Spec Markets

What Spec Markets does

Spec Markets, the trading name of Spec Capitals Ltd, is an offshore multi-asset CFD brokerage headquartered in Port Louis, Mauritius, and operating under four regulatory frameworks (FSC Mauritius, FSCA South Africa, FSRA Saint Lucia, and ASIC Australia). The firm rebranded from SpecFX to Spec Markets in 2026 to broaden its positioning from a forex-focused broker into a multi-asset trading platform spanning forex (60+ pairs), precious metals, global indices, commodities, and cryptocurrency CFDs. The platform serves a primarily retail and professional trader base, with a reported 12,450+ active traders, a 4.7/5 Trustpilot rating across 43 reviews, and language support across 9+ APAC-targeted languages. An affiliated Cyprus entity (Spec Capitals Ltd, Nicosia) provides operational and payment processing services, and a Hong Kong contact center supports the APAC client base.

The technology stack is anchored by MetaTrader 5 (MetaQuotes) with servers hosted in the Equinix NY4 data center, achieving an average execution time of 0.028 seconds and 99.9% uptime. ECN account pricing aggregates liquidity from 15-25 top-tier institutional providers, enabling raw spreads from 0.0 pips at $3.50 commission per lot per side; Standard accounts embed a ~1.0 pip markup with no commission; and Islamic swap-free accounts apply flat holding fees for overnight positions. Beyond the core trading platform, Spec Markets operates a proprietary Social Trading copy platform with verified strategy providers, a Brokeree Solutions-powered PAMM module for managed pooled-fund investing, a SPEC Loyalty Rewards points program (Bronze-Platinum tiers with up to 20% commission cashback), and a multi-tier Introducing Broker/affiliate program with both volume-based (0.4-1.4 pips/lot) and CPA ($100-$300/client) compensation.

Revenue is generated almost entirely through transaction-based fees: ECN commissions, standard account spread markups, Islamic account holding fees, and IB-retained portions of client trading costs. The minimum deposit is $50 across both live account types and leverage extends up to 1:1000 on forex. Customer acquisition runs through three concurrent go-to-market motions: a self-serve product-led model with 3-minute registration, a channel-partner motion via the multi-layer IB program targeting APAC Introducing Brokers, and a community-led motion where strategy providers monetize follower bases on the social trading platform. The company is privately held with no disclosed external funding, no M&A activity, and no disclosed headcount.

Name

Spec Markets

Legal name

Spec Capitals Ltd

Website

https://specmarkets.com

Company type

Private

Operating status

Operating

Ownership category

akta.pro rank

Product category

Retail FX and CFD Brokerage

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Commodity Contracts Intermediation (523160)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Retail FX/CFD Broker Trading Venues (FSAFADAD)

Keywords

• Forex brokerage
• CFD trading
• Multi-asset brokerage
• Retail trading platform
• Social trading

Headquarters

HQ city

Ebène

HQ country

Mauritius

HQ region

Africa

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. ECN Commission: ECN accounts charge $3.50 per lot per side ($7.00 round turn) for access to raw spreads from 0.0 pips. Revenue derived from transaction volume executed by active traders, scalpers, and EA users.
2. Standard Account Spread Markup: Standard accounts embed a 1.0 pip spread markup with zero commission. Revenue generated from the bid-ask spread differential on forex, metals, indices, commodities, and crypto CFDs.
3. Islamic Account Holding Fees: Swap-free Islamic accounts charge flat holding fees for overnight positions instead of interest swaps. Fee structure varies by instrument (e.g., XAUUSD: $12.5/lot, BTCUSD: $135/lot).
4. Partnership/IB Commissions: Introducing Broker program generates revenue share from referred client trading activity. IBs earn 0.4-1.4 pips per Standard lot or $2 per ECN lot, with Spec Markets retaining portion of client trading costs.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

Spec Markets operates an offshore retail brokerage (Spec Capitals Ltd) that lets individual and professional clients trade Contracts for Difference (CFDs) on forex, indices, commodities, metals, and cryptocurrencies through the MetaTrader 5 platform. Clients access these instruments via Standard (spread markup) or ECN (raw spread + commission) accounts from as little as $50, supplemented by Social Trading, PAMM, Islamic swap-free accounts, VPS hosting, and an Introducing Broker partner program. The firm is registered in Mauritius with representative licenses in South Africa, Saint Lucia, and Australia.

Product overview

Spec Markets is a multi-asset CFD trading platform (formerly SpecFX) offering a unified ecosystem built on MetaTrader 5. The platform integrates Forex CFDs (60+ currency pairs), Indices CFDs (global stock indices), Commodities CFDs (energy), Metals CFDs (gold/silver), and Crypto CFDs (BTC/ETH), supported by ECN and Standard account types plus Islamic swap-free accounts. Core value-added services include a Social Trading copy platform for Strategy Provider replication, a PAMM platform powered by Brokeree for managed fund allocation, and a VPS service for 24/7 automated trading. Additional modules include a Loyalty Rewards Program with tiered cashback, trading campaigns, and an IB/Partner affiliate program. The platform is regulated by FSC Mauritius, FSCA South Africa, FSRA Saint Lucia, and ASIC Australia.

