Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighA genuine Mauritius FSC Investment Dealer licence confirmed on the register keeps this out of the top band, but it is held by a company that is not the client's counterparty, the entity that is relies on a Comoros body the national central bank calls fabricated, and the Cyprus leg is struck off.
Identity & transparency
7/10 · HighReal named entities, real registry numbers and named management, but no registered address or phone anywhere on the site, a dissolved company still listed as registered, two different Mwali licence numbers in circulation, and a former brand disclosed nowhere.
Withdrawals & conduct
8/10 · CriticalAround 21 fund-integrity reports on two platforms over sixteen months, one mechanism, clustered in late 2025 and again in 2026, with account numbers, amounts and dates; held below the top band because some payouts are confirmed and the broker does answer some cases.
Reputation
7/10 · HighTrustpilot sits at 2.6 out of 5 on 106 reviews with a polarised 52 percent five-star and 38 percent one-star split, review-site guidance urges extreme caution, and recovery adverts are already targeting its clients; no regulator warning exists, which caps this.
Website claims
8/10 · CriticalStates a struck-off Cyprus company is registered, headlines same day withdrawals and safety of funds against the complaint record, and shows Forbes, Bloomberg and Reuters logos plus 9 awards, 43,000 traders and 10,000 introducing brokers with nothing to support them.
Operational history
6/10 · HighAbout three and a half years on the oldest entity we could date, April 2023, with current domains from 2024 and lineage to a 2020 predecessor domain; the site makes no false founding claim, but the structure was rebuilt during a rebrand away from a complaint record.
Who they are
A quick desk file on the company behind the brand.
The desk file on this operation:
- Brand: ZarVista, trading as Zarvista Capital Markets. Known as ZaraFX until the 2024 rebrand.
- Legal entity (your counterparty): Zarvista Capital Markets Ltd, registered on Mwali in the Union of the Comoros. This is the company the website names as owner and operator.
- Other entities: Zarvista Capital Markets (MU) Ltd, Mauritius, company C204242, the FSC licence holder. Zarvista Services Ltd, Cyprus HE 445683, described as a customer services agent and struck off on 28 August 2026.
- Registered: The Mauritius licensee's registered office is Office 306, 3rd Floor, Ebene Junction, Rue de la Democratie, Ebene, Mauritius, held through a management company. The website itself publishes no address at all.
- Website: zarvistacm.com, with the client portal at my.zarvistacapitalmarkets.com.
- Only licence over your money: Mwali International Services Authority, number given as T2023280.
- Offers: Forex, metals, indices, commodities and crypto CFDs on MetaTrader 5, leverage to 1:500, minimum deposit 50 dollars, copy trading, PAMM and MAM, plus welcome and no-deposit bonuses.
- Not accepted: residents of the USA, Mauritius, Canada, Hong Kong, Japan, Belgium and France.
- Age claim: founded 2019 on its LinkedIn page and in broker listings. The website makes no founding claim. The earliest date we could evidence is the predecessor domain in October 2020.
- Leadership: Jamsheer Veetil is named as chief executive, with Mohammed El Alaoui Essosse appointed to a chief executive role in trade-press coverage.
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), Union of the Comoros
Financial Services Commission (FSC), Mauritius
Registrar of Companies and Intellectual Property, Cyprus
Why we reached this verdict
How the evidence adds up.
Four findings carry this verdict, and the first is the one that matters most to anyone holding an account.
- The real licence does not cover the company holding your money. The Mauritius FSC public register shows that Zarvista Capital Markets (MU) Ltd holds a SEC-2.1B Investment Dealer licence from 19 January 2024, listed as a full service dealer excluding underwriting, with no adverse annotation. That is a genuine authorisation from a genuine regulator. But the site's own footer states that zarvistacm.com is owned and operated by Zarvista Capital Markets Ltd, a different company, authorised only by the Mwali International Services Authority. The Central Bank of the Comoros has publicly stated that this authority is a fabricated entity with no lawful foundation or permission to license financial firms. So the supervision a client would reasonably think they are getting sits on an entity that is not their counterparty.
- A claim on the live site is untrue. The regulation page states that Zarvista Services Ltd is a company registered in Cyprus under HE 445683. The Cyprus Registrar of Companies records that company as struck off, with a status date of 28 August 2026, and records its previous name as ZaraFX Group Ltd. A dissolved company is still being presented to prospective clients as a current part of the group.
