Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighHolds one confirmed active Vanuatu dealer licence covering the money-holding entity, which caps this dimension, but two regulators caution against the domain and three of five advertised credentials do not survive a register check.
Identity & transparency
7/10 · HighEntities, ACN, ABN and registered address are disclosed accurately, yet an advertised licence is recorded to a differently named company, a sibling brand cross-claims the same numbers, and one listed group domain does not resolve.
Withdrawals & conduct
8/10 · CriticalFund-integrity pattern meeting all four tests across two platforms with named amounts and a common date, unanswered by the company, though deposits were returned and no advance-fee demand is attributable to this operation.
Reputation
7/10 · HighTrustpilot 2.2 out of 5 from 16 reviews with 63 per cent one star and no replies to negative reviews, plus two regulator cautions, offset by a positive score on one aggregator and verifiable trading infrastructure.
Website claims
8/10 · CriticalA Multi Licensed panel of five authorities where one licence belongs to another company and two are company registrations, alongside unverifiable claims of 3 million clients and 500 billion US dollars monthly volume against a 16-review footprint.
Operational history
3/10 · LowVerified track record of about nine years, with the domain registered in 2017 and in continuous use, the oldest group company dating to 1999 and the first licence to 2004; only the client-facing Vanuatu entity is recent.
Who they are
A quick desk file on the company behind the brand.
- Brand: DecodeFX, part of a group also trading as Decode Global and Decode Capital.
- Legal entity taking client money: Decode Global Limited, an international company incorporated in Vanuatu, company number 700415.
- Registered: Govant Building, 1st Floor, Kumul Highway, PO Box 1276, Port Vila, Vanuatu.
- Australian affiliate: Decode Capital Pty Ltd, ACN 066 066 911, ABN 68 066 066 911, holder of AFSL 246796.
- Website: decodefx.com, registered November 2017 and in continuous use since at least August 2018.
- Only licence that covers DecodeFX clients: Vanuatu Financial Services Commission, Class A, B and C dealer licence, active.
- Also advertised: ASIC 246796, FSCA FSP 55001, FSC Mauritius GB25204877, St Vincent FSA 25431BC 2019.
- Offers: CFDs on forex, metals, energies, indices, crypto and shares, over 1,000 products, MetaTrader 4 and 5, live server DecodeGlobalLimited-Live, minimum deposit from 100 US dollars, funding by bank wire, USDT and local payment partners.
- Not accepted: residents of the United States, Australia, Canada and North Korea.
- Age claim: over 22 years of market experience, plus 3 million clients, 500 billion US dollars monthly volume and 1 billion US dollars 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.
Four findings drive the rating. Each is on a primary source we opened.
- Two regulators name the exact website. The Alberta Securities Commission added Decode Global Limited to its Investment Caution List on 3 January 2024, recording that decodefx.com is the associated website and that the firm is not registered to trade in or advise on securities or derivatives in Alberta. Quebec's Autorite des marches financiers issued its own alert on 14 February 2024 stating that Decode Global Limited (decodefx.com) is not registered with the AMF and is not authorised to solicit investors in Quebec. Both name the operating entity and the anchor domain, so neither can be dismissed as a case of mistaken identity. Read them precisely: these are non-registration cautions, not findings of fraud.
- An advertised licence belongs to another company. The homepage licence panel lists FSCA, South Africa, FSP License No. 55001. Searching that number on the FSCA register returns one holder, BIFU MARKETS (PTY) LTD. A name search for Decode on the same register returns zero results. Bifu is not a stranger: its own site publishes the identical credential set, including the Vanuatu number 700415 that the Vanuatu register assigns to Decode Global Limited, and it serves assets from a Decode-branded content host. So the two brands appear to be commonly run and to pool credentials. That is a shared-group arrangement rather than impersonation of an unrelated firm, but it does not make FSP 55001 this broker's licence, and a client checking the South African register will not find Decode.
