Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighThree genuine licences (CySEC 301/16, DFSA F007051, FSA Seychelles SD035), but m4markets.com clients sit with the offshore Seychelles company, and Japan, Malaysia and Indonesia have acted against its unlicensed activity.
Identity & transparency
2/10 · LowAll four group companies are named with their numbers, the Seychelles, Cyprus and Dubai registers tie them to the M4Markets name and domains, and the EU company's former name is disclosed.
Withdrawals & conduct
6/10 · HighAbout 20 clients on two platforms since 2021 report profits cancelled as abusive trading or withdrawals stalled, often with only the deposit returned; the firm replies but rarely resolves the cases.
Reputation
6/10 · HighMixed: Trustpilot 3.0 from 149 reviews (64% five-star, 20% one-star), a moderator-traced fake five-star review on Forex Peace Army, and three regulator actions.
Website claims
6/10 · HighLeads with triple regulation on a site whose clients get only offshore cover, shows magazine award badges and unverifiable user counts, and pairs 1:5000 leverage with terms that let it void profits from trading around news.
Operational history
3/10 · LowVerified since November 2018 and operating continuously since at least 2020; the EU company bought in 2022 carries an FCA intervention and a CySEC settlement from its former owners.
Who they are
A quick desk file on the company behind the brand.
- Brand: M4Markets, a trade name of the ORYX group shared by four companies.
- Legal entity: Trinota Markets (Global) Limited, Seychelles company 8425037-1 (formerly Trinota Markets Limited), serves m4markets.com clients. Harindale Ltd serves the EEA, Oryx Finance Ltd serves the Dubai DIFC, and VHTM Services Limited is a Limassol services company.
- Registered: CT House, Office 9A, Providence, Mahé, Seychelles. The trading office is at JUC Building, Office F4, Providence Zone 18, Mahé.
- Website: m4markets.com, with mirror sites at m4markets.site, m4markets.ms (Japanese) and m4marketsglobal.cn. EU clients use m4markets.eu and DIFC clients use m4markets.ae.
- Licences: FSA Seychelles SD035 (offshore), CySEC 301/16 (EU) and DFSA F007051 (DIFC, matched principal only).
- Offers: CFDs on forex, metals, indices, shares and crypto on MT4 and MT5, leverage up to 1:5000, a 5 USD minimum deposit and a 50% credit bonus up to 10,000 USD.
- Not accepted: residents of the USA, Cuba and North Korea, according to the site footer.
- Age claim: 'a leader in the fintech space since 2019'. The main domain was registered in November 2018, which fits.
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
Seychelles Financial Services Authority (FSA)
Cyprus Securities and Exchange Commission (CySEC)
Dubai Financial Services Authority (DFSA)
Why we reached this verdict
How the evidence adds up.
M4Markets passes the identity test but raises concerns about its conduct and about where it operates. Its licences are real and match its websites, so it is not a clone. The high-risk rating comes from what its offshore arm does.
- The registers match. The FSA Seychelles register lists Trinota Markets (Global) Limited with the trade name M4MARKETS and the website www.m4markets.com. CySEC lists Harindale Ltd, licence 301/16, with the trade name M4Markets and the approved domain www.m4markets.eu. The DFSA lists Oryx Finance Ltd, F007051, trading as M4Markets.
- Global clients get offshore protection. Accounts opened on m4markets.com are held by the Seychelles company. That licence has no compensation scheme and allows leverage up to 1:5000. The CySEC and DFSA licences cover only their own companies' clients.
- Three regulators have acted. Japan's Kanto Local Finance Bureau warned Trinota Markets (Global) Limited on 29 January 2025 for soliciting derivatives trading without registration. Securities Commission Malaysia has listed M4Markets and www.m4markets.com on its Investor Alert List since 2021. Indonesia's Bappebti blocked m4markets.site and the brand's Facebook and Instagram pages between January and May 2025. Japanese, Malay and Indonesian versions of the site are still online.
- One complaint keeps repeating. From 2021 to October 2026, about 20 clients on Trustpilot and Forex Peace Army describe the same sequence: a profitable run, a withdrawal request, then profits cancelled as abusive trading and the account closed. Many give amounts, dates and ticket numbers. Several say only the deposit came back, and a few say nothing has been paid yet.
