Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighNo licence from any regulator while taking deposits, and a live FCA warning naming the brand. Only a Saint Lucia company registration, which is not regulation.
Identity & transparency
5/10 · ModerateA named entity and registration number are disclosed, but it is an offshore shell with an unverified Montenegro office and undisclosed ownership.
Withdrawals & conduct
6/10 · HighFund-integrity complaints across more than one platform (denied withdrawals, balance seized, account emptied past margin), partly offset by credible successful-payout reports.
Reputation
7/10 · HighAn FCA warning plus multiple negative reviews across independent sites, mixed with a minority of positive payout accounts.
Website claims
5/10 · ModerateAggressive 120% bonus and 1:2000 leverage, and unverifiable claims of fund segregation and negative balance protection, but no false tier-1 licence claim on the site.
Operational history
5/10 · ModerateAbout two to three years old as an active broker. The 2016 domain was repurposed in 2024, so the aged domain is not a genuine track record.
Who they are
A quick desk file on the company behind the brand.
- Brand: PlexyTrade
- Legal entity: Plexy Trade Ltd (Saint Lucia, Reg. No. 2023-00662)
- Registered: Top Floor, Rodney Court Building, Rodney Bay, Gros Islet, Saint Lucia
- Claimed office: Dzordza Vasingtona No.38, PD 232, Podgorica, 81000, Montenegro
- Website: plexytrade.com
- Only licence: None. Only a Saint Lucia company registration, which is not a trading licence.
- Offers: Forex, indices, stock and commodity CFDs, leverage up to 1:2000, 120% welcome bonus, MT4 and MT5.
- Not accepted: USA, UK, Canada, EEA, North Korea, Syria.
- Age claim: None stated on the site. The company was registered in 2023 and the broker website content dates from about 2024.
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
Saint Lucia company registry
Why we reached this verdict
How the evidence adds up.
We reached this verdict from primary sources, not from the broker's own marketing.
- A regulator has flagged it. The FCA warning list carries an entry for PlexyTrade, first published 27 August 2025, stating the firm is not authorised. The warning names the website www.plexytrade.net, a sibling domain of the same distinctive brand that no longer resolves. The current site plexytrade.com runs the identical PlexyTrade broker.
- No real regulation exists. We found no licence for this operation on any recognised register (FCA, ASIC, CySEC, CFTC). The firm presents only a Saint Lucia incorporation, and Saint Lucia does not license or supervise forex brokers, so that registration gives clients no protection.
- Money does not always come back. Across independent review sites, clients describe withdrawals denied or delayed, an account closed with the balance taken, and a position liquidated well past a 614 dollar margin call until the account was emptied. These are fund-integrity failures, not mere service gripes.
- The operation is young. The domain was first registered in 2016 but hosted unrelated content until a change in January 2024. The PlexyTrade broker content appears only from 2024, and the company dates to 2023, so this is roughly a two to three year old operation. The domain age is not evidence of a long track record.
- Why likely and not confirmed. Several users report genuine successful payouts, including one trading for over a year with multiple large withdrawals. That surviving evidence keeps this short of a confirmed total scam, but combined with the FCA warning and the fund-access complaints it points firmly to high danger.
Evidence ledger
Every finding, with its source and how strongly it points.
E1The UK FCA warning list carries an entry for PlexyTrade, first published 27 August 2025, stating the firm is not authorised. It names the website www.plexytrade.net, a sibling domain of the same brand.
Hard proofFCA WarningE2The broker presents only a Saint Lucia company registration (Plexy Trade Ltd, Reg. No. 2023-00662) and no financial licence. Saint Lucia does not license or supervise forex brokers.
E3Independent reviews describe fund-access failures: withdrawals denied or delayed, an account closed with the balance taken, and a position liquidated past a 614 dollar margin call until the account was emptied.
StrongGlobegain broker reviewsE4A cautionary review documents denied withdrawals citing vague reasons, unexplained deductions, and fabricated profits used to encourage further deposits.
ModerateBrokersViewE5Some clients report genuine fast payouts, including a user trading for over a year with multiple large withdrawals, indicating withdrawals work for part of the client base.
ModerateGlobegain broker reviewsE6The domain plexytrade.com was registered on 9 June 2016 but was last changed on 22 January 2024, and archive snapshots show the PlexyTrade broker content only from 2024, so the aged domain was repurposed for a new operation.
E7The operation solicits internationally with a 120% welcome bonus and leverage up to 1:2000 while excluding the USA, UK, Canada and EEA, a pattern typical of aggressive unlicensed offshore brokers.
