Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighBelleo Markets holds a genuine but offshore FSC Mauritius Investment Dealer (Broker) licence. Spain's CNMV lists belleofx.com/es as unauthorised, and the firm has no tier-1 or EU authorisation.
Identity & transparency
5/10 · ModerateEntity, address and phone match the FSC register, but the address and phone belong to its management company, operations appear to run from Dubai, and the site gives two different St. Vincent company numbers.
Withdrawals & conduct
8/10 · CriticalFund-integrity reports pass all four pattern tests: balances wiped or withdrawals refused after requests, clustered in June to September 2026, on three platforms, with amounts and staff names. No advance-fee demands found.
Reputation
8/10 · CriticalTrustpilot withholds the rating for a guidelines breach, and reviews split 61% five-star and 31% one-star. Spain's CNMV warns against the site, and impersonators use the name on Telegram.
Website claims
7/10 · HighMarkets itself as fully regulated and DET-regulated, and advertises instant withdrawals that its own policy makes subject to approval. In 2020 it claimed 50,000 accounts, 30+ awards and licences in several jurisdictions that it did not hold.
Operational history
3/10 · LowDomain registered in October 2019 and archived since July 2020, matching the claimed 2020 launch. FSC licence since March 2022. The Mauritius company itself is undated.
Who they are
A quick desk file on the company behind the brand.
- Brand: BelleoFX
- Legal entity: Belleo Markets, a Mauritius Global Business company (number 186405 GBC, as published by the broker). The Terms name it as the operator. The site also names BelleoFX (St. Vincent and the Grenadines) and a Dubai branch, Belleo Markets - Rep. Office (UAE).
- Registered: Level 6, Ken Lee Building, 20 Edith Cavell Street, Port Louis, Mauritius. This is the office of its management company, Intrasia Management (Mauritius) Limited. The broker's published phone number is the one the FSC register lists for that company. Business hours set in GMT+4, onboarding rules written for UAE residents and a Dubai map pin all suggest day-to-day operations run from Dubai.
- Website: belleofx.com (registered 9 October 2019), with a client portal at pa.belleofx.com and a web terminal at webtrading.belleofx.com. The site also runs Spanish, Italian, French, Portuguese, Arabic, Farsi, Turkish, Vietnamese and Chinese versions.
- Only licence: FSC Mauritius Investment Dealer (Broker), category SEC-2.2, listed since 25 March 2022. The broker quotes number GB21027167. Its St. Vincent numbers are company registrations, and its Dubai DET licence is a trade licence, not financial regulation.
- Offers: CFDs on forex, stocks, indices and commodities on MetaTrader 5 (server BelleoMarkets-Server) and the BelleoFX Go app. Leverage up to 1:500. Seven account types, including a 100% bonus account and PAMM. Deposits by bank wire, cards, e-wallets and crypto.
- Not accepted: the main pages publish no list of excluded countries. Spain's CNMV lists the Spanish site as unauthorised.
- Age claim: founded in 2020, according to the About page. The domain dates from October 2019, and archived copies of the site go back to July 2020.
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: Yes
We confirmed this broker on a genuine regulator’s register.
Licences the broker publishes
Financial Services Commission (FSC) of Mauritius
Financial Services Authority (FSA) of St. Vincent and the Grenadines
Financial Services Authority (FSA) of St. Vincent and the Grenadines
Department of Economy and Tourism (DET), Dubai
Why we reached this verdict
How the evidence adds up.
We rate BelleoFX as likely a scam. A national regulator warns against its website, and clients keep describing the same money problem, even though its Mauritius licence is real.
- Regulator warning. Spain's CNMV lists https://belleofx.com/es and the name BELLEOFX among unauthorised firms, dated 20 January 2025. IOSCO's I-SCAN alert network carries the same alert. The Spanish-language site, which still calls BelleoFX a regulated broker, is live today.
- A repeating withdrawal problem. Trustpilot reviews from June to September 2026 describe the same sequence. Account managers or introducers encourage deposits. Then the client asks to withdraw, and the request is refused or the balance is wiped. Reviewers give amounts ($1,000, $5,000, $30,000 and $41,000), dates and staff names. One was told 'Because of wrong trades all your account washout'. A January 2025 App Store review and a December 2022 complaint on BrokersView also describe profits deducted or money not returned.