- Clients consistently report that money does not come back. Across Trustpilot and a second broker-review platform we counted roughly 21 reports where the client's funds were the issue, running from March 2025 to July 2026, against about 7 that were ordinary service gripes. They describe one mechanism: a withdrawal request that sits on pending with no timeline, or a balance locked inside the copy-trading product. The detail is checkable. One client gives trading account 2121957387 and two months of funds held. Another gives withdrawal dates of 13 February and 4 April 2026, both still pending in late May. Several lost access to the social-trading dashboard on 8, 9 and 13 April 2026 and could not reach their balances afterwards. One report on the second platform puts 150,000 dollars behind a withdrawal rejection. The pattern meets all four of our tests: the same failure, clustered in time, confirmed by different users on more than one platform, and specific enough to check.
- The rename does not start a clean sheet. ZarVista was ZaraFX, and the continuity is a matter of record rather than resemblance. The Cyprus registry shows the same company number carrying both names. The Mauritius company number C204242 and the Mwali registration HY00623401 appear under the ZaraFX names in the group's own published filings. The LinkedIn company page the broker links from its own footer still answers on the old zara-fx address and resolves to the Zarvista page. The company announced the change itself, saying the Zar in Zarvista pays homage to the legacy of ZaraFX. ZaraFX accumulated 74 Trustpilot reviews up to September 2024, including reports of 50,000 and 25,000 dollars lost, and then its website closed. The same complaint mechanism reappeared under the new name.
Two things kept this short of a confirmed verdict, and they are real. No regulator anywhere has published a warning about this operation or its predecessor. The IOSCO alerts network, which carries the warning lists of more than 150 regulators, returns nothing for the brand, the former brand or the shorter root. And the Mauritius licence is genuine, which separates this from an operation that invented its credentials.
On age, the group's lineage reaches back to roughly 2020 through the predecessor domain, but its current corporate and web structure was rebuilt in 2023 and 2024. We date the operating track record from the oldest entity we could evidence, the Cyprus company incorporated on 3 April 2023, which puts it at about three and a half years. Two of the three companies publish no incorporation date through any accessible registry, so that figure rests on one dated entity.
Evidence ledger
Every finding, with its source and how strongly it points.
E1The Mauritius FSC public register lists Zarvista Capital Markets (MU) Ltd with a SEC-2.1B Investment Dealer licence (Full Service Dealer excluding Underwriting) dated 19 January 2024, licensee status shown as COMPANY IS INCORPORATED, no adverse annotation, registered office at Office 306, 3rd Floor, Ebene Junction, Rue de la Democratie, Ebene, Mauritius, held through management company AllServ Management Ltd. The register publishes no website for the licensee.
E2The Cyprus Registrar of Companies records company HE 445683 under its latest name ZARVISTA SERVICES LTD and its previous name ZARAFX GROUP LTD. The company was registered on 3 April 2023 and its status is Diagrammeni, meaning struck off, with a status date of 28 August 2026. This proves both the rebrand and the dissolution from a primary registry.
E3The broker's own regulation page states that Zarvista Services Ltd is a company registered in Cyprus under HE 445683, that Zarvista Capital Markets Ltd is authorised by the Mwali International Services Authority under licence T2023280, and that Zarvista Capital Markets (MU) Ltd is an Investment Dealer in Mauritius. The Cyprus statement is untrue as of 28 August 2026. The page carries no link to any register for any of the three claims.
E4The site footer states that zarvistacm.com is owned and operated by Zarvista Capital Markets Ltd, authorised by the Mwali International Services Authority. This is the broker's own statement that the client's counterparty is the Comoros company and not the Mauritius licence holder, which is what limits the value of the one genuine licence.
E5Trustpilot holds 106 reviews for zarvistacm.com at 2.6 out of 5, split 52 percent five-star and 38 percent one-star with only 10 percent between. The profile was claimed in November 2024 and the broker replies to roughly a third of negative reviews, usually with standard text. The dominant negative theme is loss of access to funds.
E6One-star reviews describe a single repeated failure with checkable detail. A client gives trading account 2121957387 and funds held more than two months. Another gives withdrawal requests on 13 February and 4 April 2026 still pending in late May. Others lost access to the social and copy trading dashboard on 8, 9 and 13 April 2026 and could not reach their balances. A further cluster from late October and November 2025 reports withdrawals left on pending check and deposits not returned.
