FSC licence 765-ИП/23.09.2015

Capman does not publish a list of accepted or restricted countries. Its terms, its help pages and its footer name no jurisdiction that it refuses, and there is no online registration form with a country selector to read. The absence of a published restriction does not mean any particular country is accepted.

Capman's own help pages describe cover from the national investor compensation fund, stating that it pays 90 percent of a claim up to a maximum of 40,000 leva and is triggered if the intermediary goes bankrupt or loses its licence. That cover follows from the intermediary licence, which this research did not confirm against the supervisory authority's register.

Capman does not publish its funding methods. There is no deposits and withdrawals page, no list of payment channels, no fees and no processing times on the site. Its brokerage pages note that the company is authorised to make payments in foreign currency in cash and by bank transfer, but the client-facing procedure is not set out.

Capman publishes no leverage figure. It is not marketed as a leveraged trading service, and no maximum leverage appears anywhere on its site.

Capman offers CTrader, a browser based platform it developed itself for trading on the Bulgarian Stock Exchange and for reaching international capital markets. It is a proprietary system with no connection to the third-party platform of a similar name. The company also describes the exchange's own COBOS terminal, and it does not offer MetaTrader.

The brokerage commission rate is not published in English. Capman links a tariff for fees and commissions but the English page carries no rates. A handful of fixed administrative charges are published in its help pages: 12 BGN for a depository receipt, 14.40 BGN for a change of name or personal identifier and 60 BGN for a securities transfer by agreement, plus transfer expenses.

Capman does not publish a minimum deposit or minimum account size. No figure appears on the services pages, the fee tariff page or the help pages, so anyone who needs to know it has to ask the company directly.

No, not in the retail sense. Capman AD is a securities investment intermediary on the Bulgarian capital market, offering order execution, portfolio management, investment banking and consulting. Its brokerage pages do mention activity on the foreign exchange market and advice on currency trading, but the site publishes no leveraged retail forex or CFD accounts.

Two companies sit behind the brand. Capman Holding AD, UIC 202987090, registered on 21 March 2014, is the holding company that publishes the capman.bg site. Capman AD, UIC 121273188, in company case 15165 of 1996, is the investment intermediary that actually takes client orders. Both are registered at 8 Tri Ushi Street, floor 6, Sofia 1301.

Nothing found points to a scam. The operating company is registered, active and thirty years old, its address, telephone numbers, named directors and business scope all match the public commercial register, and it operates from three offices in Bulgaria. The gap is disclosure rather than deception: the licence number and the commercial terms are simply not published.

Capman states that it is, but the claim is unconfirmed. Capman AD says on its own pages that it holds a full investment intermediary licence from the Financial Supervision Commission and an authorisation from the Bulgarian National Bank for foreign currency payments. It publishes no licence number, no issue date and no link to the authority's entry, and the licence was not confirmed against the authority's own register in this research.