FXTM
FXTM does not accept clients who are residents of India. The broker lists India as a non-served country, and there is no SEBI registration that would authorise it to operate locally. This means the entire suite of FXTM products, from the MT4 and MT5 platforms to its Standard and ECN account types, is off-limits from an Indian IP address and for Indian resident documentation.
Who is Behind FXTM
FXTM, short for ForexTime, was founded in 2011 in Cyprus and operates as part of the Exinity Group. The group reports over 2 million clients across 150 countries. India is excluded from its list of served jurisdictions.
The Regulatory Position for India
For an Indian resident, the legal position is clear. The Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) do not permit retail participation in offshore margin forex or CFD trading. The Foreign Exchange Management Act (FEMA) 1999 restricts residents to trading only INR-based currency pairs (USD/INR, EUR/INR, GBP/INR, JPY/INR) and permitted cross-currency derivatives on SEBI-recognised exchanges such as the NSE, BSE, and MSE (Metropolitan Stock Exchange).
Trading spot forex or CFDs with an offshore broker is not permitted under RBI/FEMA rules. Remitting funds abroad for the purpose of margin forex trading is not a permitted end-use under the Liberalised Remittance Scheme (LRS). The RBI Master Direction prohibits operating a forex Electronic Trading Platform in India without authorisation. Because FXTM does not hold SEBI registration, its services fall outside the legal framework for Indian residents.
What About Leverage and Costs
Since FXTM does not onboard Indian clients, all standard broker metrics are effectively not applicable for this audience. There are no local account types, no deposit or withdrawal options via Indian payment rails like UPI or IMPS, and no INR-denominated accounts.
For context, the domestic exchange-traded market offers leveraged products. SEBI and exchange margins for INR currency derivatives are typically in the range of 3-5% of notional value, which equates to roughly 20-30x leverage. Brokers that solicit Indian residents with offers of 100x-1000x leverage are doing so illegally.
FXTM Globally: A Comparison
Where FXTM does operate, the offering is comparable to industry standards for a mid-to-large international broker. The standard account typically features a spread around 1.6 pips on EURUSD with no commission. The ECN accounts offer raw spreads from 0.0 pips with a commission per side, which aligns with competitors offering similar account types.
| Metric | FXTM (Global Offer) | Industry Standard |
|---|---|---|
| Platforms | MT4, MT5, Proprietary App | MT4/MT5 dominant |
| Instruments | 1000+ CFDs | 1000+ typical |
| Standard Spread (EURUSD) | ~1.6 pips, no commission | 1.2–2.0 pips |
| ECN Structure | From 0.0 pips + commission | From 0.0 pips + commission |
How to Verify a Broker's Status
The RBI publishes an "Alert List" of unauthorised forex trading platforms. As of 19 November 2025, that list totals 95 entities. The RBI notes that the list is not exhaustive. You can verify any entity's status directly on the RBI website (https://www.rbi.org.in) and the SEBI website (https://www.sebi.gov.in).
If a broker is not on the alert list but also does not accept Indian residents, the conclusion is the same: it is not a legal option for you.
The final read
FXTM is not a viable or legal option for traders in India. It is a legitimate global broker, but its compliance framework correctly excludes Indian residents.
Say yes ifyou are a non-Indian resident with foreign nationality or tax residency. In that case, you could evaluate FXTM on its merits, checking its local licences and comparing its spreads and account types with competitors.
Say no ifyou are an Indian resident looking to trade forex or CFDs. Focus on the legally available exchange-traded INR currency derivatives through SEBI-registered brokers. If you are evaluating international brokers, shortlist those that hold strong tier-1 regulation (FCA, CySEC, ASIC), offer segregated client funds, and can legally onboard you in your jurisdiction of residence.
