Trade Nation Financial UK Ltd
Financial Conduct Authority (FCA) · Reference 525164 2
Authorised Verified on register, 4 Oct 2026
Trade Nation
Trade Nation is a spread betting and CFD broker run from London by Trade Nation Financial UK Ltd (FCA), with companies in Portugal (CMVM), Australia (ASIC), the Bahamas, the Seychelles and South Africa, owned by Finsa Capital Holdings Limited of the Isle of Man.
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) | 525164 | Trade Nation Financial UK Ltd | Authorised Checked 4 Oct 2026 | Register entry for Trade Nation Financial UK Ltd (opens in a new tab) 2 |
| Comissão do Mercado de Valores Mobiliários (CMVM) | 601 | Trade Nation Europe Empresa de Investimento, S.A. | Authorised Checked 5 Oct 2026 | Register entry for Trade Nation Europe Empresa de Investimento, S.A. (opens in a new tab) 4 |
| Australian Securities and Investments Commission (ASIC) | AFSL 422661 | Trade Nation Australia Pty Ltd | Authorised Checked 4 Oct 2026 | Register entry for Trade Nation Australia Pty Ltd (opens in a new tab) 3 |
| Securities Commission of The Bahamas (SCB) | SIA-F216 | Trade Nation Ltd. | Authorised Checked 4 Oct 2026 | Register entry for Trade Nation Ltd. (opens in a new tab) 6 |
| Financial Services Authority Seychelles (FSA) | SD150 | Trade Nation Financial Markets Limited | Authorised Checked 4 Oct 2026 | Register entry for Trade Nation Financial Markets Limited (opens in a new tab) 5 |
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
Trade Nation’s UK, Portuguese, Australian, Bahamas and Seychelles licences match their regulators’ records; we could not check the South African one. The UK company files audited accounts naming its ultimate controlling party, holds client money on trust at named banks, and offers negative balance protection, the FSCS and the Financial Ombudsman Service. Clients of the Bahamas, Seychelles and South African companies have weaker terms: losses may exceed deposits and there is no compensation scheme. South Africa’s FSCA fined the South African company R30,000 in 2022 for acting as a derivative provider without authorisation. Its home page promises spreads that do not move with the market, while its terms say they may widen.
Key positives
- Clients can tell which regulated entity serves them 1
The website footer names each of the six companies with its company number, regulator, licence number and registered office.
- Ultimate ownership can be identified 78
The UK company’s audited accounts name Finsa Capital Holdings Limited (Isle of Man) as its parent and Mr J White as the ultimate controlling party; Companies House recorded Jasper Stephen White as the person with significant control until the holding company took that role in December 2018.
- Authorisations are current and unrestricted 23456
The five licences we could check are current, with no suspension or restriction shown.
- Legal entity details are published 147
The footer and agreements give each company’s full name, number and registered office; the UK and Portuguese details match Companies House and ESMA’s register.
- A complaints procedure is published 101213
Each company publishes a complaints procedure with contact details and response times, for example acknowledgement within five business days and a final response within eight weeks in the UK.
Key concerns
- FSCA fines Trade Nation’s South African company R30,000 for acting as an OTC derivative provider without authorisation 22
Reduced the enforcement dimension by 5 points (moderate severity, 3.9 years before the review, counted at half weight).
- Client-facing entities appear on the regulator’s register 123456
Partly met We matched Trade Nation Financial UK Ltd on the FCA’s list, Trade Nation Europe on ESMA’s register of CMVM-authorised firms, Trade Nation Australia in ASIC’s licensee data, Trade Nation Ltd. on the Bahamas regulator’s list and Trade Nation Financial Markets on the Seychelles FSA’s list. We could not check the South African company’s FSCA licence.
- Regulatory claims on the website are accurate 123456
Partly met The FCA, CMVM, ASIC, SCB and FSA licences Trade Nation lists match the registers. We could not confirm the FSCA licence.
- Client money segregation is disclosed 10111213141516
Partly met The UK, Portuguese, Australian, Bahamas and South African documents hold client money on trust in segregated accounts that are not used for hedging. The Seychelles agreement only refers to segregated client money accounts and sets out no client money terms.
- Permissions cover the services offered 2456
Partly met ESMA’s register shows the Portuguese company authorised to deal on own account and execute orders, the Bahamas regulator lists dealing as principal and trading CFDs, and the FSA lists the Seychelles company as a securities dealer. The FCA’s published list does not show the UK company’s permissions.
