Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
9/10 · CriticalNo trading licence from any financial regulator, while taking client deposits for live forex trading. The Saint Lucia company registration is not financial regulation. Scored below the maximum because the broker does not fabricate a licence or claim regulation it lacks.
Identity & transparency
6/10 · HighLegal entity, company number, registered address, Istanbul office, phone and socials are all disclosed, but the company could not be confirmed on any register, the entity appears as both Ltd and LLC across its own systems, and seven claimed international offices are unevidenced.
Withdrawals & conduct
3/10 · LowNo credible fund-integrity complaint found. One vague 2022 comment about a withdrawal left waiting and one about support responsiveness, neither with amounts, dates or ticket references, so the pattern test is not met on any axis.
Reputation
6/10 · HighVery thin footprint: no Trustpilot page for the main domain, zero reviews on the platform domain's page, one positive comment on a broker directory and a poor 3.1 out of 10 from 15 ratings on a Persian review site. No regulator warning anywhere.
Website claims
5/10 · ModerateNo fake regulator badges, no guaranteed-profit language and a clear risk warning, which is better than most unlicensed brokers. Marked down for unevidenced claims of offices in seven cities and marketing language about zero spreads and nine years of experience.
Operational history
3/10 · LowMain domain registered February 2017 with continuous use of one brand and a genuine MetaTrader 5 server, which supports a long history. Held above the cleanest band because no company behind it could be dated on a registry, so the figure is an upper bound.
Who they are
A quick desk file on the company behind the brand.
The desk file, from the company's own pages and our checks:
- Brand: Mishov Forex, also trading as Mishov Markets
- Legal entity: Mishov Markets Ltd
- Registered: Ground Floor, The Sotheby Building, Rodney Village, Rodney Bay, Gros-Islet, Saint Lucia, company number 2023-00616
- Real operations: Istanbul, Turkey. The company gives an Esenyurt, Istanbul business-centre address and Turkish and UAE phone numbers
- Website: mishovforex.com, with a client platform at mishovmarkets.com and a Persian-language section
- Only licence: none. There is a Saint Lucia company registration, which is corporate paperwork rather than a trading licence
- Offers: forex trading on MetaTrader 5, around 45 currency pairs, leverage up to 1:200, plus VPS hosting
- Not accepted: residents of Turkey, the United Arab Emirates and the United States
- Age claim: the company says it started in 2016 in Istanbul, with offices in London, Kabul, Ankara, Denizli, Tbilisi and Dubai
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 this high risk rather than a scam. The reason is an absence of protection, not evidence of theft.
- There is no financial licence. We looked for one under the brand, the company name and the registration number, and found nothing at any regulator. A third-party broker review also reports that checks with the British, Dubai, UAE and Turkish authorities returned nothing. If this firm holds your money and stops returning it, no regulator has the power to make it pay.
- The Saint Lucia registration is not regulation. Saint Lucia does not license retail forex brokers, and a company number there is bought paperwork. It says the company exists. It says nothing about how client money is held.
- We could not confirm the company itself. We searched the Saint Lucia online company registry for both 'Mishov' and the number 2023-00616 and got no result, while the same search tool returned dozens of entries for other terms. Saint Lucia keeps its international business companies in a separate register that is not open to the public, so this is a gap in what we could check rather than proof the company is fake.
- The age figure is an upper bound. The main domain was registered on 20 February 2017 and the platform domain on 1 April 2020, so the web presence is genuinely old. But we could not date any of the companies on a registry, so the operating history rests on the domain alone.
- The public trace is thin. Trustpilot has no page at all for mishovforex.com, and the page for mishovmarkets.com carries zero reviews. For a firm claiming nine years and seven offices, that is very quiet.
- Claimed scale is unevidenced. Offices in London, Kabul, Ankara, Denizli, Tbilisi and Dubai are asserted on the company's own pages, and we found nothing independent confirming any of them.
What we did not find matters just as much. No regulator warning names this brand or domain. No clone or impersonation of another firm. No demand for a fee to release funds. No credible, detailed account of a client losing money.
Evidence ledger
Every finding, with its source and how strongly it points.
E1The domain mishovforex.com was created on 20 February 2017 and is registered through Porkbun, giving the brand a verifiable web presence of about nine years under one name.
ModerateVerisign registry recordE2The client platform domain mishovmarkets.com was created on 1 April 2020, making it the newer of the two domains the operation uses.
