Dubai-based Offshore Broker BelleoFX Received Orange Compliance Rating!

FinTelegram assigns Orance Compliance rating to BelleoFX
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The Dubai-based offshore broker BelleoFX is a new player on the market. The scheme is operated through offshore entities in Mauritius and St. Vincent & The Grenadines. The CEO is Andrew Ishchuk, who, until July 2022, was the CEO of Dubai-based HonorFX. The available reviews are very good so far; one FCA warning from 2022 was deleted again. We have assigned an Orange Compliance rating to the broker.

Key Data

Trading nameBelleoFX
Business activityCFD broker
Social mediaLinkedIn, Instagram, Facebook
Legal entitiesBelleo Markets (Mauritius)
BelleoFX (SVG)
St. Vincent & The Grenadines
United Arab Emirates (UAE)
AuthorizationFinancial Services Commission (FSC) of Mauritius
Contact data[email protected]
+971 4 541 7900
Trustpilot4.8-star rating with “Excellent” trust level
Compliance ratingOrange
Leverageup to 1:500
Payment optionsBank wire, debit/credit cards,
crypto, e-wallets
Payment facilitatorsPerfect Money, FasaPay, PayOp,
PlusDebit, Hayvn
Related individualsAndrew Ishchuk (LinkedIn)
Regulatory warningsnone

Short Narrative

Similarweb statistics for offshore broker BelleoFX

The offshore broker has focused on the Asian region and the MENA region. Of the approximately 100,000 website visitors in the last 28 days before June 20, 2023, about 75% came from India, followed by Singapore (12%) and Saudi Arabia (9%). However, the BelleoFX website is also visited from EEA countries such as Germany and Ireland (screenshot on the left).

Dubai-based BelleoFX operates its scheme with various offshore entities:

  • Belleo Markets (MU) is incorporated in the Republic of Mauritius with registration number 186405 GBC. The company is regulated by Mauritius’s Financial Services Commission (FSC) as an Investment Dealer (Broker), with a license number GB21027167.
  • BelleoFX (SVG) is registered by the Financial Services Authority (FSA) of St. Vincent & The Grenadines as an International Business Company with registration number 26000 BC 2020.
  • Belleo Markets – Rep. Office (UAE) is a branch of Belleo Markets (MU), registered and regulated by DET with license number 1074850.

BelleoFX was awarded as “Broker of the Year 2022” and “Best Growing Broker” at The Forex Expo Dubai 2022. ON Trustpilot, the broker holds an impressive 4.8-star rating with a corresponding “Excellent” trust level.

Compliance Check

In 2022, the UK FCA issued a warning against BelleoFX, but deleted it afterwards. Apparently, the FCA could be convinced that BelleoFX does not acquire UK residents and/or it does not violate UK regulations.

We could register with BelleoFX as an EEA resident (and also as a UK resident) without any problems. However, the offshore broker does not have a license for EEA jurisdictions. The EEA countries and the corresponding country codes were included in the drop-down lists.

On a positive note, no pre-KYC deposits were possible without fully completing the KYC checks.

BelleoFX offers a maximum leverage of 1:500, although only a maximum of 1:30 is allowed in the EEA regions.

We have assigned BelleoFX an Orange Compliance Rating.

Retail traders should always be cautious with offshore brokers. They are not entitled to Investor Compensation Schemes or Financial Ombudsman support.

Share Information

If you have any information about BelleoFX, its operators, and its facilitators, please let us know via our whistleblower system Whistle42.

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