- Two more entries are company paperwork presented as regulation. St Vincent 25431BC 2019 is a Business Company registration number. The St Vincent regulator issues no forex or brokerage licences, and its own guidance on Business Companies states that such a company cannot carry on any activity requiring a licence unless one has been granted, listing no forex category. The Mauritius entry, GB25204877, carries the prefix used for Global Business licences, which authorise a corporate form rather than dealing in securities, and the Mauritius licensee register returns no result for Decode. Presenting both under the heading Multi Licensed, beside national flags, invites a reader to count five regulators where there is one.
- A specific, repeated payout pattern. On Trustpilot the profile stands at 2.2 out of 5 from 16 reviews, 63 per cent of them one star, with no company replies to negative reviews. Three reviewers describe the same mechanism in August 2026: a profit made during an FOMC news release is removed as non-compliant trading and only the original deposit is released. They give amounts of 413, 1,325.49 and 1,379.47 US dollars and a common adjustment date of 31 July 2026, and one reports that support stopped issuing ticket numbers. Earlier reviewers describe balances erased and withdrawals not processed. A second review platform independently records withdrawals pending for weeks and accounts restricted or locked when a payout is requested. Same failure, one time window, two platforms, checkable figures: all four pattern tests are met.
Set against that, the Vanuatu licence is real. We read the entry ourselves: 25 April 2023, company number 700415, DECODE GLOBAL LIMITED, classes A, B and C, status Active. The Australian affiliate is real too, and Australia's business registry confirms Decode Capital Pty Ltd with the exact ACN the site publishes, active since 1 November 1999. The operation has roughly nine years of continuous web presence and a live MetaTrader server. This is a functioning brokerage, not an empty shell, and we assess the risk of fraud as elevated rather than established.
One report often attached to this brand does not belong to it. A 2023 account describing a stranger's wrong-number message, a 10,000 US dollar loss and a demand for a 39 per cent asset tax before withdrawal names the website decodesfx.com. That is a separate domain, registered in July 2023 through a different registrar and now lapsed. We have excluded it. Several other lookalike sites trade on this brand, and DecodeFX is the party being copied there.
Evidence ledger
Every finding, with its source and how strongly it points.
E1The Vanuatu Financial Services Commission Financial Dealers Licensee List records: date of licence 25-Apr-23, company number 700415, DECODE GLOBAL LIMITED, class of licence A, B, C, status Active. This is the licence covering the entity that holds client funds.
E2The Alberta Securities Commission Investment Caution List entry for DECODE GLOBAL LIMITED, added 3 January 2024, states that the following website has been associated with Decode Global Limited: decodefx.com, and that the firm is not registered to trade in or advise on securities or derivatives in Alberta.
E3The Canadian Securities Administrators investor alert records an alert issued by the Autorite des marches financiers dated 14 February 2024: Decode Global Limited (decodefx.com) is not registered with the AMF and is not authorized to solicit investors in Quebec. Other business name used: DecodeFX. Purported base of operation is given as Port Vila, Vanuatu.
E4Searching FSP number 55001 on the FSCA authorised financial services provider register returns a single holder, BIFU MARKETS (PTY) LTD, status Authorized. A separate name search for Decode on the same register returns zero results, so no Decode company is an authorised financial services provider in South Africa. The register is searched by number or name and does not produce a shareable result address.
E5The DecodeFX homepage Multi Licensed panel advertises five authorities: ASIC Australia 246796, FSC Mauritius GB25204877, VFSC Vanuatu 700415, FSA St Vincent 25431BC 2019 and FSCA South Africa FSP 55001. The same page claims 3 million global clients, 500 billion US dollars monthly trading volume and 1 billion US dollars in assets under management.
StrongDecodeFX homepageE6The site footer states that DecodeFX is unable to open accounts for or provide services to residents of the United States, Australia, Canada or North Korea, while the same footer advertises Australian Financial Services Licence AFSL 246796 and ASIC regulation. The Australian licence therefore cannot protect any client the broker is willing to accept.
E7Trustpilot shows DecodeFX at 2.2 out of 5 from 16 reviews, distribution 31 per cent five star, 0 per cent four star, 0 per cent three star, 6 per cent two star and 63 per cent one star, flagged as not having replied to negative reviews. Three August 2026 reviewers describe profits of 413, 1,325.49 and 1,379.47 US dollars removed or held after FOMC news trades, with an adjustment of 1,173.39 US dollars dated 31 July 2026 and support ceasing to issue ticket numbers.
