Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
8/10 · CriticalNo licence from any financial regulator while selling trading programmes and stating that it provides forex and CFD brokerage; mitigated because the absence is openly disclosed, no number is fabricated and Saint Lucia issues no such licence at all.
Identity & transparency
5/10 · ModerateReal companies confirmed on two public registers and a named chief executive, set against four jurisdictions in about two years and a landmark-style physical address that cannot be independently confirmed.
Withdrawals & conduct
3/10 · LowComplaints are almost entirely about trading conditions; one paid-but-not-provisioned case was resolved publicly, and two published payouts reconcile on the Tron network.
Reputation
5/10 · ModerateNet-positive feedback across 191 reviews and several independent Persian language review sites, discounted because the main platform withdrew the rating for a guidelines breach and removed fake reviews.
Website claims
3/10 · LowHonest on the decisive point, stating plainly that it is not regulated, with an age claim the records support; marked down for superlative marketing and a vendor-supplied 5.0 rating badge used as a trust signal.
Operational history
4/10 · ModerateFour and a half years of unbroken domain and archive history with verified payouts across 2024 and 2025, but the figure is an upper bound and the contracting entity itself dates from 2026.
Who they are
A quick desk file on the company behind the brand.
A desk file on the operation behind combatcapitalmarkets.com.
- Brand: Combat Capital Markets, rebranded from TradersCombat during 2025. The former domain still redirects to the Farsi section of the current site.
- Legal entity: Combat Capital Markets Ltd., a Saint Lucia International Business Company, registration number 2026-00419. An earlier entity, Combat Capital Markets LLC with Georgian identification code 404698788, ran the brokerage side of this domain in 2024 and is still recorded as active in Georgia.
- Registered: Ground Floor, The Sotheby Building, Rodney Village, Rodney Bay, Gros-Islet, Saint Lucia. The stated physical office is 100m east of Bar Axis (Black Gates), Heredia, San Juan, Costa Rica, given as a landmark rather than a street number.
- Website: combatcapitalmarkets.com in English and Farsi, with the challenge portal and checkout on a prop subdomain.
- Only licence: none. There is no licence from any financial regulator, and the company says so itself.
- Offers: prop trading challenges priced from 15 to 399 US dollars on simulated account sizes of 1,000 to 50,000 US dollars, profit splits up to 90 percent, on MetaTrader 5 through what it calls its own dedicated broker. It also states that it provides forex and CFD brokerage.
- Not accepted: residents or citizens of Canada, the United Kingdom, Australia, Bangladesh, Nepal and North Korea, US Persons, and anyone under 18.
- Age claim: with traders since 2023 and a three year payout record. The records support it. The predecessor domain was registered in March 2022 and has archive coverage from June 2022.
- Named leadership: Reza Golshahian is publicly named as founder and chief executive on the company's own About page.
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.
Licences the broker publishes
Registry of International Business Companies, Saint Lucia
Register of Entrepreneurs, Georgia
Found by our investigation (1) — the broker does not list these on its own site
Financial Services Regulatory Authority (FSRA), Saint Lucia
Found by us — not listed by the broker
Why we reached this verdict
How the evidence adds up.
We rate this high risk rather than a scam. The usual scam mechanics are absent, but so is any form of financial regulation, and that absence is the whole of the risk.
- No licence anywhere, and none to be had. The company states in its own footer that it is not regulated by Saint Lucia's Financial Services Regulatory Authority. That statement is accurate. The Authority licenses domestic insurance, pensions, credit unions, international banks, international insurance, international mutual funds, money services, registered agents and trustees, and virtual asset business. Forex and CFD dealing is not a licensable category in Saint Lucia, so no register exists to search for this firm. There is no supervisor, no segregated client money rule, no compensation scheme and no ombudsman.
- It does not fake regulation. There is no licence number on the site, no regulator badge, no borrowed credentials and no imitation of a regulated firm. The most common mechanic in this corner of the market is simply not present, and that is why the verdict is not worse.
