Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighTakes client deposits with no financial licence anywhere; only a Costa Rican company registration, which is not regulation.
Identity & transparency
6/10 · HighReal, disclosed Costa Rica entity and address, but a tax-delinquent shell with no named owners and fabricated press associations.
Withdrawals & conduct
8/10 · CriticalMultiple independent, specific fund-integrity reports: approved withdrawals never paid, accounts blocked or deleted with balances held.
Reputation
8/10 · CriticalTrustpilot rating suppressed for a guidelines breach; astroturfed 5-star posts beside genuine theft complaints; review-deletion requests.
Website claims
7/10 · HighNo fake licence claimed, but fabricated-looking press endorsements and strong 'invest securely' trust language it cannot back up.
Operational history
6/10 · HighDomain created January 2024 and 2024 copyright; operation under two years old, company incorporation date not datable.
Who they are
A quick desk file on the company behind the brand.
- Brand: Blue Whale Markets
- Legal entity: Blue Whale Markets S.R.L (Sociedad de Responsabilidad Limitada)
- Registered: Costa Rica, cedula juridica 3-102-895595, address given as Province 04 Heredia, San Francisco, Santa Cecilia
- Website: bluewhalemarkets.com (client area at client.bluewhalemarkets.com)
- Only licence: None. There is only a Costa Rican company registration, which is not financial regulation.
- Offers: Forex and CFDs on 1000+ assets, leverage up to 1:400, accounts from 0 USD to 10,000 USD, funded via Visa, Mastercard and Bitcoin
- Not accepted: No restricted-country list is published, though the site says its services are not for jurisdictions where they would breach local law
- Age claim: Copyright 2024. The domain was registered in January 2024, so this is a young operation.
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: No
We could not confirm this broker on any genuine regulator’s register.
Costa Rica company register (cedula juridica)
Why we reached this verdict
How the evidence adds up.
Three things together point to a likely scam.
- No regulation while holding client money. The site names no regulator. The footer shows only Costa Rican company number 3-102-895595. We confirmed that entity on the Costa Rica tax register: it is an ordinary limited company, currently tax-delinquent, with a generic 'legal person' activity and nothing financial. Costa Rica does not license or supervise retail forex and CFD brokers, so clients here have no protection at all.
- Money that does not come back. On Trustpilot, separate users describe the same failure: a withdrawal marked 'approved' on the platform that never arrives in their crypto wallet, accounts blocked 'for investigation' after a withdrawal request, and one account deleted after months with the balance withheld. Reports include specific amounts (a 500 USD deposit and 700 USD profit) and an MT5 account number (101033), and span from late 2024 through late 2025.
- Manufactured reputation. Trustpilot has suppressed the firm's rating 'due to a breach of our guidelines', which is its flag for review manipulation. Alongside a wave of short, generic five-star posts, the company has emailed unhappy users asking them to remove their reviews. The homepage also displays Mexican and international press logos (El Financiero, El Economista, Milenio, Yahoo Finance) as if it were featured, including a fabricated-looking Milenio link.
The operation is also under two years old, which is exactly the profile where an unregulated deposit-taking site carries the most risk.
Evidence ledger
Every finding, with its source and how strongly it points.
E1The homepage and legal pages name no regulator; the footer shows only Costa Rican company number 3-102-895595 as its identity.
E2The domain bluewhalemarkets.com was created on 24 January 2024, matching the site's 2024 copyright, so the operation is under two years old.
E3Costa Rica's tax registry confirms Blue Whale Markets S.R.L (3-102-895595) as an ordinary limited company, tax-delinquent (moroso and omiso), with a generic 'legally constituted legal person' activity and no financial-services activity.
E4Trustpilot has removed the firm's star rating 'due to a breach of our guidelines', a review-manipulation flag; the company also emails users asking them to delete negative reviews.
StrongTrustpilotE5Several independent users report the same failure: withdrawals marked 'approved' that never reach their crypto wallet, accounts blocked or deleted after withdrawal requests, and money withheld for months (amounts of 500 and 700 USD, MT5 account 101033), from late 2024 to late 2025.
StrongTrustpilot user reviewsE6The homepage displays Mexican and international press logos (El Financiero, El Economista, Milenio, Yahoo Finance) as endorsements, including a fabricated-looking Milenio URL that reads as keyword-stuffed rather than a real article.
ModerateBlue Whale Markets homepageE7The site is a deposit-taking CFD broker (Standard, Prime and ECN accounts, Visa/Mastercard/Bitcoin funding, leverage 1:400) marketing to Mexico, Spain and Latin America with a Mexican phone number, none of which it is licensed to serve.
E8No regulator warning-list entry naming bluewhalemarkets.com was found as of August 2026; a similarly named 'Blue Whale Investment Funds ICAV' on the Spanish register is a different, unrelated entity.
