Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighNo trading licence anywhere. The only credential is an SVG company registration, and the Bank of Russia, the RBI and Ukraine's NSSMC list FreshForex websites as unauthorised.
Identity & transparency
5/10 · ModerateRiston Capital Ltd. is disclosed and confirmed on the SVG register and an LEI record. Only a registered agent's address is given, owners are undisclosed, and a Belize company with the same name is unexplained.
Withdrawals & conduct
6/10 · HighA specific, multi-platform pattern of profits removed and withdrawals cancelled under bonus rules and clause 4.2(n), offset by many reports of fast payouts and a broker that replies.
Reputation
6/10 · HighMixed: Trustpilot 3.7 from 102 reviews, split 46% five-star and 38% one-star, with bursts of short praise, plus three regulator warnings.
Website claims
5/10 · ModerateNo false licence claim, but the 2004 founding date is not evidenced, bonuses are tied to deposits and trading volume, and Russia and India are missing from its excluded-country list.
Operational history
6/10 · HighVerified long history: operator domain from 2006 with a forex site archived in 2008, freshforex.com since 2009 and the contracting company since 2012.
Who they are
A quick desk file on the company behind the brand.
- Brand: FreshForex
- Legal entity: Riston Capital Ltd., Business Company no. 20623 (shown as 20623 BC 2012). The Saint Vincent and the Grenadines FSA register lists it as active, incorporated 29 August 2012. LEI 529900P2YU290KPBWB59.
- Registered: Suite 305, Griffith Corporate Centre, Beachmont, P.O. Box 1510, Kingstown, Saint Vincent and the Grenadines, care of its registered agent Wilfred Services Ltd.
- Website: freshforex.com, with the client area at myfreshforex.com and the alternate domains freshforex.org and freshforex.cn
- Only licence: none. The SVG registration is a company registration, not a trading licence.
- Offers: forex, metals, indices, shares and crypto CFDs on MetaTrader 4, MetaTrader 5 and a web terminal. Leverage goes up to 1:2000, with deposit bonuses, a no-deposit bonus and cashback.
- Not accepted: its August 2025 list excludes 32 places, including the United States, China, Hong Kong, Indonesia, Ukraine and Saint Vincent and the Grenadines itself. Russia and India are not on it.
- Age claim: a 21-year history from 2004. The earliest verifiable trace is the operator's domain ristoncapital.com (July 2006), then freshforex.com (July 2009).
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.
Financial Services Authority of Saint Vincent and the Grenadines
Why we reached this verdict
How the evidence adds up.
We rate FreshForex a likely scam for two reasons. It takes deposits with no licence anywhere, and three national regulators have flagged its own websites. The complaint record adds a consistent pattern of profits being removed.
- No licence. Riston Capital Ltd. is a Business Company on the Saint Vincent and the Grenadines FSA register (no. 20623, active since 29 August 2012). The FSA says it does not issue forex or broker licences, so no regulator supervises how FreshForex handles client money.
- Regulator warnings that name its domains. Since 1 June 2021 the Bank of Russia has listed Fresh Forex for signs of acting as an illegal professional securities market participant. The entry names 54 domains, including freshforex.com, freshforex.org and myfreshforex.com, and was last updated on 14 April 2026. The Reserve Bank of India's Alert List, updated 19 November 2025, includes FreshForex at freshforex.com. IOSCO's I-SCAN shows a 7 March 2024 alert about freshforex.org from Ukraine's National Securities and Stock Market Commission.
- Profits cancelled. Most one-star Trustpilot reviews from May 2024 to November 2026 describe the same problem: profits of 25 to 1,250 US dollars removed, or withdrawals cancelled. The broker's replies cite clause 4.2(n) of its client agreement, clause 4.12 of its trading regulations or its bonus rules. The complaints are specific and appear on more than one platform. They are spread out over time, not a sudden freeze.
- Bonus terms that are hard to cash. To keep no-deposit bonus profit, a client must deposit at least the same amount within seven days. The saved profit can then be withdrawn only after one closed lot for each small unit of credit within 30 days.
- Serving countries whose regulators object. In March 2024 its legal page said it does not register clients from Russia. Its August 2025 excluded-country list leaves out both Russia and India.
- The score. Our six dimension scores average 5.9 out of 10 (59%). Under our scoring, a regulator warning that names the broker's own website sets a minimum of 70%, so the published figure is 70%.
Evidence ledger
Every finding, with its source and how strongly it points.
