Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighOne genuine but low-tier Vanuatu dealer licence covers client funds, which caps this score, but three regulators have published warnings and three of the five advertised authorities do not cover this operation.
Identity & transparency
6/10 · HighBoth legal entities, the Vanuatu company number and the Australian ABN are disclosed, yet the homepage licence list names no holder for three of five entries, no verification links are published, and the Trustpilot profile describes the firm as Sydney based.
Withdrawals & conduct
7/10 · HighFund-integrity reports on two platforms describe the same mechanism of profits cancelled as non-compliant and withdrawals withheld, with amounts and dates, set against a handful of clients reporting normal payouts and no replies to negative reviews.
Reputation
7/10 · HighTrustpilot shows 2.3 out of 5 from 15 reviews with 60 percent one star and no responses to negatives, alongside warning notices from regulators in Canada and Japan.
Website claims
8/10 · CriticalOver 22 years of experience, 3 million clients and $500 billion monthly volume are advertised against a 2017 domain and a 2023 licence, and a company registration, an absent Mauritius number and another firm's FSP number are all displayed as licences.
Operational history
6/10 · HighRoughly nine years of continuous domain history from November 2017 and an Australian group company active since 1999 are genuine and count in the broker's favour, though the licensed brokerage itself dates only from April 2023.
Who they are
A quick desk file on the company behind the brand.
- Brand: DecodeFX, trading at decodefx.com since November 2017.
- Legal entity holding client money: Decode Global Limited, an international company registered in Vanuatu under number 700415.
- Second entity: Decode Capital Pty Ltd, Australia, ABN 68 066 066 911 and ACN 066 066 911, which holds the Australian licence but does not serve DecodeFX clients.
- Registered: Port Vila, Vanuatu. The Japanese notice records three Port Vila addresses, including Govant Building, PO Box 1276, 1st Floor, Kumul Highway.
- Website: decodefx.com, with the client portal at secure.decodefx.com.
- Only licence covering client funds: Vanuatu Financial Services Commission dealer licence 700415, classes A, B and C, active since 25 April 2023.
- Offers: forex, indices, gold, energies, crypto and share CFDs on MetaTrader 4, MetaTrader 5 and its own app, from a $100 minimum, with leverage up to 1:500.
- Deposits: bank wire, Alipay, USDT and Bitcoin.
- Not accepted: residents of the United States, Australia, Canada and North Korea.
- Age claim: the About page advertises over 22 years of market experience, 3 million clients, $500 billion monthly volume and $1 billion under management.
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
Vanuatu Financial Services Commission
Australian Securities and Investments Commission
Financial Sector Conduct Authority
Financial Services Commission Mauritius
Financial Services Authority, St Vincent and the Grenadines
Why we reached this verdict
How the evidence adds up.
Three governments have put this operation on the record, and the client reports describe money that did not come back. That combination is what drives the verdict.
- Three regulator warnings, three countries. Quebec's AMF published on 14 February 2024 that Decode Global Limited (decodefx.com) is not registered with it and is not authorised to solicit investors in Quebec, listing Port Vila, Vanuatu as the base of operation and DecodeFX as the other business name used. The Alberta Securities Commission added the company to its Investment Caution List on 3 January 2024 and named decodefx.com. On 25 September 2025 Japan's Kanto Local Finance Bureau issued a formal warning to Decode Global Limited for soliciting over-the-counter derivatives online without registration, noting that the service it provides is called DecodeFX. All three name this exact operation, not a similarly named firm.
- The homepage licence list is padded. The homepage shows five authorities under the heading Multi Licensed. Only one of them, the Vanuatu dealer licence 700415, covers the company that holds client money, and Vanuatu is a low-tier jurisdiction with no compensation scheme. The Mauritius number GB25204877 returns nothing for any Decode entity on the Financial Services Commission's own register of licensees, and a GB-prefixed Mauritius number is a global business company authorisation rather than an investment dealer licence. The Saint Vincent entry, 25431BC 2019, is a business company registration number, and the Saint Vincent authority does not license forex dealing. The South African FSP number 55001 is registered to Bifu Markets (Pty) Ltd, a different company.
