Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighHolds a genuine but low-tier Mauritius FSC Investment Dealer licence in a sibling entity, yet leads with a near-worthless Comoros MISA registration and carries a 2024 UAE regulator warning for unlicensed activity.
Identity & transparency
7/10 · HighEntity and address are disclosed, but the About, Legal and Deposits pages are dead, the deposit-taking entity differs from the licensed one, and the UAE-restricted claim contradicts the firm's own Dubai marketing.
Withdrawals & conduct
8/10 · CriticalA consistent, multi-platform fund-integrity pattern: deposits taken then withdrawals blocked or frozen, with specific amounts and account-manager pressure to deposit more; the company does not respond.
Reputation
8/10 · CriticalTrustScore 1.6 of 5 from 194 reviews, corroborating Reddit and review-site accounts, plus a UAE regulator warning; reputation is overwhelmingly negative.
Website claims
7/10 · HighFronts a worthless offshore registration as being Regulated, shows unverifiable awards and a Dubai Police certificate, and hides the genuine licence held by its sibling entity.
Operational history
4/10 · ModerateDomains date to January 2022, about four and a half years; the licensed Mauritius entity is newer, 2024, and the site is a thin shell with broken core pages.
Who they are
A quick desk file on the company behind the brand.
- Brand: Kanak Capital Markets
- Legal entity: Kanak Capital Markets LLC (Comoros); a sibling company, Kanak Capital Markets Global Ltd (Mauritius), holds the trading licence
- Registered: Bonovo Road, Fomboni, Island of Moheli, Comoros Union (a Mwali registrar address); marketing presence in Dubai
- Website: kanakmarkets.com, with a client portal and former main site at kanakcapitalmarkets.com
- Licence shown to clients: a Comoros MISA registration, number T2022152, from a body that is not a recognised regulator
- Genuine licence: a Mauritius FSC Investment Dealer licence dated 29 August 2024, held by the sibling entity, not by the Comoros company that takes deposits
- Offers: CFDs on forex, indices, stocks, commodities and metals on MT5; minimum deposits of 2,500, 5,000 and 50,000 US dollars
- Not accepted: the UAE, the US and sanctioned or FATF-blacklisted countries, per the site
- Age claim: domains registered in January 2022, about four and a half years of history; no older trading history is evidenced
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
Mwali International Services Authority (MISA), Comoros
Found by our investigation (1) — the broker does not list these on its own site
Financial Services Commission (FSC), Mauritius
Found by us — not listed by the broker
Why we reached this verdict
How the evidence adds up.
We rate Kanak Capital Markets a likely scam, built on a withdrawal-trap pattern rather than a single document. The score reflects both the conduct and one mitigating fact: a genuine, if weak, offshore licence.
- Clients report their money does not come back. Across Trustpilot (1.6 of 5, 194 reviews) and corroborating Reddit and review-site accounts, the same mechanism recurs: deposits accepted, then withdrawals blocked, delayed or frozen, with specific sums such as 308,000 and 21,000 US dollars and 8,000 dirhams, and managers urging further deposits to recover losses.
- A regulator has warned against it. The UAE Capital Market Authority (formerly the SCA) warned on 4 September 2024 that Kanak Capital Markets holds no licence from the Authority, after the firm marketed in Dubai.
- The regulated entity is not the one that holds your money. The real Investment Dealer licence sits with Kanak Capital Markets Global Ltd in Mauritius, while the website names the Comoros company, which has only the disavowed MISA registration, as the operator.
- The site oversells and under-documents. It is titled a Regulated Online Trading Platform on the strength of a worthless Comoros registration, displays unverifiable awards and a Dubai Police certificate, and its About, Legal and Deposits pages do not load.
- What holds the score below the top band: the Mauritius FSC licence is genuine and a real MT5 trading operation exists, so this is not a pure fabrication or a clone of another firm.
Note on operating history: the 4.7-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.