E7A second review platform carries an independent fund-integrity complaint dated 9 July 2025 from a client in India alleging 150,000 dollars lost through withdrawal rejection, alongside positive reports of fast withdrawals. The same page records the Mauritius FSC licence as GB23202450 and reports the Mwali licence as suspended, and advises extreme caution.
ModerateBrokersView broker profileE8Trade press reports the rebrand directly, stating that Zara FX has officially announced a rebranding to Zarvista Capital Markets, that the Zar in Zarvista pays homage to the legacy of ZaraFX, and that over the past five years ZaraFX experienced substantial growth. It names the same entities and numbers later used by Zarvista: ZaraFx Ltd with Mwali registration HY00623401, Zara Trading Limited in Mauritius with FSC licence GB23202450, and entities in Cyprus and Saint Vincent.
StrongFinanceFeedsE9The LinkedIn company page that the broker links from its own footer as linkedin.com/company/zara-fx now resolves to the Zarvista Capital Markets page, which lists zarvistacm.com as its website, Mauritius as its headquarters, 51 to 200 employees and founded 2019. One company page renamed from the old brand to the new one, tying the two operations together through the broker's own published link.
E10The predecessor brand's Trustpilot page collected 74 reviews between September 2021 and September 2024 and then stopped, with the platform noting the company website had closed. Complaints include a client stating that Zara fx broker owners had stolen 50,000 dollars with profit, and another reporting 25,000 dollars vanishing in 20 days. The predecessor domain zara-fx.com no longer resolves.
E11The IOSCO alerts network, which aggregates the warning lists of more than 150 member regulators, returns no entry for zarvista. Searches for zarafx and for the shorter root zara also return nothing relevant, the latter producing only two unrelated firms. A control search returned 50 rows, confirming the keyword search was working.
E12Registry records date the current web presence to 2024. zarvistacm.com was registered on 10 May 2024 through GoDaddy on Cloudflare nameservers, and the client portal domain zarvistacapitalmarkets.com on 10 October 2024 through Namecheap. The predecessor domain zara-fx.com was registered on 26 October 2020.
ModerateVerisign RDAP registry recordsE13The contact page publishes no registered address and no telephone number for any of the three companies the broker names. The only channels offered are an email address, live chat inside the client portal and WhatsApp through a support widget.
Moderatezarvistacm.com contact pageE14The homepage advertises 43,000 active traders, 9 international awards, 10,000 introducing brokers and an In the Media strip naming Forbes, Bloomberg, Reuters, FXStreet and Finance Magnates. Only the trade-press coverage is evidenced, and that is announcement based. It also headlines Same Day Withdrawals and Safety of Funds, which the complaint record contradicts.
Moderatezarvistacm.com homepageE15The platform infrastructure is genuine. The homepage serves MetaTrader 5 downloads from the official MetaQuotes distribution network and the mobile links point at a MetaQuotes-hosted server named ZarvistaCapitalMarkets-Server, rather than a self-hosted installer. A real trading operation exists behind the brand.
E16Trade press covering a chief executive appointment describes the company as formerly ZaraFX, lists Mauritius as its main headquarters with the Comoros address used for the Mwali registration, and notes operational offices in Dubai and Cyprus. The incoming executive had been with the group since 2023 in Dubai, after roles at AUS Global and INFINOX Capital.
ModerateFinance MagnatesE17An independent broker listing records the Mwali licence as T2023293 and names Zara Trading Limited among the group's entities alongside Zarvista Capital Markets Ltd and Zarvista Capital Markets (MU) Ltd, with the Mauritius FSC licence as GB23202450 and the business online since 2019. The Mwali number differs from the T2023280 the site publishes.
ModerateEarnForex broker listing
The other side
The strongest case in this broker’s favour.
The case for the other side, tested rather than assumed:
- The licence is real. Mauritius is a working regulator with real conduct rules, and the FSC register shows an active Investment Dealer licence with no suspension or condition attached. This is not an invented number, and it is not another firm's number. That alone separates ZarVista from most of what we investigate.
- There is a real business here. The MetaTrader 5 server is hosted by MetaQuotes under the broker's own name and the platform downloads come from the official MetaQuotes network rather than a self-hosted installer. There is a published mobile app, named and traceable management with prior industry roles, policy documents on the site, and trade-press coverage. Pure fabrications do not usually bother with any of this.
