Below is a comprehensive analysis of Circle Markets Limited, a forex and CFD broker, based on the requested criteria, including online complaints, risk assessment, website security, WHOIS lookup, IP and hosting analysis, social media presence, red flags, regulatory status, user precautions, and potential brand confusion. The analysis draws on available web information, critical evaluation, and the official website (https://circlemarkets.com/), which is currently inaccessible, raising significant concerns.

1. Online Complaint Information ¶

Online complaints about Circle Markets Limited reveal serious issues, particularly regarding withdrawal problems and the broker’s liquidation:

• Forex Peace Army (FPA): Multiple user complaints highlight difficulties withdrawing funds. One user reported a $25,340.90 deposit, with only partial withdrawal processed ($4,396.39 EUR equivalent), and others noted ignored messages from the broker. A 2020 post mentioned Circle Markets being a defendant in litigation before the High Court at Auckland, with no resolution until the case is heard. Another user reported a $712 deduction from their account due to an alleged “swap rate error” without proper justification.
• Trustpilot: Reviews are mixed, with some positive feedback but significant negative experiences. One user described Circle Markets as a “scam brokerage” that appears legitimate but fails to honor withdrawals, requiring intervention from a financial firm to recover funds after months of delays. Another user in 2021 noted the broker’s ongoing liquidation, which began in 2020, and inability to process withdrawals.
• Traders Union: Complaints include initial small withdrawals being processed, followed by larger amounts being “hung in the air,” suggesting potential tactics to build trust before failing to deliver. The broker’s website being down and unupdated is cited as a reason for blacklisting concerns.
• WikiFX: Users reported issues like unprocessed withdrawals and account access problems, with one user losing $712 due to platform errors. The platform rates Circle Markets as high-risk due to revoked licenses and operational issues. Summary: Complaints consistently point to withdrawal delays or refusals, lack of communication, and liquidation issues since 2020. These are serious red flags indicating potential financial unreliability or fraudulent practices.

2. Risk Level Assessment ¶

Circle Markets presents a high-risk profile based on the following factors:

• Operational Status: The broker entered liquidation in March 2020, as confirmed by FPA and RESCorporate.co.nz. The website (https://circlemarkets.com/) is currently inaccessible, suggesting the company is no longer operational or maintaining its online presence.
• Withdrawal Issues: Repeated complaints about unprocessed withdrawals and deducted funds without justification indicate financial instability or intentional misconduct.
• Regulatory Concerns: Both the New Zealand Financial Service Providers Register (FSPR) and Vanuatu Financial Services Commission (VFSC) licenses have been revoked, leaving Circle Markets unregulated and increasing the risk of unfair practices.
• User Feedback: Mixed reviews, with a significant portion reporting losses or inability to recover funds, contribute to a low trustworthiness score (e.g., 1.13/10 by Traders Union).
• Leverage Risks: Offering leverage up to 1:200, while average, poses significant risk, especially for inexperienced traders, given the lack of regulatory oversight. Risk Level: High. The combination of liquidation, revoked licenses, inaccessible website, and withdrawal complaints suggests traders face substantial risk of financial loss.

3. Website Security Tools ¶

Since the official website (https://circlemarkets.com/) is currently inaccessible, a direct analysis of website security tools (e.g., SSL certificates, encryption protocols) is not possible. However, based on general expectations and indirect evidence:

• SSL/HTTPS: When operational, the website likely used HTTPS, as this is standard for financial platforms handling sensitive data. However, without access, the validity of the SSL certificate (e.g., issued by a trusted authority like Let’s Encrypt or DigiCert) cannot be verified.
• Security Headers: No information is available on whether Circle Markets implemented security headers (e.g., Content Security Policy, X-Frame-Options) to protect against attacks like cross-site scripting (XSS) or clickjacking.
• Vulnerabilities: An inaccessible website raises concerns about maintenance and security updates. If the site was left unpatched before going offline, it could have been vulnerable to exploits.
• Trust Signals: Reviews suggest the website previously appeared professional, potentially misleading users into trusting the platform despite underlying issues. Summary: The inability to access the website prevents a thorough security assessment, but the lack of an active online presence is itself a major red flag, suggesting neglect or cessation of operations.

