Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
5/10 · ModerateGenuine group licences, but clients outside Europe sign with an FSC Mauritius broker-category licensee with no compensation scheme, and the UK arm is closing.
Identity & transparency
3/10 · LowEvery company checks out on its registry, but a mistyped company number, a wrong FCA verify link and group-wide licence banners blur who the client contracts with.
Withdrawals & conduct
6/10 · HighNine fund-integrity complaints from August 2025 to October 2026 on two platforms share one mechanism and give specifics; the firm replies and some withdrawals are paid.
Reputation
7/10 · HighTrustpilot withholds the rating after removing fake reviews and 43% of reviews are one-star; CySEC fined the firm in 2018; no regulator warning against trade.com.
Website claims
7/10 · HighHomepage claims 'ICF coverage' that its own disclaimer denies, calls client money 'Absolutely' safe and still lists a UK entity that stopped taking client money.
Operational history
2/10 · LowOperating since 2013 on registry evidence (Cypriot company registered August 2013); the Mauritius arm dates from 2020.
Who they are
A quick desk file on the company behind the brand.
- Brand: TRADE.COM, at trade.com.
- Legal entity: Lead Capital Global Ltd, Mauritius, company C170738, created 11 February 2020 (LEI 213800BY3GSZV9IWBM32). European clients are served by Trade Capital Markets (TCM) Ltd, Cyprus, HE 324232, registered 5 August 2013 and formerly named Leadcapital Markets Ltd.
- Registered: Plot 40, Silicon Avenue, Suite 403, 4th floor, The Catalyst Building, Ebene, Mauritius.
- Group: Trade Capital Holding (TCH) Ltd of Cyprus (HE 368167) is the parent of the Cypriot firm and owns the US broker-dealer Trade Capital Markets (TCM) North America LLC.
- Website: trade.com/en/global for global clients, with logins at client.trade.com and, for Europe, portal.eu.trade.com. heromarkets.com redirects to trade.com.
- Licence for global clients: FSC Mauritius, Investment Dealer (Broker), licence C119023948, held by Lead Capital Global Ltd.
- Group licences: CySEC 227/14 (Trade Capital Markets (TCM) Ltd), FINRA CRD 316822 and SEC 8-70811 (US equities only), FSCA FSP 47857 (intermediary only).
- UK arm: Trade Capital UK (TCUK) Ltd, FCA FRN 738538, traded as TRADE.com. On 6 July 2026 it agreed with the FCA to stop taking new client money, and on 24 July 2026 it applied to cancel its authorisation.
- Offers: CFDs on forex, shares, indices, commodities, ETFs and crypto on WebTrader, MT5 and a mobile app. Accounts run from USD 100 (Silver) to USD 100,000 (Exclusive), and clients are assigned account managers. There is also PAMM, plus simulated prop challenges run by a sister company, Tplus Technologies Limited.
- Not accepted: The global site says it is not directed at residents of the EU, UK, Switzerland, the US, Iran or North Korea.
- Age claim: The site states no founding year. The oldest group company dates from August 2013, and trade.com itself was registered in 1999.
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
Cyprus Securities and Exchange Commission (CySEC)
Financial Services Commission, Mauritius (FSC)
Financial Conduct Authority (FCA), United Kingdom
FINRA (Financial Industry Regulatory Authority), United States
U.S. Securities and Exchange Commission (SEC)
Found by our investigation (1) — the broker does not list these on its own site
Financial Sector Conduct Authority (FSCA), South Africa
Found by us — not listed by the broker
Why we reached this verdict
How the evidence adds up.
We rate TRADE.COM high risk rather than a scam. The group is real and has operated since 2013. Its offshore arm, which signs clients outside Europe, draws a steady pattern of high-pressure selling and complaints about access to money. Its website also overstates how client money is protected.
- The licences are genuine: CySEC lists Trade Capital Markets (TCM) Ltd under licence 227/14 with trade.com as an approved domain, and the FSC Mauritius register lists Lead Capital Global Limited at the Ebene address the site gives.