- The Australian licence does not cover anyone who trades here. AFSL 246796 is genuine, issued on 1 March 2004 to Decode Capital Pty Ltd, and carries broad authorisations. But DecodeFX states in its own footer that it cannot open accounts for residents of Australia. A tier-one badge sits on the homepage for clients who can never be protected by it.
- Clients describe profits being taken back. On Trustpilot the brand holds 2.3 out of 5 from 15 reviews, 60 percent of them one star, and it does not reply to negative reviews. One trader in June 2026 describes a $30,000 deposit growing to $72,528.12, the gains then refused as a rule breach, the principal recorded as repaid but never received, and the account blocked. The same trader says the company asked for negative reviews to be removed and a release agreement signed before the remaining funds would move. In August 2026 another trader describes a $413 profit from a trade around the FOMC announcement being deducted in full as 'non-compliant trading', with no specific rule or evidence identified. A separate complaint board carries a report of funds stuck showing 'processing'. Same mechanism, different users, more than one platform, with amounts and dates attached.
- The history on the website does not match the history on the record. The About page advertises over 22 years of market experience, 3 million clients and $500 billion in monthly volume. The main domain was registered in November 2017, the Vanuatu dealer licence was granted in April 2023, and the brand has 15 reviews on Trustpilot. The only 22-year-old asset in the group is the Australian licence held by the entity that does not serve these clients.
- What we did not find. No clone of another broker, no fabricated licence number, no demand for an extra payment to release funds, and no enforcement action or court judgment for fraud against this entity. The operation is a real brokerage with a real platform, which is why we stop short of calling the case closed.
Evidence ledger
Every finding, with its source and how strongly it points.
E1Quebec's Autorite des marches financiers published on 14 February 2024 that Decode Global Limited (decodefx.com) is not registered with it and is not authorised to solicit investors in Quebec, giving Port Vila, Vanuatu as the base of operation and DecodeFX as the other business name used. The domain matches this broker exactly.
E2The Alberta Securities Commission added Decode Global Limited to its Investment Caution List on 3 January 2024, stating that the website decodefx.com is associated with the company and that it is not registered to trade in or advise on securities or derivatives in Alberta.
E3Japan's Kanto Local Finance Bureau issued a formal warning on 25 September 2025 against Decode Global Limited for soliciting over-the-counter derivatives transactions over the internet without registration, recording three Port Vila addresses including Govant Building, PO Box 1276, Kumul Highway, and noting that the service provided is named DecodeFX.
E4The Vanuatu Financial Services Commission's published list of financial dealers licensees records DECODE GLOBAL LIMITED under number 700415 with classes A, B and C, status Active, issued 25 April 2023. The licensed name matches the company named in the broker's own client-facing regulatory statement.
E5Australian Financial Services Licence 246796 is genuine and active, issued on 1 March 2004 to Decode Capital Pty Ltd, and authorises advising on and dealing in derivatives and foreign exchange contracts and making a market in them for retail and wholesale clients.
E6A name search for Decode on the Mauritius Financial Services Commission's online public register of licensees returns no data. A control search on the same form returned a current investment dealer entry, confirming the register is searchable and responsive. No Decode entity holds a Mauritius licence on that register.
E7South African FSP licence number 55001, shown on the DecodeFX homepage, is published as the licence of Bifu Markets (Pty) Ltd on that firm's own trust page, alongside the same Vanuatu number 700415 and the same Saint Vincent registration 25431BC 2019. The FSP is therefore registered to a different legal entity from the one that holds DecodeFX client funds.
E8Trustpilot shows 2.3 out of 5 from 15 reviews for decodefx.com, 60 percent of them one star, with the company not replying to negative reviews. A June 2026 trader describes a $30,000 deposit reaching $72,528.12, the gains refused as a rule breach, the principal recorded as repaid but never received, the account blocked, and a request to remove negative reviews and sign a release before the remaining funds would move. An August 2026 trader describes a $413 profit from an FOMC trade deducted in full as 'non-compliant trading' with no rule or evidence identified.
