Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighNo financial licence while taking client deposits; the ministry supervision it claimed is ONAPI trade-name registration 750205, not regulation.
Identity & transparency
4/10 · ModeratePOLO BROKERS SRL is a real Dominican company named on every page, but owners were never disclosed and the trade name sits with an individual.
Withdrawals & conduct
6/10 · HighTwo dated reports of funds not returned in July and August 2024 plus a review-site warning; one platform and no amounts, so the pattern is unconfirmed.
Reputation
7/10 · HighPersian broker-review sites warn users off and rate it 2.6 of 5; no English-language footprint and no regulator warning.
Website claims
8/10 · CriticalClaimed over two decades of experience and ministry supervision, both false; the Persian site took rial payments while its disclaimer excluded Iran.
Operational history
8/10 · CriticalAbout two years of activity, from an October 2022 company to a site suspended in January 2025; domain now deleted and tax status temporary cessation.
Who they are
A quick desk file on the company behind the brand.
- Brand: PoloFX, also styled Polo Brokers and PoloBrokers.
- Legal entity: POLO BROKERS SRL, a Dominican limited liability company, tax number (RNC) 132692802, operations started 3 October 2022, tax status temporary cessation.
- Registered: Calle Aristides Rojas No. 2, Don Bosco, Moca, Espaillat, Dominican Republic, per the site imprint; phone +1 809 821 0101, a Dominican number.
- Website: polofx.net, with a client area at cabin.polofx.net and a Persian version. Offline since January 2025; the domain is no longer registered.
- Only licence: none. The only official record tied to its regulation claim is trade name POLO BROKERS, No. 750205, class 46 financial services, registered at ONAPI on 14 June 2023 to a private individual. That is not a licence.
- Offers: forex, metals, indices, commodities, stock and crypto CFDs on MetaTrader 5, leverage up to 1:500, 100 dollar minimum deposit, payment by WebMoney, TopChange, crypto, local bank transfer and, on the Persian site, Iranian rial.
- Not accepted: residents of the USA, North Korea and Russia, with Iran also listed in the disclaimer even on the Persian site that took rial payments.
- Age claim: over two decades of experience. Records show a company from October 2022 and a website live from early 2023 to December 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.
Ministry of Commerce and Industry of the Dominican Republic (ONAPI trade-name registration)
Why we reached this verdict
How the evidence adds up.
We rate PoloFX high risk and unverified, at 69%. The figure comes straight from the evidence; no profile adjustment was applied. It stops short of a scam verdict because the fund complaints are few and no regulator has acted, but every other finding points the same way.
- No licence, and a misleading substitute. PoloFX never named a financial regulator. Its regulation page claimed supervision by the Dominican Ministry of Commerce and Industry. The only record we found linking it to that ministry is trade name No. 750205 at ONAPI, an office attached to the ministry that registers business names and trademarks. It does not supervise brokers or protect client money.
- A false history. The site claimed over two decades of experience. POLO BROKERS SRL began operations on 3 October 2022 according to the Dominican tax register, and the site went live in early 2023.
- Money that did not come back. On 9 July 2024 a client reported a withdrawal unpaid after seven days. On 30 August 2024 another said the account was blocked straight after a deposit and a promised refund never came. Iran Broker issued a warning on 16 September 2024 citing more such reports. The accounts are dated but give no amounts and sit on one review site, so we treat the pattern as unconfirmed.
- Selling to a market it said it excluded. The Persian site took rial payments while its disclaimer barred Iranian residents, and the broker then cited that rule when it blocked Iranian accounts.
- The operation is gone. Hosting was suspended by 13 January 2025, the domain was parked by March 2026 and is now unregistered, and the company's tax status reads temporary cessation. It traded for about two years.
- Age figure. We dated the company from the tax register. The domain no longer exists and its original registration date is not on record, so the operating age rests on the company date alone.
Note on operating history: the 4.1-year track record rests on company incorporation alone. No domain registration 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 PoloFX regulation page said the broker operated under the supervision of the Ministry of Commerce and Industry of the Dominican Republic, called that ministry a credible regulatory body and claimed strict compliance with financial regulations. The ministry does not license brokers; the only matching record is a trade-name registration (E2), so the claim presents a business-name filing as regulation.
E2ONAPI record 750205 (file 2023-34958): trade name POLO BROKERS in class 46, financial services, granted 14 June 2023, valid to 14 June 2033, status registered. The holder is a private individual with an address at the Malecon Center in Santo Domingo, not POLO BROKERS SRL. A trade name protects a business name only.
