FXTM, or ForexTime, is a forex and CFD brand of the Exinity group. International clients deal with Exinity Limited in Mauritius, which FXTM says is licensed by the FSC Mauritius and South Africa’s FSCA; Kenyan clients deal with Exinity Capital East Africa Ltd, licensed by Kenya’s CMA. FXTM gave up its Cyprus licence in 2024 and its UK company is winding down.
Research-based assessment This profile has not completed TTI’s on-site verification and 30-day platform review. How TTI verification works
| Regulator | Licence | Legal entity | Register status | Source |
|---|---|---|---|---|
| Capital Markets Authority (CMA) | 135 | Exinity Capital East Africa Ltd | Authorised Checked 5 Oct 2026 | Register entry for Exinity Capital East Africa Ltd (opens in a new tab) 2 |
Each licence was matched on the regulator’s own register on the date shown. Unverified claims are listed under Regulation and legal entities.
FXTM now serves international clients through Exinity Limited in Mauritius, whose licences we could not check because the Mauritius and South African registers refused our requests; its Kenyan licence is confirmed. Its client agreement promises segregated client money but describes it under UK rules that do not apply, tells clients they may claim from the UK compensation scheme although Exinity Limited is not FCA-authorised, and gives no negative balance protection. Complaints are handled quickly in-house, but only clients served under the South African licence have an independent ombudsman. The group’s owner is visible through its UK company, whose sole controller is Andrey Dashin. The regulatory record is light: alert-list entries in Malaysia and India, while the Cyprus licence ended at FXTM’s own request.
Every page names each FXTM company with its registration number, address, regulator and licence number, and the client agreement includes a schedule for Exinity Limited.
Companies House registers Andrey Dashin as holding 75% or more of Exinity UK Ltd, and its accounts say the group is ultimately controlled by a single beneficial owner through Exinity Group Limited of Mauritius.
The Kenyan licence is current. FXTM’s Cyprus company gave up its CySEC licence in May 2024 and its UK company began winding down in 2026; neither still serves clients.
The site gives the full names, registration numbers and addresses of the Mauritius, UAE and Kenyan companies.
FXTM publishes a complaints management policy that aims to investigate complaints within five business days, with escalation to senior management.
Reduced the enforcement dimension by 2 points (low severity, 0.9 years before the review).
Reduced the enforcement dimension by 1 points (low severity, 5.8 years before the review, counted at half weight).
Not met No investor compensation scheme covers clients of Exinity Limited. The client agreement says clients may benefit from the UK FSCS, but Exinity Limited is not authorised by the FCA, so the scheme does not apply.
Not met The terms make clients liable for any negative balance after a stop-out, except where a regulation requires protection; we found no such protection for Exinity Limited’s clients.
Partly met We matched Exinity Capital East Africa on Kenya’s CMA list. We could not check the Mauritius and South African licences of Exinity Limited, which serves FXTM’s international clients, because those registers refused our requests, or the UAE licence.
Each dimension is scored from its criteria, then weighted. Dimensions without enough evidence are left out and the remaining weights are rescaled. Open a dimension to see every criterion, our rationale and the sources.
Whether the firm’s licences exist, are current and cover what it offers.
Client-facing entities appear on the regulator’s register 12
We matched Exinity Capital East Africa on Kenya’s CMA list. We could not check the Mauritius and South African licences of Exinity Limited, which serves FXTM’s international clients, because those registers refused our requests, or the UAE licence.
Criteria and their weighting are explained in the methodology.
Whether you can find out who owns and runs the firm.
Legal entity details are published 1
The site gives the full names, registration numbers and addresses of the Mauritius, UAE and Kenyan companies.
Financial statements are available 4
The UK company files audited accounts, most recently for 2025. We found no financial statements for Exinity Limited, which serves FXTM’s international clients, or for the group.
Criteria and their weighting are explained in the methodology.
What protects client money if something goes wrong.
Criteria and their weighting are explained in the methodology.
Regulator warnings, enforcement actions and final legal findings on record.
Starts at 100 and loses points for each substantiated adverse finding by severity and age. Allegations, complaints and clone warnings never count. Total deducted: 3 points.
