Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighOnly licence is MISA T2022137: real and listed active, but offshore and not recognised by the Comoros central bank. The Bank of Russia lists the operator for illegal forex dealing, and the predecessor's Belize licence ended in 2019.
Identity & transparency
5/10 · ModerateEntity, numbers and addresses are disclosed and match the UK registry. But the group uses registered-agent and mail-forwarding addresses, its UK agent had a mass-appointment director, and two same-name companies and 200+ domains make it hard to tell who does what.
Withdrawals & conduct
6/10 · High17 money-related complaints from 2023 to late Oct 2026 on two platforms describe the same withdrawal delays and deductions, with checkable details. Payouts are also reported, the broker replies, and no one reports being asked to pay before withdrawing.
Reputation
7/10 · HighTrustpilot rating suspended after fake reviews were removed (27% one-star), Forex Peace Army about 2.8 out of 5, plus Russian and Ukrainian regulator alerts.
Website claims
6/10 · HighAdvertises a 1996 history that belongs to a Russian bank that lost its licence in 2021, and its app claims regulation by the Financial Commission and deposit insurance. No tier-1 licence is claimed.
Operational history
6/10 · HighVerifiable record of about eight years (npbfx.com 2014, companies 2018), but with three offshore operating companies in turn and a constant stream of new mirror domains.
Who they are
A quick desk file on the company behind the brand.
- Brand: NPBFX, renamed NPB Markets in 2026. The website still shows NPBFX, while the client area and the mobile app use NPB Markets.
- Legal entity: NMarkets Limited, company no. HY00922114, Island of Mohéli (Mwali), Comoros. A partner company with the same name is registered in Saint Vincent and the Grenadines (24454 IBC 2018). Payments are handled by NM Financial Solutions Limited, UK company 11654366, which is owned by Nmarkets Limited.
- Registered: Bonovo Road, Fomboni, Island of Moheli, Comoros. Stated physical office: 62/2 Burtaiska street, Bar, Montenegro.
- Website: nmarkets.org (npbfx.com redirects there), a Russian-language site at npb.global, and Indonesian and Vietnamese sites on npbfxofficial.org.
- Only licence: MISA T2022137, an offshore licence that the Central Bank of the Comoros does not recognise. NPBFX has also been a member of the Financial Commission, a private dispute body, since December 2015.
- Offers: MetaTrader 4 trading in about 40 currency pairs, metals and oil, leverage up to 1:500, copy trading (NPB Invest), plus cashback, loss-compensation and contest promotions.
- Not accepted: residents of the United States and Canada. Russia is not excluded.
- Age claim: 'since 1996', a history inherited from Nefteprombank's forex desk. The current group's verifiable record starts with npbfx.com in 2014 and its companies in 2018.
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)
The Financial Commission
Financial Services Authority, Saint Vincent and the Grenadines
Found by our investigation (1) — the broker does not list these on its own site
International Financial Services Commission (IFSC), Belize
Found by us — not listed by the broker
Why we reached this verdict
How the evidence adds up.
A regulator warning that names this exact operation, backed by a steady pattern of withdrawal complaints, puts NPBFX in our likely scam band.
- Bank of Russia warning. The Bank of Russia lists Nmarkets Limited, NPBFX and NPB Markets under 'signs of an illegal professional securities market participant', a category it says covers illegal forex dealers. The entry dates from 1 February 2021 and was updated on 29 October 2026. It names nmarkets.org, npbfx.com, mynpb.nl and npb.global among more than 200 websites, subdomains and social pages, many of them Russian-language mirrors.
- Still marketing in Russia. The same companies run a Russian-language site, npb.global, take rouble deposits in promotions and exclude only the United States and Canada. New domains keep appearing: npbfxofficial.org was registered in May 2025.
- Withdrawal complaints. We counted 17 complaints about money on Trustpilot and Forex Peace Army between 2023 and late October 2026. They describe the same problem: requests left pending for weeks or months, repeated document requests, and balances deducted under the client agreement. Several give amounts, request IDs and ticket numbers. None describes a demand for a fee before a withdrawal.
- Review manipulation. Trustpilot shows the rating as unavailable for a breach of its guidelines and says it removed fake reviews. Many of the remaining five-star reviews come from demo-contest winners.
- Weak licence history. The MISA licence is the only one in force. The predecessor NPBFX Limited has not been licensed in Belize since 1 January 2019, after it did not renew. The brand's original operator, Nefteprombank, lost its Bank of Russia licence on 9 April 2021 for loss of capital and operations with signs of asset withdrawal.