- Terms that allow it. Every withdrawal needs the company's approval. A client who withdraws before trading 2 lots per $1,000 deposited (5 lots for card deposits) pays 3% to 6%. On bonus accounts, any withdrawal removes bonus credit one for one, the stop-out level is 30% and there is no margin-call alert. A withdrawal request can therefore set off exactly the liquidation clients describe.
- Past claims that did not hold up. In July 2020, a few months after launch, the homepage claimed about 50,000 registered accounts, 30+ international awards and licences in multiple jurisdictions. The firm says it was founded in 2020, and its only licence on a register dates from March 2022. Today it claims 8,000 clients.
- Review management. Trustpilot shows no rating for BelleoFX because of a breach of its guidelines. The reviews split 61% five-star and 31% one-star, with very few in between. The broker's Terms of Use forbid clients from naming the brand in reviews.
- What the licence does and does not cover. The FSC Mauritius licence is genuine, and the name, address and phone match the register. It is an offshore licence in the Broker category. Licensing summaries describe that category as executing client orders, managing portfolios and giving advice, and list dealing as principal only for the Full Service Dealer categories. It comes with no compensation scheme and does not authorise business in Spain.
- Age. The domain was registered in 2019, and archived copies of the site go back to 2020. Mauritius's company registry does not expose incorporation dates through an open search, so the company itself could not be dated. The figure of about seven years therefore rests on the domain alone and is an upper bound.
The scorecard averages 6.7 out of 10. A regulator warning that names the website raises the likelihood to 70%, the low end of the likely-scam range. We found no demand for extra payment to release funds, and the FSC register shows no annotation against the licence.
Evidence ledger
Every finding, with its source and how strongly it points.
E1Spain's CNMV lists HTTPS://BELLEOFX.COM/ES and BELLEOFX in its public warnings about unauthorised entities, dated 20 January 2025.
Hard proofCNMV warned-companies search (Spain)E2IOSCO's I-SCAN network carries the CNMV alert for https://belleofx.com/es, posted 6 February 2025. It relays the same warning rather than adding a separate finding.
WeakIOSCO I-SCANE3The Spanish-language site belleofx.com/es/ is still online, nearly two years after the CNMV warning. It has sign-up links and says that BelleoFX is a regulated broker.
E4The FSC Mauritius register lists Belleo Markets with an SEC-2.2 Investment Dealer (Broker) licence dated 25 March 2022, managed by Intrasia Management (Mauritius) Limited. Its address is Level 6, Ken Lee Building, 20 Edith Cavell Street, Port Louis, its telephone is 2600342, and there is no annotation. Name, address and phone match the BelleoFX site.
E5Licensing summaries describe the Investment Dealer (Broker) category as executing client orders, managing portfolios and giving advice, and list trading as principal only for the Full Service Dealer categories. BelleoFX sells 1:500 CFD accounts, and clients report cancelled profits.
E6Trustpilot one-star reviews from June to September 2026 describe withdrawal requests that were refused or followed by a wiped balance. They give amounts of $1,000, $5,000, $30,000 and $41,000, quote rejection messages and name staff.
StrongTrustpilotE7Trustpilot shows no rating for BelleoFX and states that it is unavailable due to a breach of its guidelines. Of 153 reviews, 61% are five-star and 31% one-star, with very few in between.
ModerateTrustpilotE8The BelleoFX Go app, published by Belleo Markets, has a single one-star rating. The review, dated 8 January 2025, says profitable traders have their profit deducted and only their principal refunded.
ModerateApple App StoreE9A December 2022 complaint from Germany names https://belleofx.com/. It says representatives pushed crypto deposits with promises of large returns and the money was not returned, and lists two UK mobile numbers the callers used.
E10The archived homepage of 25 July 2020 claimed about 50,000 registered accounts, 30+ international awards, clients in 170+ countries and licences in multiple jurisdictions. The firm says it was founded in 2020, its only licence on a register dates from March 2022, and it now claims 8,000 clients.
E11The site FAQ says Belleo Markets - Rep. Office (UAE) is registered and regulated by DET under licence 1074850. DET is Dubai's Department of Economy and Tourism, which issues business licences; it is not a financial regulator.
ModerateBelleoFX website FAQE12The site footer gives BelleoFX (SVG) registration number 26000 BC 2020, while the FAQ gives 2584 LLC 2022 for the same entity. Both are company registrations, not licences.
