Warren Bowie & Smith Review 2026: A Mauritius Licence Claim With a Seychelles Phone Number

Chile's CMF named Warren Bowie & Smith, Securcap Securities (MU) Ltd and Kalaminion Holdings on 4 August 2026, listing four domains of which three are now dead. The firm claims a Mauritius licence but publishes a Seychelles phone number. We score it 3.0 out of 10.

Quick facts

Warren Bowie & Smith presents as a Mauritius-regulated broker. Its phone number is in the Seychelles, three of the four domains its regulator warning named no longer exist, and it shares two distinctive third parties with another broker on this site.

We need to be careful about one thing from the start, so the rest can be read properly. We could not check the Mauritius register. The FSC’s licensee search was unreachable throughout 14 September 2026. So this review does not claim the licence is fake. It says what we could and could not confirm, and scores accordingly.

The Chilean warning

On 4 August 2026 Chile’s Comisión para el Mercado Financiero published a notice titled, in translation, “CMF warns about entities that are neither registered nor authorised to provide regulated services”. It names three connected parties:

• WARREN BOWIE & SMITH
• SECURCAP SECURITIES (MU) LTD.
• KALAMINION HOLDINGS LIMITED

And four web properties: wbandsmith.com, client.wbandsmith.com, rade.wbandsmith.com and webtrader.wbandsmith.com.

That third one is printed by the CMF as “rade.” and is almost certainly a typing slip for “trade.” in the regulator’s own notice. We are flagging it rather than silently correcting it, because neither spelling resolves.

Three of the four domains are gone

Checked on 14 September 2026, six weeks after the warning:

The marketing site survives. Every client-facing portal the regulator identified has been taken down. Whatever replaced them is not linked from the public site, which means anyone still trading is reaching it by a route the CMF has not published.

The licence claim, and where it is kept

On the main About page the claim is bare: “Regulated by FSC”, with a link to a document, and no number.

The number appears only on a sub-page at /register-q/:

authorized by the Financial Services Commission, Mauritius with license number GB20025775

with company registration number C176674GBC.

Where a firm puts its licence number is worth noticing. A regulated broker leads with it, because the number is what the authorisation consists of. Here the public-facing page says only “Regulated by FSC”, which is the shape of a claim rather than a claim, and the checkable version is one click deeper.

What we could not do: confirm GB20025775 against the Mauritius FSC register. The register was unreachable. So the number is neither verified nor refuted, and this review does not treat it as false.

A Mauritius firm with a Seychelles telephone

The site gives a company phone number of +248 4323 763.

+248 is the Seychelles. Mauritius is +230.

A company presenting itself as licensed and based in Mauritius, at a named Port Louis address, answering its phone on a Seychelles line, is a discrepancy the firm should be able to explain and has not.

The support numbers point somewhere else again: a Brazilian line on +55 11, and WhatsApp on a Mexican number, +52 744 362 0154. Mauritius for the licence, Seychelles for the switchboard, Latin America for the clients.

What it shares with Zenstox

Two distinctive things connect this operation to Zenstox, which the same Chilean regulator warned about seven months earlier.

Naming the same small Cyprus company as your compensation provider is not something two unconnected brokers do by chance, and the platform brand and phone ranges point the same way. We are recording what is shared. We are not naming an owner, because we do not know one.

What it means practically: if you are comparing these two brokers against each other, you may not be comparing two things.

Everything the site will not tell you

• No maximum leverage. The site offers “Diverse leverage options matching every trader’s needs”, which is a sentence with no number in it.
• No account tiers and no minimum deposit.
• No spreads, no commission, no swap rates.
• No named payment methods. Deposits are “smooth and quick”; withdrawals are a “swift and transparent process”.
• No copyright line at all in the footer, and no year.
• No segregation statement.

The site also serves a geo-block to some visitors: “Our apologies, but we cannot serve clients from this country at this time.” Which countries are excluded is not published.

What the score is made of

3.0 out of 10, the first point of the High Risk band.

We want to be plain about why this is not scored as a Scam, because the number is close. On this site, Scam means an allegation we can evidence: a fabricated licence, a cloned register, or a documented refusal to return funds. Here the licence number is unverified, which is not the same as false, and we will not close that gap with an assumption. The score rests on the CMF warning, the jurisdictional contradictions and the near-total absence of published terms. If the Mauritius register becomes readable and GB20025775 turns out not to exist, this rating changes and the changelog will say so.

Before you fund an account

1. Ask for the FSC licence number and check it yourself on the Mauritius FSC register. Do not accept a linked PDF as verification; open the register directly.
2. Ask why a Mauritius-licensed firm answers a Seychelles phone number. The answer, or the absence of one, is informative.
3. Ask for leverage, spreads and commission in writing. None is published.
4. Ask which entity the client agreement is with, and what Kalaminion Holdings Limited’s role is, since the CMF named it and the site does too.
5. If you are in Chile, the CMF has said this firm is not authorised to provide you regulated services.

Answered in detail

Safer alternatives

Rated Trusted or Neutral against the same six pillars. These link to our own reviews, not to the brokers, and no broker can pay to appear here.

Verdict changelog