- The contract allows it. Clauses 15.17 to 15.20 of the client agreement let the firm treat high-leverage trading around news as abuse 'in its own and absolute discretion' and confiscate the profits. The same site advertises 1:5000 leverage and a 50% bonus.
- A fake review. Forex Peace Army moderators traced a five-star review, posted as if from Thailand in 2020, to the same Cyprus IP address used by an M4Markets representative.
- The EU company has a history. Harindale Ltd was ICC Intercertus Capital Ltd, which traded as EverFX and Axiance. In May 2021 the FCA stopped it from doing UK business, and CySEC later settled with it for EUR 100,000. M4Markets bought the company in October 2022, so both actions predate the current owners.
- What we did not find. No borrowed licence, no demand for a fee to release funds, and no regulator or court finding of fraud against M4Markets. The operation is about eight years old, in line with its 'since 2019' claim.
Evidence ledger
Every finding, with its source and how strongly it points.
E1The FSA Seychelles register lists Trinota Markets (Global) Limited as a Securities Dealer with trade name M4MARKETS, website www.m4markets.com, email info@m4markets.com and the JUC Building, Providence address, all matching the broker's own site.
Hard proofSeychelles FSA registerE2CySEC lists Harindale Ltd as an authorised Cyprus Investment Firm: licence 301/16 dated 27 April 2016, company number 346662, approved trade name M4Markets, approved domain www.m4markets.eu and previous name ICC Intercertus Capital Ltd. It may receive and execute orders and deal on own account across the EEA.
Hard proofCySEC registerE3The DFSA register lists Oryx Finance Ltd, a DIFC company trading as M4Markets, reference F007051, licensed on 2 May 2023 with retail and client-asset endorsements, for arranging and dealing in futures on a matched principal basis only.
E4The Cyprus company registry shows Harindale Ltd, HE 346662, registered on 1 September 2015 and still registered, with the previous name ICC Intercertus Capital Limited.
E5m4markets.com was registered on 7 November 2018, consistent with the brand's 'since 2019' claim. A September 2020 copy of the site already names Trinota Markets Limited and FSA licence SD035.
E6On 29 January 2025 the Kanto Local Finance Bureau warned Trinota Markets (Global) Limited, whose service is named M4Markets, for soliciting over-the-counter derivatives trading in Japan over the internet without registration.
E7The Securities Commission Malaysia Investor Alert List names M4Markets with the website www.m4markets.com, listed in 2021 for carrying on unlicensed capital market activities.
E8Indonesia's commodity futures regulator listed www.m4markets.site, secure.m4markets.site, the M4MarketsOfficial Facebook page and the m4markets Instagram account among 225 illegal futures-trading sites it blocked between January and May 2025.
E9Of 149 reviews (score 3.0), 20% are one-star. Most of these describe profits cancelled after the firm called the trading abusive, often after news trades, with only the deposit returned. Examples: 323.32 USD reversed after a CPI trade on 14 October 2026, 7,200 USD withheld in July 2026, and withdrawal transaction 1132258 left pending. The pattern runs from 2021 to October 2026.
E10Different users on a second platform describe the same mechanism: a 543 USD profit cancelled in December 2023, all profits reversed after an account reached about 50,000 USD in May 2023, and a South African client paid about 100 USD of an approved 401 USD withdrawal after a news trade in March 2022.
E11Forex Peace Army moderators found that a five-star review posted as if from Thailand in November 2020 came from the same Cyprus IP address used by M4Markets' representative. The same address was also used to post forum messages posing as a prospective client, and the review's rating was set to zero.
ModerateForex Peace Army moderation noteE12Clauses 15.17 to 15.20 let Trinota treat high-leverage trading from 15 minutes before to 10 minutes after major news as abuse 'in its own and absolute discretion' and confiscate the profits, while the site advertises leverage up to 1:5000 and a 50% credit bonus.
E13The FCA stopped ICC Intercertus Capital Ltd (now Harindale Ltd, the M4Markets EU company) and its EverFX group from UK business. It cited misleading promotions, pressure to invest and failures to let customers withdraw funds. This was under the former owners, before M4Markets bought the company.
ModerateFCA press release, 26 May 2021E14CySEC settled with ICC Intercertus Capital Ltd for EUR 100,000 over possible circumvention of retail CFD restrictions between January 2020 and May 2021, under the company's former owners.
