ATFXGM review.

Overview

ATFXGM is the retail brand of ATFX Global Markets (Cy) Ltd, a Cyprus Investment Firm holding CySEC licence 285/15 since 17 December 2015. The domain question that usually takes the longest to answer is settled here by the regulator itself: CySEC publishes atfxgm.eu, atfx.eu and www.atfxconnect.com/en-eu/ as the approved domains of that exact licensee, and lists ATFXGM and ATFX Connect EU as its approved trade names. The register also carries [email protected] as the firm’s contact address. There is no offshore twin taking the clients while a European licence decorates the footer, which is the single most common pattern we publish brokers for. Whoever opens an account on atfxgm.eu contracts with the licensed Cyprus company and nobody else.

ATFX is a multi entity brand and the distinction matters. The group’s other arms trade under atfx.com and hold their own licences elsewhere; this review covers only the Cyprus company behind atfxgm.eu. That company does not hold the CySEC permission for dealing on own account. It is licensed for reception and transmission of orders and for execution of orders on behalf of clients, which means it acts as your agent rather than as the party on the other side of your trade. Its own execution policy names one venue, AT Global Markets (UK) Limited, FCA reference 760555, a related company whose FCA permission to deal as principal is limited to professional and eligible counterparty business.

The second thing a reader should know is that the shop is very quiet. The firm’s own IFR Part Six disclosure for the year ended 31 December 2025 reports own funds of EUR 233,000 against a permanent minimum requirement of EUR 150,000, accumulated losses of EUR 1,845,000, and annual fixed overheads of EUR 363,000. Its own table of average client money held gives 48, 51 and 51 for December, November and October 2025, and average client orders handled 9, 29 and 20, with that table headed in euro while the capital tables in the same report are headed in thousands of euro. On either reading, the capital charges those figures attract, K-CMH and K-COH, both computed to zero. The website matches the picture: the footer still reads 2017, Neteller and Skrill are still marked coming soon with no completion time, and USDRUB is still on the product table.

Overview Table

Facts List

• CySEC licence 285/15, dated 17 December 2015, company registration number HE 340674.
• CySEC publishes atfxgm.eu as an approved domain of this licensee, which is the strongest domain evidence any register in our set gives.
• Approved trade names on the register: ATFXGM and ATFX Connect EU. Previous company name: Positiva Markets (Cy) Ltd.
• No dealing on own account permission, so the firm is not the counterparty to your trade.
• Single execution venue: AT Global Markets (UK) Limited, FCA 760555, a related company.
• Member of the Cyprus Investor Compensation Fund, which pays the lower of 90% of a covered claim and EUR 20,000.
• Passported into 29 EEA states; the United Kingdom is not among them.
• The compliance page still advertises FCA reference 750501, which the FCA register shows as no longer authorised with effect from 31 December 2020.
• Own funds of EUR 233,000 at 31 December 2025, a surplus of EUR 83,000 over the requirement.
• Inactivity fee of EUR 10 or 20% of the remaining balance per month, whichever is higher, after twelve months.

Key Takeaways

The licence is real, current and covers the entity you would actually onboard with. That is worth more than it sounds, because most of the brokers in this catalogue advertise a European licence and then sign clients up through a company in Seychelles or Vanuatu. ATFX Global Markets (Cy) Ltd does not do that. What it does do is advertise, on the page headed Compliance Supervision, an FCA reference number that stopped being an authorisation on 31 December 2020.

