Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighGenuinely holds a confirmed but weak, five-week-old Mauritius FSC offshore licence (caps below 9-10), yet carries an FCA warning and ran a false Saint Vincent regulatory claim for years.
Identity & transparency
5/10 · ModerateEntities and addresses are disclosed and match the FSC register, but a confusing three-jurisdiction structure, a Slovenia phone number and a history of misdescribing its own status reduce transparency.
Withdrawals & conduct
6/10 · HighConsistent fund-access complaints (blocked or ignored withdrawals, top-up pressure) across multiple platforms, though thinly detailed, with at least one positive payout report and company responses.
Reputation
7/10 · HighPredominantly negative third-party reputation (Trustpilot about 2.7/5, majority one-star) plus an FCA warning and IOSCO alert; short of an overwhelming multi-platform theft pattern.
Website claims
7/10 · HighDocumented false or misleading regulatory claims: a fake Saint Vincent registration and a UK company mislabelled as an 'International Business Company'; the current Mauritius claim is accurate.
Operational history
3/10 · LowVerified operating history of about six years (domain 2019, UK company January 2020) is mitigating; slight uplift for repeated offshore restructuring rather than stable continuity.
Who they are
A quick desk file on the company behind the brand.
- Brand: PFH Markets
- Contracting entity: PFH Markets Limited, an International Business Company in Saint Lucia (registration 2024-00544)
- Also behind it: PFH Markets Limited in the UK (Companies House 12427084, incorporated January 2020) and PFH Markets (Mauritius), the FSC-licensed arm since August 2026
- Registered: Rodney Bay, Gros-Islet, Saint Lucia; and Vivea Business Park, Moka, Mauritius
- Website: www.pfhmarkets.com (client area at secure.pfhmarkets.com)
- Only real licence: Mauritius FSC Investment Dealer (Full Service Dealer), issued 5 August 2026, an offshore licence with low client protection
- Offers: Forex, metals, indices, crypto, stocks and energies as CFDs on MetaTrader 5
- Not accepted: UK, USA, Canada, China, Singapore, UAE, Russia, Iran, Israel and others
- Age: operating since about 2020 (domain registered October 2019, UK company January 2020)
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
Financial Services Commission (Mauritius)
Registrar of International Business Companies, Saint Lucia
Found by our investigation (2) — the broker does not list these on its own site
Financial Services Authority, Saint Vincent and the Grenadines
Found by us — not listed by the broker
UK Companies House
Found by us — not listed by the broker
Why we reached this verdict
How the evidence adds up.
The weight of the evidence points to a high-risk operation that has misrepresented its regulatory standing and leaves clients unable to get their money out.
- A tier-1 regulator warning. The FCA warns that PFH Markets Ltd and www.pfhmarkets.com are not authorised and may be targeting UK residents (published 24 January 2024). This is the single strongest signal against the firm.
- A fake regulatory claim, in its own words. The firm's own 2022 website stated 'PFH markets LLC is an International Business Company registered in Saint Vincent and the Grenadines with registration number 447 LLC 2020' and described its UK company as an 'International Business Company'. Saint Vincent does not license or supervise forex brokers, so that registration conferred no oversight.
- Money that does not come back. Across Trustpilot and several review sites the recurring complaint is blocked or ignored withdrawals, with an account manager pressing clients to 'top up' before they can cash out.
- Only very recent, weak regulation. The genuine Mauritius FSC Investment Dealer licence was issued on 5 August 2026, after years of unlicensed operation and after the FCA warning. It is a low-tier offshore licence and does not undo that history.
- Higher-risk mechanics. It accepts USDT crypto deposits that cannot be charged back, and channels contact through a WhatsApp channel.
Evidence ledger
Every finding, with its source and how strongly it points.
E1The FCA warns that PFH Markets Ltd (www.pfhmarkets.com) is not authorised and may be targeting UK residents; first published 24 January 2024.
E2The Mauritius FSC register lists PFH Markets (Mauritius), managed by Renesis Financial Services Ltd at Vivea Business Park, Moka, holding an Investment Dealer (Full Service Dealer excluding Underwriting) licence dated 5 August 2026.
Hard proofFSC Mauritius Online Public RegisterE3The firm's own 2022 website claimed 'PFH markets LLC is an International Business Company registered in Saint Vincent and the Grenadines with registration number 447 LLC 2020' and called its UK company an International Business Company; Saint Vincent does not license forex.
E4PFH Markets Limited (12427084) was incorporated in the UK on 27 January 2020 and remains active; Companies House registration is not a trading authorisation and the firm is not FCA authorised.
ModerateUK Companies HouseE5Trustpilot rates the firm about 2.7 out of 5 with most reviews one-star; complaints describe blocked or ignored withdrawals and an account manager pressing for wallet top-ups, with the company disputing one account.
ModerateTrustpilotE6PFH offers MetaTrader 5 via MetaQuotes-hosted download links (server 'PFHMarkets-Trade'), indicating a real trading platform rather than a fabricated in-house terminal.
E7The site accepts USDT (Tether), which cannot be charged back, alongside cards and bank transfer, and channels contact through a WhatsApp channel.
ModeratePFH Markets websiteE8PFH Markets Ltd is listed on the IOSCO investor-alerts portal, reflecting a member regulator's warning about the firm.
ModerateIOSCO Investor Alerts PortalE9The firm publishes its licence claims only as footer text with no link to any regulator's register, and offers no investor-compensation scheme.