- No warning anywhere. A sweep of the major regulator warning and alert lists produced no entry, no enforcement action and no fraud-related court record naming either domain, either company or the brand.
- Payouts are real, and we checked them. The company publishes payout certificates carrying blockchain transaction ids. We took two and confirmed them on the Tron network: 10,635 USDT confirmed on 9 November 2025 and 1,706 USDT confirmed on 2 November 2024, the amounts matching the certificates exactly. Operations that simply keep traders' money do not publish payout records that reconcile on a public ledger.
- The complaints are about rules, not about money going missing. Of the negative reviews we read, six concern trading conditions: spread widening, slippage, midnight stop-outs, a 2 percent daily profit cap and rules described as hard to follow. One concerned a plan paid for but not provisioned, which the company answered publicly and then delivered. We found no pattern of refused withdrawals and no demand for a tax, fee or verification payment before funds are released.
- Review integrity is a genuine problem. Trustpilot has withdrawn this company's rating for a breach of its guidelines and states that it removed a number of fake reviews. The surviving distribution of 191 reviews sits at 71 percent five star against 18 percent one star, the hollow-middle shape that invites exactly that conclusion. The positive volume is not a safe signal; the specific negative detail and the on-chain payouts are the parts worth weighing.
- The company behind the contract is months old. Saint Lucia numbers its International Business Companies by year of registration, so 2026-00419 places this entity in 2026. The operation is considerably older than the company: the TradersCombat domain dates from March 2022 and the brand has an unbroken public record since. But any claim would lie against a 2026 offshore company in a jurisdiction that supervises none of this activity.
- Identity has moved around. In 2024 this same domain ran a retail forex and CFD brokerage under a Georgian company at a Tbilisi address. A Dubai post box and a London telephone number sit on the review profile, a UAE mobile appears in directory records, and the current imprint gives Saint Lucia and Costa Rica. That is four jurisdictions in roughly two years, with no explanation anywhere of which entity holds what.
- Money arrives by routes with no way back. Payments run on USDT over Tron and BNB Chain and through Iranian payment gateways. For an Iran-facing market that is close to the only practical option, but it means there is no card network chargeback if a dispute arises.
- Scope has widened. The 2024 brokerage site excluded the European region. The current clause excludes only Canada, the United Kingdom, Australia, Bangladesh, Nepal, North Korea and US Persons, and reviewers post from Germany, France, the Netherlands, Italy and Estonia. EU residents are therefore being served by a firm authorised in no EU state.
- One limit on the figure above. The track record rests on the domain and archive record alone. Saint Lucia's International Business Companies register answers only a name search, and Georgia's register publishes status without the registration date unless an extract is bought, so neither operating company could be dated precisely. The four and a half year figure is therefore an upper bound.
Evidence ledger
Every finding, with its source and how strongly it points.
E1The company holds no licence from any financial regulator. Its own footer states that it is not regulated by Saint Lucia's FSRA, while the same paragraph says it provides forex and CFD brokerage and runs a proprietary trading programme.
E2Saint Lucia's Financial Services Regulatory Authority licenses domestic insurance, pensions, credit unions, international banks, international insurance, international mutual funds, money services, registered agents and trustees, and virtual asset business. Forex and CFD dealing is not a licensable category, so no register exists to search for this firm.
E3Trustpilot has withdrawn the rating for this company because of a breach of its guidelines and states that it removed a number of fake reviews. The surviving set is 191 reviews at 71 percent five star and 18 percent one star.
E4Combat Capital Markets LTD. appears as an International Business Company on the Saint Lucia register. Saint Lucia numbers these companies by year of registration, so the published number 2026-00419 places the contracting entity in 2026, months old at the time of writing.
E5In November 2024 this same domain ran a full retail forex and CFD brokerage advertising 35 currency pairs, shares, crypto CFDs and commodities on MT4 and MT5 with account registration, under the Georgian company registration number 404698788 at a Tbilisi address, and excluding the European region at that time.