• Your counterparty is somewhere else. CySEC 285/15 covers reception and transmission and execution only. The firm’s own best execution policy says it does not deal as principal against the client and names AT Global Markets (UK) Limited as its one execution venue.
• The FCA claim is stale. FCA reference 750501 belongs to ATFX GLOBAL MARKETS (CY) LIMITED and reads no longer authorised, effective 31 December 2020, the day the Brexit transition ended. The compliance page presents it in the present tense.
• The firm is tiny. Own funds of EUR 233,000, accumulated losses of EUR 1,845,000 and annual fixed overheads of EUR 363,000, per its own disclosure for 2025, whose K-CMH and K-COH capital charges both computed to zero.
• The inactivity fee is punitive. EUR 10 or 20% of the balance per month, whichever is higher. A dormant EUR 400 balance is gone inside a year.
• The Edge account barely pays for itself. 0.5 pips on EURUSD plus USD 6 per lot round turn is about 1.1 pips all in, against 1.2 pips on the Standard account, for 25 times the minimum deposit.
• The product set stopped in 2017. MetaTrader 4 only, 60 instruments, no shares, no ETFs, no crypto, and payment methods still labelled coming soon.
• The brand is heavily impersonated. The FCA register carries four separate clone warnings against the ATFX name, and CySEC lists atfxtrade.com among domains no Cyprus firm is approved to use.

Licenses & Regulation

We checked the CySEC register of Cypriot Investment Firms, the CySEC list of approved domains, the CySEC list of non approved domains, and the FCA Financial Services Register. ATFX Global Markets (Cy) Ltd appears on the CySEC register with licence number 285/15, licence date 17 December 2015, company registration number 340674, a Limassol address and the contact address [email protected]. Its approved trade names are ATFXGM and ATFX Connect EU, and its previous name is recorded as Positiva Markets (Cy) Ltd. Entry 23 on the approved domains list ties atfxgm.eu, atfx.eu and www.atfxconnect.com/en-eu/ to that licensee by name.

The permissions block is the most useful thing on the CySEC record. ATFX Global Markets (Cy) Ltd holds investment services 1 and 2, reception and transmission and execution on behalf of clients, across financial instruments 1 to 10. It does not hold investment service 3, dealing on own account. In plain terms the firm is not allowed to take the other side of your trade, and its own Best Interest and Order Execution Policy confirms it does not: the policy states that the company does not execute client orders on an own account basis as principal to principal against the client, and names AT Global Markets (UK) Limited as the execution venue it currently uses. That venue is a group company, and the FCA record for reference 760555 shows its permission to deal in investments as principal is restricted to professional clients and eligible counterparties. The policy also concedes the obvious consequence, that where there is only one possible execution venue, best execution is achieved by executing on that venue.

The FCA line is the one that contradicts the firm. The page at atfxgm.eu/en/compliance-supervision/ carries a Financial Conduct Authority heading and states that the company can offer certain products or services in the UK under FCA reference number 750501. The FCA register returns that number as ATFX GLOBAL MARKETS (CY) LIMITED, business type services in the UK of an overseas firm, status no longer authorised, status effective date 31 December 2020. That was a passport under the temporary post referendum arrangements, and it lapsed with the transition period more than five years ago. The same page lists the EEA states the firm may serve and includes FINMA Switzerland, which is not an EEA member and does not appear in the cross border block of the CySEC record. CySEC’s own record lists 29 member states, Austria through Sweden, and the United Kingdom is not one of them.

Two clone findings belong here because they are what is most likely to cost a reader money. The FCA register carries four unauthorised entries built on this brand: ATFX Global Trading / ATFXcoin, ATFX Global Markets, ATFXHK International Limited and a bare ATFX, each labelled a clone of an FCA authorised firm. CySEC’s list of non approved domains carries atfxtrade.com at entry 61, dated 1 September 2020. The firm publishes its own warning on every page saying it operates no websites other than www.atfxgm.eu and www.atfxconnect.com/en-eu/, which is consistent with the registers, although it omits atfx.eu, the third domain CySEC approved for it.

How to Trade

Trading is on MetaTrader 4 and nothing else: a Windows desktop terminal, Android and iOS apps, and an MT4 WebTrader in the browser. There is no MetaTrader 5, no proprietary web platform and no cTrader. For a broker whose whole product is 60 CFDs on MT4, that is defensible rather than impressive; it also means charting, order types, expert advisors and mobile behaviour are exactly MT4’s, which most readers can evaluate without our help.