E3The company's own homepage names Mishov Markets Ltd at a Saint Lucia address and names no financial regulator or licence number anywhere on the page. It takes deposits for live forex trading with no licence disclosed.
ModerateMishov Forex website footerE4The Saint Lucia online company registry returned no entry for either 'Mishov' or the number 2023-00616, while the same search tool returned dozens of records for other search terms. Saint Lucia's international business companies sit in a separate register that is not public, so this is an unresolved gap rather than proof the company does not exist.
E5The company's own about page states it was established in 2016 in Istanbul and operates offices in London, Kabul, Ankara, Denizli, Tbilisi and Dubai. We found no independent confirmation of any of these offices.
ModerateMishov Forex about pageE6The site distributes MetaTrader 5 through MetaQuotes' own network under a path carrying the company's name, and connects to its own servers MishovMarkets-Live and MishovMarkets-Demo. MetaQuotes issues these server licences to identified businesses, which indicates a real trading operation.
E7Trustpilot holds no review page at all for mishovforex.com, and the page for mishovmarkets.com currently carries zero reviews. For a firm claiming nine years of trading and seven offices, the independent footprint is unusually small.
ModerateTrustpilotE8A Persian-language broker review site rates Mishov Forex 3.1 out of 10 from 15 user ratings, describes the Saint Lucia registration as offshore with low supervisory standards, and records no formal violation against the firm.
E9A third-party broker review reports that checks with the British, Dubai, UAE and Turkish financial authorities found no registration for this firm, and notes that Saint Vincent and the Grenadines does not issue forex licences. Its two user comments, from July and August 2022, concern support availability rather than lost funds.
ModerateBrokersView broker profileE10A widely cited page headlined that this broker should be avoided at all costs no longer exists as a review site: the domain financescam.com now redirects to a listing offering the domain for sale. Much of the online claim that this broker refuses withdrawals traces back to pages of this kind rather than to identified clients.
E11The client help centre repeats the same company details, Mishov Markets Ltd registered in Saint Lucia under number 2023-00616, and states that residents of the United States, the United Arab Emirates and Turkey cannot use the service. The two domains are consistent about who the contracting company is.
The other side
The strongest case in this broker’s favour.
The fair case for Mishov Forex, which our evidence genuinely supports:
- It does not lie about being regulated. This is the single most important point. Most brokers we rate badly invent a licence number or paste a regulator's logo in the footer. This one names no regulator at all and carries a plain risk warning. That is honest behaviour, and the score reflects it.
- The trading operation is real. It runs its own MetaTrader 5 servers, MishovMarkets-Live and MishovMarkets-Demo, and the desktop installer is served from MetaQuotes' own network under the company's name. MetaQuotes issues those server licences to identified businesses. Fake brokers usually run a web-only dashboard instead.
- The web history is long and continuous. Nine years on one domain under one brand is not the pattern of a scam, which typically churns domains every year or two.
- The complaint story does not survive checking. Several pages describe widespread withdrawal refusals, but they carry no amounts, dates or ticket numbers, and one of the loudest of them, financescam.com, is no longer a review site at all: the domain is now parked and offered for sale. Trustpilot reviews that mentioned this broker alongside named 'fund recovery' services have since been removed, which is the signature of recovery-scam spam rather than real clients.
- It discloses who it is. Legal entity, company number, registered address, an Istanbul office address, phone, email and a full set of social accounts are all published.
- It excludes the jurisdictions it is not licensed for, turning away residents of Turkey, the UAE and the United States, including its own home market.
What would change this
What we would need to see to revise the verdict.
Concrete things that would move this rating in either direction:
- Down, towards low risk: a genuine trading licence from a real financial regulator, verifiable on that regulator's own register in the name of the entity that holds client deposits.
- Down: a public, searchable Saint Lucia register entry confirming Mishov Markets Ltd, number 2023-00616, with an incorporation date, so the company leg of the history could be dated instead of assumed.
- Down: a body of dated, first-hand reviews on an independent platform showing withdrawals being paid, which would replace the current silence with evidence.
- Up, towards a scam verdict: any regulator adding mishovforex.com or Mishov Markets to a warning or alert list.
- Up: three or more detailed, independent reports across different platforms describing the same withdrawal failure, with amounts and dates.
- Up, decisively: a single credible report that the company demanded an extra payment, described as a tax, fee or verification charge, before releasing a client's funds.