E1Since 1 June 2021 the Bank of Russia warning list has carried Fresh Forex for signs of acting as an illegal professional securities market participant. The entry names 54 domains, including freshforex.com, freshforex.org, myfreshforex.com and freshforex.ru, 22 Russian city sites and a run of mirror domains. It was last updated on 14 April 2026.
Hard proofBank of Russia warning listE2The Reserve Bank of India Alert List, updated 19 November 2025, includes FreshForex at https://freshforex.com as entry 85. The list covers entities authorised neither to deal in forex under FEMA nor to run an electronic trading platform for forex. It also names brokers licensed elsewhere, such as eToro and Forex.com, so it shows a lack of Indian authorisation rather than a fraud finding.
Hard proofReserve Bank of India Alert ListE3IOSCO's I-SCAN alerts database shows a warning against FRESHFOREX at freshforex.org from Ukraine's National Securities and Stock Market Commission, dated 7 March 2024.
Hard proofIOSCO I-SCAN (Ukraine NSSMC alert)E4A search for Riston on the SVG Financial Services Authority entity register returns Riston Capital Ltd., no. 20623, BC-Business Company, Active, incorporated 29 August 2012, registered agent Wilfred Services Ltd. This matches the company and number in the FreshForex footer. The register has no page per company and must be searched by name.
ModerateSVG FSA Entity Name SearchE5A public notice from the SVG Financial Services Authority states that the Authority does not issue forex or broker licences. It also says the FSA does not regulate Business Companies or LLCs that trade or broker forex, so the FreshForex registration carries no trading supervision. The notice itself concerns a different firm.
ModerateSVG FSA public noticeE6The GLEIF record for LEI 529900P2YU290KPBWB59 lists Riston Capital Ltd., registered as 20623 BC 2012 in Saint Vincent and the Grenadines, with entity status active. It gives the same Griffith Corporate Centre address, care of Wilfred Services Ltd., and the next renewal is due on 11 December 2026.
ModerateGLEIF LEI recordE7The FreshForex homepage, as archived on 5 January 2026, names Riston Capital Ltd (20623 BC 2012) and its Kingstown registered address and makes no licence claim. It advertises a 21-year history, leverage up to 1:2000, a +101% trading bonus and withdrawals of 92% of requests within 15 minutes.
E8Registry data shows freshforex.com registered on 9 July 2009, freshforex.org on 4 July 2012 and myfreshforex.com on 13 May 2014, all with the same registrar and the same pair of name servers. An archived February 2009 copy shows freshforex.com was a parked page before the current registration.
E9ristoncapital.com was registered on 12 July 2006 with the same registrar and name servers as the FreshForex domains. An archived copy from 31 January 2008 shows a forex dealing site for Riston Capital LTD offering MetaTrader 4 and 1:500 leverage. This is the earliest independent trace of the operator.
E10The site's 2004 founding date and 21-year history could not be evidenced. The earliest independent trace is the operator's 2006 domain; the brand domain dates from July 2009 and the contracting company from August 2012.
E11One complaint dominates Trustpilot's one-star reviews of freshforex.com from May 2024 to November 2026: profits removed or withdrawals cancelled, with amounts from 25 to 1,250 US dollars and an account number in one case. The broker's replies cite clause 4.2(n) of the client agreement, clause 4.12 of the trading regulations or its bonus rules. About five other one-star reviews concern support or the app.
E12Trustpilot shows 102 reviews for freshforex.com and a 3.7 TrustScore, split 46% five-star and 38% one-star with few in between. FreshForex replied to 83% of negative reviews. Recent five-star reviews are mostly short and generic and arrive in bursts, for example four within ten days in early September 2026.
ModerateTrustpilotE13forex-ratings.com lists 150 FreshForex reviews averaging 4.0. Its ten most recent reviews, from December 2025 to September 2026, all report normal or fast withdrawals, though most are brief.
E14FreshForex's no-deposit bonus FAQ, archived on 17 May 2025, says bonus profit is kept only if the client deposits at least the same amount within seven days. The saved profit can then be withdrawn only after one closed lot per 0.0010 ETH of credit within 30 days, and withdrawing earlier deducts it.
E15FreshForex's excluded-country list, archived on 10 August 2025, names 32 places but not Russia or India. Its legal page, archived in March 2024, said it does not register clients from Russia, and both countries' central banks list FreshForex as unauthorised.
