Updated Review For Romanian-Cyprus Broker Scheme CAPEX With Orange Compliance Rating!

updated compliance review on CAPEX broker scheme
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In June 2023, FinTelegram published the initial review of the CAPEX broker scheme, part of the Key Way Group of the Romanian Octavian Patrascu. The multi-asset broker CAPEX is operated via the CySEC-regulated Key Way Investments Ltd and some offshore entities such as KW Investments Limited in Seychelles, Key Way Markets Ltd in UAE, or JME Financial Services (Pty) Ltd in South Africa. Here is the updated review.

Latest Updates

Similarweb for CAPEX in July 2023

CAPEX is a brand of the Key Way Group, which is also active as KeyWay Investments and ClickTrades. Analysis of the latest Similarweb data shows that CAPEX currently receives visitors mainly from the United Arab Emirates and Turkey. From there, 33% and more than 18% of the more than 458.000 website visitors came in the 28 days before June 30, 2023, respectively (see screenshot on the left).

In the three months between March and May 2023, CAPEX saw a surge in its visitor numbers. From around 226,000, there was an increase in visitor numbers to over 406,000. This growth is likely to have been driven primarily by visitors from UEA.

Key Data

Trading namesCapex
Related brandsclicktrades
Keyway Investments
Social mediaLinkedIn, Facebook
Trustpilot3.6-star rating with an “Average” trust level
Legal entitiesKey Way Group Ltd, Gibraltar
Key Way Investments Ltd, Cyprus
KW Investments Ltd, Seychelles
JME Financial Services (Pty) Ltd, South Africa
Key Way Markets Ltd, Abu Dhabi
JurisdictionsCyprus, Seychelles
RegulatorsCySEC for Key Way Investments Ltd with license no 292/16
CNMV, ASF Romania for Key Way Investments Ltd
FSA Seychelles for KW Investments Ltd
FSCA for JME Financial Services (Pty) Ltd
ADGM for Key Way Markets Ltd
Leverageup to 1:30 for EEA
up to 1:300 offshore
Payment optionsBank wire, alternative payments
e-wallet, crypto
Payment providersUnicredit Bank AG (via Payabl.cy Ltd d/b/a payabl)
Astrobank Public Company Ltd
Spectrum Payment Services Ltd
PayPal, Rapid, Skrill
Perfect Money
Related individualsOctavian Patrascu
Constantin Patrascu
Anghel Ciprian
Mircea Ursache
Madalina Rotaru
Compliance ratingOrange

Compliance Check

CAPEX or its operating entities are regulated not only in Romania and Cyprus, but also in some offshore destinations such as South Africa, UAE and Seychelles.

In our review on July 3, 2023, we registered as an EEA resident via the offshore mutation of CAPEX (Capex.com/en) but were then redirected to the CySEC-regulated CAPEX (CAPEX.com/eu). Pre-KYC deposits are no longer possible there. At our initial review in June 2022, pre-KYC deposits were still possible at offshore mutation.

We took a closer look at the two brokers and found in our initial review on 14 June 2022 that Capex violates the ESMA and CySEC regulations by accepting pre-KYC deposits in theoretically unlimited amounts via bank wire.

Initial review by FinTelegram (link)

In this respect, our review has apparently brought about a positive change. In 2020, Key Way Group settled with CySEC and paid €120.00 for possible regulatory violations. This shows how important the compliance checks by FinTelegram are.

CAPEX payment options for offshore mutation
Banks for CAPEX offshore mutation

However, new clients who register with an address in an EEA country but specify a non-EEA country in the “Resident” box in the drop-down list can still make pre-KYC deposits through CAPEX‘s bank accounts (Clearbank, ABSA Bank, Spectrum Payment Services) or through Crypto and the Russian Perfect Money.

The offshore mutation of CAPEX has not implemented a hard block for EEA residents and makes no checks. So if a new client gives (has) an address in Berlin or London with a corresponding phone number in these countries but identifies as a Serbia resident, for example, she will be accepted as a non-EEA citizen and thus can make unlimited pre-KYC deposits.

With this in mind, we put CAPEX on our “Orange Compliance” list. Hard blocking of offshore mutation for EEA residents would be easy to implement and prevent possible circumventions.

Share Information

If you have any information about Key Way Group, its brokers Capex or clicktrades, or the acting persons and partners, please share it with us via our whistleblower system, Whistle42.

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