E9The main domain decodefx.com was created on 7 November 2017, the group domain decode-group.com on 3 November 2017 and decodeex.com on 4 May 2022. The oldest domain gives the brand roughly nine years of presence, which is far short of the 22 years of market experience advertised on the About page.
E10The broker's own About page advertises over 22 years of market experience, more than 3 million global clients, over $500 billion in monthly trading volume and over $1 billion in assets under management. The brand has 15 reviews on Trustpilot and a dealer licence granted in April 2023.
StrongDecodeFX About Us pageE11The homepage displays five authorities under the heading Multi Licensed: ASIC 246796, FSC Mauritius GB25204877, VFSC 700415, Saint Vincent FSA 25431BC 2019 and FSCA FSP 55001. No holder is named for the Mauritius, Saint Vincent or South African entries, and no verification link to any regulator's register is published.
E12The broker's own regulatory statement says it cannot open accounts for or provide services to residents of the United States, Australia, Canada or North Korea, and that services provided by Decode Capital Pty Ltd are limited to the scope authorised under its licence. The Australian licence is therefore displayed to clients who cannot be served by the Australian entity.
E13The Australian Business Register records DECODE CAPITAL PTY LTD, ABN 68 066 066 911, ACN 066 066 911, as an active Australian private company with an ABN active from 1 November 1999 and a main business location in New South Wales. The Australian arm of the group is a long-established real company.
ModerateAustralian Business Register
The other side
The strongest case in this broker’s favour.
The case against this broker is serious, but several things genuinely count in its favour and a fair reading has to state them.
- The Vanuatu licence is real. Decode Global Limited appears on the Vanuatu Financial Services Commission's own published list of financial dealers licensees under number 700415, with classes A, B and C and a status of Active, granted on 25 April 2023. The name on the register matches the company named in the client agreement exactly. This is not a borrowed or invented number.
- The Australian licence is real too. AFSL 246796 has existed since 1 March 2004 and authorises dealing in and making a market for foreign exchange contracts and derivatives. Decode Capital Pty Ltd has an Australian Business Number active since November 1999. This is a long-standing licensed Australian company, not a paper shell created last year.
- The three warnings are about registration, not theft. None of the three notices alleges that client money was stolen. Each says the company is not registered in that jurisdiction. Offshore brokers accumulate these notices routinely, and DecodeFX now excludes Canadian and Australian residents from its service, which is what a firm responding to those notices would do.
- The disclosure is better than most. The footer states that DecodeFX is a brand name and that services may be provided by different legal entities, names the Vanuatu company number, the Australian ABN and ACN, and warns that holding a licence is not a regulator's endorsement. Many worse operations hide all of this.
- There is a real platform and a real track record. The main domain has run continuously since November 2017, the brand offers MetaTrader 4 and MetaTrader 5, and a client in April 2026 reports more than a year of smooth deposits and withdrawals. Roughly a third of the Trustpilot reviews are five star.
- The complaint sample is small. Fifteen reviews is a thin base on which to call a pattern, and traders who increase position size and then lose a dispute over news trading are not always right. News-trading restrictions are a legitimate and common term in offshore CFD contracts.
What would change this
What we would need to see to revise the verdict.
Specific, checkable things would move this verdict in either direction.
- Toward safer: Quebec, Alberta and Japan removing their notices, or the company publishing a registration in those jurisdictions.
- The Mauritius Financial Services Commission's register of licensees showing an investment dealer licence for a Decode entity under number GB25204877.
- The homepage dropping the Saint Vincent company number and the South African FSP number from its licence list, or naming the holder of each so a reader can see which entity holds what.
- The June 2026 trader confirming the $30,000 principal and the disputed gains were paid, or the company publishing the specific rule and trade data behind the news-trading adjustments.
- The company replying to negative reviews and resolving them publicly, and a year passing without a new fund-access complaint.
