- Current clients can still log in to their accounts and trade normally.
- The FX/CFD broker attributes the decision to the company's rapid growth.
Traders from the UK trying to register see this message.
Traders from the UK who wish to open an account with the broker Capital.com may encounter a problem. The company's official website offering FX/CFD trading has informed that "for now" it has suspended the registration of new clients under the Capital Com (UK) Limited entity.
According to the UK's Financial Conduct Authority (FCA) register, through which the company has been authorized since 2018, the license remains active.
Capital.com Pauses Onboarding New Clients in the UK
When visiting the Capital.com website in the UK and attempting to open an account, users are greeted with a message stating that the company has "made the decision to pause onboarding new clients in the UK for now."
"We have grown rapidly as a business, and we want to make sure that all our systems, controls, products, and services are provided to the high standards that are demanded by our clients, management, shareholders, and regulators," the update from Capital.com added.
The company sent an email statement to Finance Magnates regarding the suspension, but it did not contain more details, only confirming the information found on the website. The move was made "to ensure" the company will "continue to deliver an uncompromised level of service to existing clients in the UK" as it experiences "rapid and unprecedented growth in new and emerging markets."
Although Capital.com did not specify a potential date when the onboarding of new clients might be resumed, it assured that existing UK clients with active accounts "will not be affected and can continue to deposit or withdraw funds, add additional sub-accounts, and trade as normal."
According to the FCA register, Capital Com (UK) Limited holds an active license, which was granted in 2018.
Source: FCA
Capital.com's Financial Condition
The most recent financial report published by the UK branch of the broker was released in September 2023 and covered the fiscal year 2022. The company earned £4.13 million, achieving a revenue of £29.11 million, doubling the results from the previous year.
In summary, 2022 marked a prosperous period for Capital.com under the leadership of its new CEO, Peter Hetherington. He stepped into this role in May, succeeding Jon Squires. Hetherington brought with him over three years of experience as the CEO of IG Group, a London-based broker that is listed on the stock exchange.