E13The Deposit and Withdrawal Policy makes every withdrawal subject to company approval and lets the company set withdrawal limits and fees. It charges 3% (6% for cards) if fewer than 2 lots (5 for cards) per $1,000 deposited were traded, and allows only 24 hours to dispute a transaction.
E14The 100% Credit Bonus terms remove bonus credit one for one on any withdrawal and set a 30% stop-out with no margin-call alert. They disclaim liability for stop-outs caused by bonus removal, and require 100 lots in one month before a $1,000 bonus can be withdrawn.
ModerateBelleoFX 100% Credit Bonus termsE15The Terms of Use say clients may not use or mention the brand, company, employee or management names to write a review on any website or social media account.
ModerateBelleoFX Terms of UseE16On 1 April 2024, Malaysia's Securities Commission listed a potential clone using the BelleoFX name: 54 Telegram channels promising RM7,000 to RM600,000 within three hours. The entry names no website and describes impersonators, so it is not attributed to Belleo Markets.
E17belleofx.com was registered on 9 October 2019 through GoDaddy, and archived copies go back to 25 July 2020. This is consistent with the claimed 2020 founding.
E18The site links MetaTrader 5 downloads for its own server, BelleoMarkets-Server. This shows a working trading platform rather than an empty front.
The other side
The strongest case in this broker’s favour.
There is a real case that BelleoFX is an aggressive offshore broker rather than a pure scam.
- Belleo Markets is genuinely licensed by the FSC Mauritius. Its name, address and phone match the register entry, which carries no annotation.
- The brand has traded on the same domain without a break since 2020. It runs its own MetaTrader 5 server and publishes apps under the name Belleo Markets.
- Many clients leave five-star reviews, and the company replies to reviews on Trustpilot.
- Some wiped balances may come from high-leverage losses, from outside account managers or introducers who traded client accounts, or from bonus terms the broker discloses in writing.
- The CNMV warning is about the lack of Spanish authorisation. It is not a finding that client money was taken.
- Malaysia's Securities Commission flagged a network of 54 Telegram channels using the BelleoFX name as a potential clone. Those channels appear to impersonate the brand, so their conduct is not attributed to Belleo Markets.
What would change this
What we would need to see to revise the verdict.
These developments would move the assessment:
- Lower risk: the CNMV withdraws its warning, or BelleoFX takes down its Spanish site and stops selling where it holds no authorisation.
- Lower risk: a sustained run of verifiable paid withdrawals in 2026, and Trustpilot complaints resolved with money returned.
- Lower risk: Trustpilot restores the rating after its review, and the broker drops the clause that bars clients from naming the brand in reviews.
- Lower risk: bonus terms that no longer remove bonus credit on withdrawal, so that a withdrawal request cannot trigger a stop-out.
- Higher risk: an FSC Mauritius suspension or revocation, another regulator warning naming the domain, or credible reports of fees demanded before funds are released.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
FSC Mauritius register: Belleo Markets
Shows the Investment Dealer (Broker) licence held since 25 March 2022. BelleoFX publishes no verify link of its own.
CNMV warning list search: Belleo
Spain's warning naming belleofx.com/es, dated 20 January 2025.
IOSCO I-SCAN alert search: belleo
International alert network carrying the CNMV warning.
Securities Commission Malaysia investor alert update, 1 April 2024
Flags Telegram channels using the BelleoFX name as a potential clone.
Trustpilot reviews of www.belleofx.com
153 reviews. The rating is withheld for a guidelines breach.
BelleoFX Deposit and Withdrawal Policy
Withdrawal approval, trading-volume conditions and fees.
BelleoFX 100% Credit Bonus terms
Bonus removal on withdrawal and the 30% stop-out level.
Frequently asked questions
Quick answers about this broker’s safety.
Is BelleoFX a scam?
We assess BelleoFX as likely a scam and put the risk at 70%. Spain's CNMV warns that its website is unauthorised, and clients describe withdrawals refused or balances wiped after they asked for their money. Its operator does hold a genuine FSC Mauritius licence, though it is an offshore one.
Is BelleoFX a fraud?
We found no court ruling or regulator finding of fraud against Belleo Markets. The CNMV warning concerns unauthorised business in Spain. Because the reports of refused withdrawals and wiped balances are repeated and specific, we assess the risk of fraud as high.
Is BelleoFX regulated?