- Overstated protection. The Google Play app published by NMarkets Limited says 'Regulated by The Financial Commission' and 'Deposit insurance up to 100%'. The Financial Commission is a dispute body, not a regulator, and we found no deposit insurance.
- A second alert. Ukraine's securities regulator listed 'NPBFX' as an unlicensed entity on 12 March 2024. That alert names the brand but no website, so we give it little weight.
- The figure. Our six scores average about 60%. A regulator warning naming the exact website lifts the figure to 70%. We found no clone, no court case and no second warning naming nmarkets.org, which keeps NPBFX below our confirmed band.
Evidence ledger
Every finding, with its source and how strongly it points.
E1The Bank of Russia warning list (entry 3226) names Nmarkets Limited, NPBFX and NPB Markets for 'signs of an illegal professional securities market participant'. Listed 1 Feb 2021 and updated 29 Oct 2026, it gives a Kingstown, Saint Vincent address and more than 200 websites, including nmarkets.org, npbfx.com, mynpb.nl, npb.global, platform.npbinvest.com and my.npbfxofficial.org.
Hard proofBank of Russia warning listE2npb.global is a Russian-language NPB Markets site. It names NMarkets Limited (Mohéli and Saint Vincent) and NM Financial Solutions Limited, and excludes only residents of Canada and the United States, so the broker is still marketing in Russian after the 2021 Bank of Russia listing.
Moderatenpb.globalE3Trustpilot page for npbfx.com (which redirects to nmarkets.org): 95 reviews, 59% five-star and 27% one-star. Fourteen reviewers between 2023 and late October 2026 report money problems. They include a USD 100 withdrawal (request 1329215) stuck at NEW, 1,224.27 deducted (transaction 1320862), a USD 866.69 withdrawal pending about 40 days, and two funded accounts that disappeared from the client area.
StrongTrustpilotE4Forex Peace Army, archived 4 Aug 2025: about 2.8 out of 5 from 25 reviews. Complaints include a USD 22.04 withdrawal unpaid after five days (account 35312), funds said to be moved to another account, and two separate reports of copy-trading accounts emptied within minutes.
ModerateForex Peace Army (archived copy)E5Trustpilot shows the company's rating as unavailable due to a breach of its guidelines and states that it removed a number of fake reviews. Many remaining five-star reviews are posts by demo-contest winners, and the company's Trustpilot profile gives a London postcode with Comoros as the country.
ModerateTrustpilotE6IOSCO I-SCAN alert 29484: Ukraine's National Securities and Stock Market Commission lists 'NPBFX' as an unregistered or unlicensed entity (12 Mar 2024). It names the brand only, with no website, so the link to nmarkets.org is not confirmed.
WeakIOSCO I-SCANE7NMarkets Limited appears on the MISA list of authorised brokerage companies with licence T2022137, status active, matching the name, number and Mohéli address in the broker's footer. The licence is genuine but offshore.
E8A Central Bank of the Comoros communiqué dated 10 Dec 2025 names MISA among structures whose approvals are not recognised. It names no broker, so it speaks to the value of the licence rather than this firm's conduct.
E9Bank of Russia order OD-618 of 9 Apr 2021 revoked the licence of JSC Nefteprombank (reg. no. 2156), whose forex desk the broker presents as its 1996 origin. The stated reasons were loss of capital and operations with signs of asset withdrawal, and its securities-market licence was annulled.
ModerateBank of Russia press releaseE10Belize's IFSC listed NPBFX Limited, the brand's previous operator, among firms no longer licensed from 1 Jan 2019 because they did not renew. Its LEI (549300T82P82OJX1ON33) has been lapsed since 2019.
E11UK Companies House: NM Financial Solutions Limited (11654366), incorporated 1 Nov 2018, is active and files accounts. Its owner since 25 Jul 2023 is Nmarkets Limited of the Comoros, and from 2018 to 2019 it was Nmarkets Limited of Saint Vincent. This matches the broker's own disclosures.
ModerateUK Companies HouseE12The UK payment agent is registered at 27 Old Gloucester Street, London, a mass company-registration address, and lists IT-services activity codes. From 2018 to 2023 it had a director who holds about a hundred other appointments.
ModerateUK Companies HouseE13A search of the FCA Financial Services Register for NM Financial Solutions returns no firm. The payment agent is therefore not FCA-authorised, and money passing through it has no UK regulatory protection.
E14The Google Play app NPB Markets, published by NMarkets Limited, tells users 'Regulated by The Financial Commission (compensation up to €20,000)' and 'Deposit insurance up to 100%'. The Financial Commission is a private dispute body, not a regulator.