4. WHOIS Lookup ¶

A WHOIS lookup for https://circlemarkets.com/ provides limited current information due to the site’s inaccessibility, but historical data and reviews offer context:

• Domain Registration: The domain was registered in 2016, aligning with the broker’s founding year.
• Registrant Details: WHOIS data is often redacted for privacy (common with financial websites), but no specific registrant issues (e.g., suspicious ownership) were noted in reviews. The broker’s head office was listed as 8 Falls St, Warkworth, New Zealand, with an additional office in Port Vila, Vanuatu.
• Domain Status: The domain is likely still registered but inactive, as the website cannot be accessed. This could indicate expired hosting, intentional shutdown, or liquidation-related suspension.
• Red Flags: No WHOIS-specific red flags (e.g., recent domain creation or suspicious registrars) were reported, but the site’s inaccessibility aligns with liquidation and operational failure. Summary: The WHOIS data does not raise immediate concerns, but the inactive domain status corroborates the broker’s reported liquidation and operational issues.

5. IP and Hosting Analysis ¶

Without an active website, direct IP and hosting analysis is challenging. However, based on historical information:

• Hosting Provider: When operational, Circle Markets likely used a reputable hosting provider, given its international client base and need for reliable uptime. No specific provider (e.g., AWS, Cloudflare) was mentioned in reviews.
• Server Location: The broker’s New Zealand and Vanuatu offices suggest servers were possibly hosted in these regions or in a major data center (e.g., Singapore, Australia) for low-latency trading.
• IP Security: No reports of IP-related issues (e.g., blacklisting, DDoS attacks) were found, but the site’s current inaccessibility prevents verification of IP status or security measures.
• Performance: Reviews praised fast trade execution (e.g., via Fix API platform), suggesting robust server infrastructure when active. Summary: The lack of an active website limits IP and hosting analysis. The broker likely had adequate infrastructure when operational, but the current offline status aligns with liquidation and raises concerns about data security for former clients.

6. Social Media Presence ¶

Circle Markets’ social media presence appears limited and outdated, based on available information:

• Platforms: No specific mentions of active social media accounts (e.g., Twitter/X, Facebook, LinkedIn) were found in reviews or web data. The broker’s website previously offered contact via Skype, email, and live chat, but social media engagement was not emphasized.
• Activity: Given the liquidation in 2020 and inaccessible website, any social media accounts are likely inactive or abandoned. No recent posts or user interactions were reported.
• Red Flags: A lack of social media presence is not inherently suspicious for a forex broker, as many rely on direct client communication. However, the absence of updates or transparency on platforms like Twitter/X during liquidation is concerning, as reputable brokers typically communicate such developments. Summary: Circle Markets’ minimal or nonexistent social media presence, especially post-liquidation, suggests a lack of transparency and engagement, reinforcing distrust.

7. Red Flags and Potential Risk Indicators ¶

Several red flags and risk indicators emerge from the analysis:

• Liquidation (2020): Circle Markets Limited entered liquidation in March 2020, halting operations and leaving clients unable to withdraw funds. This is a critical risk indicator, as liquidation often results in financial losses for traders.
• Revoked Licenses: The broker’s licenses from New Zealand’s FSPR and Vanuatu’s VFSC were revoked, rendering it unregulated. Unregulated brokers pose significant risks due to the lack of oversight and client fund protection.
• Inaccessible Website: The official website (https://circlemarkets.com/) is down, preventing access to account details, terms of service, or support. This suggests operational failure and potential abandonment of client responsibilities.
• Withdrawal Complaints: Numerous reports of unprocessed or partially processed withdrawals, with some users losing significant sums, indicate financial misconduct or insolvency.
• Suspicious Positive Reviews: In September 2018, FPA noted a large number of “fake and highly suspicious” positive reviews, potentially manipulated to boost the broker’s reputation.
• Lack of Transparency: No updates from the liquidator (Digby Noyce) or broker regarding client funds since 2020, and ignored client inquiries, suggest poor accountability.
• High-Risk Trading Conditions: Offering leverage up to 1:200 and cryptocurrencies, combined with no regulation, increases the risk of significant losses, especially for retail traders. Summary: The combination of liquidation, revoked licenses, an inaccessible website, and widespread withdrawal issues marks Circle Markets as a high-risk broker, likely no longer operational.