E1The UAE regulator (the Securities and Commodities Authority, now the Capital Market Authority) lists KANAK CAPITAL MARKETS in its public warnings, stating the named company has no licence from the Authority to provide regulated financial services; published 4 September 2024.
E2194 reviews, TrustScore 1.6 of 5, with about 67 percent rated one star. The dominant one-star theme is deposits taken and withdrawals then blocked or frozen, with specific amounts such as 308,000 and 21,000 US dollars and account-manager pressure to deposit more; the company does not respond to the complaints.
StrongTrustpilotE3The FSC Mauritius register lists Kanak Capital Markets Global Ltd as holding an Investment Dealer (Full Service Dealer excluding Underwriting) licence dated 29 August 2024. This is a genuine, if low-tier, offshore licence, but it is held by a sibling entity rather than by Kanak Capital Markets LLC, the Comoros company the website names as the operator.
E4The site is titled a Regulated Online Trading Platform, and its footer states the operator is Kanak Capital Markets LLC, authorized and regulated by the Mwali International Services Authority of Comoros Union, licence T2022152. MISA is an autonomous-island registrar, not a recognised financial supervisor, and the Comoros central bank has publicly disavowed its licences.
E5The footer links to About, Legal, Risk Disclosure and Deposits and Withdrawals pages, but each returns a not-found error, so clients cannot read the terms that govern their money.
ModerateKanak Capital Markets websiteE6The only genuine licence is held by Kanak Capital Markets Global Ltd in Mauritius, while the website names Kanak Capital Markets LLC in the Comoros, which has only the MISA registration, as the entity that takes client funds. Depositors contract with the entity that has no real supervision.
E7The brand's domains were registered in January 2022 (kanakcapitalmarkets.com on 22 January 2022, kanakmarkets.com on 25 January 2022), giving an operating history of roughly four and a half years.
ModerateDomain registry (RDAP)E8Account tiers require minimum deposits of 2,500, 5,000 and 50,000 US dollars, with a Personal Account Manager on the higher tiers. This matches the recurring complaint that managers pressured clients to deposit more.
ModerateKanak Capital Markets websiteE9The site lists the United Arab Emirates as a restricted region, yet the operation marketed in Dubai, with a Forex Expo Dubai 2024 page, a displayed Dubai Police certificate and a UAE phone number. The restriction reads as a response to the UAE regulator's warning rather than a genuine policy.
ModerateKanak Capital Markets website
The other side
The strongest case in this broker’s favour.
In fairness, several facts point the other way and are the reason this is not rated a confirmed scam.
- Kanak does hold a genuine Mauritius FSC Investment Dealer licence, confirmed on the regulator's own register, which a pure scam usually lacks.
- A real trading platform exists: the firm runs a live MT5 operation rather than only an invented in-house terminal.
- Some reviewers report positive experiences, and at least one says funds were partially recovered after a dispute, so outcomes are not uniformly total losses.
- Offshore licensing and aggressive marketing are, on their own, a risk tier rather than proof of fraud; many weakly regulated brokers operate this way without stealing deposits.
- The UAE warning is a standard unlicensed-entity notice about marketing in the UAE, not a court or enforcement finding of theft.
What would change this
What we would need to see to revise the verdict.
Our view would improve if the money question were resolved in clients' favour.
- A sustained run of specific, verifiable reports that withdrawals are now paid in full and on time, outweighing the current complaints.
- The Mauritius FSC confirming that the Comoros deposit-taking entity is covered by the Investment Dealer licence, and the firm contracting clients through the licensed entity.
- The UAE regulator withdrawing its warning, or the firm genuinely ceasing to solicit where it is not authorised.
- Restoration of real, accessible legal, risk and withdrawal-terms pages that match the licensed entity.
Our view would harden toward a confirmed scam if a regulator or court made a fraud finding, or if an advance-fee demand to release funds were documented.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
FSC Mauritius public register
Search the name Kanak to see the Mauritius Investment Dealer licence held by Kanak Capital Markets Global Ltd.