Execution is described as market execution, STP and no dealing desk, with no requotes and no rejections on either account. The regulatory record supports the description rather than contradicting it: a firm without dealing on own account permission cannot internalise your order, so it has to pass it to a venue. The venue is AT Global Markets (UK) Limited. Prices are the firm’s own two way quotes derived from third party reference sources, and the execution policy is explicit that orders are executed outside a regulated market or multilateral trading facility, over the counter, with the counterparty risk that carries.

Order handling is standard MT4. Market orders, buy limit, buy stop, sell limit, sell stop, stop loss and take profit, with good till cancelled and good till date settings. The execution policy warns that stops and limits are not guaranteed at the requested price and will be filled at the next available price during gaps, news and session opens, and that slippage runs in both directions. Expert advisors are allowed on both accounts, with price arbitrage strategies excluded. Hedging and scalping are both allowed, hedging on the Edge account at 50% margin.

Margin mechanics are published and identical on both accounts: margin call at 100% and stop out at 50%. The site gives one leverage figure, a maximum of 30:1, with a footnote that the actual figure depends on the results of an experience and appropriateness test. The real tiering is in the Key Information Documents of March 2025, which a reader has to go and find: retail initial margin is 3.33% or 5% of notional on forex depending on the pair, and 5% or 10% on commodity and index CFDs, which is 30:1 and 20:1 on currencies and 20:1 and 10:1 elsewhere. All three documents add that open positions are liquidated when qualifying equity falls below 50% of the initial margin requirement across all positions. The trading conditions table has not been brought into line with them: both oil CFDs still carry a stated margin requirement of 2%, which is 50:1, against the 5% or 10% the commodity Key Information Document sets for retail clients. Index CFDs are quoted with fixed margin amounts per lot instead, for example 1,200 EUR on the German 30 and 250 USD on the S&P 500. Minimum trade size is 0.01 lots and the product table caps a single position at 30 lots on metals, oil and indices.

Trading sessions are published per instrument in GMT+2, with the Monday open and Friday close for each symbol and the daily break where one applies. Swaps are charged on positions held past 24:00 GMT+2, with the triple charge falling on Wednesday for currency pairs and precious metals and on Friday for indices and energy. The actual swap points live in the MT4 specification window rather than on the website, so a reader cannot compare overnight costs before opening an account.

Account Types

There are two live accounts, Standard and Edge, and a demo funded with USD 100,000. The comparison table on the accounts page is unusually complete for a site this old: spreads, minimum deposit, commission, margin call, stop out, leverage, execution type, requotes, rejections, expert advisors, hedging, scalping, negative balance protection and tools are all stated for both.

The Standard account takes a USD 200 minimum deposit, quotes EURUSD from 1.2 pips and charges no commission. The Edge account takes USD 5,000, quotes EURUSD from 0.5 pips and charges USD 3 per side per lot. Everything else is the same on both: margin call at 100%, stop out at 50%, 30:1 maximum leverage, market STP execution with no requotes and no rejections, negative balance protection, and the free tools bundle.

It is worth doing the arithmetic on the upgrade, because the page does not. USD 3 per side is USD 6 per round turn on a standard lot, which on a 100,000 unit EURUSD position is 0.6 of a pip. Add that to the 0.5 pip Edge spread and the all in cost is about 1.1 pips, against 1.2 pips on the Standard account with no commission. The Edge account therefore saves roughly a tenth of a pip on the headline pair in exchange for 25 times the minimum deposit. On the wider majors the gap is similar: USDJPY is 1.3 pips Standard against 0.5 plus commission on Edge, GBPUSD 1.2 against 0.5. On the exotics the two accounts are quoted identically, so the Edge commission is pure additional cost there.

The published 30:1 is a ceiling rather than a setting, and the tiers behind it are in the Key Information Documents rather than on the pricing page: 3.33% or 5% initial margin on forex, 5% or 10% on commodities and indices, with liquidation once qualifying equity falls below 50% of the initial margin requirement.