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 123456
We matched Trade Nation Financial UK Ltd on the FCA’s list, Trade Nation Europe on ESMA’s register of CMVM-authorised firms, Trade Nation Australia in ASIC’s licensee data, Trade Nation Ltd. on the Bahamas regulator’s list and Trade Nation Financial Markets on the Seychelles FSA’s list. We could not check the South African company’s FSCA licence.
- Met
- Partly met
Permissions cover the services offered 2456
ESMA’s register shows the Portuguese company authorised to deal on own account and execute orders, the Bahamas regulator lists dealing as principal and trading CFDs, and the FSA lists the Seychelles company as a securities dealer. The FCA’s published list does not show the UK company’s permissions.
- Partly met
- Met
Clients can tell which regulated entity serves them 1
The website footer names each of the six companies with its company number, regulator, licence number and registered office.
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
- Met
Ultimate ownership can be identified 78
The UK company’s audited accounts name Finsa Capital Holdings Limited (Isle of Man) as its parent and Mr J White as the ultimate controlling party; Companies House recorded Jasper Stephen White as the person with significant control until the holding company took that role in December 2018.
- Met
Group structure is explained 19
The UK company’s published regulatory disclosures include a chart of the group as at 30 November 2024, showing Finsa Capital Holdings Ltd above the UK, Australian, Bahamas, South African and Seychelles companies. The chart predates the Portuguese company, which the website lists.
- Met
Directors or senior managers are identified 7
Companies House lists the UK company’s four directors.
- Met
Financial statements are available 8
The UK company files audited accounts at Companies House, most recently for the year to 30 November 2025, with an unqualified opinion from Crowe U.K. LLP.
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 10111213141516
The UK, Portuguese, Australian, Bahamas and South African documents hold client money on trust in segregated accounts that are not used for hedging. The Seychelles agreement only refers to segregated client money accounts and sets out no client money terms.
- Partly met
Retail clients have negative balance protection 101213151718
Retail clients of the UK and Portuguese companies have negative balance protection, and the Australian company adjusts negative balances at the end of each day. The Bahamas, Seychelles and South African agreements warn that losses may exceed deposits and say only that the company “will endeavour to clear negative balances”.
- Partly met
An investor compensation scheme applies 101219
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). No compensation scheme is named for clients of the Australian, Bahamas, Seychelles or South African companies.
- Partly met
- 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: 5 points.
- Met
- Enforcement action
FSCA fines Trade Nation’s South African company R30,000 for acting as an OTC derivative provider without authorisation 22
7 Nov 2022. Reduced the enforcement dimension by 5 points (moderate severity, 3.9 years before the review, counted at half weight).
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 101213151617
UK clients can go to the Financial Ombudsman Service, EU clients to the CMVM and its arbitration centre, Australian clients to AFCA and South African clients to the FAIS Ombud. Clients of the Bahamas and Seychelles companies can only complain to the regulator, which is not an independent dispute body.
- Not determined
Independent complaint outcomes show no adverse pattern 24
The ombudsman published only 2 decisions about Trade Nation Financial UK Ltd in three years (1 upheld), too few to judge outcomes.
- Not determined
Complaint data is disclosed 25
We found no complaint statistics published by Trade Nation, 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 10121318
The UK and Bahamas agreements close positions when equity falls below 50% of margin, and the EU and Australian documents set retail margin by the regulators’ leverage limits. Maximum leverage for the Bahamas, Seychelles and South African companies is left to market information sheets, which we did not review.
- 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 11021
The home page says Trade Nation’s fixed spreads mean that “when the markets move, your spreads won’t”, but the UK agreement says spreads may widen with liquidity, including around economic data releases, and the rate card says spreads vary with market conditions.
- Partly met
- 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.
Trade Nation Europe Empresa de Investimento, S.A.
Comissão do Mercado de Valores Mobiliários (CMVM) · Reference 601 4
Reception and transmission of orders, execution of orders, dealing on own account, investment research
Listed on ESMA’s register as authorised by the CMVM since 15 April 2026; the licence number is Trade Nation’s own (the register shows none).
Authorised Verified on register, 5 Oct 2026
Trade Nation Australia Pty Ltd
Australian Securities and Investments Commission (ASIC) · Reference AFSL 422661 3
Licence start date 11 October 2012.
