This Broker is Providing Services in India against RBI Warning

“FXTM is providing services to clients in India against an RBI warning.” a user from India filed a complaint against FXTM dated January 6, 2024 On Wikfx.

The user said he invested 330 USD with the broker two months ago. But at the time of withdrawal, they refused to withdraw. The complainant said, “When I emailed about it to them, they refused it; instead, my account with them was closed.”

Complainant said, “ForexTime's blatant disregard for Indian legalities is appalling. Despite being deemed illegal in India, they persist in servicing Indian clients, jeopardizing their safety. I've complained with the Ombudsman of Mauritius, urging swift action to suspend their FSC Mauritius license unless they cease Indian operations immediately.” Victim also added, “My account closure is a result of my complaint against Forextime to the Financial Services Commission, Mauritius.”

He wrote in his complaint, “Trading with them is punishable under Section 13(1) of the FEMA Act, 1999, as this entity is deemed illegal by the RBI.”

Complainant warned others by stating They engage in illicit practices by accepting deposits through local Indian banks, a clear violation amounting to money laundering. Registering with them poses a significant risk, as they might shut down at any time, leading to the loss of your funds. It's highly requested to not sign up and fall for a dubious platform.

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