- A Mauritius broker licence carries no compensation scheme, and the site's own disclaimer says so. Yet the same homepage advertises 'ICF coverage', the abbreviation for the Cyprus Investor Compensation Fund. That fund protects clients of Cypriot investment firms, not of a Mauritius company. The homepage also answers 'Absolutely' to 'Is my money safe'.
- We counted seven fund-integrity complaints on Trustpilot between December 2025 and October 2026, and two more on a third-party broker directory. They describe one mechanism: an account manager pushes more deposits, sometimes loans, losses follow, and withdrawals stall. In three accounts the client was offered a settlement or a non-disclosure deal in exchange for part of the money. Several give amounts, dates or an account number.
- Trustpilot withholds the trade.com rating for a guideline breach and says it removed a number of fake reviews. Of the 227 reviews left, 43% are one-star and 34% five-star.
- The UK company that traded as TRADE.com agreed with the FCA on 6 July 2026 to stop taking new client money and to return client funds. It then applied on 24 July 2026 to cancel its authorisation. trade.com still lists it as an 'FCA Regulated Entity', and its 'Verify On FCA Register' button opens FINRA BrokerCheck instead.
- CySEC fined the Cypriot company EUR 30,000 in 2018, under its former name LeadCapital Markets Ltd. The fine was for failing to act honestly, fairly and professionally towards its Romanian clients in 2016 and 2017.
- We found no regulator warning against trade.com or Trade Capital Markets. A Quebec AMF alert of October 2024 concerns an unregistered site, Virtual Wealth Exchange, and lists 'Lead Capital Global Ltd' among the names that site used. Its web addresses and offices match neither trade.com nor the Mauritius company. We treat it as a separate operation using the name, but a link cannot be ruled out.
- The 49% figure is the weighted average of our six risk scores. The operation is more than 13 years old and has a large review footprint, so no age or footprint adjustment applies.
Evidence ledger
Every finding, with its source and how strongly it points.
E1CySEC's register lists Trade Capital Markets (TCM) Ltd under licence 227/14 (company 324232, previous name Leadcapital Markets Ltd, Strovolos, Nicosia). It names www.trade.com, www.tradecapitalmarkets.com and www.heromarkets.com as approved domains, with permissions that include execution of orders and dealing on own account.
Hard proofCySEC register, Cypriot investment firmsE2The FSC Mauritius Online Public Register lists Lead Capital Global Limited in the SEC-2.2 Investment Dealer (Broker) category, with management company MantaRay Management Limited. The address is Plot 40, Silicon Avenue, Suite 403, 4th Floor, The Catalyst Building, Ebene, the same one trade.com gives. No website is recorded.
E3trade.com/en/global names Lead Capital Global Ltd as operator, citing FSC Mauritius licence C119023948, company C170738 and the Ebene address. It says the site is not directed at residents of the EU, UK, Switzerland, US, Iran or North Korea. Its local-restrictions notice gives the company number as C107110.
E4The homepage says client money is protected through FSC Mauritius regulation, segregated accounts 'and ICF coverage', and its FAQ answers 'Absolutely' to 'Is my money safe with Trade.com?'. Yet its disclaimer says Lead Capital Global Ltd 'does not fall within the European financial regulatory framework' and that 'no investor compensation system is in place'.
E5trade.com's Regulation & Compliance page presents Trade Capital UK (TCUK) Ltd as an 'FCA Regulated Entity' among 'Our Group Regulatory Licences', with no mention of its July 2026 wind-down. Its 'Verify On FCA Register' button opens FINRA BrokerCheck, and the FSC link in the global footer leads to a not-found page.
E6FCA register: Trade Capital UK (TCUK) Ltd, FRN 738538, trading name TRADE.com since 20 September 2019, formerly LiveMarkets Ltd. On 6 July 2026 the firm applied for requirements barring new client money, requiring the return of segregated client money and removing its dealing permissions. It applied to cancel its authorisation on 24 July 2026. A 2019 requirement bars it from referring clients to non-EEA entities. The register also lists three clones of the firm: Trade capitol, CFDConsulting Capital UK Ltd / CFD Trades, and tradecapitaleu.net.