Listed on the Securities Commission Malaysia Investor Alert List 11
1 Jan 2021. Reduced the enforcement dimension by 1 points (low severity, 5.8 years before the review, counted at half weight).
Named on the Reserve Bank of India’s alert list of unauthorised forex platforms 12
19 Nov 2025. Reduced the enforcement dimension by 2 points (low severity, 0.9 years before the review).
Criteria and their weighting are explained in the methodology.
How the firm handles complaints, and what independent records show.
A complaints procedure is published 14
FXTM publishes a complaints management policy that aims to investigate complaints within five business days, with escalation to senior management.
Independent dispute resolution is available 14
Clients served under the South African licence can refer complaints to the Ombud for Financial Services Providers, but no independent dispute body is named for FXTM’s other international clients.
Independent complaint outcomes show no adverse pattern 13
We found no published ombudsman decisions about FXTM’s current companies.
Complaint data is disclosed 14
We found no complaint statistics published by FXTM or by a regulator or ombudsman for its companies.
Criteria and their weighting are explained in the methodology.
Whether costs, execution and risks are disclosed before you sign up.
Criteria and their weighting are explained in the methodology.
Whether public claims hold up and the firm communicates openly.
Criteria and their weighting are explained in the methodology.
What our visit confirmed in person: a real, staffed office of the assessed entity, not a ghost address.
We have not checked this firm’s office in person, so this dimension scores zero. We check offices through our on-site verification programme.
Real office at the stated address, not a ghost address
Office of the assessed entity
Staffed and operating
Criteria and their weighting are explained in the methodology.
What our on-site checks and 30-day platform testing found.
We have not completed an on-site assessment of this firm, so this dimension does not count and its weight is shared among the others.
Company identity
Regulatory claims
Office visit
Account opening
Platform usability
Costs and disclosures
Customer support
Deposits and withdrawals
Trading functions
Complaints process
Criteria and their weighting are explained in the methodology.
A brand can trade through several companies, each licensed in a different place with different protections. Check which entity your account would be with.
Financial Services Commission, Mauritius (FSC) · Reference C113012295 1
Investment dealer (full service dealer, excluding underwriting)
Stated by FXTM. The FSC Mauritius register refused our requests.
Financial Sector Conduct Authority (FSCA) · Reference FSP 50320 1
Over-the-counter derivative provider
Stated by FXTM. The FSCA register returned errors when we tried it.
Capital Markets Authority (CMA) · Reference 135 2
Non-dealing online foreign exchange broker
Capital Market Authority (CMA) · Reference 20200000270 1
Category 5: promotion and introduction
Stated by FXTM; we did not find a register we could check.
Financial Conduct Authority (FCA) · Reference 777911 4
Named in the 2025 accounts; FRN 777911 is not in the FCA’s list of investment firms as at 3 October 2026.
No licence recorded for this entity.
No licence recorded for this entity.
Warnings, enforcement actions, legal findings, allegations and complaint records are labelled separately. What each label means.
The Reserve Bank of India’s Alert List, updated as on 19 November 2025, includes FXTM (www.forextime.com) among entities that are neither authorised to deal in forex under the Foreign Exchange Management Act nor authorised to operate a forex trading platform in India. The list warns residents but does not allege fraud.
The Securities Commission Malaysia’s Investor Alert List includes “FXTM” (www.forextime.com) for carrying on unlicensed activities. The list records the entry under the year 2021 without a specific date; we use 1 January 2021. The entry was still on the list when we checked on 4 October 2026.
Firms can respond to their profile and to any finding. No response has been published for FXTM. How firms can respond.
| Review date | Result | Methodology | Status |
|---|---|---|---|
| 5 Oct 2026 | Trust score 71 out of 100 Sound | 1.2 | Current |
No corrections have been made to this profile.
Says Exinity Limited (registration C119470 C1/GBL, 5th Floor, NEX Tower, Rue du Savoir, Cybercity, Ebene, Mauritius) holds an investment dealer licence from the Financial Services Commission of Mauritius (C113012295) and is an over-the-counter derivative provider licensed by South Africa’s FSCA (FSP 50320); that Exinity Global Financial Services L.L.C. (Dubai, trade licence 1395769) holds a Category 5 licence from the UAE Capital Market Authority (20200000270) for promotion and introduction; and that Exinity Capital East Africa Ltd (PVT-ZQU6JE7, Nairobi) is a non-dealing online foreign exchange broker licensed by Kenya’s CMA (135). The site does not serve residents of the UK, the US, India and several other countries, and calls FXTM an award-winning broker trusted since 2011.