Two conditions attach to Edge. The account must maintain a minimum equity of USD 5,000, and the firm reserves the right to convert it to a Standard account if that equity is not held. Scalping is allowed on both, and the hedging footnote applies a 50% margin treatment on Edge. There is one further wrinkle a reader should weigh: the firm’s own Ex-ante Costs and Charges disclosure, version 2.0 of January 2025, states that ATFX Global Markets (CY) Ltd does not charge a commission to retail clients and that commission can be charged to professional and institutional clients. That is not consistent with the accounts page offering a commission based retail account, and the site does not explain which document is current.

The same costs document reveals an account type the retail site never mentions: a OneZero margin account with FIX API, which carries a three month inactivity window and a USD 1,000 monthly inactivity fee rather than the retail figures. That is an institutional product and it fits the company’s own history, which describes the business as having been formed to provide liquidity to institutional clients before a retail brand was added in 2017. No pricing, minimum or eligibility criteria for it are published, so we have left the details out.

Negative Balance Protection

Negative balance protection is in the contract, not only in the marketing. Clause 23.10 of the Client Agreement, version 3.0 of February 2022, states that the company provides negative balance protection to its retail clients, which means they cannot lose more than their invested capital. The accounts page carries the same commitment for both Standard and Edge, with a footnote describing the mechanism: where an account ends in negative equity, the account manager adjusts the balance back to zero and no penalties apply.

This is a requirement rather than a favour. CySEC applies the ESMA product intervention measures to retail CFD clients, and account level negative balance protection is one of them, alongside the 50% margin close out rule that appears on the accounts page as a stop out at 50%. The value of finding it written into clause 23.10 is that it survives a dispute: a marketing bullet is not a term, and a contract clause is.

The protection is retail only. Clients categorised as professional under the firm’s Client Categorisation Policy fall outside it, as they fall outside Investor Compensation Fund cover, and the 30:1 leverage cap does not bind for them either. Any reader considering an elective professional categorisation should understand that all three protections go at once.

What negative balance protection does not cover is the failure of a third party holding the money. Clauses 23.5 to 23.7 of the Client Agreement allow client money to be placed with an intermediate broker, bank, settlement agent, clearing house or over the counter counterparty inside or outside Cyprus, permit that third party to hold it in an omnibus account, note that the third party may have a security interest, lien or right of set off over it, and state that in the event of that party’s insolvency the company may hold only an unsecured claim on the client’s behalf and accepts no liability for the resulting loss. That is ordinary language for a Cyprus Investment Firm, and it is the risk the Investor Compensation Fund exists to backstop up to EUR 20,000.

Trading Instruments

Sixty instruments, in four groups, all of them CFDs. The trading conditions page lists 7 major currency pairs, 21 minors, 15 exotics, 2 metals, 2 oil contracts and 13 index CFDs, each with its symbol, contract size, pip or tick value, minimum spread on both accounts and session times. The site describes the range as almost 60 financial instruments, and counting the published table gives exactly 60.

Majors are EURUSD, GBPUSD, USDJPY, USDCHF, AUDUSD, NZDUSD and USDCAD, quoted from 1.2 to 1.4 pips on Standard and 0.5 to 0.7 on Edge. The 21 minors run the usual crosses, from EURGBP at 1.3 pips Standard to GBPNZD at 4.0. The 15 exotics are where the pricing gets expensive and identical on both accounts: USDSGD at 2.8 pips, USDPLN and EURPLN at 12, USDTRY at 12.3, USDHKD at 15.5, USDNOK at 23.6, USDSEK at 23.1, USDZAR at 31, USDMXN at 53 and USDCZK at 87.5.

One exotic on that list deserves naming. USDRUB is still quoted, at 128.1 pips on both accounts, with a session running 09:00 to 22:30. Most European brokers removed rouble pairs in 2022. Its continued presence on a live product table is a reasonable proxy for how recently the page was reviewed, and the reader should not assume it is actually tradeable.

