August 2024) (opens in a new tab)
Complaints go to the compliance department by email or online form. The company acknowledges them within five days with a reference number and gives a final or holding response within two months, and at most three months. Clients can then go to the Financial Ombudsman of Cyprus, for claims up to EUR 170,000, within four months.
- 31 Ombudsman decisions: Stratos Markets Limited, October 2023 to October 2026 (opens in a new tab)
Between 4 October 2023 and 4 October 2026 the ombudsman published four decisions about Stratos Markets Limited and upheld none. It published none in that period under the names Forex Capital Markets Limited or FXCM Securities Limited.
- 32 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 Stratos Markets Limited; both publish firm-level figures only above minimum complaint volumes.
- 33 Order execution policy, Stratos Markets Limited (19 December 2023) (opens in a new tab)
States that the company acts as principal and sole execution venue for all client trades, lists the venues and liquidity providers it uses for pricing and hedging, and explains last look, slippage and price gaps.
- 34 Order execution policy, Stratos Europe Limited (30 September 2026) (opens in a new tab)
States that the company acts as principal and sole execution venue for CFDs, describes its hedging as matched principal trading, and explains pricing, last look, slippage and price gaps.
- 35 Risk disclosure, Stratos Europe Limited (25 August 2024) (opens in a new tab)
Notes that leverage for retail CFD accounts is restricted to between 1:2 and 1:30, depending on the underlying instrument.
- 36 Target market determination for CFDs, Stratos Trading Pty. Limited (16 December 2025) (opens in a new tab)
Limits the target market for FXCM’s CFDs to consumers over 18 who pass its suitability assessment, meet minimum income and wealth requirements, have a high risk appetite and can accept losses as large as their deposits.
- 37 Alert List (updated as on 19 November 2025) (opens in a new tab)
Lists entities not authorised to deal in forex or operate forex trading platforms in India. Entry 17 is FXCM, https://www.fxcm.com.
- 38 Investor Alert List (opens in a new tab)
Includes an entry dated 2021 for “FXCM” (www.fxcm.com/my/) for carrying on unregulated activities. A 2024 entry for “FXCM” at fxcmab.com, a domain not used in FXCM’s documents, is treated as a possible clone and not as a finding about FXCM.
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