Partly. Belleo Markets is on the FSC Mauritius register as an Investment Dealer (Broker), licensed since 25 March 2022, and the broker quotes licence number GB21027167. Its St. Vincent numbers are only company registrations, and its Dubai DET licence is a trade licence. No tier-1 or EU regulator authorises it.
What is the FSC Mauritius licence worth?
It is a real licence from an offshore regulator. It confirms the company exists and is supervised in Mauritius, but it comes with no investor compensation scheme and offers limited recourse to clients abroad. Licensing summaries describe the Broker category as executing client orders, and list dealing as principal only for Full Service Dealers.
Can I withdraw my money from BelleoFX?
Some clients say they can, but many recent reviews say withdrawals were refused or balances were wiped after a request. Under the broker's policy every withdrawal needs its approval. Withdrawing before trading 2 lots per $1,000 deposited (5 lots for card deposits) costs 3% to 6%.
Is my money safe with BelleoFX?
Your money has little protection. The licence is offshore with no compensation fund. The brand also uses a St. Vincent company that holds no financial licence, and one client reports being moved between entities without notice. The 2026 complaint pattern adds to the risk.
Who owns or runs BelleoFX?
The site names Belleo Markets in Mauritius as the operator, alongside BelleoFX (St. Vincent and the Grenadines) and a Dubai representative office. The Mauritius company is administered by Intrasia Management (Mauritius) Limited, and the broker publishes that firm's office and phone number as its own. Day-to-day operations appear to run from Dubai.
How long has BelleoFX been operating?
The domain belleofx.com was registered on 9 October 2019, and archived copies of the site go back to July 2020. That fits the founding year of 2020 the broker claims. The Mauritius licence dates from 25 March 2022, and the company's incorporation date is not available from an open registry search.
Is BelleoFX allowed to serve clients in Spain or the UK?
Not in Spain: the CNMV has listed belleofx.com/es as an unauthorised firm since 20 January 2025. BelleoFX holds no UK or EU authorisation, so clients there have no local investor protection or compensation scheme.
Is BelleoFX a clone, and are the BelleoFX Telegram channels real?
BelleoFX is not a clone. It is its own brand with its own Mauritius licence. Malaysia's Securities Commission flagged 54 Telegram channels using the Belleo FX name as a potential clone; they promised returns of RM7,000 to RM600,000 within three hours. The broker's official Telegram is t.me/BelleoFX_Officials, but treat any channel that promises fixed returns as a scam.
How does the BelleoFX 100% bonus work, and why is it risky?
BelleoFX matches your deposit with credit, but you can only withdraw the bonus after very high trading volume: 100 lots within a month for a $1,000 bonus. Any withdrawal removes the bonus one for one, the stop-out level is 30% and there is no margin-call alert. Together these rules can wipe an account at the moment you ask for money.
What should I check before depositing with BelleoFX?
Check the FSC Mauritius register entry for Belleo Markets and the CNMV warning list, and confirm which company your client agreement names. Read the deposit and withdrawal policy and the bonus terms. Start with a small deposit and test a withdrawal before adding more.
What should I do if BelleoFX refuses my withdrawal?
Complain in writing to support@belleofx.com within 24 hours of the transaction, as the policy requires, and keep every record. Then escalate to the FSC Mauritius and ask your bank or card issuer about a chargeback. Ignore recovery services that ask for upfront fees; they are a common follow-up scam.
What we recommend
The practical takeaway from everything above.
If you are considering BelleoFX, or already have money there:
- If you live in Spain or elsewhere in the EU, note that the CNMV lists the firm as unauthorised. You would have no EU investor compensation.
- Do not open the 100% bonus account. A withdrawal removes bonus credit and can trigger a stop-out at a 30% margin level.
- Never deposit through a Telegram or WhatsApp contact, and do not let an outside account manager trade for you. Malaysia's regulator flagged 54 Telegram channels using the BelleoFX name.
- Check your client agreement to see which company holds your account: the licensed Mauritius company or the unlicensed St. Vincent company.
- Test a small withdrawal before adding funds. Keep copies of chats, ticket numbers and transaction IDs. The policy gives you only 24 hours to dispute a transaction in writing.
- If a withdrawal is refused, complain in writing to the broker, then to the FSC Mauritius, and ask your bank or card issuer about a chargeback. Ignore anyone who offers to recover your money for an upfront fee.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed November 8, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
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