Metals are gold and silver only, XAUUSD at 20 points Standard and 12 on Edge, XAGUSD at 2.9 and 2.0, both sized from 0.01 to 30 lots with a one hour daily break. Energy is West Texas Intermediate and Brent, both at 5 points on either account with a 2% margin requirement. Indices cover 13 markets: Australia, the Euro 50, Spain, France, Germany, Italy, the UK 100, Japan, Hong Kong, the China A50 and the three US benchmarks, priced from 2.5 points on the Euro 50 to 14 on the Hang Seng, each with a published fixed margin per lot.

What is not here matters as much as what is. There are no share CFDs, no ETFs, no bonds, no cryptocurrency and no options, which puts the range well behind a typical Cyprus competitor. The CySEC licence itself covers transferable securities, money market instruments and units in collective investment undertakings, so the narrowness is a commercial choice rather than a regulatory limit. A reader who wants equities or crypto exposure is in the wrong place, and a reader who wants forex on MT4 will find the majors competitively but not exceptionally priced.

Education & Analysis

Research comes from two third party vendors rather than an in house desk. The accounts page lists free tools on both Standard and Edge and defines them in a footnote as Trading Central technical analysis and the Acuity Trading market sentiment and research portal. Both are established providers used across the industry, and both are conditional on holding a live account: the homepage offers Trading Central technical analysis and indicators free on your live account, which means a prospective client cannot evaluate them first.

The site’s own output is a Market Updates section, and there is nothing else. Its navigation carries no education library, no webinar programme, no video series, no glossary, no trading academy and no economic calendar. For a broker whose Standard account is aimed at a USD 200 first deposit, that is a real gap: the accounts most likely to open here are the ones with the least to fall back on.

The analysis that is published is regulatory rather than educational, and unusually good of its kind. The legal page carries Key Information Documents for forex, index and commodity CFDs dated March 2025, an Ex-ante Costs and Charges disclosure from January 2025, a Risk Disclosure Policy, a Client Categorisation Policy, a Conflict of Interest Prevention Policy, the Best Interest and Order Execution Policy, and an unbroken run of RTS 28 execution quality statements from 2017 to 2024 alongside Pillar III and IFR Part Six disclosures from 2018 to 2025. A reader willing to open those documents will learn more about how this firm actually works than any tutorial would tell them, and several of the findings in this review came from exactly that.

Charting is whatever MetaTrader 4 provides, since the firm has built nothing on top of it: the standard indicator and drawing sets, and the MQL4 ecosystem for custom indicators and expert advisors, which the accounts page permits on both account types. Instrument specifications, including the swap points the website omits entirely, live in the platform’s specification window rather than on the site, so overnight financing cannot be compared before opening an account. The three Key Information Documents are the exception worth reading before depositing: each carries four performance scenarios, and the stress scenario on the forex document shows a return of minus 100%.

Special Offers

There is no bonus programme, no deposit match, no cashback scheme, no rebate ladder and no loyalty tier on atfxgm.eu. That is the correct answer for a Cyprus Investment Firm: CySEC prohibits trading benefits of that kind for retail clients, and a European site advertising a deposit bonus is usually a sign the offer is coming from an offshore entity rather than the licensed one. Its absence here is consistent with everything else about how this entity is set up.

What is offered instead is a small set of standing inclusions. The Trading Central and Acuity Trading tools are free on a live account. Deposits and withdrawals carry no fee from the firm, per both the deposits page and the Ex-ante Costs and Charges disclosure. The demo account is funded with USD 100,000 and requires no deposit. The homepage headline of zero fees refers to the absence of deposit and withdrawal charges and the absence of commission on the Standard account, not to a fee free product: the spread is the cost, and on the exotics it is a large one.

The one promotional element on the site is a sign up route through Facebook, offered as open account via Facebook on the homepage and the accounts page. It shortens registration rather than changing terms. Nothing on the site promises a return, a guaranteed outcome or a managed service, and we found no copy trading, PAMM or introducing broker programme aimed at retail readers.

Readers should treat any ATFX branded bonus offer reaching them by message with suspicion. The firm’s own fraud warning states that it does not use WhatsApp, Telegram or social media to contact clients and operates no websites other than www.atfxgm.eu and www.atfxconnect.com/en-eu/, and the FCA register carries four clone warnings against the ATFX name. An offer that arrives through any other channel is not this firm’s.