Differentiator

Problem solved

Functional benefit

Products and services

• Forex CFDs Trading

Quantifiable outcome

• Average execution time of 0.028 seconds with 28ms for gold trading
• +4 more outcomes

Named customers3 records

Segments6 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature5 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Brokeree SolutionscoreTechnology or IntegrationBrokeree Solutions provides the PAMM (Percentage Allocation Management Module) infrastructure powering Spec Markets' managed trading platform. The partnership enables money managers to trade pooled investor funds with proportional profit/loss distribution and full capital separation, all natively integrated with MetaTrader 5.
• MetaQuotes SoftwarecoreTechnology or IntegrationMetaQuotes Software provides the MetaTrader 5 (MT5) platform, Spec Markets' primary trading interface. MT5 offers multi-asset trading, advanced charting, algorithmic trading (EA) support, and execution infrastructure. Available on desktop (Windows/macOS/Linux), mobile (iOS/Android), and web.
• Top-Tier Liquidity Providers (15-25)coreTechnology or IntegrationSpec Markets aggregates pricing from 15-25 institutional-grade liquidity providers to deliver ultra-tight ECN spreads from 0.0 pips. These partnerships ensure deep liquidity, accurate pricing during high volatility, and competitive execution across all asset classes.
• Kora PayminorOthersLocalized payment solution integrated to support traders across diverse geographic markets, particularly in regions with specific payment infrastructure needs.
• Equinix (NY4 Data Center)coreTechnology or IntegrationMetaTrader 4 and 5 servers hosted in Equinix NY4 data center in New York, bringing servers closer to the trading bridge and eliminating unnecessary latency for optimal execution speeds of 0.028 seconds average.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Pepperstone: Pepperstone is a well-established MT4/MT5 ECN forex/CFD broker with razor account pricing, social/copy trading via TradingView/MyFXBook integrations, and strong APAC presence. Comparable to Spec Markets on technology, pricing tier, and multi-asset breadth.
• IC Markets: IC Markets is a leading global MT4/MT5 ECN forex and CFD broker with raw-spread pricing, multi-asset coverage, and a strong APAC presence. It is the most direct comparable to Spec Markets given overlapping MT5 ECN pricing model, similar asset offering, and shared APAC distribution focus.
• Tickmill: Tickmill is a UK/FSC-regulated MT4 broker offering low-spread ECN forex and CFD trading with a global IB network. Comparable to Spec Markets on pricing discipline, asset coverage, and partner-led GTM motion.
• Exness: Exness is a global multi-asset broker offering MT4/MT5 forex and CFD trading with low spreads and high leverage, serving retail and professional clients across emerging markets. Highly comparable business model, technology stack, and target customer base to Spec Markets.
• FP Markets: FP Markets is an ASIC-regulated MT4/MT5 ECN broker with raw-spread pricing, multi-asset CFDs, and a meaningful APAC client base. Closely mirrors Spec Markets' pricing model, technology choices, and target customer segments.
• XM Group: XM is a globally regulated MT4/MT5 broker offering forex, commodities, indices, and crypto CFDs with strong APAC multilingual support and an IB/affiliate program. Directly comparable to Spec Markets in product breadth, technology stack, and APAC-focused client acquisition.
• Hugosway: Hugosway is an offshore ECN MT4/MT5 broker with high leverage, multi-asset CFDs, and emerging-market focus. Closely comparable to Spec Markets in regulatory profile (Saint Lucia), leverage offerings, and target customer segments.
• Vantage Markets: Vantage is an offshore-domiciled MT4/MT5 broker offering ECN pricing, copy trading via its proprietary app, and multi-asset CFDs with strong APAC and emerging-market distribution. Directly comparable to Spec Markets on regulatory footprint, product, and customer mix.

Broad incumbents

• eToro: eToro is a global multi-asset broker and social/copy-trading platform with proprietary technology and millions of users. Comparable to Spec Markets on the social/copy trading product dimension and CFD asset offering, but operates at substantially larger scale.
• Plus500: Plus500 is a publicly listed multi-asset CFD broker with proprietary platform technology and global retail reach. Operates in the same CFD broker space as Spec Markets but with a much larger scale, proprietary tech stack, and listed-company transparency.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/intent/follow?screen_name=SpecCapital
• YouTubeyoutube.com/channel/UCyb2MGuaUMU1Kyd13ESdh3Q
• Facebookfacebook.com/SpecFxGlobal
• LinkedInlinkedin.com/company/106766778/admin/page-posts/published
• Instagraminstagram.com/specfx_global

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Spec Markets