In April 2025 Brazil’s securities regulator ordered XLNTrade to stop offering its services to Brazilians — immediately, and by name. Seventeen months later the site is still live, still answering a Brazilian phone number, and still running a Portuguese-language support desk.
What Brazil ordered
On 10 April 2025 the Comissão de Valores Mobiliários — the CVM, Brazil’s equivalent of the FCA — published a market notice about Securcap Securities Limited, the company behind the XLNTrade brand.
It names the company, the brand XLNTRADE and the website www.xlntrade.com, and states that the CVM’s market-intermediary division found evidence the firm was recruiting clients resident in Brazil for securities transactions. Then it states the position plainly: Securcap holds no CVM authorisation to intermediate securities or raise investor funds.
Through Ato Declaratório CVM 23.267, the regulator ordered immediate suspension of any public offering of securities-intermediation services — “de forma direta ou indireta, inclusive por meio de sites, aplicativos ou redes sociais”: directly or indirectly, including through websites, apps or social media. Non-compliance carries a daily fine of R$ 1,000.
The licence is real. That is not the issue.
Securcap Securities Limited does appear on the Seychelles Financial Services Authority’s current directory of regulated capital-markets entities, under the securities-dealer category. We checked it on 12 September 2026. This is a genuine licence — not a company registration dressed up as one.
So the finding is narrower, and more useful: a Seychelles licence permits the firm to do business under Seychelles law. It confers no right to solicit investors in Brazil. Each country decides who may approach its own residents, and Brazil has decided — in writing, naming this website — that this firm may not. The same principle governs the UK, where the only question that matters is whether the FCA register lists that specific website against that specific firm.
Seventeen months on, the channel is still open
We loaded xlntrade.com on 12 September 2026. It is a full commercial CFD site, and it still carries the part the CVM told it to stop:
- A support telephone number beginning +55 — Brazil’s country code — on a São Paulo area code.
- A +55 WhatsApp number alongside it.
- A Portuguese-language support mailbox, customer.service.pt@xlntrade.com.
- PayRetailers among the payment methods — a processor whose business is collecting payments across Latin America.
None of it is hidden. We make no claim about what the CVM has done since — only what the order said and what the site still shows.
What the footer does not say
XLNTrade’s footer reads “Regulated by FSA” and links to a certificate. It does not print a licence number. A firm that prints its number invites you to check it. A firm that prints only the word “regulated” asks you to take the claim on trust.
Note also who handles the money: the site names Wanakena Ltd, Nicosia, Cyprus, as its clearing provider. The entity licensed in the Seychelles and the entity processing your payment in Europe are not the same company — which matters the moment you try to reverse a transaction. We have seen how fast the paper trail thins when brand, licence and money sit in three places.
Verified evidence — checked 12 September 2026
- CVM market notice published 10 April 2025, naming Securcap Securities Limited, the XLNTRADE brand and www.xlntrade.com.
- The notice states the firm “não possui autorização da CVM”.
- Ato Declaratório CVM 23.267 ordered immediate suspension of any public offer of securities intermediation, including via websites, apps or social media. Daily fine R$ 1,000.
- Securcap IS listed on the Seychelles FSA’s regulated-entities directory as a securities dealer. The licence is genuine.
- xlntrade.com is live, with a +55 (Brazil) phone and WhatsApp, a Portuguese support mailbox and PayRetailers.
- Footer states only “Regulated by FSA” — no licence number.
- Clearing named as Wanakena Ltd, Nicosia, Cyprus. Three conflicting addresses across three sources.
- Companies House: no UK company named Securcap. Domain registered 5 January 2016.
Our verdict
XLNTrade is not a clone and not a ghost site. It is a licensed offshore broker that a national regulator has formally ordered to stop approaching that country’s residents, and whose website still carries the exact channels the order was about.
The lesson goes well beyond Brazil. “Regulated” is not a property of a firm; it is a relationship between a firm and one jurisdiction. A Seychelles licence answers “may this firm operate in the Seychelles”. It does not answer “may this firm take my money where I live” — and that second question decides whether you have a regulator to complain to, an ombudsman, or a compensation scheme behind your balance.
Search any firm on your own country’s register before depositing. If it is not listed there, you are an offshore client whatever the footer says.
Sources: CVM market notice “CVM alerta para atuação irregular da Securcap Securities Limited”, published 10 April 2025, gov.br/cvm, read 12 September 2026; Ato Declaratório CVM 23.267 as described in that notice; Seychelles FSA capital-markets regulated-entities directory, checked 12 September 2026; xlntrade.com homepage and policy pages, loaded 12 September 2026; GLEIF Legal Entity Identifier record for Securcap Securities Limited; Companies House search for “Securcap”; WHOIS record for xlntrade.com.