Opening an Account

Registration runs through a client portal on portal.atfxgm.eu rather than on the marketing site, with a live and a demo route from every page. The firm does not publish how long approval takes, so we have left that figure empty rather than guess at it; nothing on atfxgm.eu states an account opening time.

What is documented is the shape of the process. The account must be fully verified before a withdrawal request will be accepted, which makes identity and address documents a gate on getting money out rather than only on putting it in. A dedicated address, [email protected], exists for account opening paperwork. Onboarding includes an experience and appropriateness test whose results determine the leverage actually granted, since the published 30:1 is described as a maximum rather than a default.

Deposits and the accounts they fund are kept separate by design. Money arrives in an ATFX wallet, and an internal transfer moves it from the wallet onto a chosen trading account; withdrawals reverse the sequence, so funds have to be moved back to the wallet before they can leave. Third party funding is refused outright, and the firm defines a third party deposit broadly enough to include company capital paid into a personal account.

Two eligibility filters apply before any of that. The Client Agreement refuses anyone under 18 and anyone resident in the restricted regions it names, and residence in one of the 29 EEA states the CySEC passport covers is the ordinary basis on which the firm may market to a client at all. The firm separately publishes a list of 12 non EEA countries whose residents it accepts, which is set out in the Prohibited Countries section below.

There is a cooling off right worth knowing about. The Client Agreement records a 14 day right to withdraw from and cancel the agreement under Cyprus distance marketing law, running from conclusion of the agreement. That is a statutory protection rather than a company concession, and it does not undo trades already placed.

Deposits & Withdrawals

The funding menu is short and, in part, aspirational. Credit and debit cards and bank wire both work; Neteller and Skrill are listed on both the deposit and the withdrawal table with the words coming soon and no completion time, and have been for long enough that a reader should treat them as unavailable rather than imminent.

Card deposits are described as immediate and limited by the card provider; bank wire limits and timings are variable according to the provider. On the way out, card withdrawals are described as immediate transfer with no fees incurred, and bank wire again defers to the provider. The Ex-ante Costs and Charges disclosure of January 2025 states plainly that the company does not charge deposit or withdrawal fees and that any charge will come from the client’s own bank or payment institution. Clause 24.10 of the 2022 Client Agreement is less definite, reserving that withdrawal fees may apply and pointing to the website for the schedule; where the two disagree, the more recent and more specific document says zero, and that is what we have recorded.

The contractual withdrawal timetable is better than most. Clause 24.6 commits to processing an approved withdrawal request within one business day and sending it to the same bank, card or source the funds came from. Clause 24.5 sets the conditions: complete instructions, a destination account in the client’s own name and preferably the originating one, sufficient balance including charges, a fully verified account, and no force majeure event. Clause 24.7 refuses third party and anonymous payments in either direction, and clause 24.8 reserves the right to decline a specific transfer method and propose an alternative. Where a position is open, the deposits page adds that the pre payment ratio must remain above 100% after the withdrawal, or it may not be processed.

The inactivity fee is the single most expensive term on this site and it is not on the fee table where a reader would look for it. Under clause 20.1 of the Client Agreement, an account with no trading, deposit or withdrawal for twelve consecutive months becomes inactive, and the fee is EUR 10 or 20% of the remaining account balance per calendar month, whichever is higher. The 20% branch is what makes it severe: a forgotten balance of EUR 400 loses EUR 80 in the first month, then a fifth of what remains every month after, and is effectively gone within a year. The same disclosure sets a harsher regime for the OneZero margin account with FIX API, where inactivity is triggered after three months and the fee is USD 1,000 per month.