8. Website Content Analysis ¶

Since the website is inaccessible, content analysis relies on historical data and reviews:

• Claimed Offerings: Circle Markets offered trading in 144 forex pairs, 7 commodities, 10 stock indices, and cryptocurrencies (e.g., Bitcoin) via MetaTrader 4, cTrader, and Fix API platforms. The minimum deposit was $50, with leverage up to 1:200 and variable spreads.
• Marketing Claims: The broker positioned itself as a “transparent wholesale liquidity market” built by traders for traders, emphasizing low spreads, fast execution, and user-friendly account management.
• Red Flags in Content: Historical reviews suggest the website appeared professional, potentially misleading users into trusting the platform. Claims of transparency contrast sharply with liquidation and withdrawal issues. Suspicious positive reviews in 2018 may indicate manipulated content to attract clients.
• Accessibility Issues: The current inaccessibility prevents verification of terms of service, privacy policies, or risk disclosures, which are critical for assessing legitimacy. Summary: When active, the website presented attractive trading conditions but lacked transparency about risks, especially given the broker’s eventual liquidation and regulatory issues.

9. Regulatory Status ¶

Circle Markets’ regulatory status is a major concern:

• New Zealand (FSPR): Circle Markets was previously registered as a Financial Services Provider (FSP460986) under New Zealand’s Financial Markets Authority (FMA). However, this license was revoked, and the broker is no longer regulated in New Zealand. The FMA required brokers to hold $1,000,000 in net tangible assets, but revocation suggests non-compliance or insolvency.
• Vanuatu (VFSC): The broker also held a license from the Vanuatu Financial Services Commission (40389), which was revoked. Vanuatu is considered a low-tier regulatory jurisdiction with less stringent oversight, already a risk factor before revocation.
• FSCL Membership: Circle Markets was a member of the Financial Services Complaints Limited (FSCL), an independent dispute resolution scheme in New Zealand, offering some client protection. However, this membership is irrelevant post-liquidation and license revocation.
• Current Status: As of 2025, Circle Markets is unregulated, with no active licenses. Unregulated brokers lack oversight, increasing the risk of fund mismanagement or fraud.
• Misleading Claims: Some sources (e.g., comparebrokers.co) incorrectly claim regulation by the U.S. Financial Industry Regulatory Authority (FINRA), which is highly unlikely for a New Zealand-based forex broker and appears to be a factual error. Summary: Circle Markets is unregulated following the revocation of its New Zealand and Vanuatu licenses, a critical red flag that eliminates client protections and oversight.

10. User Precautions ¶

Traders considering Circle Markets (or similar brokers) should take the following precautions:

• Avoid Engagement: Given the broker’s liquidation, inaccessible website, and revoked licenses, traders should not attempt to open accounts or deposit funds. Existing clients should assume funds are at high risk of loss.
• Document Everything: Save all correspondence, transaction histories, and account screenshots. These are essential for disputes or recovery attempts.
• Contact Authorities: File complaints with the liquidator (Digby Noyce, if still active), New Zealand’s FMA, or law enforcement. For bank transfers, initiate chargeback requests immediately.
• Seek Legal Advice: Consult a financial recovery firm or lawyer specializing in forex scams, as some users successfully recovered funds through such services.
• Check Regulatory Status: Always verify a broker’s license with reputable regulators (e.g., FMA, ASIC, FCA) before depositing funds. Avoid unregulated brokers or those in low-tier jurisdictions like Vanuatu.
• Research Reviews: Cross-reference user reviews on platforms like FPA, Trustpilot, and WikiFX, but be wary of fake positive reviews.
• Use Regulated Alternatives: Choose brokers regulated by top-tier authorities (e.g., FCA, ASIC, CySEC) with proven track records, such as FXPrimus or XM.com.
• Share Experiences: Post complaints on trader forums or blacklists to warn others and potentially connect with other victims for collective action. Summary: Extreme caution is advised. Circle Markets’ operational and regulatory failures make it an unsafe choice, and users should prioritize recovery efforts and regulated alternatives.