ModerateFCA Financial Services RegisterE7FINRA BrokerCheck: Trade Capital Markets (TCM) North America LLC, CRD 316822, SEC 8-70811, Barnegat, New Jersey, owned by Trade Capital Holding (TCH) Ltd, with 0 disclosures. It is a US securities broker-dealer, not a forex or CFD provider.
ModerateFINRA BrokerCheckE8FSCA register: FSP 47857, Trade Capital Markets (TCM) Ltd (registration HE 324232), a Category I intermediary for shares, money-market instruments, bonds and derivative instruments, with no advice categories. trade.com does not advertise it.
E9Cyprus companies registry: Trade Capital Markets (TCM) Ltd, HE 324232, registered 5 August 2013, previous names Leadcapital Markets Limited and Supering Trading Limited. Its parent, Trade Capital Holding (TCH) Ltd, HE 368167, was registered 10 April 2017. Both remain on the register.
E10GLEIF LEI 213800BY3GSZV9IWBM32: Lead Capital Global Limited, Mauritius company C170738, private limited by shares, created 11 February 2020. The data is fully corroborated with the Mauritius Corporate and Business Registration Department. No consolidating parent is reported, and the legal address is Suite 302A, 3rd Floor, The Catalyst Building, Ebene.
ModerateGLEIF LEI recordE11Companies House: Trade Capital UK (TCUK) Ltd, company 09203957, incorporated 4 September 2014 as LiveMarkets Limited and renamed in April 2022; filings up to date.
E12Trustpilot withholds the trade.com rating for a breach of its guidelines and says it removed a number of fake reviews. 227 reviews remain, 82 from the last 12 months: 43% one-star, 34% five-star, 6% three-star. The company posts a standard reply asking reviewers to email support with an account number.
ModerateTrustpilotE13Fund-integrity complaints on Trustpilot, December 2025 to October 2026: October 2026 (account 2071649): withdrawal requests cancelled after three or four days and re-issued to a wallet the client did not own. May 2026: active positions disappeared, with several thousand euros lost. March 2026: equity from a USD 1,900 deposit wiped, a further USD 3,000 requested to recover it, then a USD 1,500 offer tied to a non-disclosure clause. December 2025: a request to sign a document silencing the complaint in exchange for releasing the funds. Two accounts on a third-party broker directory describe the same settlement offer and the same pressure to deposit more to recover losses.
E14Other Trustpilot one-star reviews from the UAE, Qatar, Bahrain, India, Pakistan and Italy describe account managers who cold-called and promised high or guaranteed returns. They urged repeated deposits and even credit card loans, and opened large positions without stop losses. One review that promotes a paid recovery service is excluded.
ModerateTrustpilot reviews of trade.comE15A CySEC board decision of 8 January 2018 (announced 4 April 2018) fined LeadCapital Markets Ltd, now Trade Capital Markets (TCM) Ltd, EUR 30,000 under the Investment Services law. LeapRate's report of the announcement gives the breach as failing to act honestly, fairly and professionally in the best interests of Romanian clients between August 2016 and July 2017.
ModerateCySEC board decision; LeapRateE16A Quebec AMF alert of 11 October 2024, carried on the CSA alert list and IOSCO I-SCAN, says Virtual Wealth Exchange (virtualwealthexchange.co, .net and .com) is not registered in Quebec. It lists Virtual Exchange Company Ltd and Lead Capital Global Ltd as other business names. The site lists offices in Basel, Sydney, London, Dubai and Tokyo, which match neither trade.com nor the Mauritius address. The Ontario and Saskatchewan alerts on the same site do not name Lead Capital Global.
E17IOSCO I-SCAN searches for www.trade.com and Trade Capital Markets return no alert naming trade.com or Trade Capital Markets (TCM) Ltd.
WeakIOSCO I-SCANE18Domain records: trade.com registered 15 March 1999; heromarkets.com registered 28 August 2016 and redirects to trade.com; tradecapitalmarkets.com registered 7 January 2019; tradecapitaluk.com registered 2 February 2022.