E6The company's review profile lists a Dubai post box and a London telephone number, while the current imprint gives a Saint Lucia registered office and a Costa Rica physical office and the restricted list excludes the United Kingdom. Four jurisdictions appear across the operation's life with no explanation of which entity holds what.
E7Payouts and payments run on USDT over the Tron and BNB Chain networks, as shown by the blockchain links on every payout certificate. There is therefore no card network chargeback available to a trader in dispute.
E8Six negative reviews describe trading conditions rather than missing money: spreads widening, excessive commission, stop-outs around midnight, a 2 percent daily profit cap, leverage being reduced at the funded stage, and rules described as designed to make traders fail.
E9One trader reported in March 2025 that he paid for an account, received a confirmation email, and found no account in his cabinet, with support first saying no payment was received and then that it had been deleted. The company replied publicly and said the account had been delivered.
E10The trading platform page serves untranslated placeholder keys instead of content, so the MetaTrader download page is unusable. The 2024 brokerage version of the site carried an unrelated template page title and misspelled the company's own name as Comabt Capital Market.
E11The payout certificate showing 10,635.23 US dollars paid on 8 November 2025 corresponds to a confirmed transfer of 10,635 USDT on the Tron network dated 9 November 2025, with status SUCCESS. The published record reconciles against the public ledger.
E12A second certificate showing 1,706.00 US dollars paid on 31 October 2024 corresponds to a confirmed transfer of 1,706 USDT on the Tron network dated 2 November 2024, status SUCCESS. Verified payouts therefore span two separate years.
E13A sweep of the major regulator warning and alert lists, searching the brand, both domains and both legal entities, produced no warning, no alert entry, no enforcement action and no fraud-related court record naming this operation.
StrongWarning and alert list sweep across the major regulatorsE14The company claims no licence at all. There is no licence number anywhere on the site, no regulator badge, no borrowed credentials and no imitation of a regulated firm, so the most common deception mechanic in this sector is absent.
E15Combat Capital Markets LLC, identification code 404698788, is recorded on Georgia's Register of Entrepreneurs as a limited liability company with status active. The corporate identity behind the earlier brokerage site is real and still standing.
E16The predecessor domain has unbroken archive coverage from June 2022 to April 2025 and the current domain from May 2024 to June 2026. There is no parked gap, no recycled unrelated business and no hidden earlier brand.
E17traderscombat.com was registered on 30 March 2022 and combatcapitalmarkets.com on 21 November 2023. The advertised history of serving traders since 2023 with a three year payout record is therefore supported rather than inflated.
E18The company answers negative reviews publicly and specifically, including replying to a reviewer who called it a scam by posting the blockchain record of that trader's own 2,865 US dollar profit payment.
E19The predecessor site describes itself as an Iranian prop firm and already names Combat Capital Markets as its exclusive broker, and traderscombat.com now redirects openly to the current Farsi site. The rebrand is disclosed rather than concealed.
E20The prop model is correctly disclosed: challenge accounts are stated to be simulated and not traded with real money, and programme fees are stated to be service fees that are not deposits and not client funds.
The other side
The strongest case in this broker’s favour.
The case for Combat Capital Markets, put as fairly as we can.
- It is honest about the one thing firms in this position usually lie about. The site says plainly that it is not regulated, and it is correct that Saint Lucia issues no forex or CFD licence, so nothing is being concealed.
- It pays. Two published payout certificates reconcile exactly against confirmed transfers on the Tron network in two different years, and independent Persian language review sites report that profit payments arrive as promised.
- It has a real, continuous history. The predecessor domain has archive coverage from June 2022 and the current one from May 2024, with no parked gap, no recycled content and no hidden earlier brand. The rebrand from TradersCombat was openly reported by third parties.
- Its age claim is true. Plenty of firms in this sector advertise a history the records do not support. This one claims slightly less than it can evidence.
- Its corporate identity is real and disclosed. Both companies appear on public registers: Combat Capital Markets LTD. on the Saint Lucia International Business Companies register, and Combat Capital Markets LLC on Georgia's national register, shown as active.