Authorised Verified on register, 4 Oct 2026
Trade Nation Ltd.
Securities Commission of The Bahamas (SCB) · Reference SIA-F216 6
Dealing in capital market instruments as agent or principal, arranging deals, managing and advising on capital market instruments, trading CFDs
Listed by the SCB as at 31 August 2026; the licence number is Trade Nation’s own (the list shows none).
Authorised Verified on register, 4 Oct 2026
Trade Nation Financial Markets Limited
Financial Services Authority Seychelles (FSA) · Reference SD150 5
Securities dealer
Listed by the FSA as a securities dealer; the licence number is Trade Nation’s own (the register shows none).
Authorised Verified on register, 4 Oct 2026
Trade Nation Financial (Pty) Ltd
Financial Sector Conduct Authority (FSCA) · Reference FSP 49846 1
Financial services provider
Stated by Trade Nation. The FSCA’s register has not been accessible to us.
Claimed by the firm, not yet verified
Finsa Capital Holdings Limited
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
FSCA fines Trade Nation’s South African company R30,000 for acting as an OTC derivative provider without authorisation 22
By an administrative penalty order signed on 7 November 2022, South Africa’s Financial Sector Conduct Authority found that Trade Nation Financial (Pty) Ltd and/or Nicholas Sproule, a key individual at the company, had operated as an over-the-counter derivative provider without authorisation, contrary to section 111(1) of the Financial Sector Regulation Act. It imposed a penalty of R30,000 on them jointly and severally.
Company response
Firms can respond to their profile and to any finding. No response has been published for Trade Nation. How firms can respond.
Assessment history
| Review date | Result | Methodology | Status |
|---|---|---|---|
| 6 Oct 2026 | Trust score 84 out of 100 Strong | 1.2 | Current |
Corrections and updates
No corrections have been made to this profile.
Sources
- 1 Trade Nation UK website: home page and footer (opens in a new tab)
The footer names six companies trading as Trade Nation: Trade Nation Financial UK Ltd (FCA 525164), Trade Nation Europe Empresa de Investimento, S.A. (CMVM licence 601), Trade Nation Australia Pty Ltd (AFSL 422661), Trade Nation Ltd. (Bahamas, SCB SIA-F216), Trade Nation Financial Markets Ltd (Seychelles, FSA SD150) and Trade Nation Financial (Pty) Ltd (South Africa, FSCA 49846), each with its company number and registered office. It warns that 73.8% of retail investor accounts lose money when trading CFDs with this provider. The home page says “Trade Nation’s low fixed spreads mean when the markets move, your spreads won’t”, and the about page speaks of a “commitment to low-cost fixed spreads, even during market turbulence”.
- 2 Financial Services Register: investment firms list (CSV), data as at 3 October 2026 (opens in a new tab)
Shows Trade Nation Financial UK Ltd (FRN 525164), first authorised on 9 May 2011, with status Authorised.
- 3 Australian Financial Services Licensee dataset (October 2026) (opens in a new tab)
Lists AFSL 422661 held by Trade Nation Australia Pty Ltd (ABN 93158065635), Sydney, from 11 October 2012.
- 4 ESMA register of investment firms: Trade Nation Europe - Empresa de Investimento, S.A. (opens in a new tab)
Lists Trade Nation Europe - Empresa de Investimento, S.A. (LEI 213800TZBKBFZRIVWJ95) as an investment firm authorised by the CMVM on 15 April 2026, status active, at Praça Marquês de Pombal 14, offices 203 and 204, Lisbon, for reception and transmission of orders, execution of orders, dealing on own account and investment research. The register does not show licence numbers.
- 5 FSA Seychelles capital markets register: securities dealers (opens in a new tab)
Lists Trade Nation Financial Markets Limited among licensed securities dealers at CT House, Office 6B, Providence, Mahe, with the website www.tradenation.com and Andrew Merry as contact. The register does not show licence numbers.
- 6 Securities Commission of The Bahamas: SIA registered firms as at 31 August 2026 (opens in a new tab)
Lists Trade Nation Ltd. at Office 2B, One Sandyport Plaza, West Bay Street, Nassau, registered for dealing in capital market instruments as agent or principal, arranging deals, managing and advising on capital market instruments and trading CFDs. The list does not show licence numbers.