- Some clients are paid. One reviewer describes receiving 302 dollars after meeting the bonus volume rule, with enough specifics to read as genuine. Positive reports on a second platform mention fast withdrawals. This is not an operation where nobody ever gets money out, which is why the honest reading is obstruction rather than a platform that never pays.
- The rebrand was announced openly. The company published the ZaraFX to Zarvista change itself and explained the reasoning. Groups do rebrand legitimately, and a rename that is announced in the trade press is not the behaviour of an operation trying to disappear.
- The broker answers its critics. It claimed its Trustpilot profile in November 2024 and replies to about a third of negative reviews. The replies are templated and do not resolve much, but a company that engages at all is behaving differently from one that has vanished.
- Part of the 2026 problem may be a broken product rather than a seizure. Several clients describe losing access to the copy-trading section of the dashboard, which reads like a feature failure. We weighed this seriously. It does not excuse the outcome, because funds stayed unreachable for months while support sent standard replies, and withdrawal requests from February were still pending in May. For the client the distinction makes no practical difference.
- The complaints are not a competitor campaign. They span sixteen months rather than a burst, come from users in more than a dozen countries, many with review histories elsewhere, and the texts are individually worded. We excluded two reviews outright: one steering readers to a named alternative platform, and one advertising a fund-recovery service. What remains stands on its own.
What would change this
What we would need to see to revise the verdict.
Concrete things that would move this verdict, in either direction:
- Toward safe: the Mauritius FSC licence moving onto the entity that actually contracts with clients, so that the company holding the money is the company under supervision. That single structural change answers our main objection.
- The withdrawal and copy-trading complaints from February to July 2026 being shown as resolved, with the affected clients confirming they received their balances.
- The Cyprus claim being corrected or removed from the regulation page, and the Mwali licence number reconciled, since the site publishes T2023280 while the group's own filings record T2023293 under registration HY00623401.
- A published registered address and telephone number, and open disclosure of the ZaraFX history on the site rather than only in the social media handles.
- Toward confirmed: a warning or enforcement notice from any regulator naming this domain or either brand. There is none today, and one would be decisive.
- Any credible, specific account of an extra payment being demanded before funds are released. None has been found, and a documented instance would settle the matter.
- The Mauritius licence being annotated, suspended or surrendered, or the complaint pattern spreading to the Mauritius-facing business.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
FSC Mauritius Online Public Register
Search the name Zarvista to see the Investment Dealer licence for Zarvista Capital Markets (MU) Ltd.
Cyprus Registrar of Companies, record HE 445683
Shows both names on one company number and the struck-off status.
IOSCO alerts network, search for Zarvista
Combined warning lists of more than 150 regulators. No entry for this operation.
The broker's own regulation page
Where the three claims are made. It publishes no link to any register.
Trustpilot reviews for zarvistacm.com
Per-domain review page, so it cannot be confused with another firm.
Frequently asked questions
Quick answers about this broker’s safety.
Is ZarVista a scam?
We rate it a likely scam and would not deposit with it. The group holds one genuine Mauritius licence, but that licence sits on a different company from the one the website says owns and operates zarvistacm.com, and clients have reported withdrawals left pending and balances locked for months. No regulator has formally warned about it, which is why we stop short of calling it confirmed.
Is ZarVista a fraud?
No court or regulator has found fraud against ZarVista, and we are not in a position to assert a crime. What we can say is that we assess the risk of fraud as high, on the basis of a sixteen-month pattern of clients saying their money did not come back, a dissolved Cyprus company still advertised as registered, and a predecessor brand with the same complaint history.
Is ZarVista regulated?
Partly, and the detail matters. Zarvista Capital Markets (MU) Ltd holds a real Investment Dealer licence from the Mauritius Financial Services Commission, granted on 19 January 2024 and listed on the FSC register. But the site states that the website is owned and operated by Zarvista Capital Markets Ltd in the Comoros, and that company is covered only by the Mwali International Services Authority.
What is the Mwali or MISA licence actually worth?
Very little. The Mwali International Services Authority sells registrations from an autonomous island of the Comoros, and the Central Bank of the Comoros has publicly stated that it is a fabricated entity with no lawful authority to license banks or financial firms. There is no compensation scheme and no supervisor who will pursue a client complaint on your behalf.
Can I withdraw my money from ZarVista?