E8A second review platform, covering 29 user reviews, records complaints that withdrawal requests remained pending for weeks, that accounts were abruptly restricted or locked when a payout was initiated, and that trading was restricted without a clear or timely explanation from the compliance department. This is the same failure described on Trustpilot, from different users on a different platform.
E9The Bifu trust page states that Bifu is operated by Bifu Markets (Pty) Ltd of Sandton, South Africa, and publicly discloses FSCA FSP 55001, FinCEN MSB 31000307531925, VFSC 700415 and company registration 25431BC 2019. Three of those four identifiers are the same ones DecodeFX advertises, and 700415 is recorded on the Vanuatu register to Decode Global Limited. The page also serves assets from a Decode-branded content host.
StrongBifu trust centre pageE10The Financial Services Commission Mauritius Online Public Register returns no data found for the name Decode across all relevant acts and both the domestic and global business categories, so the advertised Mauritius number cannot be tied to any Decode licensee. The register is searched by name and does not produce a shareable result address.
E11The St Vincent and the Grenadines Financial Services Authority guidance on Business Companies states that such a company cannot carry on any activity for which it requires a licence granted by the Authority unless such a licence has been granted, and lists mutual funds, international banking and international insurance as the licensable categories. No forex or brokerage licence category exists, so 25431BC 2019 is a company registration number rather than a trading licence.
E12The Australian Business Register records DECODE CAPITAL PTY LTD, ABN 68 066 066 911, ACN 066 066 911, an Australian private company with ABN active from 1 November 1999 and GST registered from 1 July 2000, located in New South Wales 2000. This matches the ACN and ABN published in the DecodeFX footer, confirming the Australian affiliate is a real, long-standing company.
E13Registry records show decodefx.com was registered on 7 November 2017 through Cloudflare and runs on Cloudflare nameservers, with expiry in November 2027. The Wayback Machine holds a capture of the site from 5 August 2018, confirming the domain has carried this operation since shortly after registration rather than being an aged domain taken over later.
E14The domain decodesfx.com, named in a 2023 report describing a wrong-number approach, a 10,000 US dollar loss and a demand for a 39 per cent asset tax before withdrawal, is a separate registration created on 21 July 2023 through Hostinger and now in redemption period. It is not one of this broker's domains, so that advance-fee report is excluded from the ledger.
E15The domain decode-group.com, which is listed as one of this broker's websites, was registered on 3 November 2017 and is paid up to November 2028, but it publishes no address records and serves no site. A group domain kept registered without content is a loose end rather than a finding of misconduct.
The other side
The strongest case in this broker’s favour.
The case for DecodeFX, stated as strongly as the evidence allows.
- The core licence is genuine and current. The Vanuatu Financial Services Commission lists Decode Global Limited with an active Class A, B and C dealer licence. That is the entity in the client agreement, so the money-holding company is licensed, not unlicensed.
- The group has a real tier-one licence and a real history. AFSL 246796 was issued on 1 March 2004 with a market-maker authorisation, and the holder, Decode Capital Pty Ltd, is confirmed on Australia's business registry with the same ACN the site discloses. Nothing about that licence is fabricated.
- The age claim holds up. Over 22 years of market experience points back to 2004, which matches the Australian licence date, and the company behind it dates to 1999. This is not a new operation wearing an old founding year.
- It appears to have acted on the Canadian alerts. The site now refuses accounts to residents of Canada, the United States, Australia and North Korea. Excluding the jurisdictions that flagged you is the response a regulator asks for.
- Real infrastructure, and some clients are paid. There is a live MetaTrader server in the broker's own name, over 1,000 instruments, and a reviewer of more than a year's standing who reports deposits and withdrawals running smoothly. Roughly a third of Trustpilot ratings are five star.