E3The Ministry of Industry, Commerce and MSMEs describes ONAPI as an institution attached to the ministry that administers patents, trademarks and other industrial property. That link explains the ministry wording on the PoloFX site; it is not financial supervision.
E4The Why PoloFX page claimed over two decades of experience in international financial markets and thousands of traders served. POLO BROKERS SRL began operations on 3 October 2022 (E5), so the claim overstates the firm's history by about two decades.
E5POLO BROKERS SRL is a real Dominican taxpayer: RNC 132692802, trade name POLO BROKERS, activity financing services, operations started 3 October 2022. The name matches the operator named on every page of polofx.net.
E6The same tax record lists the company's status as CESE TEMPORAL, a declared temporary cessation of activity.
E7polofx.net was last captured as a working broker site on 5 December 2024. By 13 January 2025 the address showed a hosting page reading Account Suspended, about four months after the client complaints and review-site warning (E10, E11).
E8On 31 March 2026 polofx.net forwarded visitors to a domain-parking network instead of any broker site.
E9Public DNS records show polofx.net no longer exists in the .net registry. No successor domain for PoloFX was found.
E10Two Iranian clients reported money they could not get back. On 9 July 2024 one said a withdrawal was still unpaid after seven days under review. On 30 August 2024 another said the account was blocked straight after a deposit because PoloFX no longer served Iran, and that a refund promised within seven days had not arrived a month later. Neither report gives an amount.
E11Iran Broker published a warning on 16 September 2024 after receiving reports and documents that PoloFX blocked Iranian accounts without notice and did not return some users' capital. It said PoloFX did not answer its questions and advised users not to deposit. BrokerBartar and EconomistPlus repeat the warning without new first-hand accounts.
ModerateIran Broker warning, 16 Sep 2024E12The Persian homepage offered payment in Iranian rial and Persian-language marketing, while the disclaimer on the same page said Polo Brokers SRL does not accept clients residing in Iran. The broker later cited that exclusion when blocking Iranian accounts (E10).
E13The homepage promised a trade guarantee and said each client would be assigned a responsible manager. Deposits and withdrawals ran through WebMoney, TopChange, cryptocurrency and local bank transfers, with no card processor. The site's main pages named no owner, director or team.
E14On 13 June 2024 a client said PoloFX support solved a MetaTrader problem quickly, and the broker replied publicly two days later. It is the only positive first-hand review found.
E15IOSCO's I-SCAN, which pools warnings from member securities regulators, returns no warning for polofx or for Polo Brokers.
ModerateIOSCO I-SCAN alert searchE16The Dominican securities market is regulated by the Superintendencia del Mercado de Valores (SIMV), which publishes the register of authorised market participants. PoloFX never claimed SIMV registration.
The other side
The strongest case in this broker’s favour.
There is an innocent reading of these facts, and it should be heard.
- The company is real. POLO BROKERS SRL is on the Dominican tax register, and its name and address appeared on every page of the site.
- Cutting off a sanctioned market can be a banking or compliance decision rather than theft. Payment routes for Iranian clients often close without warning.
- Temporary cessation is a status a company files with the tax authority. It suggests the owners declared a pause rather than simply vanishing.
- No regulator in the IOSCO alert network has warned about PoloFX, and no regulator or court has taken action against it.
- One client praised its support in June 2024, and the broker answered reviews in public at the time.
- The fund complaints are few, come from one review site and give no amounts. Whether the promised refunds were paid later is not known.
What would change this
What we would need to see to revise the verdict.
Specific evidence would move this rating in either direction.
- Lower risk: proof that the Iranian clients blocked in 2024 were refunded in full.
- Lower risk: a licence for POLO BROKERS SRL from the SIMV or another financial regulator.
- Lower risk: a public account from the company of how client balances were settled before the site closed.
- Higher risk: more first-hand reports with amounts and dates showing balances kept after the shutdown.
- Higher risk: a regulator warning naming PoloFX, or any report of a fee demanded before a withdrawal.
- Scam verdict: a regulator or court action against POLO BROKERS SRL or PoloFX.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
ONAPI trade-name record 750205 (POLO BROKERS)
The record behind the claimed ministry supervision: a business-name registration, not a licence.
IOSCO I-SCAN regulator alert search for polofx
Pooled warnings from securities regulators worldwide; no entry for PoloFX at the time of writing.
