Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
9/10 · CriticalThe genuine CySEC licence 336/17 has been withdrawn and the affiliated Polish payment licence revoked; the firm is barred from providing investment services.
Identity & transparency
4/10 · ModerateThe legal entity is real and disclosed with a matching Cyprus registry record, but CySEC flagged shareholder and board-suitability failures and the group obstructed customer repayment orders.
Withdrawals & conduct
10/10 · CriticalSystematic fund-integrity failure: transfers stuck for months, accounts frozen, and roughly 125 million zloty in reported losses, corroborated by regulators and a criminal case.
Reputation
9/10 · CriticalTrustpilot 1.5 out of 5 with 91 percent one-star reviews across multiple countries, alongside extensive financial-press coverage of the fraud investigation and collapse.
Website claims
7/10 · HighCySEC ordered removal of all references to its licence and supervision; the site now redirects to the collapsed group page, so any lingering regulation claims are misleading.
Operational history
6/10 · HighA genuinely established operation since 2016-2017 with a 2013 domain, but that history ended in collapse and bankruptcy, so longevity offers no reassurance.
Who they are
A quick desk file on the company behind the brand.
Conotoxia was the forex and CFD trading arm of a Polish financial group that also ran the Cinkciarz.pl currency-exchange service.
- Brand: Conotoxia
- Legal entity: Conotoxia Ltd (Cyprus company number 351239), part of the Conotoxia / Cinkciarz.pl group
- Registered: Chrysorroiatissis 11, 3032 Limassol, Cyprus
- Website: conotoxia.com (now redirects to cinkciarz.pl); trading was at forex.conotoxia.com
- Only licence: CySEC 336/17, a genuine EU tier-2 licence that has since been withdrawn
- Offers: forex, CFDs on indices, commodities and crypto, on MetaTrader and cTrader, plus currency exchange and money transfers through the group
- Not accepted: new clients; CySEC ordered it to stop providing investment services
- Age claim: Conotoxia brand from around 2016; the domain dates to 2013 and the group traces back to 2010
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
Cyprus Securities and Exchange Commission (CySEC)
Found by our investigation (1) — the broker does not list these on its own site
Polish Financial Supervision Authority (KNF)
Found by us — not listed by the broker
Why we reached this verdict
How the evidence adds up.
This is a real, formerly-regulated firm that has collapsed, and both the regulators and the courts have acted against it.
- CySEC withdrew the licence. Conotoxia Ltd was suspended on 23 July 2025 and its CIF authorisation 336/17 was withdrawn following a board decision, announced in 2026. CySEC ordered the firm to remove all references to its CySEC regulation and to investigate and resolve every customer complaint.
- The Polish payment arm lost its licence over client money. On 2 October 2024 the KNF revoked the licence of Conotoxia sp. z o.o. for failing to protect funds received from customers.
- Client funds are frozen. Customers across several countries report transfers stuck 'in execution' for months and money that simply vanished. Reported group losses reach around 125 million zloty, and Polish prosecutors blocked hundreds of company bank accounts.
- Criminal fraud case and bankruptcy. Prosecutors in Poland opened a fraud and money-laundering investigation, the group has entered bankruptcy with a court-appointed trustee, and its founder faces charges.
- The site is gone. conotoxia.com now redirects to the cinkciarz.pl holding page; the independent broker no longer operates.
Note on operating history: the 13.0-year track record rests on domain registration alone. No company incorporation date could be established, so this is an upper bound rather than a confirmed age.
Evidence ledger
Every finding, with its source and how strongly it points.
E1CySEC withdrew Conotoxia Ltd's CIF authorisation (licence 336/17): suspended 23 July 2025, board decision to withdraw, announced 2026; CySEC ordered removal of CySEC references and resolution of all customer complaints.
Hard proofCySEC / Finance MagnatesE2CySEC public register lists licence 336/17 for Conotoxia Ltd (company number 351239, Limassol) with status Withdrawn and authorised domains including forex.conotoxia.com and forex.cinkciarz.pl, confirming the identity match to this broker.
Hard proofCySEC registerE3Poland's KNF revoked the licence of the affiliated payment company Conotoxia sp. z o.o. on 2 October 2024 for failing to protect funds received from payment-service users.
Hard proofKNF / Finance MagnatesE4The Conotoxia / Cinkciarz.pl group entered bankruptcy amid a Polish criminal fraud and money-laundering investigation, with reported client losses of about 25 to 30 million US dollars and hundreds of blocked bank accounts.
Hard proofBrokersView / financial pressE5Trustpilot rates conotoxia.com 1.5 out of 5 from 36 reviews, 91 percent one-star, with customers in Britain, Poland, France and the US describing transfers stuck 'in execution' for months and money that vanished, clustered from October 2024.
StrongTrustpilotE6conotoxia.com now redirects to the cinkciarz.pl holding page (title 'Cinkciarz - Historia trwa. Conotoxia - Story Continues'); the independent broker site no longer operates.
ModerateLive site checkE7The domain conotoxia.com was registered on 9 August 2013 and the firm was CySEC-authorised from 11 September 2017, confirming this was a genuinely established operation rather than a fresh clone.