WeakVerisign RDAPE19FinTelegram (August 2022) describes the Trade Group under CEO Roei Gavish. It names Trade Capital Markets (TCM) Ltd, Trade Capital UK (TCUK) Ltd, Lead Capital Global Ltd in Mauritius and Lead Capital Corp Ltd in Seychelles, plus sister brands 77Markets, ArgoTrade and FINQ and a white-label technology arm, Tplus Technologies.
WeakFinTelegram
The other side
The strongest case in this broker’s favour.
There is a fair case that TRADE.COM is a real, regulated group with an aggressive offshore sales desk rather than a scam.
- Its companies check out on official registries: Cyprus (2013), the UK (2014), the Cyprus holding company (2017), Mauritius (2020) and a US broker-dealer established in 2021.
- CySEC's register names trade.com as an approved domain of Trade Capital Markets (TCM) Ltd, which an impersonator could not arrange.
- The US broker-dealer shows no disclosures on FINRA BrokerCheck.
- The UK firm requested its own wind-down, with client money to be returned under FCA client-asset rules.
- The company replies to Trustpilot complaints, and some reviewers report withdrawals paid on time. Many one-star reviews are about trading losses rather than money being withheld.
- The FCA lists three clone firms copying the UK company's details, so some bad experiences online may involve impersonators rather than TRADE.COM itself.
What would change this
What we would need to see to revise the verdict.
These developments would move the rating in either direction.
- Lower risk: the global site removing the 'ICF coverage' claim and the outdated UK listing, and naming the contracting company clearly on every page.
- Lower risk: Trustpilot restoring the rating, and complainants confirming refunds or resolved withdrawals.
- Higher risk: a regulator warning or enforcement action naming trade.com, Lead Capital Global Ltd or Trade Capital Markets (TCM) Ltd. Proof that Lead Capital Global Ltd served the Virtual Wealth Exchange site would count the same way.
- Higher risk: credible reports of a fee, tax or extra deposit demanded before a withdrawal is paid, or more withdrawal refusals with amounts and dates.
- Higher risk: the UK cancellation completing with client money left unreturned.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
CySEC register: Trade Capital Markets (TCM) Ltd
Licence 227/14 entry, with trade.com listed among the approved domains.
FSC Mauritius Online Public Register
Type Lead Capital Global in the Name field to see the SEC-2.2 Investment Dealer (Broker) entry.
FCA register: Trade Capital UK (TCUK) Ltd
Shows the July 2026 requirements, the application to cancel and the clone warnings.
FINRA BrokerCheck: TCM North America LLC
The group's US equities broker-dealer, CRD 316822.
CySEC fine decision (2018)
EUR 30,000 fine on LeadCapital Markets Ltd, now Trade Capital Markets (TCM) Ltd.
GLEIF record: Lead Capital Global Limited
Mauritius company C170738, created 11 February 2020.
Trustpilot reviews of trade.com
Rating withheld for a guideline breach; read the one-star reviews.
CSA alert: Virtual Wealth Exchange (AMF Quebec)
Unregistered site that listed Lead Capital Global Ltd among its names; it is not trade.com.
Frequently asked questions
Quick answers about this broker’s safety.
Is TRADE.COM a scam?
TRADE.COM is not a proven scam: it is a real group with companies in Cyprus, the UK, the US and Mauritius. We rate it high risk because its offshore arm draws repeated complaints about pushy account managers and stalled withdrawals. Its website also overstates client protection.
Is TRADE.COM a fraud?
No regulator or court has found TRADE.COM to be a fraud, and we found no fraud-related enforcement action naming its companies. The complaints describe pressure selling and withdrawal problems, which we treat as serious risk signals rather than a legal finding.
Is TRADE.COM regulated?
Yes, through different companies for different regions. Trade Capital Markets (TCM) Ltd holds CySEC licence 227/14 for European clients, and Lead Capital Global Ltd holds an FSC Mauritius Investment Dealer (Broker) licence for clients elsewhere. The Mauritius licence carries no investor compensation scheme, and the UK company that traded as TRADE.com applied in July 2026 to cancel its FCA authorisation.
Which TRADE.COM company will I be dealing with?