- Up: evidence that any of the claimed London, Dubai, Tbilisi, Kabul or Ankara offices does not exist, which would make the published corporate profile a misrepresentation.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
Mishov Forex official website
The company's own site, where it names its legal entity and registered address.
Mishov Markets client help centre
States the Saint Lucia company name and registration number 2023-00616.
Saint Lucia online company registry search
The public Saint Lucia register. Our search for this company returned no entry.
Trustpilot page for mishovmarkets.com
Independent review page for the broker's platform domain, currently with no reviews.
Domain registration record for mishovforex.com
Official registry record showing the domain was created on 20 February 2017.
Frequently asked questions
Quick answers about this broker’s safety.
Is Mishov Forex a scam?
We found no proof that it is. There is no regulator warning against it and no credible first-hand report of a client's money being kept. But it holds no financial licence at all, so we rate it high risk at 59 percent rather than safe.
Is Mishov Forex regulated?
No. We could not find a trading licence from any financial regulator in any country. The company publishes a Saint Lucia company registration number, 2023-00616, which is corporate paperwork and not financial regulation.
Does a Saint Lucia registration protect my money?
No. Saint Lucia does not license retail forex brokers, and a company number there simply records that a company exists. It carries no requirement to keep client funds separate from company money and no compensation scheme.
Can I withdraw my money from Mishov Forex?
We found no credible evidence of systematic withdrawal refusals. We also found very few verified accounts either way, so we cannot promise withdrawals work smoothly. Test a small withdrawal before depositing a meaningful amount.
Is my money safe with Mishov Forex?
It is not protected. With no licence there is no segregation requirement, no compensation scheme and no regulator that can order the company to pay you. Only deposit what you could afford to lose completely.
Who owns and runs Mishov Forex?
The contracting company is Mishov Markets Ltd, registered in Saint Lucia. The real operation appears to run from Istanbul, Turkey, where the company gives a business-centre address and a Turkish phone number. Individual owners are not disclosed publicly.
How old is Mishov Forex?
The main domain has been registered since February 2017 and the platform domain since April 2020, so the web presence is around nine years old. We could not confirm any of the companies on a registry, so treat nine years as an upper limit rather than a confirmed track record.
Is Mishov Forex a clone of another broker?
No. We found no sign that it copies another firm's name, licence number or corporate identity. It trades under its own brand and its own company, which is why we did not classify it as a clone.
Why is the risk score high if no fraud was found?
Because the score measures protection as well as misconduct. An unlicensed broker with a very thin public record and a company we could not confirm on any register carries real risk, even with no proven wrongdoing.
Does Mishov Forex accept traders from Turkey, the UAE or the United States?
No. Its own website states it does not offer services to residents of Turkey, the United Arab Emirates or the United States, even though the company appears to operate from Istanbul.
Is the MetaTrader 5 platform genuine?
Yes, as far as we can tell. The company runs its own MetaTrader 5 servers, MishovMarkets-Live and MishovMarkets-Demo, and the installer is distributed through MetaQuotes' own network under the company's name. That indicates a real trading operation rather than a simulated dashboard.
What should I do if I cannot get my money out?
Gather every record you have, including deposit confirmations, statements and support messages, then contact your bank or card issuer about a chargeback. Report the matter to the police or financial-crime unit where you live. Never pay a fee to anyone promising to recover your funds.
What should I check before depositing with any broker?
Find the licence number on the broker's site, then look it up on the regulator's own register and confirm the licensed company name and website match the site you are using. If there is no licence to check, as here, treat the deposit as money at risk.
What we recommend
The practical takeaway from everything above.
If you are considering or already using this broker:
- Treat any money you send as unprotected. There is no regulator, no compensation scheme and no ombudsman behind this account. If the funds are not returned, your realistic options are limited to your card issuer or bank.
- Do not deposit more than you are willing to write off entirely. That is the practical meaning of an unlicensed broker, whatever the trading conditions look like.
- Test a withdrawal early and while the balance is small, before committing serious capital. Keep the dates, amounts and any ticket references.
- Prefer a licensed alternative if regulatory protection matters to you. Brokers licensed by a recognised authority hold client money in segregated accounts and answer to a supervisor.
- Refuse any request for an extra payment to release a withdrawal. No legitimate broker requires a tax, unlocking fee or insurance payment before paying you out.
- Ignore anyone who contacts you offering to recover lost funds. Those approaches are almost always a second fraud aimed at people who have already lost money.
- Keep your own records. Save deposit confirmations, statements and support correspondence from the start.
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.