Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
9/10 · CriticalNo financial licence anywhere while taking deposits; the only registration claimed does not resolve on the official registry.
Identity & transparency
6/10 · HighDiscloses an entity, address and Turkish operation, but the Saint Lucia registration cannot be verified and the money-holding jurisdiction is a weak shell.
Withdrawals & conduct
5/10 · ModerateScattered reports of withdrawal delays, fees to withdraw and blocked accounts, but no dated, cross platform, transaction level pattern was confirmed.
Reputation
6/10 · HighLow ratings and repeated unregulated or avoid flags from review aggregators, though no regulator warning and only a thin verified footprint.
Website claims
5/10 · ModerateModest site with no fabricated tier-1 licence, but it leans on an unverifiable offshore registration and lists offices across several countries.
Operational history
3/10 · LowMain domain verified since 2017 and brand established for years; company entity could not be dated, so age rests on the domain leg.
Who they are
A quick desk file on the company behind the brand.
- Brand: Mishov Forex
- Legal entity: Mishov Markets Ltd
- Registered: Ground Floor, The Sotheby Building, Rodney Village, Rodney Bay, Gros-Islet, Saint Lucia (registration 2023-00616, not found on the registry). A separate Turkish company registration 348377-5 is also cited.
- Website: mishovforex.com (also mishovmarkets.com)
- Only licence: None. No forex or financial licence anywhere.
- Offers: Forex and CFD trading, three account tiers from a 100 USD minimum.
- Not accepted: Residents of Turkiye, UAE and USA.
- Age claim: Trading since about 2017, matching the main domain registration date.
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.
Licences the broker publishes
Registry of Companies and Intellectual Property, Saint Lucia
Why we reached this verdict
How the evidence adds up.
We rate Mishov Forex high risk because it takes client money without any real regulation, and the one registration it leans on cannot be confirmed.
- No regulation. The broker names no financial regulator on its own site. Independent checks against the UK, Dubai and Turkish authorities found no licence. It is an unregulated broker holding client deposits.
- The registration does not resolve. We searched the official Saint Lucia company registry on 2 September 2026 for the entity name and for the number 2023-00616. All searches returned no record. A company registration would not be a trading licence in any case, but here it cannot even be verified.
- Offshore shell over a Turkish operation. The website presents a Saint Lucia entity, while the phone number, headquarters and a Turkish company number point to Istanbul. Client funds sit with an entity in a jurisdiction that gives little practical protection.
- Withdrawal concerns, but unproven. Several reviews mention withdrawal delays, fees to withdraw and blocked accounts. These lack amounts, dates and cross platform corroboration, so we treat them as a warning sign, not confirmed fraud.
There is no regulator alert naming this broker, and no confirmed theft pattern, so we stop short of calling it a scam. But an unregulated, unverifiable operation aimed at retail traders is not safe to trust with money.
Note on operating history: the 9.5-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 broker's own site names Mishov Markets Ltd at a Saint Lucia address, states no regulator or licence, and excludes Turkiye, UAE and USA. This is an admission that it operates unregulated while taking deposits.
StrongMishov Forex websiteE2The official Saint Lucia company registry returned no record for the entity name Mishov, for Mishov Markets, or for the registration number 2023-00616, searched on 2 September 2026.
E3Domain records show mishovforex.com was registered on 20 February 2017 and mishovmarkets.com on 1 April 2020, confirming an established multi-year web presence.
ModerateVerisign RDAPE4Independent broker directories report founding around 2017, an Istanbul headquarters, offices in several cities and a Turkish company number, and confirm no licence was found with the FCA, DFSA or Turkish authorities.
ModerateIndependent broker review sitesE5Reviews mention withdrawal delays, fees charged to withdraw and accounts blocked after withdrawal requests, but without amounts, dates or ticket details; the Trustpilot pages for both domains carry zero reviews.
E6No regulator warning list or IOSCO investor alert naming the broker or its domains was found as of September 2026.
The other side
The strongest case in this broker’s favour.
In fairness to the broker, several points cut the other way.