The other side
The strongest case in this broker’s favour.
In fairness, several facts cut the other way, which is why this is not rated a confirmed scam.
- The Mauritius FSC Investment Dealer licence is genuine and current. The regulator's own register lists PFH Markets (Mauritius), managed by Renesis Financial Services Ltd at the same Moka address the site publishes, licensed on 5 August 2026.
- The firm runs a real MetaTrader 5 server hosted by MetaQuotes, not a fake in-house terminal.
- There is a real, active UK company that files accounts, and the addresses on the site match the Mauritius register.
- At least one client publicly reports a large successful withdrawal of around 249,000 pounds.
- An FCA warning is the normal consequence of an offshore broker soliciting UK residents without UK authorisation; the firm now excludes UK clients.
What would change this
What we would need to see to revise the verdict.
Concrete things that would move this verdict.
- Toward lower risk: the FCA withdrawing its warning, a sustained and verifiable record of paid withdrawals, and the firm keeping its regulatory disclosures accurate.
- Toward higher risk: a cluster of specific, documented withdrawal-theft reports with amounts and dates, an FSC Mauritius enforcement action or investor alert, or any return to false regulatory claims.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
FCA warning: PFH Markets Ltd
UK regulator's public warning that this firm is not authorised
FSC Mauritius Online Public Register
Search 'PFH' to see the Investment Dealer licence dated 5 Aug 2026
UK Companies House: PFH Markets Limited
The UK company (registration only, not a trading licence)
Trustpilot reviews
Independent customer reviews and complaints
Frequently asked questions
Quick answers about this broker’s safety.
Is PFH Markets a scam?
We rate it a likely scam and high-risk. The FCA warns it is not authorised, its own past website advertised a fake Saint Vincent registration, and clients report blocked withdrawals. It does hold one genuine but weak offshore licence, which is why it is not rated a confirmed scam.
Is PFH Markets a fraud?
No court or regulator has found PFH Markets guilty of fraud. What is documented is an FCA warning that it is not authorised, a false Saint Vincent regulatory claim it ran for years, and client reports of money that will not come back. On that basis we assess the risk of fraud as high.
Is PFH Markets regulated?
Only lightly. Since 5 August 2026 it holds a Mauritius FSC Investment Dealer licence, confirmed on the FSC register. That is a low-tier offshore licence. It is not authorised by the UK FCA, which has issued a public warning about it.
Can I withdraw my money from PFH Markets?
Some clients report success, but the most common complaint across Trustpilot and other sites is that withdrawals are delayed, ignored or blocked, sometimes after a request to 'top up' the account first. Treat withdrawal access as uncertain.
Is my money safe with PFH Markets?
There is limited protection. An offshore Mauritius licence carries no UK compensation scheme, and if things go wrong you would have little recourse. Combined with the FCA warning and the withdrawal complaints, we consider client money to be at elevated risk.
Who owns and operates PFH Markets?
The site names PFH Markets Limited, a Saint Lucia International Business Company, as the broker, with a separate FSC-licensed entity PFH Markets (Mauritius). A UK company of the same name (Companies House 12427084, since 2020) also sits behind the brand.
How old is PFH Markets?
About six years. The domain was registered in October 2019 and the UK company was incorporated in January 2020, with the website live since 2020. Its offshore registrations (Saint Lucia, then Mauritius) are much newer.
What is the Mauritius FSC licence worth?
It is genuine but weak. A Mauritius FSC Investment Dealer licence allows dealing, but Mauritius is an offshore, lower-tier regulator with no meaningful retail compensation scheme. It offers far less protection than an FCA, ASIC or CySEC licence.
Why does the FCA warn about PFH Markets?
The FCA published a warning on 24 January 2024 stating that PFH Markets Ltd (www.pfhmarkets.com) is not authorised and may be targeting people in the UK. Dealing with an unauthorised firm means no access to the UK Ombudsman or the FSCS compensation scheme.
Did PFH Markets lie about its regulation?
Its own 2022 website claimed a Saint Vincent 'LLC 2020' registration and described its UK company as an 'International Business Company'. Saint Vincent does not license forex, so presenting that as regulation was misleading. Its current Mauritius claim, by contrast, is accurate.
Is PFH Markets a clone of another broker?
No. It uses its own brand, entities and licence, runs its own MetaTrader 5 server, and does not impersonate a known regulated firm. The problem is its conduct and history, not identity theft of another company.
What should I check before depositing with PFH Markets?
Verify the Mauritius FSC licence on the regulator's register, read the FCA warning, search recent withdrawal reviews, and never pay extra 'fees' or 'taxes' to release funds. Given the warning and complaint history, most cautious traders should avoid it.
What do I do if I was scammed by PFH Markets?
Stop depositing, gather all records (transactions, chats, tickets), request a full withdrawal in writing, and report the firm to the Financial Services Commission of Mauritius. UK residents can also report to the FCA and their bank or card provider.
What we recommend
The practical takeaway from everything above.
Treat PFH Markets as high-risk and protect your money first.
- Do not deposit funds you cannot afford to lose, and do not send crypto (USDT) you cannot recover.
- If you are considering it, check the Mauritius FSC register yourself and understand that an offshore Investment Dealer licence offers little protection and no UK compensation cover.
- Existing clients: request a full withdrawal, keep records, and be wary of any demand to 'top up' or pay a fee before funds are released.
- Report problems to the Financial Services Commission (Mauritius); UK residents should note the FCA warning.
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 13, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.