UAE Capital Market Authority warnings
Search Kanak to read the UAE regulator warning that the firm is not licensed there, published 4 September 2024.
Trustpilot reviews
Client reviews, heavily weighted to withdrawal complaints.
Frequently asked questions
Quick answers about this broker’s safety.
Is Kanak Capital Markets a scam?
We assess it as a likely scam. Clients repeatedly report deposits taken and withdrawals then blocked or frozen, a UAE regulator has warned it is unlicensed there, and the licence shown to customers is a near-worthless Comoros registration.
Is Kanak Capital Markets a fraud?
We cannot state as fact that it commits fraud, because no court or regulator has made that finding. What we can say is that clients report their money is not returned and that we assess the risk of fraud as high. The UAE regulator has publicly warned the firm is not licensed there.
Is Kanak Capital Markets regulated?
Only weakly. A sibling company, Kanak Capital Markets Global Ltd, holds a genuine Mauritius FSC Investment Dealer licence, but the website says client funds are held by a Comoros company that carries only a MISA registration, which is not real financial regulation.
Can I withdraw my money from Kanak Capital Markets?
Many clients say they cannot. The most common complaint is that withdrawals are blocked, delayed indefinitely or frozen, often after a manager urges a further deposit. Treat your deposit as at serious risk.
Is my money safe with Kanak Capital Markets?
We do not consider it safe. The entity that takes deposits is a Comoros company with no meaningful supervision, there is no investor compensation scheme, and the withdrawal-complaint pattern is strong.
Who owns Kanak Capital Markets and where is it based?
It trades as Kanak Capital Markets LLC, incorporated in the Comoros, with a licensed sibling, Kanak Capital Markets Global Ltd, in Mauritius. Its marketing and contact details point to Dubai and a UK phone line. No individual owner is publicly disclosed.
How old is Kanak Capital Markets?
Its websites were registered in January 2022, so the brand is about four and a half years old. The Mauritius licensed entity is newer, dated 2024. There is no evidence of any longer trading history.
What is a MISA licence and is Kanak's licence real?
MISA is a registrar on the autonomous Comoros island of Mwali. It is not a recognised financial supervisor, and the Comoros central bank has disavowed its licences. Kanak shows MISA number T2022152, but even if genuine it offers no real protection.
Did any regulator warn about Kanak Capital Markets?
Yes. The UAE Capital Market Authority, formerly the Securities and Commodities Authority, listed Kanak Capital Markets in its public warnings on 4 September 2024, stating it has no licence from the Authority.
Is Kanak Capital Markets a clone of another broker?
No. It uses its own brand, domains and licences rather than impersonating a regulated firm, so it is not a clone. The problem is its conduct and its reliance on a worthless offshore registration.
What should I do if I was scammed by Kanak Capital Markets?
Stop depositing, request your funds in writing and save all records. Ask your bank about a chargeback or transfer recall quickly. Report the matter to the Financial Services Commission of Mauritius and to your national regulator and police, and avoid upfront-fee recovery offers.
What should I check before depositing with any broker like this?
Confirm the exact entity that will hold your money is itself licensed by a strong regulator, read the withdrawal terms, and search independent reviews for withdrawal complaints. If the deposit entity differs from the licensed one, or the only licence is offshore, treat it as high risk.
What we recommend
The practical takeaway from everything above.
Treat Kanak Capital Markets as high risk and do not deposit.
- Do not send new funds, and ignore any account manager pressing you to top up to unlock a withdrawal or recover a loss.
- If you already deposited, submit a formal written withdrawal request and keep every message, ticket number and transaction record.
- If you paid by card or bank transfer, ask your bank about a chargeback or recall without delay, as these windows close.
- Report your case to the Financial Services Commission of Mauritius, the firm's licensing regulator, and to your own national regulator and police.
- Be wary of anyone who contacts you offering to recover your money for an upfront fee; recovery-fee offers targeting Kanak clients are already circulating.
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 12, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
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