- The complaints are about profit adjustments, not stolen deposits. In the three best-documented cases the original capital was released and the disputed sum was the trading profit. Restricting news and latency strategies is a common and sometimes legitimate broker practice. The complaint is that it was applied after the fact and never explained, which is a serious conduct problem but not the same as taking a client's deposit.
- No enforcement action anywhere. We found no regulator penalty, no court judgment and no fraud-related proceeding naming Decode Global Limited or Decode Capital Pty Ltd.
What would change this
What we would need to see to revise the verdict.
Concrete things that would move this rating in either direction.
- Would improve it: DecodeFX removing the FSCA, Mauritius and St Vincent entries from its licence panel, or replacing them with the correct holder names and an honest label saying which are company registrations.
- Would improve it: the FSCA register showing a Decode-named entity as an authorised financial services provider, which would turn FSP 55001 from another company's licence into a group credential a client can verify.
- Would improve it: the Alberta Securities Commission and the AMF removing Decode Global Limited from their caution and alert lists.
- Would improve it: a published, dated explanation of the 31 July 2026 profit adjustments citing the exact clause relied on, plus evidence the affected balances were paid out.
- Would improve it: the company beginning to answer negative reviews and resolving the named cases on the record.
- Would worsen it: any further profit-removal or frozen-payout reports after August 2026, which would turn a bounded episode into a continuing pattern.
- Would worsen it sharply: a demand for any additional payment, described as tax, fee, insurance or verification, before funds are released.
- Would worsen it sharply: the Vanuatu licence lapsing, being suspended or being withdrawn while the site keeps advertising it, or an enforcement action from any regulator.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
Vanuatu Financial Services Commission, Financial Dealers Licensee List
The one licence that covers DecodeFX clients. Look for Decode Global Limited, company number 700415.
Alberta Securities Commission, Investment Caution List entry
Names Decode Global Limited and decodefx.com, added 3 January 2024.
Canadian Securities Administrators investor alert
The AMF Quebec alert of 14 February 2024, naming decodefx.com.
FSCA South Africa, authorised financial services provider search
Enter 55001 in the FSP number box to see which company actually holds that licence.
FSC Mauritius, Online Public Register of licensees
Search the name Decode here. It returns no licensee.
Australian Business Register, Decode Capital Pty Ltd
Confirms the Australian affiliate that holds AFSL 246796, active since 1 November 1999.
Trustpilot reviews for decodefx.com
Where the profit-adjustment and pending-withdrawal reports are posted.
Frequently asked questions
Quick answers about this broker’s safety.
Is DecodeFX a scam?
We rate it high risk rather than an outright scam. It holds one genuine licence, from Vanuatu, and runs a real trading platform. But it advertises four further credentials that do not hold up, two Canadian regulators publicly caution against it by name and website, and traders on two platforms report profits being removed and payouts held. Our rating is 71 out of 100.
Is DecodeFX a fraud?
No regulator or court has made a finding of fraud against Decode Global Limited, and we found no enforcement action, no penalty and no fraud-related court record naming the company. What exists is a pattern of complaints about profits being deleted after news trades and withdrawals then being held, plus two non-registration cautions from Canadian regulators. On that evidence we assess the risk of fraud as elevated, and we say so as our assessment rather than as an established fact.
Is DecodeFX regulated?
Partly. The company that holds your money, Decode Global Limited, holds an active Class A, B and C dealer licence from the Vanuatu Financial Services Commission, granted on 25 April 2023. That is a real licence in a low-tier offshore jurisdiction with no investor compensation scheme. The other four authorities in its licence panel do not cover you.
Is DecodeFX ASIC regulated?
Not for its international clients. AFSL 246796 is genuine but it is held by Decode Capital Pty Ltd, a separate Australian company in the same group, and it was issued in March 2004. DecodeFX does not accept Australian residents at all, so if you can open an account you are not covered by that Australian licence.
Does DecodeFX really hold a South African FSCA licence?
No. The FSCA register shows FSP 55001 in the name of Bifu Markets (Pty) Ltd, and a search for Decode on that register returns no results. Bifu appears to be a related brand that publishes the same set of credentials, but the licence is not recorded to any Decode company, so a South African client cannot verify Decode on their own regulator's register.