PoloFX regulation page, archived October 2024
The broker's own claim of supervision by the Ministry of Commerce and Industry.
MICM description of ONAPI
The ministry describes ONAPI as its attached office for patents, trademarks and other industrial property.
Frequently asked questions
Quick answers about this broker’s safety.
Is PoloFX a scam?
We rate PoloFX high risk, at 69%. It had no financial licence, presented a trade-name registration as regulation and claimed two decades of experience for a company that started in 2022. Clients reported frozen funds in 2024, and the site went offline in early 2025. No regulator has published a warning about it.
Is PoloFX a fraud?
We found no regulator action, enforcement case or court record finding fraud by PoloFX or POLO BROKERS SRL. We did find conduct that concerns us: clients said deposits were frozen and refunds never arrived, and the company then went offline. We assess the risk of losing money with it as high.
Is PoloFX regulated?
No. PoloFX held no licence from any financial regulator. Its site said it worked under the supervision of the Dominican Ministry of Commerce and Industry, but the only matching record is trade name No. 750205 at ONAPI, the ministry's industrial property office. That office registers business names and trademarks and does not supervise brokers.
What is ONAPI registration 750205?
It is a trade-name registration for POLO BROKERS, granted on 14 June 2023 in the financial-services class by the Oficina Nacional de la Propiedad Industrial. It protects the use of a business name in the Dominican Republic until 2033. It is held by a private individual rather than the company and involves no financial supervision.
Is the PoloFX website still working?
No. polofx.net was last seen working as a broker site on 5 December 2024. By 13 January 2025 its hosting account showed as suspended, by March 2026 the address pointed to a domain-parking service, and the domain is now unregistered.
Can I withdraw my money from PoloFX?
Not through the platform, because the client area no longer exists. The company's Dominican tax record shows a temporary cessation of activity. If you have a balance, send a written demand to POLO BROKERS SRL and keep proof of every deposit and message.
Who is behind PoloFX?
The site named POLO BROKERS SRL, a Dominican company with tax number 132692802, at Calle Aristides Rojas No. 2, Moca, Espaillat. It never named its owners or directors. The POLO BROKERS trade name is registered to a private individual with an address at the Malecon Center in Santo Domingo.
How old is PoloFX?
Far younger than it claimed. POLO BROKERS SRL began operations on 3 October 2022, the website went live in early 2023, and it was gone by January 2025. Its claim of over two decades of experience is not supported by any record we found.
Is PoloFX based in Dominica?
No. It is based in the Dominican Republic, a different country. The company is on the Dominican tax register, its phone number used the Dominican 809 area code, and its address is in Moca, Espaillat province.
Did PoloFX accept clients from Iran?
In practice, yes. It ran a Persian-language site that offered payment in Iranian rial, while its disclaimer said residents of Iran were not accepted. In mid-2024 it began blocking Iranian accounts, citing that rule, and clients said their money was not returned.
Is PoloFX the same as Polo Invest or other Polo-named firms?
We found no link. PoloFX traded only from polofx.net under POLO BROKERS SRL. Similarly named firms such as Polo Invest use different websites and companies, so their records play no part in this assessment.
What should I do if I lost money with PoloFX?
Keep every receipt, transaction ID and chat log, send a written claim to POLO BROKERS SRL, and report the loss to the SIMV and your local police. Do not pay anyone who promises to recover your money for a fee, a common follow-up scam.
What should I check before depositing with a broker like this?
Find the licence on the regulator's own register, not on the broker's site. A company, tax or trade-name registration proves a business exists, not that it may hold your money. Be wary of personal account managers, crypto or local-transfer deposits, and claims of long history you cannot verify.
What we recommend
The practical takeaway from everything above.
Do not send money to PoloFX or to anyone using its name.
- polofx.net no longer exists. Treat any new PoloFX site, Telegram contact or personal account manager as unverified and likely unrelated.
- If you still have a balance, gather deposit receipts, transaction IDs, your account number and chat logs, and send a written demand to POLO BROKERS SRL in Moca, Dominican Republic.
- Report the loss to the Superintendencia del Mercado de Valores (SIMV) and to your local police, with copies of that evidence.
- Ignore anyone who offers to recover your funds for an upfront fee. Recovery offers are a common second scam aimed at people who already lost money.
- Before using any broker, find its licence on the regulator's own register. A company, tax or trade-name registration is not a licence to hold your money.
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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