Client money handling follows the Cyprus norm, with the qualifications spelled out in clauses 23.1 to 23.7. Funds go into segregated accounts at financial institutions and cannot be used in the company’s business, but they may be pooled in an omnibus account with other clients’ money, may be held with a third party inside or outside Cyprus under a different legal regime, may be placed in overnight deposits with the interest kept by the firm, and may be subject to that third party’s security interest, lien or right of set off. In a third party insolvency the company would hold an unsecured claim on the client’s behalf and disclaims liability for the shortfall. The backstop for that scenario is the Investor Compensation Fund, at the lower of 90% of the claim and EUR 20,000.

Customer Support

Support is reachable, and smaller than both the site and its own source code suggest. The contact page shows a Limassol street address, two phone numbers, a live chat widget and two email addresses.

The hours are where the site contradicts itself. The homepage claims 24/5 customer support and the deposits page repeats it. The contact page shows the main hotline, +357 25 258 774, running Monday to Friday 08:00 to 18:00 GMT+2, adjusted to GMT+3 in summer, which is ten hours a day rather than twenty four. A second number, +357 25 258 777, is staffed Monday to Friday 24 hours, and it is restricted to closing or modifying a position. So there is a genuine round the clock line for the one thing that cannot wait, and an office hours line for everything else. A trader in Jakarta or Bangkok, four to five hours ahead of Limassol, will find the general line open only from the afternoon onwards.

The contact page’s source tells a different story from the page. Nine departmental addresses are written into it, for general enquiries, support, sales, account opening documents, disputes and complaints, back office, partnerships, media and investment services. Six of them, including [email protected], sit inside an HTML comment and never render. What a visitor actually sees is [email protected] and [email protected], plus [email protected] in the fraud warning box. A reader looking for where to send a complaint will not find an address for it on the page built to give them one.

The escalation path itself is intact, which stops that being fatal. The Complaints Handling Procedure on the legal page sets out the route: the firm acknowledges a complaint within five business days, aims to conclude its investigation within one month, and a client who is not satisfied may take the matter to CySEC and to the Financial Ombudsman of the Republic of Cyprus, within four months of the final response. That is recourse an offshore broker cannot offer at any price, and it is worth more than a live chat window. It is simply not signposted where a distressed client would look.

Language coverage is the weak spot. The site’s own switcher offers English and nothing else, and the about page describes 24/5 localised support without saying which languages are localised. Against that, the firm accepts clients from twelve non EEA countries including Indonesia, Malaysia, Thailand, the Philippines, China and the United Arab Emirates, and passports into 29 EEA states whose languages include Polish, Spanish, German and Greek. We could not verify what non English support actually exists, so we have not credited any.

One support quality is worth naming positively. The firm runs an on page fraud warning naming its only legitimate domains and its compliance address, and states that it does not contact clients through WhatsApp, Telegram or social media. Given four FCA clone warnings against the brand, publishing that on every page is the right call.

Prohibited Countries

This list is the firm’s own, published in two of its own documents, and not the boilerplate paragraph CySEC requires every Cyprus Investment Firm to carry about services outside the EU. The footer of every page on atfxgm.eu and the opening note of the February 2022 Client Agreement both state that ATFX Global Markets (Cy) Ltd does not provide services to residents of Afghanistan, Bosnia and Herzegovina, the Democratic People’s Republic of Korea, Iran, Iraq, Japan, Laos, Syria, Uganda, the United States, Vanuatu and Yemen, together with the Canadian provinces of British Columbia, Quebec and Saskatchewan. The website version adds North Korea as a separate entry alongside the DPRK, which is the same country listed twice.

The list reads as a mixture of sanctions exposure, financial action task force risk and licensing reality. Japan, the United States and the three Canadian provinces are on it because those regulators require local authorisation for retail CFD business and this firm has none. Anyone under 18 is refused on the same page.

The positive list is more interesting than the negative one and it is where a reader outside Europe should pay attention. The compliance page names 29 EEA states the firm may serve under its CySEC passport, from Austria to Sweden, and then names 12 non EEA countries whose clients it says it accepts: Belarus, China, Indonesia, Lebanon, Malaysia, Moldova, Nigeria, the Philippines, Qatar, Thailand, Ukraine and the United Arab Emirates. A CySEC licence passports within the EEA and nowhere else, so a client in Jakarta, Kuala Lumpur, Bangkok or Dubai is being taken on as a third country client of a Cyprus firm, not as a client of anything licensed locally.