It depends on where you live. The global site, trade.com/en/global, is run by Lead Capital Global Ltd in Mauritius. European clients are handled by Trade Capital Markets (TCM) Ltd in Cyprus through portal.eu.trade.com. Check the company named in your client agreement before you deposit.
Is my money protected if something goes wrong?
For clients of Lead Capital Global Ltd there is no compensation scheme. The company's own disclaimer says no investor compensation system is in place, even though its homepage mentions 'ICF coverage'. Eligible clients of the Cypriot company may fall under the Cyprus Investor Compensation Fund. Segregated accounts help, but they are not a guarantee.
Can I withdraw my money from TRADE.COM?
Some clients report withdrawals paid on time. Others describe withdrawal requests cancelled, positions removed, or a settlement offered for part of their balance. Test a small withdrawal first and keep every request in writing.
What do TRADE.COM clients complain about most?
Account managers. Reviewers from the Gulf, South Asia and Europe say managers cold-called them and promised high or even guaranteed returns. They describe pressure to make repeated deposits and take loans, and large trades opened without stop losses. After losses, some were told to deposit more to recover.
What is an FSC Mauritius licence worth?
Lead Capital Global Ltd's licence comes from the FSC Mauritius, a real government regulator. It is an offshore licence that offers far less protection than EU or UK rules and no compensation scheme. The FSC files it in the Investment Dealer (Broker) category, not the full-service dealer category.
What happened to TRADE.COM's UK company?
Trade Capital UK (TCUK) Ltd traded as TRADE.com in the UK. On 6 July 2026 it agreed with the FCA to stop taking new client money, return client funds and give up its dealing permissions. It applied on 24 July 2026 to cancel its authorisation. The global site still lists it among its licences.
Is TRADE.COM a clone, and are there fake TRADE.COM sites?
trade.com itself is not a clone. CySEC lists it as an approved domain of Trade Capital Markets (TCM) Ltd. The FCA has flagged clones copying the UK company, including tradecapitaleu.net. A Quebec AMF alert also names an unregistered site, Virtual Wealth Exchange, that used the name Lead Capital Global Ltd. Use only trade.com addresses.
How old is TRADE.COM and who owns it?
The Cypriot company was registered on 5 August 2013 and was earlier named Leadcapital Markets Ltd. The Mauritius company was created in February 2020. Trade Capital Holding (TCH) Ltd of Cyprus is the parent of the Cypriot firm and owns the US broker-dealer.
Has TRADE.COM ever been fined?
Yes. CySEC fined LeadCapital Markets Ltd, now Trade Capital Markets (TCM) Ltd, EUR 30,000 in 2018. The fine was for failing to act honestly, fairly and professionally towards its Romanian clients in 2016 and 2017. We found no other fines against the group's companies.
What should I check before depositing with TRADE.COM?
Confirm which company is named in your agreement and what protection its regulator offers. Ignore promises of guaranteed returns, do not let a manager trade for you, and test a small withdrawal before adding money.
What should I do if a withdrawal stalls or an account manager pressures me?
Stop depositing, put your withdrawal request and complaint in writing, and keep every message. Escalate to the FSC Mauritius if your contract is with Lead Capital Global Ltd, or to CySEC if it is with Trade Capital Markets (TCM) Ltd. Do not sign a settlement or non-disclosure deal without legal advice, and avoid recovery firms that charge upfront.
What we recommend
The practical takeaway from everything above.
If you are considering TRADE.COM, check which company you are signing with and do not let anyone rush you.
- Read the company name in your client agreement. Lead Capital Global Ltd means Mauritius rules and no compensation scheme. Trade Capital Markets (TCM) Ltd means CySEC rules.
- Do not let an account manager choose or open trades for you, and never borrow or use credit card loans to fund trading.
- Start small and test a withdrawal before you deposit more.
- Do not sign a settlement or non-disclosure agreement to get your own money back without independent legal advice.
- Keep records of calls, chats, deposits and withdrawal requests. If a withdrawal stalls, complain in writing to the company first. Then go to the FSC Mauritius, or to CySEC if your contract is with the Cypriot company.
- Use only trade.com addresses, and ignore 'recovery' services that ask for upfront fees.
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 9, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
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