Andelex
Forex & CFD broker · Unregulated · Warned by Norway’s Finanstilsynet
TC RATING
Not Rated
We do not recommend this broker. Andelex is unregulated, and Norway’s financial regulator, Finanstilsynet, issued a public warning in 2022 stating it is not authorised and advising investors not to transfer money to it. It has no transparency and a pattern of withdrawal complaints. It does not qualify for a TC Rating.
Andelex presents itself as an Oslo-based forex and CFD broker, but Norway’s financial regulator has publicly warned against it, it holds no licence anywhere, and it carries the familiar red flags of an offshore-style scam operation. We do not recommend it.
Is Andelex regulated?
No. Andelex is not authorised by any financial regulator, and crucially, the regulator in the very country it claims to operate from has said so directly.
On 29 March 2022, Norway’s Financial Supervisory Authority (Finanstilsynet) issued a public investor alert against Andelex. The regulator confirmed that Andelex, listed at Sørkedalsveien 4, 0499 Oslo, and operating through andelex.com, had approached investors offering investment services without the licence required under Norwegian law. Finanstilsynet stated plainly that Andelex is not under its supervision, that it has not approved the company’s services, and that investors should not enter into agreements with, or transfer money to, Andelex.
That is about as clear a warning as a regulator issues. The Oslo address, which might make Andelex look like a legitimate Norwegian firm, is exactly what the regulator flagged. A prestigious address is not authorisation, and here the national regulator explicitly confirmed there is no authorisation behind it.
- YOUR MONEY IS NOT PROTECTED
Trading with an unregulated broker carries real risks. You have no access to a financial ombudsman, no guaranteed segregation of your funds, and no compensation scheme if the broker fails or refuses a withdrawal.
The red flags
Beyond the regulator’s warning, Andelex shows the classic markers of an unsafe broker:
- No company transparency. There is no public information about who founded or runs Andelex, its history, or its ownership. Legitimate brokers disclose this; scam operations hide it.
- Withdrawal problems. User reports describe difficulty getting money out, a recurring theme with unregulated brokers.
- Unrealistic promises. Marketing language such as “trade with confidence” and “peace of mind” paired with high-return framing is a common hook.
- Weak technical footprint. Reports point to unreliable hosting and the use of anonymous payment methods, both of which undermine credibility and make fund recovery harder.
What this means for your money
Because Andelex is unregulated and unsupervised, there is no compensation scheme, no ombudsman, and no regulator auditing how it holds client funds. If a withdrawal is delayed or refused, there is no authority to escalate to. The Norwegian regulator has already told investors, in writing, not to transfer money to it. That warning should be the end of the conversation.
Conclusion
Andelex is an unregulated broker using an Oslo address that its own national regulator has publicly warned against. It offers no transparency about who runs it, carries withdrawal complaints, and provides none of the protections a regulated broker must. Finanstilsynet has explicitly recommended that investors avoid it, and so do we. If you want to trade forex or CFDs, choose a broker regulated by a top-tier authority whose licence you can verify on the regulator’s own register.
- LOOKING FOR A REGULATED BROKER?
This review is published for information only. If you want a regulated broker for this type of trading, see our regulated CFD brokers instead, where every broker there is checked against our regulation-first standard.
Frequently asked questions
Is Andelex regulated?
No. Norway’s Finanstilsynet issued a public warning in March 2022 confirming Andelex is not authorised to provide investment services in Norway and is not under its supervision. It holds no top-tier licence.
Is Andelex a scam?
It carries the hallmarks: a regulator warning, no transparency about ownership, withdrawal complaints, and anonymous payment methods. Norway’s regulator has told investors not to transfer money to it, and we advise avoiding it.
Andelex claims to be based in Oslo. Does that make it safe?
No. The Oslo address is exactly what Finanstilsynet flagged. A registered address is not the same as a licence, and the Norwegian regulator confirmed Andelex has no authorisation.