- The About page figures being brought into line with what can be evidenced, or the group publishing audited numbers supporting 3 million clients and $500 billion in monthly volume.
- Toward worse: a fourth regulator warning, an enforcement action, a licence suspension at the Vanuatu commission, or a cluster of new reports of blocked accounts holding balances.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
Vanuatu Financial Services Commission: financial dealers licensee list
The only register that covers the company holding client money. Shows Decode Global Limited, number 700415, Active.
Autorite des marches financiers (Quebec) investor alert
Published 14 February 2024, naming decodefx.com as not authorised to solicit investors in Quebec.
Alberta Securities Commission Investment Caution List
Added 3 January 2024, associating the website decodefx.com with Decode Global Limited.
Kanto Local Finance Bureau (Japan) warning notice
Formal warning of 25 September 2025 for unregistered solicitation, recording the service name DecodeFX.
ASIC professional registers: AFSL 246796
The Australian licence, held by Decode Capital Pty Ltd, which does not serve DecodeFX clients.
Mauritius Financial Services Commission online public register
Searching the licensee register for Decode returns no entity. Use the Name field to check for yourself.
Australian Business Register: ABN 68 066 066 911
Confirms Decode Capital Pty Ltd as an active Australian company since November 1999.
DecodeFX licences and regulation page
The broker's own regulatory statement, naming the Vanuatu and Australian entities.
Trustpilot reviews for decodefx.com
15 reviews, 2.3 out of 5, with the fund-access complaints quoted in this report.
Frequently asked questions
Quick answers about this broker’s safety.
Is DecodeFX a scam?
We rate DecodeFX as high risk rather than a confirmed scam. It holds a genuine Vanuatu dealer licence and runs a real trading platform, so it is not a fake broker. But three regulators have published warnings about it, several clients report profits being cancelled and withdrawals withheld, and three of the five licences shown on its homepage do not belong to the company that holds your money.
Is DecodeFX a fraud?
No court or regulator has found DecodeFX guilty of fraud, and we found no enforcement action or fraud-related court record naming the entity. On the evidence we gathered, we assess the risk of fraud as high. The reasons are the three regulator warnings for unregistered solicitation, the padded licence display, and client reports of money not being returned.
Is DecodeFX regulated?
Partly. Decode Global Limited holds a Class A, B and C dealer licence from the Vanuatu Financial Services Commission, number 700415, active since 25 April 2023. That is the only licence covering the company that holds client funds, and Vanuatu is a low-tier jurisdiction. The Australian, Mauritian, Saint Vincent and South African entries shown on the website do not cover your account.
Does DecodeFX really have an ASIC licence?
AFSL 246796 is real and has existed since 1 March 2004, but it is held by Decode Capital Pty Ltd, a separate Australian company. DecodeFX states in its own footer that it cannot open accounts for residents of Australia, so no DecodeFX trading client is covered by that licence or by Australian investor protections.
Why do regulators warn about DecodeFX?
Quebec's AMF published on 14 February 2024 that Decode Global Limited and decodefx.com are not registered with it and not authorised to solicit investors in Quebec. The Alberta Securities Commission added the firm to its Investment Caution List on 3 January 2024. Japan's Kanto Local Finance Bureau issued a formal warning on 25 September 2025 for soliciting derivatives online without registration. All three concern operating without local registration.
Can I withdraw my money from DecodeFX?
Some clients withdraw without trouble, and one reviewer reports more than a year of smooth deposits and withdrawals. Others do not. Traders describe profits being deducted as 'non-compliant trading' after news events, withdrawals left pending, and in one June 2026 case a $30,000 deposit recorded as repaid but never received, with the account blocked.
What is the 'non-compliant trading' rule traders complain about?
Clients say DecodeFX cancels gains made around news releases such as the FOMC announcement, describing them as non-compliant, and releases only the original deposit. Two traders report asking which specific rule they broke and which trade was flagged, and receiving only general explanations. Read the news-trading and abusive-trading clauses in the client agreement before you trade.