What about the St Vincent and Mauritius licences?
Neither is a trading licence. The St Vincent number 25431BC 2019 is a Business Company registration, and the St Vincent regulator does not issue forex or brokerage licences. The Mauritius number GB25204877 uses the prefix for a Global Business licence, which authorises a company structure rather than dealing in securities, and the Mauritius register returns no Decode licensee.
Can I withdraw my money from DecodeFX?
Many clients do, including one reviewer of over a year's standing who reports smooth deposits and withdrawals. But several others report otherwise. Three traders describe profits from trades held through the FOMC release on 31 July 2026 being removed as non-compliant trading, with only their original deposit released, and a second platform records withdrawals pending for weeks and accounts restricted when a payout is requested.
Is my money safe with DecodeFX?
A Vanuatu dealer licence carries no compensation scheme and no statutory payout if the firm fails, so recovery depends on the company itself. Combined with the documented profit adjustments and payout delays, we would not place money there that you cannot afford to lose access to.
Who owns DecodeFX and where is it based?
The brand is operated by Decode Global Limited, incorporated in Vanuatu under company number 700415, at the Govant Building, Kumul Highway, Port Vila. Quebec's regulator records Port Vila as its base of operation. A related Australian company, Decode Capital Pty Ltd, holds the group's ASIC licence, and marketing often presents the business as Sydney-based.
How old is DecodeFX?
About nine years as an operating website. The domain decodefx.com was registered in November 2017 and has been in continuous use since at least August 2018. The oldest company in the group dates to 1999 and the Australian licence to 2004, which supports the 22-year experience claim, but the Vanuatu entity that actually serves clients has only been licensed since April 2023.
Why do two Canadian regulators list DecodeFX?
The Alberta Securities Commission added Decode Global Limited to its Investment Caution List on 3 January 2024, naming decodefx.com and noting the firm is not registered to trade or advise in Alberta. Quebec's AMF issued a similar alert on 14 February 2024. Both are warnings about soliciting residents without local registration, not findings of theft. The site now refuses Canadian clients.
Is DecodeFX a clone of another broker?
No, and it is more often the target. This is the genuine operation behind the brand. Several lookalike sites copy it, including decodesfx.com, a separate domain registered in July 2023 and now lapsed, which was used in a pig-butchering approach that demanded a 39 per cent asset tax before withdrawal. That report is not attributable to DecodeFX.
What should I check before depositing with any broker like this?
Take each licence number in the marketing and search it on that regulator's own register, then check the holder name matches the company in your client agreement. Confirm which entity your contract names and which country it is in. Then search the exact domain, not the brand, on review platforms, because clones share the brand but not the domain.
What can I do if DecodeFX has withheld my funds?
Put the complaint in writing to the company with dates, amounts and ticket numbers, and keep screenshots of your balance before and after any adjustment. Escalate to the Vanuatu Financial Services Commission as the licensing authority, and to your own national regulator if you were approached locally. Never pay any fee, tax or charge asked of you in order to release your own money.
What we recommend
The practical takeaway from everything above.
Our advice for anyone considering DecodeFX.
- Do not treat this as an ASIC-regulated broker. If you are not in Australia you are a client of the Vanuatu company, and the Australian licence gives you nothing.
- Verify the licence panel yourself before depositing. Only the Vanuatu entry survives a check. The links below go straight to the registers.
- If you already trade there, withdraw in small amounts and keep records. Note dates, ticket numbers and screenshots of your balance before and after any adjustment.
- Read the news-trading and profit-adjustment terms before you place a trade. The documented disputes all arose from positions held through a scheduled release.
- Never pay a fee to release your own funds. No legitimate broker requires it.
- If your money is held, escalate in writing to the Vanuatu Financial Services Commission as the licensing authority, and to your own national regulator if you were solicited locally.
- For our own records: the profile status should move off regulated. The accurate description is offshore, because the only licence covering these clients is the Vanuatu one. We suggest a re-check in 30 days, and an escalation to a harder status if further payout reports appear.
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 September 8, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.