The other side
The strongest case in this broker’s favour.
In fairness to the firm, here is the other side.
- The legal entity is real and disclosed. Blue Whale Markets S.R.L genuinely exists on the Costa Rica register, and the site gives a company number and address rather than hiding them.
- Some users post positive experiences with execution and the platform, and the company does reply to reviews rather than staying silent.
- We found no regulator warning-list entry naming this domain, so no authority has yet formally flagged it.
- Being licensed only offshore, or unlicensed, is not by itself proof of theft. Some low-tier brokers operate this way without stealing funds.
These points keep this at 'likely scam' rather than 'confirmed'. They do not outweigh a documented pattern of approved-but-unpaid withdrawals at a brand-new, entirely unregulated deposit-taking broker.
What would change this
What we would need to see to revise the verdict.
Our view would move if:
- A recognised regulator register showed a genuine, in-force trading licence for this exact entity and domain. That would lift regulation sharply.
- Independent, verifiable evidence appeared that recent withdrawals are being paid in full and on time, from users with real trading histories.
- Trustpilot restored the rating after the guidelines breach was resolved, indicating the review manipulation stopped.
It would move the other way, toward confirmed scam, if a financial regulator published a warning naming bluewhalemarkets.com, or if the withdrawal-refusal reports were corroborated by a regulator action or chargeback record.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
Costa Rica company register (Ministerio de Hacienda) - entity 3-102-895595
Confirms the company exists but is a tax-delinquent shell with no financial activity
CNMV Spain - search of warned/unauthorised companies
Spain's regulator; use to check for future warnings about this broker
Blue Whale Markets legal documentation
The broker's own legal pages, which name no regulator
Trustpilot reviews for bluewhalemarkets.com
Rating removed for a guidelines breach; contains the withdrawal complaints
Frequently asked questions
Quick answers about this broker’s safety.
Is Blue Whale Markets a scam?
We rate it a likely scam. It takes deposits for forex and CFD trading with no financial licence, and multiple users report that approved withdrawals were never paid and accounts were blocked or deleted. Treat it as high risk and do not deposit.
Is Blue Whale Markets regulated?
No. The website names no regulator. The only registration is a Costa Rican company number (3-102-895595), which is a corporate registration, not a financial licence. Costa Rica does not license retail forex or CFD brokers, so there is no oversight of your money.
Can I withdraw my money from Blue Whale Markets?
Several users say they could not. They describe withdrawals shown as 'approved' that never reached their crypto wallet, and accounts frozen or deleted after a withdrawal request. Some waited more than three months with no payout.
Is my money safe with Blue Whale Markets?
No. Because there is no regulator and no client-money protection, there is nothing to recover your funds if the firm refuses to pay. The company is also recorded as tax-delinquent in Costa Rica.
Who owns Blue Whale Markets?
The operating entity is Blue Whale Markets S.R.L, a limited company registered in Heredia, Costa Rica. No individual owners or directors are disclosed on the website.
How old is Blue Whale Markets?
It is new. The domain bluewhalemarkets.com was created in January 2024 and the site carries a 2024 copyright, so the operation is under two years old.
What is the Costa Rica registration worth for a broker?
Very little as protection. It only means a company legally exists. It says nothing about how the broker handles client funds and gives you no financial safeguard, because Costa Rica does not supervise forex or CFD brokers.
Is Blue Whale Markets a clone of another company?
We found no evidence it clones a specific regulated firm. Its page title oddly mentions the well-known broker FXTM, which appears to be leftover template text, but it does not claim FXTM's licences or identity.
Why has Trustpilot removed the Blue Whale Markets rating?
Trustpilot states the rating is unavailable 'due to a breach of our guidelines', which is its flag for review manipulation. The firm has also been emailing users to ask them to delete negative reviews.
What should I do if Blue Whale Markets will not pay me?
Keep dated records of every withdrawal request and reply. Do not pay any 'fee' or 'tax' to unlock funds. Ask your card issuer or bank about a chargeback, and report the case to the authorities where you live.
Does Blue Whale Markets serve Mexico and Spain?
It markets heavily to Mexico, Spain and Latin America, using a Mexican phone number and Spanish-language content and press logos. It holds no licence to serve clients in those markets.
What we recommend
The practical takeaway from everything above.
Treat Blue Whale Markets as high risk and do not deposit.
- Do not send new funds. There is no licence and no protection for your money.
- If you already hold a balance, request a full withdrawal now and keep dated records of every request and reply.
- If a withdrawal is refused or an account is blocked, do not pay any 'fee', 'tax' or 'verification' charge to release funds. That is a common next step in these schemes.
- Report the loss to your card issuer or bank (for a chargeback) and to the authorities in your own country.
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 August 13, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.