E16A search of the FCA register for freshforex returned no firm, and IOSCO's I-SCAN holds no alert naming Riston Capital.
WeakFCA registerE17OpenCorporates shows a Belize international business company called RISTON CAPITAL LTD. (no. 52440) as inactive. Latvia's company register shows a Riston Capital Ltd. representative office registered in 2014 and liquidated in 2016. Neither is named on the FreshForex site, and their link to the current operator is unconfirmed.
E18The archived homepage links to official MetaQuotes downloads for MetaTrader 4 and 5 and to a web terminal at trade.freshforex.com. This fits a real trading operation rather than a fake platform.
The other side
The strongest case in this broker’s favour.
There is a real case that FreshForex is an aggressive offshore broker rather than a theft operation, and readers should weigh it.
- A long, traceable history. The operator's domain ristoncapital.com was registered in July 2006 and showed a MetaTrader forex dealing site by January 2008. freshforex.com has been in use since 2009 and the current company since 2012. Short-lived scam brands rarely last this long.
- Honest company disclosure. The footer gives the real company, its registration number and its address, and the site does not claim a licence it lacks. The SVG register and an active LEI record confirm the company.
- Many clients get paid. Nearly half of 102 Trustpilot reviews are five-star, and several describe withdrawals arriving within hours. forex-ratings.com shows 150 reviews averaging 4.0.
- It answers complaints. FreshForex replied to 83% of negative Trustpilot reviews and cited specific clauses. In at least one recent case a later withdrawal went through.
- The warnings are about authorisation, not fraud. The Russian, Indian and Ukrainian notices say FreshForex is not authorised locally. The Indian list also names well-known brokers licensed elsewhere, such as eToro and Forex.com. We found no court or regulator finding of fraud against Riston Capital Ltd.
- Most disputes involve bonuses. The cancelled profits mostly come from bonus accounts or from trades the broker says broke published rules. Its replies say clients' own deposits stay withdrawable.
What would change this
What we would need to see to revise the verdict.
The rating would move on concrete evidence, not on marketing.
- Lower risk: a genuine dealing licence for Riston Capital Ltd. from a recognised regulator, checkable on that regulator's public register.
- Lower risk: FreshForex dropped from the Bank of Russia, Reserve Bank of India and Ukrainian lists, or clearly refusing clients from those countries.
- Lower risk: bonus and trade-cancellation terms rewritten so profits cannot be removed after the fact, followed by a lasting fall in such complaints.
- Higher risk: clients asked to pay a fee, tax or extra deposit to release their own money, a sudden cluster of frozen withdrawals, or a regulator enforcement action for fraud.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
Bank of Russia warning list: Fresh Forex
Warning entry listing freshforex.com, freshforex.org, myfreshforex.com and other FreshForex domains
Reserve Bank of India Alert List
List of unauthorised forex platforms; FreshForex is entry 85 with freshforex.com
IOSCO I-SCAN search: freshforex
Shows the Ukrainian regulator's 7 March 2024 alert on freshforex.org
SVG FSA Entity Name Search
Type Riston Capital in the search box to see the company record, which is a registration, not a licence
SVG FSA notice on forex licences
States that the FSA does not issue forex or broker licences; the notice itself concerns another firm
LEI record: Riston Capital Ltd.
Legal entity identifier record for the operating company
Trustpilot reviews of freshforex.com
Client reviews, including one-star reports of cancelled profits
Frequently asked questions
Quick answers about this broker’s safety.
Is FreshForex a scam?
In our assessment FreshForex is a likely scam, which here means high risk rather than proven theft. It holds no trading licence, and the Bank of Russia, the Reserve Bank of India and Ukraine's securities regulator list its websites as unauthorised. Clients repeatedly report profits cancelled under bonus or trading rules, while many others report normal, fast withdrawals.
Is FreshForex a fraud?
We found no court ruling or regulator finding of fraud against FreshForex or its operator, Riston Capital Ltd. The regulators that have acted describe unauthorised activity in their countries. We still assess the risk of losing money with this broker as high, because no regulator supervises how it handles client funds or disputes.
Is FreshForex regulated?
No. Its operator, Riston Capital Ltd., is a Business Company registered in Saint Vincent and the Grenadines under no. 20623 (shown as 20623 BC 2012). The Financial Services Authority there registers companies but says it does not issue forex or broker licences. The registration therefore brings no trading supervision and no compensation scheme.
Who owns and operates FreshForex?