E15Trade press reported in October 2022 that M4Markets bought ICC Intercertus Capital Ltd, the operator of Axiance, and renamed it Harindale Ltd. This explains the EU company's earlier history as a change of ownership.
ModerateFX News Group, 11 Oct 2022E16CySEC warned that m4-platform.com and m4-markets-latam.vercel.app do not belong to an authorised firm. These look-alike sites are not M4Markets domains, so readers should check the web address before depositing.
ModerateCySEC warning, 14 Aug 2026E17A Japanese-language M4Markets site for Trinota Markets (Global) Limited remains live after the Japanese warning. The main site also runs Malay, Indonesian, Thai and other versions, and its footer excludes only the USA, Cuba and North Korea.
E1864% of 149 reviews are five-star, several mention fast withdrawals, and the company has replied to 61% of negative reviews. Trustpilot notes that the firm has not invited reviews recently.
E19Trinota Markets (Global) Limited took over the client accounts of the broker Tixee (Pipbull Limited) in 2023, in an arrangement acknowledged by the FSA Seychelles. One migrated client later reported months of difficulty withdrawing.
E20LEI 2138001OS5PJBHEPBX71 is issued and active for Trinota Markets (Global) Limited, registered as 8425037-1 in Seychelles, with former name Trinota Markets Limited and registered office at CT House, Office 9A, Providence.
WeakGLEIF LEI record
The other side
The strongest case in this broker’s favour.
There is a fair case that M4Markets is an ordinary, if aggressive, offshore broker rather than a scam.
- It holds two tier-2 licences. CySEC and the DFSA both impose capital, audit and client-money rules, and both registers list the firm.
- Its identity is open. Every group company is named with its number, and the registers match the websites and contact details.
- Most complaints concern profits that the firm says came from banned trading styles, and its client agreement does list those rules. Several clients report quick withdrawals, and 64% of its Trustpilot reviews are five-star.
- The Japanese, Malaysian and Indonesian actions are about local licensing, not fraud. Many large offshore brokers appear on the same lists.
- The FCA action against the EU company targeted its former owners, before M4Markets bought it in 2022, and CySEC has kept the licence in force.
What would change this
What we would need to see to revise the verdict.
These developments would move our assessment.
- Lower risk: M4Markets stops serving Japan, Malaysia and Indonesia or gets local licences there, and the warnings are lifted.
- Lower risk: the client agreement narrows the discretionary profit-confiscation clauses, or a full year passes without new payout disputes.
- Higher risk: a regulator action against Trinota Markets (Global) Limited, Harindale Ltd or Oryx Finance Ltd.
- Higher risk: credible reports that deposits, not just profits, are being withheld, or any demand for a fee before a withdrawal is paid.
- Higher risk: CySEC, the DFSA or the FSA Seychelles suspending or withdrawing a licence.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
FSA Seychelles register: Trinota Markets (Global) Limited
Confirms the Securities Dealer licence and the m4markets.com website.
CySEC register: Harindale Ltd (301/16)
Confirms the EU licence, the approved domain m4markets.eu and the former company name.
DFSA register: Oryx Finance Ltd (F007051)
Confirms the Dubai DIFC licence and its matched-principal restriction.
M4Markets licences page
The broker's own list of group licences with links to each register.
Japan FSA warning (Kanto Local Finance Bureau)
Warning of 29 January 2025 for unregistered solicitation in Japan.
Securities Commission Malaysia Investor Alert List
Lists M4Markets and www.m4markets.com since 2021.
M4Markets Client Services Agreement (August 2026)
Clauses 15.17 to 15.20 cover abusive trading and profit confiscation.
Trustpilot reviews of m4markets.com
Client reviews, including the one-star payout disputes.
Frequently asked questions
Quick answers about this broker’s safety.
Is M4Markets a scam?
M4Markets is not a proven scam. Its three licences are genuine and the regulators' registers match its websites. We still rate it high risk, because its offshore arm is on regulator warning lists in Japan, Malaysia and Indonesia and clients have repeatedly reported cancelled profits.
Is M4Markets a fraud?
We have seen no regulator or court finding that M4Markets committed fraud. The regulator actions we found concern unlicensed activity in Japan, Malaysia and Indonesia. A 2021 FCA action involved the EU company's former owners, before M4Markets bought it.
Is M4Markets regulated?