ModerateVerisign RDAP / CySEC
The other side
The strongest case in this broker’s favour.
In fairness to the company, this was not a fly-by-night operation, and some of its own arguments deserve to be stated.
- Conotoxia Ltd genuinely held a real EU licence (CySEC 336/17) from 2017 and operated for years, and client funds were once covered by the Cyprus Investor Compensation Fund.
- The domain dates to 2013 and the group built a large, well-known currency-exchange business, so this was an established brand rather than a fresh clone.
- The company has publicly disputed the KNF's decision and accused the Polish authorities of overreach.
None of this survives the record: a Polish court upheld the KNF decision, CySEC independently withdrew the Cyprus licence, prosecutors expanded fraud charges, and customers still cannot get their money back.
What would change this
What we would need to see to revise the verdict.
Because both licences are gone and money is frozen, very little short of a full reversal would change this verdict.
- CySEC restoring Conotoxia Ltd's authorisation and the KNF reinstating the Polish payment licence.
- Documented, at-scale return of frozen client funds to their owners.
- Polish prosecutors closing the fraud and money-laundering case without charges, and the bankruptcy being lifted.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
CySEC register: Conotoxia Ltd (licence 336/17)
Official register entry showing the licence as withdrawn
CySEC withdraws Conotoxia Ltd licence (news report)
Reports the withdrawal and the reasons
KNF revokes Conotoxia payment licence (news report)
Polish regulator action over client-fund protection
Trustpilot reviews for conotoxia.com
Independent customer reviews, rated 1.5 out of 5
Report on the CySEC suspension and group bankruptcy
Background on the suspension and the wider collapse
Frequently asked questions
Quick answers about this broker’s safety.
Is Conotoxia a scam?
Conotoxia is treated here as a confirmed high-harm case. The Cyprus broker Conotoxia Ltd has had its CySEC licence withdrawn, the affiliated Polish payment company lost its licence for mishandling client funds, and Polish prosecutors are investigating the group for fraud and money laundering while customers cannot withdraw. Do not deposit money with it.
Is Conotoxia regulated?
No longer. Conotoxia Ltd held CySEC licence 336/17, but CySEC suspended it in July 2025 and withdrew it in 2026. The group's Polish payment licence was also revoked by the KNF in October 2024. There is no valid regulation protecting clients now.
Can I withdraw my money from Conotoxia?
Many customers cannot. Reviews and news reports describe transfers stuck for months and accounts frozen since late 2024. The safest route now is to file a claim in the Polish bankruptcy proceedings and report your case to the authorities.
Is my money safe with Conotoxia?
No. Both the Cyprus regulator and the Polish regulator found failures around client money, and the group is in bankruptcy. Reported customer losses run to around 125 million zloty.
Who owns Conotoxia?
Conotoxia was part of a Polish financial group that also ran Cinkciarz.pl, founded by Marcin Pioro. The founder faces fraud-related charges in Poland, and a court-appointed trustee now controls the group's assets.
How old is Conotoxia?
The Conotoxia brand launched around 2016 and the Cyprus broker was licensed in 2017. The domain dates to 2013 and the wider group traces to 2010. It was an established business, which is what makes its collapse so damaging for long-term customers.
What is the CySEC licence 336/17 worth now?
Nothing for protection purposes. It was a genuine EU tier-2 licence, but it has been withdrawn and the firm has been removed from the Cyprus Investor Compensation Fund. A withdrawn licence gives clients no protection.
Is Conotoxia a clone of another broker?
No. This is the real Conotoxia, not an impersonator. The problem is that the genuine firm collapsed and its regulators pulled its licences.
Why does conotoxia.com redirect to cinkciarz.pl?
Conotoxia and Cinkciarz.pl were run by the same group. After the collapse, the Conotoxia site now points to the cinkciarz.pl holding page, which reflects that the independent broker no longer operates.
What should I do if I was scammed by Conotoxia?
Gather all your records, file a claim in the Polish bankruptcy proceedings, and report to the Polish prosecutor's office and your national regulator. Do not pay any 'recovery agent' who promises to get your funds back for an upfront fee, as that is usually a follow-up scam.
Did Conotoxia go bankrupt?
Yes. A creditor filed for bankruptcy, the court transferred control of the group's assets to a trustee in 2025, and liquidation proceedings are underway.
What went wrong at Conotoxia?
Regulators found the firm failed to properly protect client funds and no longer met the conditions of its licences. Withdrawals were frozen, hundreds of bank accounts were blocked by prosecutors, and a criminal fraud and money-laundering investigation followed.
What we recommend
The practical takeaway from everything above.
Treat Conotoxia as unsafe and do not send it any money.
- Do not open an account or deposit; the firm is not authorised to provide investment services.
- If you already have funds with Conotoxia or Cinkciarz.pl, file a claim in the Polish bankruptcy proceedings and keep records of every transaction and message.
- Report your case to the Polish prosecutor's office handling the investigation and to your own national regulator.
- Be very wary of anyone who contacts you offering to 'recover' your Conotoxia money for an upfront fee; recovery-fee approaches are a common second scam.
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 21, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.