- Ownership is not hidden. The founder and chief executive is named on the company's own pages and posts publicly under his own name, which is unusual in this part of the market.
- The product is correctly described. Challenge accounts are disclosed as simulated and programme fees are disclosed as service fees rather than deposits, which is the accurate description of a prop model.
- It answers criticism specifically rather than burying it. In one case it replied to a reviewer who called it a scam by posting the blockchain record of that trader's own profit payment.
- Most of the negative feedback is the ordinary argument traders have with every prop firm: the rules are strict and the conditions were not what they hoped for. That is a product dispute, not a theft.
What would change this
What we would need to see to revise the verdict.
What would move this assessment in either direction.
- Worse, immediately: a warning or alert entry from any regulator naming combatcapitalmarkets.com, traderscombat.com, Combat Capital Markets Ltd. or Combat Capital Markets LLC would be decisive on its own.
- Worse: three or more specific, independent reports across separate platforms of profit payments refused, accounts closed while holding a balance, or balances deleted. A single credible demand for a tax, fee or verification payment before release would change the verdict by itself.
- Worse: payout certificates that stop reconciling against the blockchain, or the certificate page going quiet while traders report unpaid balances.
- Worse: the contracting entity moving to yet another jurisdiction without explanation, or the Saint Lucia company being struck off while plans remain on sale.
- Better: a licence from a real supervisor, verifiable on that regulator's own register, held by the entity that actually handles the money. That is the one thing missing and nothing else substitutes for it.
- Better: client funds held with a named, regulated third party under a published segregation arrangement instead of on the firm's own wallets.
- Better: an independently audited payout record, and a restored Trustpilot rating once the review manipulation is resolved.
- Better: a plain statement of which legal entity contracts with traders, which one executes the trades, and what became of the Georgian company.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
Saint Lucia International Business Companies register
Search Combat Capital to see the Saint Lucia company on the IBC register.
Saint Lucia FSRA: what the Authority licenses
The regulator's own list of the sectors it supervises. Forex and CFD dealing is not among them.
Saint Lucia FSRA money services register
An example of a real Saint Lucia register, so you can see what the Authority actually licenses.
Georgia, Register of Entrepreneurs
Enter identification code 404698788 to see the Georgian company and its current status.
Trustpilot page for the predecessor brand
Where the rating was withdrawn for a guidelines breach, with the review history still readable.
Blockchain record of one published payout
The Tron network's own record of the 10,635 USDT transfer shown on the company's certificate page.
The company's payout certificates
The payout records the company publishes, each carrying a blockchain transaction id you can check.
Frequently asked questions
Quick answers about this broker’s safety.
Is Combat Capital Markets a scam?
Not on the evidence we found. There is no regulator warning against it, no enforcement action, and we independently confirmed two of its published payouts on the blockchain. What we can say is that it is completely unlicensed, so we rate it high risk at 51 percent. The danger here is the absence of any supervisor or safety net, not a proven theft.
Is Combat Capital Markets a fraud?
We found no evidence of fraud. No regulator has warned about this firm, no authority has brought an enforcement action against it, and there is no fraud-related court record naming either of its companies or either of its domains. It also does not do the thing most fraudulent brokers do, which is to claim a licence it does not hold.
Is Combat Capital Markets regulated?
No. It holds no licence from any financial regulator. The company states this itself in its own website footer, saying it is not regulated by Saint Lucia's Financial Services Regulatory Authority. That is accurate, because Saint Lucia does not license forex or CFD business at all, so there is no licence available and no register to check.
What does being registered in Saint Lucia actually give me?
Nothing in the way of protection. Combat Capital Markets Ltd. is an International Business Company, number 2026-00419, and we confirmed it exists on the Saint Lucia IBC register. That only means the company exists on paper. It is not a licence, it involves no check on how the firm handles your money, and it carries no compensation scheme.
Can I withdraw my money from Combat Capital Markets?