ModerateGoogle PlayE15The Financial Commission lists NPBFX as an active member since 22 Dec 2015, with npbfx.com as its website. Clients have a dispute channel and a fund that pays up to EUR 20,000 per claim if a ruling is ignored.
ModerateFinancial CommissionE16Domain records: npbfx.com was registered on 18 Feb 2014 and now redirects to nmarkets.org, which was registered on 25 Jan 2018 with the same registrar and name servers. The operation has run without a break for at least eight years.
E17The home page says NPBFX (NEFTEPROMBANK FOREX) has provided brokerage services since 1996. That history belongs to Nefteprombank's forex desk. The companies now behind the broker were set up in 2018 or later, and the site does not mention that the bank lost its licence in 2021.
Moderatenmarkets.orgE18Positive reports exist. Forex Peace Army reviewers in 2025 describe withdrawing profits without difficulty, and in June 2026 a Trustpilot reviewer called deposits and withdrawals smooth.
E19The 'Compensation of loss' promotion pays up to half the deposit for losses made earlier, credited with limited withdrawal conditions, with the amount agreed with a personal manager. The minimum deposit is 100 USD, 100 EUR or 5000 RUB.
Weaknmarkets.orgE20IOSCO I-SCAN, which gathers alerts from regulators worldwide, returns no alerts for 'nmarkets' or 'NPB Markets'. The only hit for 'npbfx' is the brand-only Ukrainian alert.
WeakIOSCO I-SCANE21The Indonesian NPBFX site names a partner company, NMarkets Limited of Saint Vincent and the Grenadines (24454 IBC 2018), at Suite 305, Griffith Corporate Centre, Kingstown. This is the same address the Bank of Russia entry records.
The other side
The strongest case in this broker’s favour.
There is a real case that NPBFX is a long-running offshore broker rather than a pure scam operation.
- The brand has a traceable history. It began as the forex desk of Nefteprombank, has been a Financial Commission member since 22 December 2015, and has used npbfx.com since 2014.
- The MISA licence is genuine. The entity name, number and address on the broker's site match the MISA list.
- The Bank of Russia warning is about dealing with Russian clients without a Russian licence. It is not a finding that client money was taken, and many offshore brokers that serve Russians appear on the same list.
- Withdrawals do work for some clients. Reviewers on Forex Peace Army and Trustpilot report payouts within days. The broker also answers complaints in public, and in two cases it said it could not find the reviewer as a client.
- Trustpilot's fake-review notice does not say who wrote the removed reviews.
- The ownership chain is visible. The UK company register shows Nmarkets Limited of the Comoros as owner of the payment agent.
- Clients have a dispute channel. Financial Commission members fund a pool that pays up to EUR 20,000 per claim if a member ignores a ruling.
What would change this
What we would need to see to revise the verdict.
The verdict would move if the licence picture or the complaint record changed.
- A licence from a recognised regulator, for example the FCA, CySEC or ASIC, held by the company that takes client deposits.
- Removal from the Bank of Russia list, or a clear end to marketing in Russia without a Russian licence.
- Evidence that stuck withdrawals get paid: Financial Commission rulings in clients' favour honoured, and a Trustpilot rating restored without a guideline warning.
- In the other direction, a warning from another regulator naming nmarkets.org, a court or regulator finding of fraud, or reports of fees demanded before withdrawals would push the verdict to confirmed.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
Bank of Russia warning list: Nmarkets Limited, NPBFX, NPB Markets
Regulator entry listing the operator and its websites (English version)
MISA list of authorised brokerage companies
Where NMarkets Limited licence T2022137 is listed
IOSCO I-SCAN alert 29484 (Ukraine NSSMC)
Ukrainian alert naming the NPBFX brand as unlicensed
UK Companies House: NM Financial Solutions Limited
Registry entry of the broker's UK payment agent
Financial Commission member page for NPBFX
Dispute-body membership, not a licence
Trustpilot reviews of npbfx.com
Client reviews; rating suspended for a guideline breach
Bank of Russia: Nefteprombank licence revoked
Licence revocation of the brand's original operator (in Russian)
Central Bank of the Comoros communiqué on MISA
States that MISA approvals are not recognised (in French)
Frequently asked questions
Quick answers about this broker’s safety.
Is NPBFX a scam?
We rate NPBFX a likely scam. The Bank of Russia lists its operator, Nmarkets Limited, for signs of illegal forex dealing, and clients on two review sites report withdrawals stalled for weeks or months. Some clients do get paid, so this is a high-risk offshore broker rather than a proven theft operation.