The website names Riston Capital Ltd., registered at Suite 305, Griffith Corporate Centre, Kingstown, care of its registered agent Wilfred Services Ltd. The SVG register lists the company as active since 29 August 2012, and it holds LEI 529900P2YU290KPBWB59. Its owners are not disclosed.
Where is FreshForex based?
Legally in Saint Vincent and the Grenadines, where the contracting company is incorporated. The address it gives is a corporate service provider's office, and the site does not say where its staff work. Saint Vincent and the Grenadines is itself on the broker's list of countries it does not serve.
Can I withdraw money from FreshForex?
Many clients say withdrawals arrive within hours. A steady minority report withdrawals cancelled and profits removed, usually after trading with a bonus or after the broker decided a trade broke clause 4.2(n) of its client agreement. The broker's replies say clients' own deposits stay withdrawable in those cases, but profits are at risk.
Why does FreshForex cancel profits?
In its public replies FreshForex cites three sets of rules: clause 4.2(n) of its client agreement, which bans strategies that could lose more than the account balance; clause 4.12 of its trading regulations; and its bonus rules. These terms let it reverse trades after the fact. Read them before you trade, especially on a bonus account.
Is the FreshForex no-deposit bonus worth taking?
Be careful. Profit made with the no-deposit bonus is kept only if you deposit at least the same amount within seven days. It can be withdrawn only after heavy trading volume within 30 days. Several one-star reviews describe bonus profits removed even after a deposit was made.
Which regulators have warned about FreshForex?
The Bank of Russia has listed Fresh Forex since 1 June 2021, naming freshforex.com, freshforex.org, myfreshforex.com and dozens of other domains; the entry was last updated on 14 April 2026. The Reserve Bank of India's Alert List includes FreshForex at freshforex.com. IOSCO's I-SCAN shows a 7 March 2024 alert about freshforex.org from Ukraine's National Securities and Stock Market Commission.
Does FreshForex accept clients from Russia or India?
In March 2024 its legal page said it does not register clients from Russia. Its excluded-country list from August 2025 does not mention Russia or India. The central banks of both countries list FreshForex as unauthorised, so residents of either country should be especially cautious.
Is FreshForex a clone of another broker?
No. The footer, the company register and the LEI record all point to the same company, Riston Capital Ltd., and its main domains share one registrar and setup. We found no sign that FreshForex uses another firm's licence or identity.
How long has FreshForex been operating?
FreshForex claims a history going back to 2004, which we could not confirm. The earliest independent trace is the operator's domain ristoncapital.com, registered in July 2006, which showed a forex dealing site by January 2008. freshforex.com dates from July 2009 and the current company from August 2012, which gives at least 14 years of verified operation.
Is my money safe with FreshForex?
Your money has no regulatory protection. No regulator checks how client funds are held, and there is no compensation scheme or ombudsman. Leverage of up to 1:2000 also means losses can come very fast, so only deposit money you can afford to lose.
What should I check before depositing with FreshForex?
Check whether your own regulator has warned about FreshForex, and read the trade-cancellation clauses and bonus terms. Make a small test withdrawal first. Pay with a method that allows chargebacks, and keep screenshots of trades, balances and support replies.
What can I do if FreshForex refuses my withdrawal?
Ask support in writing for the exact clause and trade numbers behind the decision, and keep every reply. If you paid by card, ask your bank about a chargeback, and report the case to your national financial regulator. Ignore anyone who offers to recover your money for an upfront fee; recovery offers are a common follow-up scam.
What we recommend
The practical takeaway from everything above.
If you are considering FreshForex, treat it as an unlicensed broker with no safety net.
- Check your own regulator's warning list first. Russia, India and Ukraine have already flagged FreshForex.
- Turn down bonuses, including the no-deposit bonus. Read clause 4.2(n) of the client agreement and the trading regulations before you trade.
- Start with a small deposit and make a test withdrawal before adding more.
- Pay with a card or method that offers chargebacks. Avoid crypto deposits if you might need to dispute a payment.
- Keep screenshots of your balance, trade history and every support reply.
- If a withdrawal is refused, ask in writing for the clause and trade numbers. Then contact your card issuer and report the case to your national regulator. Ignore anyone offering to recover funds for an upfront fee.
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 November 7, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
What traders say about FreshForex
Comments on FreshForex are posted on its profile
Nobody has commented on FreshForex yet. If you have traded with them, your experience helps the next reader decide.
Write the first comment