The evidence says payouts do happen. The firm publishes payout certificates with blockchain transaction ids, and we verified two of them: 10,635 USDT confirmed on 9 November 2025 and 1,706 USDT confirmed on 2 November 2024. Independent Persian language review sites also report that profit payments arrive. Nothing guarantees that continues, and there is no regulator to complain to if it stops.
Is my money safe with Combat Capital Markets?
There is no legal protection on it. No supervisor requires this firm to segregate client funds, no compensation scheme covers a failure, and no ombudsman will hear a dispute. Payments move by USDT on Tron and BNB Chain and through Iranian gateways, so there is no card chargeback route either. Treat any amount you send as money you could lose in full.
Who owns Combat Capital Markets?
Reza Golshahian is named as founder and chief executive on the company's own About page, and independent reviews name him as well. That is more disclosure than most firms at this end of the market offer. The corporate side is Combat Capital Markets Ltd. in Saint Lucia, with an older Georgian company, Combat Capital Markets LLC, identification code 404698788, still recorded as active.
How old is Combat Capital Markets?
The operation has been publicly visible for about four and a half years. Its predecessor domain traderscombat.com was registered in March 2022 and has archive coverage from June 2022, and combatcapitalmarkets.com was registered in November 2023. The figure is an upper bound, because neither operating company could be dated precisely from the registers.
Is Combat Capital Markets the same company as TradersCombat?
Yes. The firm traded as TradersCombat and rebranded during 2025. traderscombat.com now redirects straight to the Farsi section of combatcapitalmarkets.com, the founder is the same, and the 2024 TradersCombat site already named Combat Capital Markets as its in-house broker. The rebrand was openly reported by independent reviewers.
Why has its Trustpilot rating disappeared?
Trustpilot has withdrawn the rating for a breach of its guidelines and states that it removed a number of fake reviews. The reviews themselves are still readable: 191 in total, 71 percent five star and 18 percent one star. Because of the manipulation finding, treat the positive volume as unreliable and read the specific negative reviews instead.
Is Combat Capital Markets a clone of another broker?
No. We found no sign of impersonation. It does not display another firm's licence number, does not borrow a regulated company's name or registered address, and no regulator has published a clone warning naming it. Its brand, domains and registered companies all line up with each other.
What do people actually complain about?
Trading conditions, not missing money. The recurring themes are spreads widening, slippage, stop-outs around midnight, a 2 percent daily profit cap and rules that are hard to satisfy. One trader reported paying for a plan that was not provisioned, and the firm answered publicly and delivered the account. We found no pattern of refused withdrawals.
Is it a prop firm or a broker?
Both, on its own account. The site sells prop challenges on simulated accounts, and the footer also states that the company provides forex and CFD brokerage. In November 2024 this same domain ran a full retail forex and CFD brokerage under the Georgian company. Neither side of the business holds a licence.
What should I check before paying anything?
Read the plan rules, especially the daily profit cap and the loss limits, and screenshot them. Confirm which legal entity your contract names. Keep every payment receipt and transaction hash. Check your own payout certificate on the blockchain rather than trusting the page. And size your commitment to the challenge fee, never more.
What we recommend
The practical takeaway from everything above.
What we would tell someone considering this firm.
- Treat anything you send as money you could lose in full, with no regulator to appeal to. There is no supervisor, no compensation scheme and no ombudsman behind this operation.
- If you live in the EU, note that the restricted list no longer excludes Europe while the firm holds no authorisation in any EU state, so you would have no local protection whatsoever.
- Keep any commitment to the size of a challenge fee. This is not a place to hold capital.
- Save everything: the plan terms as they stood when you bought, payment receipts, transaction hashes, support tickets and your account statements. On crypto rails that record is your only leverage.
- Verify your own payout on the blockchain rather than taking the certificate page at face value. The transaction ids are published and anyone can check them.
- Read the daily profit cap and loss rules before paying. The recurring complaint is that the rules bite harder in practice than they look, and that is a risk you can assess in advance.
- Do not rely on star ratings for this firm. The rating on the main review platform has been withdrawn for a guidelines breach, so the volume there is not a safe signal in either direction.
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 October 4, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
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