- 7 Companies House: Trade Nation Financial UK Ltd (07073413) (opens in a new tab)
Incorporated on 11 November 2009, registered office 6th Floor, 14 Bonhill Street, London EC2A 4BX; named Finsa Europe Ltd from 2014 to February 2022. Directors: Robin Davidson, Jonathan Mark Noble, Kevin Taylor and Kypros Christopher Zoumidou. Finsa Capital Holdings Limited (Isle of Man, 132062c) has held 75% or more of the shares and votes since 1 December 2018; before that Jasper Stephen White was registered as the person with significant control.
- 8 Trade Nation Financial UK Ltd: full accounts for the year to 30 November 2025 (opens in a new tab)
Filed on 30 March 2026 and audited by Crowe U.K. LLP, which gave an unqualified opinion. Profit after tax was £3,788,759 (2024: £996,766). The notes name Finsa Capital Holdings Limited, Isle of Man, as immediate parent and Mr J White as the ultimate controlling party, and say the company complies with the FCA’s client money rules.
- 9 Trade Nation Financial UK Ltd MIFIDPRU disclosures (opens in a new tab)
Says the UK company is wholly owned by Finsa Capital Holdings Limited and includes a chart of the group as at 30 November 2024: Finsa Capital Holdings Ltd (Isle of Man) owns the UK, Bahamas, South African and Seychelles companies and a Malaysian company, and owns the Australian company through UK holding companies. The chart predates the Portuguese company.
- 10 Trade Nation Financial UK Ltd client agreement (September 2026) (opens in a new tab)
Client money is held on trust in segregated client bank accounts under the FCA’s client money rules (CASS 7); professional clients may agree to title transfer. Retail clients cannot lose more than the funds in their account (negative balance protection), have access to the FSCS (up to £85,000 for investment business) and can refer complaints to the Financial Ombudsman Service. Complaints are acknowledged within five business days and answered within eight weeks. The agreement takes effect on 30 days’ written notice of changes. Withdrawals are processed within one business day, with indicative settlement times by method. Positions are closed when equity falls to 50% of margin. Clause 17.18 says spreads may widen or contract with liquidity in the underlying market, including around economic data releases. Clause 24 explains that the company is market maker and counterparty to every trade and may hedge its exposure.
- 11 Trade Nation Financial UK Ltd client money policy (September 2026) (opens in a new tab)
Retail client money is held in segregated client bank accounts under trust at UK banks such as Barclays and Santander, may be placed in notice or term deposits of up to 95 days, and is not used for hedging. A shortfall may be covered by the FSCS up to £85,000.
- 12 Trade Nation Europe client agreement (May 2026) (opens in a new tab)
Client of Trade Nation Europe Empresa de Investimento, S.A. (company 517156091, Praça Marquês de Pombal 14, Lisbon), authorised by the CMVM under reference 601. Client money is held on trust in segregated client accounts; professional clients may agree to title transfer. Retail clients have negative balance protection and access to the investor compensation scheme (SII, up to €25,000). Complaints are acknowledged within five business days and answered within 30 business days, after which clients can go to the CMVM or the CMVM’s arbitration centre. Changes take effect 30 days after notice. Withdrawals are processed within one business day. Clause 21 explains the conflict of interest in dealing as counterparty.
- 13 Trade Nation Australia product disclosure statement (June 2026) (opens in a new tab)
Trade Nation Australia issues the OTC derivatives as principal. Client money is held in segregated trust accounts with Westpac and is not used for hedging. Negative balances are adjusted by the company at the end of the business day. Complaints go to the support team and compliance officer, then to AFCA, of which the company is a member.
- 14 Trade Nation Financial (Pty) Ltd client money policy (April 2024) (opens in a new tab)
Client money is held in segregated client bank accounts under trust at banks such as ABSA South Africa and is not used for hedging.
- 15 Trade Nation Financial Markets Limited client agreement (May 2024) (opens in a new tab)
Agreement with Trade Nation Financial Markets Limited (Seychelles company 810589-1, CT House, Office 9A, Providence, Mahé), licensed by the FSA Seychelles (SD150), with the UK company as service provider. It refers to segregated client money accounts but sets out no client money arrangements; it warns that losses may exceed the initial investment, and the company “will endeavour to clear negative balances” one business day in arrears. Amendments take effect on reasonable notice “where possible”. Unresolved complaints can be lodged with the FSA, the regulator.