Some clients do and others have not. Reports of successful payouts exist, including small bonus withdrawals. Against that, around 21 clients across two platforms describe withdrawals sitting on pending for weeks or months, and a group of clients have been unable to reach balances held in the copy-trading product since February and April 2026. Request any balance now, in writing, and keep the ticket references.
Is my money safe with ZarVista?
We would not treat it as safe. The company that takes your deposit is not the company holding the Mauritius licence, so the regulator most people would rely on does not supervise your counterparty. The site promises segregated client funds and negative balance protection, but there is no supervisor over that entity who can verify or enforce either claim.
Who owns ZarVista and who runs it?
The group operates through three companies: Zarvista Capital Markets Ltd in the Comoros, Zarvista Capital Markets (MU) Ltd in Mauritius with company number C204242, and Zarvista Services Ltd in Cyprus under HE 445683, which is now struck off. Jamsheer Veetil is named as chief executive, and trade press reported Mohammed El Alaoui Essosse appointed to a chief executive role. Beneficial ownership is not published.
How old is ZarVista?
The brand is about two years old and the wider operation about three and a half. The zarvistacm.com domain was registered in May 2024 and the client portal domain in October 2024. The oldest company we could date is the Cyprus entity, incorporated on 3 April 2023. Listings and its LinkedIn page say founded 2019, which refers to the ZaraFX era; the earliest date we could evidence there is the predecessor domain in October 2020.
Was ZarVista previously called something else?
Yes. ZarVista was ZaraFX, and the company announced the change itself, saying the Zar in Zarvista pays homage to ZaraFX. The Cyprus registry shows one company number carrying both names, the Mauritius and Mwali registration numbers appear under the ZaraFX names, and the broker's own LinkedIn link still uses the old zara-fx address. The current website does not mention the former brand anywhere.
What happened to ZaraFX?
Its website closed around late 2024 and its Trustpilot page, which collected 74 reviews between September 2021 and September 2024, stopped taking new ones. Those reviews include clients reporting sums of 50,000 and 25,000 dollars that were never returned. No regulator warning or enforcement action against ZaraFX appears on the international alert lists.
Is ZarVista a clone of another broker?
No. On the registers, the names, the licence and the company numbers belong to this group rather than to some other firm. ZarVista is not impersonating anybody, which is a meaningful difference from the clone cases we usually see.
Has any regulator issued a warning about ZarVista?
No. The IOSCO alerts network, which aggregates the warning lists of more than 150 regulators, has no entry for the brand, the former brand or the shorter root. There is no enforcement action and no fraud-related court record naming these entities. Warning lists do lag new cases by months, so this does not prove safety.
What should I check before depositing with any offshore broker?
Three things. First, which legal entity your account agreement is with, and whether that exact entity, not a sister company, appears on a regulator's register. Second, whether the regulator is a real supervisor with a complaints process. Third, what recent reviewers say specifically about getting money out, looking for dates, amounts and ticket numbers rather than general praise or general anger.
What do I do if I cannot get my money out of ZarVista?
Submit the withdrawal request in writing and keep every reference and screenshot. Contact your bank or card issuer immediately about a chargeback or payment recall, because those windows are short. Complain to the Mauritius Financial Services Commission, naming the entity you contracted with, and to your own national regulator. Do not pay anyone who offers to recover your funds for an upfront fee.
What we recommend
The practical takeaway from everything above.
What we would tell someone asking today:
- Do not send new money. The company that would hold your deposit is supervised by a body the Comoros central bank says has no authority to license anyone, and the current complaint record is about funds not coming back.
- If you have a balance, request it now and in writing. Put the request in a ticket and by email, keep the ticket numbers, and screenshot the status at each stage. Several clients found that the on-screen status changed without the money arriving.
- Keep your paperwork. Deposit receipts, card or wallet references, chat logs and statements. If you paid by card or bank transfer, ask your bank about a chargeback or recall straight away, because those windows close.
- Complain to the Mauritius FSC. It licenses Zarvista Capital Markets (MU) Ltd and it is the only authority in this structure that can be expected to act. Say clearly which entity you contracted with, and complain to your own national regulator as well.
- Ignore anyone offering to recover your funds for a fee. Recovery adverts are already appearing in this broker's review pages. They are a second loss waiting to happen, and no legitimate firm takes an upfront fee to get your money back.
- Be careful about bonuses. A large share of the disputes here start with welcome or no-deposit bonus terms and volume rules that decide whether a profit can be withdrawn at all.
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 October 11, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
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