- The main website has been live since February 2017, and multiple independent sources agree the brand has operated for years. This is not a throwaway domain set up last month.
- The company discloses a legal entity, a registered address, a phone number and a Turkish company number, and lists physical offices. That is more openness than a pure boiler room usually offers.
- No financial regulator has published a warning or alert naming this broker or its domains.
- We did not find a body of detailed, first hand fund theft reports. Much of the negative material comes from generic review sites, and the specific withdrawal complaints lack verifiable detail.
- Operating without a Western licence, on its own, is common for brokers serving Iran and nearby markets that mainstream regulators will not touch, and is a risk tier rather than proof of fraud.
What would change this
What we would need to see to revise the verdict.
Our view would move if new facts appeared.
- Toward safer: a genuine, verifiable licence from a recognised financial regulator, tied to the entity that holds client funds, or a confirmable Saint Lucia registration matching number 2023-00616.
- Toward scam: a regulator warning or alert naming mishovforex.com or Mishov Markets Ltd; or several specific, dated, cross platform reports of withdrawals refused or of extra fees demanded before releasing funds. Any credible demand to pay a tax or fee to unlock a withdrawal would push this to a scam finding.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
Frequently asked questions
Quick answers about this broker’s safety.
Is Mishov Forex a scam?
We did not find proof it is an outright scam, but we rate it high risk. It is unregulated, and the Saint Lucia registration it relies on could not be found on the official registry. Trading here means no regulatory protection for your money.
Is Mishov Forex regulated?
No. It holds no licence from any financial regulator. Checks against UK, Dubai and Turkish authorities found no registration. An unregulated broker has no supervisor to answer to if something goes wrong.
Can I get my money out of Mishov Forex?
Some users report withdrawal delays, fees charged to withdraw and blocked accounts. We could not confirm a clear pattern, but because the broker is unregulated there is no authority to force a payout if it refuses.
Is my money safe with Mishov Forex?
There is no evidence of segregated client accounts or a compensation scheme. With no real regulation, your funds depend entirely on the company's goodwill.
Who owns Mishov Forex?
It is operated as Mishov Markets Ltd, presented as a Saint Lucia company, but the operation appears to run from Istanbul, Turkey, with a Turkish company number also cited.
How old is Mishov Forex?
The main website has been registered since February 2017, and independent sources describe the brand as operating since about 2017. So it is an established operation, not brand new.
What is the Saint Lucia registration worth?
A Saint Lucia company registration is a business registration, not a trading licence, and gives no protection to traders. In this case we could not even locate the number 2023-00616 on the official registry.
Is Mishov Forex a clone of another broker?
No. Mishov is its own brand and does not appear to impersonate a larger regulated firm.
Does Mishov Forex accept clients from my country?
The site says it does not serve residents of Turkiye, UAE and USA. It markets mainly to Persian speaking clients in Iran, Afghanistan and nearby regions.
What should I check before depositing with any broker?
Confirm the licence number on the regulator's own public register, check that the licensed entity is the one holding your funds, read recent withdrawal reviews, and never pay a fee to release your own money.
What do I do if I was scammed by Mishov Forex?
Gather your records, ask your bank or card provider about a chargeback if you paid by card, report the broker to your local financial authority, and post a detailed, factual account on public review sites to warn others.
Why is Mishov Forex rated high risk rather than scam?
It is unregulated and its registration is unverifiable, which is serious. But there is no regulator warning and no confirmed pattern of fund theft, so we stop short of a scam verdict while still urging caution.
Scan history
How this broker’s safety assessment has changed across scans.
What changed since September 2, 2026
- September 2, 2026CurrentHigh risk (unverified)60% risk
- September 2, 2026High risk (unverified)59% 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 Mishov Forex as high risk and do not deposit money you cannot afford to lose.
- Do not send funds expecting regulatory protection. There is none.
- If you already have a balance, try a small withdrawal first and keep records of every request and reply.
- Prefer a broker licensed by a recognised regulator such as the FCA, ASIC or CySEC.
- Be wary of any request to pay a fee, tax or deposit in order to release your own funds.
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 2, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.