Is my money safe with DecodeFX?
There is no compensation scheme behind a Vanuatu dealer licence, so if the company fails or refuses to pay there is no fund to reimburse you. That is true of any Vanuatu-licensed broker. Here it is compounded by the reports of balances being adjusted and accounts blocked, so treat any money you deposit as fully at risk.
Who owns DecodeFX and where is it based?
The contracting company is Decode Global Limited, registered in Vanuatu under number 700415 and based in Port Vila. A related Australian company, Decode Capital Pty Ltd, holds the Australian licence. The brand's Trustpilot profile describes the company as based in Sydney, Australia, which does not match the Vanuatu company that actually holds client funds.
How old is DecodeFX really?
The main website decodefx.com was registered in November 2017, so the brand has roughly nine years of continuous presence. The Vanuatu dealer licence dates from April 2023. The About page advertises over 22 years of market experience, which reflects the age of the Australian licence held by the entity that does not serve these clients, not the age of the broker you would trade with.
Is DecodeFX a clone of another broker?
No. We found no evidence that DecodeFX copies another firm's identity. The Vanuatu licence number resolves to Decode Global Limited itself, the brand has run on the same domain since 2017, and no regulator has described it as a clone firm.
What does the South African FSP 55001 licence on the website mean?
FSP number 55001 is registered to Bifu Markets (Pty) Ltd, which is a different company from Decode Global Limited and Decode Capital Pty Ltd. Showing it in a row headed Multi Licensed without naming the holder suggests South African oversight of DecodeFX accounts, which is not the case.
What should I check before depositing with any broker?
Search the licence number on the regulator's own register, not the broker's website, and confirm the entity named there is the same one named in the client agreement you will sign. Check whether your own national regulator has published a warning. Then test a small deposit and a withdrawal before committing more.
What should I do if DecodeFX will not release my funds?
Put the complaint in writing to the company and keep every reply. File a complaint with the Vanuatu Financial Services Commission citing licence 700415, and with the regulator in your own country. Keep your order history, account statements and payment records. Be wary of anyone offering to recover your money for an upfront fee, and do not sign a release or delete a review in exchange for your own funds without advice.
Scan history
How this broker’s safety assessment has changed across scans.
What changed since September 8, 2026
Since the last scan the broker's own licence display is unchanged, with the same five authorities shown on the homepage, but two input facts have moved.
- Japan's Kanto Local Finance Bureau issued a formal warning to Decode Global Limited on 25 September 2025 for unregistered online solicitation of over-the-counter derivatives, recording DecodeFX as the service name. This is a new regulator notice, additional to the Canadian ones already on record.
- The holder of South African FSP number 55001 is now established as Bifu Markets (Pty) Ltd, a different legal entity from the two Decode companies. The previous record carried that licence as confirmed for this operation.
- The Mauritius claim GB25204877 remains unconfirmed: no entity named Decode appears on the Mauritius Financial Services Commission's register of licensees.
- October 18, 2026CurrentLikely scam78% risk
- September 8, 2026Likely scam71% risk
Past scans are archived snapshots kept for transparency and are not indexed by search engines.
What we recommend
The practical takeaway from everything above.
Treat this as a high-risk broker and assume that money you send may be difficult to get back.
- Do not deposit funds you cannot afford to lose. The Vanuatu licence carries no compensation scheme and no deposit protection.
- If you are in Canada, Quebec or Japan, note that your own regulator has already published a notice about this operation.
- Read the news-trading and 'non-compliant trading' clauses in the client agreement before you place a trade, and keep your own order records and statements.
- Withdraw profits promptly and in small amounts rather than letting a balance build.
- Do not sign a release agreement or delete a complaint in exchange for the release of your own funds without taking independent advice first.
- If you already have funds held, file a written complaint with the Vanuatu Financial Services Commission citing licence 700415, and with your own national regulator, keeping copies of every message.
- Be careful with anyone who contacts you offering to recover losses for an upfront fee. That is a common follow-up scam aimed at people who have already lost money.
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 18, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
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