Is NPBFX a fraud?
We have not seen any court or regulator finding of fraud against NMarkets Limited or NPBFX. What exists is a Bank of Russia listing for signs of illegal forex dealing, a Ukrainian alert for unlicensed activity and a recurring pattern of withdrawal complaints. On that record we assess the overall risk as high.
Is NPBFX regulated?
Only offshore. NMarkets Limited holds licence T2022137 from the Mwali International Services Authority (MISA) on the island of Mohéli, Comoros. The Central Bank of the Comoros says MISA approvals are not recognised, and no major regulator such as the FCA, CySEC or ASIC licenses the broker.
What is the MISA licence worth?
Very little. MISA is the company registrar of an autonomous island, not a supervisor that checks capital or client money, and the Comoros central bank does not recognise its approvals. The licence shows the company exists, but it does not protect your deposit.
Why is NPBFX on the Bank of Russia warning list?
The Bank of Russia lists Nmarkets Limited, NPBFX and NPB Markets for signs of acting as an illegal professional securities market participant, a category that covers unlicensed forex dealers. The entry has stood since 1 February 2021 and names more than 200 websites, including nmarkets.org. The broker runs Russian-language sites but holds no Russian licence.
Can I withdraw my money from NPBFX?
Some clients report payouts within a few days. Others, on Trustpilot and Forex Peace Army, describe requests pending for weeks or months, repeated document requests and deducted balances, with cases from 2023 to late October 2026. Test a small withdrawal before you deposit more.
Is my money safe with NPBFX?
Your money is held by an offshore company with no recognised regulator, no segregation checks and no government compensation scheme. The only fallback is the Financial Commission's fund, which pays up to EUR 20,000 per claim if the broker ignores one of its rulings. We found no real deposit insurance behind the app's 'deposit insurance up to 100%' line.
Who owns NPBFX?
The site names NMarkets Limited of Mohéli, Comoros, as the operator, with a partner company of the same name in Saint Vincent and the Grenadines. The UK company register shows Nmarkets Limited of the Comoros as owner of the payment agent, NM Financial Solutions Limited. The people who own NMarkets Limited itself are not public.
How old is NPBFX?
The brand says 1996, which refers to the forex desk of Nefteprombank, a Russian bank whose licence was revoked in 2021. The current group's own record is shorter: npbfx.com was registered in 2014, the broker joined the Financial Commission in December 2015, and its UK and Saint Vincent companies date from 2018.
Is NPBFX a clone of another broker?
No. We found no sign that NPBFX copies another firm's name, licence or address. The licence number, company names and addresses it publishes belong to its own companies.
Is NPB Markets the same as NPBFX?
Yes. NPBFX rebranded as NPB Markets in 2026 and kept the same operator, NMarkets Limited, and the same client area at my.nmarkets.org. The Bank of Russia entry lists both names.
What does the Financial Commission membership mean?
The Financial Commission is a private dispute-resolution body, not a regulator. NPBFX has been a member since 22 December 2015, so clients can file complaints there, and members fund a pool that pays up to EUR 20,000 per claim if a ruling is ignored. One reviewer said the Commission's replies mirrored the broker's.
What should I do if NPBFX will not pay my withdrawal?
Collect your statements, request IDs and emails, then file a complaint with the Financial Commission. Ask your bank or card issuer about a chargeback if you paid by card, and report the case to your national financial regulator. Do not pay anyone who promises to recover the money for a fee.
What should I check before depositing with NPBFX?
Check whether your own regulator warns about the broker, read the client agreement rules on cancelled profits and withdrawals, and confirm which payment methods you can use to withdraw. Start with a small deposit and a test withdrawal.
What we recommend
The practical takeaway from everything above.
Treat NPBFX as high risk and do not deposit money you cannot afford to lose.
- The MISA licence gives you no deposit protection, no capital rules and no compensation scheme.
- If you live in Russia, the Bank of Russia lists this broker, so Russian law gives you no regulated protection.
- If you still open an account, deposit a small amount and test a withdrawal before adding more.
- Read the client agreement sections on cancelled trades, profits and withdrawals before you trade.
- Keep statements, request IDs, ticket numbers and screenshots of every deposit and withdrawal.
- If a withdrawal stalls, file a complaint with the Financial Commission, ask your bank or card issuer about a chargeback, and report it to your national financial regulator.
- Ignore anyone who offers to recover your money 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 5, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
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