Yes. Harindale Ltd holds CySEC licence 301/16, Oryx Finance Ltd holds DFSA licence F007051, and Trinota Markets (Global) Limited holds FSA Seychelles licence SD035. Each licence covers only its own company and region.
Which company holds my money if I sign up on m4markets.com?
Trinota Markets (Global) Limited in Seychelles, under FSA licence SD035. That is an offshore licence with no investor compensation scheme. CySEC protection applies only to clients of Harindale Ltd on m4markets.eu.
Why have regulators in Japan, Malaysia and Indonesia warned about M4Markets?
They say it offered trading to their residents without a local licence. Japan's Kanto Local Finance Bureau issued a warning on 29 January 2025. Malaysia's Securities Commission has listed M4Markets since 2021, and Indonesia's Bappebti blocked m4markets.site and the brand's social pages in 2025.
Can I withdraw my money from M4Markets?
Several clients report quick withdrawals. However, about 20 clients since 2021 say their profits were cancelled after the firm classed their trading as abusive, often with only the deposit returned, and some say withdrawals stayed pending for weeks or months. Make a small test withdrawal first.
Why does M4Markets cancel some traders' profits?
Its Client Services Agreement lets it treat certain trading styles as abuse, including high-leverage trading around news, arbitrage, exploiting price delays and bonus misuse. Clause 15.18 gives it 'own and absolute discretion' over trading around news. Clause 15.20 lets it confiscate the resulting profits.
Is my money safe with M4Markets?
It depends on which company holds your account. EU clients of Harindale Ltd get CySEC rules and the Investor Compensation Fund. Clients of the Seychelles company get offshore protection only. The firm also advertises segregated accounts and an insurance policy underwritten through Lloyd's, which we could not verify independently.
Who owns M4Markets?
The brand belongs to the ORYX group. Trade press names Deepak Jassal and Theofanis Nakos as the founders. The group bought the Cyprus firm ICC Intercertus Capital Ltd in October 2022 and renamed it Harindale Ltd.
How long has M4Markets been operating?
About eight years. The main domain was registered in November 2018, and the brand says it started in 2019. A 2020 copy of the site shows Trinota Markets Limited operating it under FSA licence SD035.
What is the FSA Seychelles licence worth?
The Seychelles FSA is a real regulator, but an offshore one. Its capital and conduct rules are lighter than those of CySEC or the DFSA, and it has no compensation scheme. It permits the very high leverage that the global site advertises.
Is M4Markets a clone, and are there fake M4Markets websites?
M4Markets itself is not a clone, because its registers match its own domains. However, CySEC warned on 14 August 2026 that m4-platform.com and m4-markets-latam.vercel.app are not authorised. Use only the official domains.
What were EverFX and Axiance, and are they linked to M4Markets?
They were brands of ICC Intercertus Capital Ltd, the Cyprus company M4Markets bought in 2022. In May 2021 the FCA stopped that company from doing UK business over its sales practices and failures to allow withdrawals. CySEC later settled with it for EUR 100,000. Both actions concern the years before M4Markets owned it.
What should I do if M4Markets refuses my withdrawal?
Ask in writing for the exact clause and the evidence, and file a formal complaint under the firm's complaints policy. Then escalate to the regulator of the company that holds your account: the FSA Seychelles, CySEC or the DFSA. Be wary of recovery services that ask for upfront fees.
What we recommend
The practical takeaway from everything above.
If you are considering M4Markets, check which company will hold your money before you deposit.
- EEA residents should use m4markets.eu, run by Harindale Ltd under CySEC rules, including the Investor Compensation Fund for eligible clients. Do not open an offshore account instead.
- If you live in Japan, Malaysia or Indonesia, your regulator has warned about this firm. You would have little local protection.
- Read clauses 15.17 to 15.20 of the Client Services Agreement. Avoid high leverage around major news releases, do not run several accounts, and treat the bonus with caution.
- Start small and make a test withdrawal before trading larger sums.
- Keep statements, trade history and all emails. If a payout is refused, ask in writing for the exact clause and evidence, file a formal complaint, and escalate to the regulator of the company that holds your account.
- Type the address yourself. CySEC has warned that look-alike sites such as m4-platform.com are not authorised.
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 6, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
What traders say about M4Markets
Comments on M4Markets are posted on its profile
Nobody has commented on M4Markets yet. If you have traded with them, your experience helps the next reader decide.
Write the first comment