11. Potential Brand Confusion ¶

Circle Markets Limited may be confused with other entities due to similar names or industries, posing risks for traders:

• Circle (Stablecoin Issuer): Circle Internet Financial, LLC, a U.S.-based company managing the USDC stablecoin, is unrelated to Circle Markets Limited. Circle is a prominent fintech firm planning an IPO, with a $7.7 billion valuation in 2022. Confusion could arise due to the shared name and financial focus, but Circle operates in cryptocurrency infrastructure, not forex brokerage.
• Circle S.p.A. (Italy): A publicly traded Italian company (CIRC.MI) providing consultancy and IT solutions for maritime and logistics sectors. Its unrelated industry and European base reduce confusion risk, but the similar name could mislead uninformed investors.
• Circle Markets (circlemarkets.io): A platform focused on non-performing loan transactions, unrelated to forex trading. The domain (circlemarkets.io) and similar branding could confuse users searching for the forex broker, especially since the .com site is down.
• Crib Markets: A high-risk, unregulated forex broker with similar offerings and negative reviews. Some sources note potential confusion due to similar names and scam allegations, though no direct link to Circle Markets exists. Red Flags in Brand Confusion:
• The inaccessible website increases the risk of users stumbling upon unrelated platforms (e.g., circlemarkets.io) or scams mimicking Circle Markets’ branding.
• Fake reviews in 2018 may have been part of a broader effort to create a false sense of legitimacy, potentially confusing users with reputable brands like Circle (USDC).
• Traders searching for Circle Markets may encounter unregulated or fraudulent brokers exploiting the name similarity (e.g., Crib Markets). Summary: Confusion with Circle (USDC), Circle S.p.A., circlemarkets.io, or Crib Markets is possible due to naming similarities. Traders must verify the exact entity (Circle Markets Limited, FSP460986) and avoid unrelated platforms.

12. Critical Evaluation ¶

Beyond the data, a critical perspective reveals deeper issues:

• Liquidation Context: The broker’s collapse during 2020 aligns with a period of economic strain (e.g., COVID-19 market volatility), but the lack of communication with clients suggests mismanagement or intentional withholding of funds.
• Regulatory Weakness: New Zealand’s FMA, while reputable, has lighter oversight compared to top-tier regulators like the FCA or ASIC. Vanuatu’s VFSC is notoriously lax, often used by brokers to appear regulated while avoiding scrutiny. Revocation of both licenses points to serious compliance failures.
• Manipulation Tactics: Suspicious positive reviews in 2018 and initial small withdrawals (to build trust) followed by larger unprocessed requests suggest a pattern seen in Ponzi-like schemes or exit scams.
• Client Impact: The lack of updates from the liquidator and ongoing litigation in Auckland indicate clients may never recover funds, a common outcome in unregulated broker failures.
• Industry Norms: The forex industry is rife with scams, and Circle Markets’ profile (low minimum deposit, high leverage, offshore offices) fits the mold of brokers targeting inexperienced traders with promises of easy profits. Contrarian View: Some positive reviews praised low spreads and fast execution, suggesting Circle Markets may have been functional for some traders before its collapse. However, these are outweighed by liquidation, regulatory issues, and widespread complaints, likely reflecting selective experiences or manipulated feedback.

13. Conclusion ¶

Circle Markets Limited is a high-risk, likely defunct forex broker with significant red flags:

• Key Issues: Liquidation since 2020, revoked licenses (FSPR, VFSC), inaccessible website, widespread withdrawal complaints, and suspicious positive reviews indicate financial unreliability or potential fraud.
• Risk Level: High. Traders face near-certain risk of fund loss due to the broker’s insolvency and lack of regulation.
• Recommendations: Avoid Circle Markets entirely. Existing clients should pursue recovery through legal or financial firms, file complaints with authorities, and document all interactions. Choose regulated brokers (e.g., FCA, ASIC) with transparent track records.
• Brand Confusion: Be cautious of unrelated entities like Circle (USDC), Circle S.p.A., or circlemarkets.io, and verify broker details before engaging. Final Note: The forex industry’s high scam prevalence underscores the need for due diligence. Circle Markets’ collapse serves as a cautionary tale, highlighting the dangers of unregulated brokers and the importance of regulatory oversight. Always prioritize safety over attractive trading conditions.

Sources:

• Forex Peace Army:
• Myfxbook:
• Trustpilot:
• ForexBrokerz:
• WikiFX:
• circlemarkets.io:
• BrokersView (Crib Markets):
• EarnForex:
• fx-list.com:
• ForexBrokersLab:
• brokerxplorer:
• Traders Union:
• comparebrokers.co:
• StockAnalysis (Circle):
• Yahoo Finance (Circle S.p.A.):
• LeadIQ (Circle): Note: The analysis avoids speculative claims and focuses on verifiable data, critically evaluated to provide a balanced perspective. If further details emerge (e.g., liquidator updates), they could refine this assessment.