ModeratePlexyTrade website
The other side
The strongest case in this broker’s favour.
In fairness, here is the case for the broker.
- Some reviews describe real, fast withdrawals within 24 hours and a client who took multiple large payouts over more than a year. So withdrawals do work for at least part of the client base.
- The firm discloses a named legal entity and a registration number, which many pure scams do not.
- Offshore, unlicensed operation is not by itself proof of fraud. Hundreds of brokers run on weak offshore setups and still return client money.
- The FCA notice names a sibling domain (plexytrade.net) rather than the current plexytrade.com, so a reader could argue the warning targets an older front.
These points explain the likely rather than confirmed label. They do not outweigh a live regulator warning, the complete absence of a real licence, and credible reports of clients losing access to their funds.
What would change this
What we would need to see to revise the verdict.
Our view would move if the facts changed.
- Toward safer: the firm obtaining a genuine licence from a real regulator that permits retail dealing, verifiable on that regulator's own register, and the FCA warning being withdrawn.
- Toward safer: a sustained, checkable record of paid withdrawals with no fund-access complaints over a long window.
- Toward worse (confirmed scam): a clear pattern of demands for extra payment such as tax or unlock fees before releasing funds, or a second regulator naming plexytrade.com directly, or a documented cluster of unpaid withdrawals with no offsetting successful payouts.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
Frequently asked questions
Quick answers about this broker’s safety.
Is PlexyTrade a scam?
We rate it a likely scam. It has no financial licence, the UK FCA has warned against it, and multiple users report blocked withdrawals and seized balances. A few genuine payout reports keep it short of a confirmed total scam, but the risk is high.
Is PlexyTrade regulated?
No. It holds no licence from any recognised regulator such as the FCA, ASIC, CySEC or CFTC. It shows only a Saint Lucia company registration, which is not a trading licence and gives clients no protection.
Can I withdraw my money from PlexyTrade?
Some clients report fast payouts, but many others report withdrawals denied or delayed, accounts closed with the balance taken, and unexplained deductions. There is no regulator to force a payout if it refuses.
Is my money safe with PlexyTrade?
No. Without regulation there is no compensation scheme and no segregation you can verify. If the firm keeps your funds, you have little recourse.
Who owns PlexyTrade?
The site names Plexy Trade Ltd, a Saint Lucia company with registration number 2023-00662, and lists a claimed office in Podgorica, Montenegro. Beneficial ownership is not disclosed.
How old is PlexyTrade?
The company was registered in 2023 and the broker website content dates from about 2024. The domain itself was first registered in 2016 but hosted unrelated content before then, so this is roughly a two to three year old operation, not an established firm.
What is a Saint Lucia registration worth for a broker?
Very little. Saint Lucia registers companies but does not license or supervise forex brokers. Presenting that registration as if it were regulation is misleading.
Did a regulator warn about PlexyTrade?
Yes. The UK Financial Conduct Authority published a warning on 27 August 2025 stating PlexyTrade is not authorised. It named the domain www.plexytrade.net, a sibling of the current site that no longer resolves.
Is PlexyTrade a clone of a regulated firm?
No. It is not impersonating a licensed company. It operates under its own brand and its own unlicensed offshore entity.
What are the biggest red flags at PlexyTrade?
No licence while taking deposits, an FCA warning, leverage up to 1:2000, a 120% deposit bonus, and reports of funds not coming back. These together mark it as high risk.
What should I do if I was scammed by PlexyTrade?
Stop depositing, request a withdrawal in writing, and keep every record. Report it to your national regulator. If you paid by card or bank transfer, ask your bank about a chargeback. Never pay an upfront fee to anyone promising to recover your money.
What should I check before depositing with any broker?
Confirm the licence number on the regulator's own register, check the entity name and website match, read recent withdrawal reviews, and check the FCA and other warning lists. If any of these fail, do not deposit.
What we recommend
The practical takeaway from everything above.
Treat PlexyTrade as high risk and unregulated.
- Do not deposit money you cannot afford to lose. There is no licence and no compensation scheme behind this firm.
- If you already have funds there, attempt a withdrawal now and keep dated records of every request and reply.
- Never pay any tax, fee or insurance that is demanded before a withdrawal. That is the classic advance-fee trap.
- Ignore any company that contacts you offering to recover your money for an upfront fee. Those are usually follow-up scams.
- Report problems to your national regulator and, if you paid by card or bank, ask your bank about a chargeback.
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 August 25, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.