Lists Exinity Capital East Africa Limited, P.O. Box 50719-00200, Nairobi, with licence number 135.
On 20 May 2024 CySEC withdrew Forextime Ltd’s Cyprus investment firm authorisation (185/12) because the company had expressly renounced it; announced on 24 May 2024.
Filed on 17 September 2026 and read with text recognition. The company, authorised by the FCA under licence 777911, acted as a matched principal broker whose client trades were matched with Exinity Limited as liquidity provider; after the year end it began an orderly wind-down of its regulated activities, so the accounts are not prepared on a going concern basis. It is wholly owned by Exinity Group Limited of Mauritius, which is ultimately controlled by a single beneficial owner.
The agreement, with a schedule for Exinity Limited, says client money is segregated in accordance with the FCA’s CASS 7 rules and held at a recognised bank, that clients may benefit from the UK Financial Services Compensation Scheme, and defines the website as www.fxtm.com/uk. Clients must pay any excess loss within two business days except where negative balance protection exists under applicable regulation. Leverage ratios of up to 1:2000 are mentioned. Exinity may amend the agreements by written notice, with immediate effect once notice is deemed received.
Registered office 8-10 Old Jewry, London EC2R 8DN. Directors: Alex Jay Edwards, Nigel Gordon Rose and Nicholas Serff. Andrey Dashin has been registered since 3 February 2017 as holding 75% or more of the shares and as having significant influence or control over the trustees of a trust.
Says client funds are kept entirely separate from FXTM’s own funds in various top-tier banking institutions, without naming them, and are never used for its own purposes.
Quotes are based on prices from liquidity providers. Positions are closed when equity falls below the stop-out level shown on the website, and if a stop-out leaves a negative balance the client must pay the full amount immediately. Withdrawals soon after a deposit may be delayed by up to eight days.
Does not include Exinity UK Ltd or FRN 777911.
Deposits are processed instantly unless checks are needed and back-office transfers are handled in set business hours. An inactivity fee of 10 EUR, USD or GBP a month applies after three months without trading, and withdrawals after no trading may be charged bank fees or 3% of the amount. Conversion rates and withdrawal fees are shown only after logging in.
Includes an entry dated 2021 for “FXTM” (www.forextime.com) for carrying on unlicensed activities. Entries for “Pelaburan FXTM Broker” and “FXTM Vladimir Potanin” are potential clones.
Lists entities not authorised to deal in forex or operate forex trading platforms in India. Entry 19 is FXTM, https://www.forextime.com.
On 5 October 2026 we searched CySEC’s 1,173 board decisions, the FCA’s list and the ombudsman’s decisions, the CVM’s declaratory acts, KNF’s lists and the Indian, Securities Commission Malaysia and Bank Negara Malaysia alert lists, and ran web searches for actions by the FSC Mauritius, the FSCA and others. The findings on this profile are what we found. The CySEC withdrawal of Forextime Ltd’s licence in 2024 followed the company’s own request and is not a finding.
Complaints are to be investigated within five business days, with a holding response if more time is needed and escalation to senior management. Clients served under the FSCA licence may refer an unresolved complaint to South Africa’s Ombud for Financial Services Providers after six weeks; no independent body is named for other clients.
Shows minimum spreads, contract sizes, whether a commission applies and swap-free fees by instrument; the fees page says spreads start from 0.0 and the Advantage account charges commission.
Describes market execution with no requotes and positive slippage passed on, claims a 99% order fill rate and, elsewhere on the page, fills at the requested price 99.99% of the time, 99.96% platform uptime, and that client funds are “segregated and insured”, without explaining the insurance.
Says leverage is floating and depends on the account, the instrument and the client’s knowledge and experience, and that margin levels are in the contract specifications.
Risk disclosure for leveraged products; every page carries a risk warning that trading leveraged instruments can result in the loss of invested capital.
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