- 16 Trade Nation Ltd client money policy (April 2024) (opens in a new tab)
Client money is held in segregated client bank accounts under trust at banks such as Barclays and is not used for hedging. The Bahamas complaints policy (June 2024) lets clients escalate unresolved complaints only to the Securities Commission of The Bahamas, the regulator.
- 17 Trade Nation Financial (Pty) Ltd client agreement (May 2024) (opens in a new tab)
Says Trade Nation Financial (Pty) Ltd is an authorised financial services provider (FSP 49846) and that Finalto (South Africa) (Pty) Limited, an authorised OTC derivative provider (licence 46860), provides its OTC derivative provider status and liquidity. The company “will endeavour to clear negative balances” one business day in arrears; amendments take effect on reasonable notice “where possible”. Unresolved complaints can go to the FAIS Ombud.
- 18 Trade Nation Ltd client agreement (May 2024) (opens in a new tab)
Agreement with Trade Nation Ltd (Bahamas company 203493 B, No. 3 Bayside Executive Park, Nassau), licensed by the Securities Commission of The Bahamas (SIA-F216), with the UK company as service provider. It warns that losses may exceed the initial investment; the company “will endeavour to clear negative balances” one business day in arrears, and closes positions when equity falls below 50% of the margin required. Amendments take effect on reasonable notice “where possible”.
- 19 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. The £120,000 limit, from December 2025, is for deposits.
- 20 Trade Nation Europe client money policy (October 2025) (opens in a new tab)
Retail client money is held in segregated client bank accounts at regulated banks in Portugal, which are not named, and is not used for hedging. A shortfall may be covered by the investor compensation scheme up to €25,000.
- 21 Trade Nation Financial UK Limited rate card (September 2026) (opens in a new tab)
The spread is the main cost and varies by instrument, platform and market conditions; overnight funding applies to positions held past 22:00 UK time; currency conversion carries an indicative 0.45% fee on TN Trader; there are no commission, deposit, withdrawal or inactivity fees.
- 22 FSCA administrative penalty order 517/2022: Trade Nation Financial (Pty) Ltd and Nicholas Sproule (opens in a new tab)
Signed on 7 November 2022. The FSCA found that Trade Nation Financial (Pty) Ltd and/or Nicholas Sproule, a key individual, contravened section 111(1) of the Financial Sector Regulation Act by operating as an over-the-counter derivative provider without authorisation, and imposed an administrative penalty of R30,000 on them jointly and severally.
- 23 Searches of FCA, CySEC, CVM, KNF and FSCA records and the Indian and Malaysian alert lists for Trade Nation (opens in a new tab)
On 5 October 2026 we searched the FCA’s list, CySEC’s 1,173 board decisions, the CVM’s declaratory acts, KNF’s lists and the Indian, Securities Commission Malaysia and Bank Negara Malaysia alert lists for Trade Nation and its former name Finsa, and ran web searches for actions by the FCA, ASIC, the FSCA and others. We found one action, the FSCA’s 2022 penalty on the South African company, and no alert-list entries.
- 24 Ombudsman decisions: Trade Nation Financial UK Ltd, October 2023 to October 2026 (opens in a new tab)
Between 4 October 2023 and 4 October 2026 the ombudsman published 2 decisions about Trade Nation Financial UK Ltd and upheld 1.
- 25 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 Trade Nation Financial UK Ltd; both publish firm-level figures only above minimum complaint volumes.
- 26 Trade Nation Europe costs and charges disclosure (May 2026) (opens in a new tab)
Sets out spreads, overnight funding and other charges for EU clients.
- 27 Trade Nation Financial UK Ltd best execution and order handling policy (September 2026) (opens in a new tab)
The company acts as principal and is the sole execution venue for client trades, prices them on its own automated platform, sets out the execution factors, and may hedge residual risk when client orders exceed its risk tolerance.
- 28 Trade Nation EU website: footer (opens in a new tab)
Names Trade Nation Europe Empresa de Investimento, S.A. first, with CMVM licence 601, company number 517 156 091 and its Lisbon office, and warns that between 74 and 89% of retail investor accounts lose money when trading CFDs.
- 29 Trade Nation international website (en-bs): footer and legal documents (opens in a new tab)
Names Trade Nation Ltd. (Bahamas company 203493 B, SCB licence SIA-F216, registered office No. 3 Bayside Executive Park, Nassau) first and warns that 81.9% of retail investor accounts lose money when trading CFDs with this provider. Its legal page publishes the Bahamas company’s documents and the Seychelles company’s documents.
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