The practical consequences are worth stating plainly. Cyprus rules, Cyprus courts and the Cyprus Financial Ombudsman are the recourse, and pursuing them from South East Asia is a different proposition from pursuing them from Warsaw. The compliance page also lists FINMA Switzerland among the authorities it names, and Switzerland is neither an EEA state nor present in the cross border block of the firm’s CySEC record.

The United Kingdom is absent from every list, and correctly so. The firm’s UK passport, FCA reference 750501, has read no longer authorised since 31 December 2020. A UK resident should read the FCA reference on the compliance page as history rather than as an offer.

Conclusion

ATFXGM is the unusual case in this catalogue: a broker whose regulation is genuinely clean and whose business looks close to dormant. CySEC licence 285/15 is current, it is held by the company that would actually take your deposit, and the regulator publishes atfxgm.eu as that licensee’s approved domain. There is no Seychelles or Vanuatu twin waiting behind the European front page. The firm has no dealing on own account permission, so it cannot be the party on the other side of your trade, and its own execution policy says so in terms. Retail clients get segregated money, negative balance protection written into clause 23.10 of the contract, 30:1 leverage and Investor Compensation Fund cover at the lower of 90% of a claim and EUR 20,000.

Against that sits a Compliance Supervision page telling UK readers, in the present tense, that the firm can offer certain products or services in the UK under FCA reference number 750501. The FCA register has recorded that entity as no longer authorised since 31 December 2020. A firm that publishes a Disclosures and Market Discipline Report for 2025 and eight years of RTS 28 statements is plainly capable of keeping a page current, which makes a five year old authorisation claim on its own compliance page harder to excuse rather than easier.

The numbers in that same 2025 report explain the rest of the site. Own funds of EUR 233,000 against a permanent minimum requirement of EUR 150,000, a surplus of EUR 83,000, accumulated losses of EUR 1,845,000 and annual fixed overheads of EUR 363,000. Average client money held over the fourth quarter of 2025 is given as 48, 51 and 51, and average client orders handled as 9, 29 and 20, in a table headed in euro where the same report’s capital tables are headed in thousands of euro. On either reading the capital charges those figures attract, K-CMH and K-COH, both computed to zero. This is not a firm processing meaningful retail volume, and the 2017 copyright line, the payment methods still marked coming soon, the rouble pair still on the product table and six contact addresses commented out of the contact page all point the same way.

The score of 5.0 is the mean of five criteria that pull hard in opposite directions. Regulation scores 7 because the licence covers the onboarding entity and the regulator itself confirms the domain, which is as clean as this gets, held back by the stale FCA claim and a capital surplus of EUR 83,000. Fees score 5: no deposit or withdrawal charges and ordinary major spreads, against an Edge account that saves about a tenth of a pip for 25 times the deposit and an inactivity fee of EUR 10 or 20% of the balance a month that can consume a forgotten account within a year. Platform scores 4 for MetaTrader 4 alone and 60 instruments with no shares, ETFs or crypto. Support scores 4, credited for a Limassol address, two phone lines and a real ombudsman route, marked down for a 24/5 claim the contact page reduces to ten hours a day, an English only site, and a contact page with its complaints address commented out. Reviews score 5 because we hold no verified user reports our sourcing policy permits, and absence of evidence is not a penalty here.

Who it suits: an EEA resident who wants forex and index CFDs on MetaTrader 4, will trade rather than park money, and values contracting with a licensed Cyprus firm that is not the counterparty to its own clients’ trades. Who should look elsewhere: anyone who wants shares, ETFs or crypto, anyone likely to leave an account idle, anyone who needs support in a language other than English or outside European office hours, and any UK resident reading the FCA badge on the compliance page as current. Readers outside the EEA should understand they would be third country clients of a small Cyprus company, with Cyprus recourse and nothing local.

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