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FXOTP

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Operating status: SCAM

Website: https://fxotp.com

Broker violations and abnormal records
  • 2024-09-24 BrokersView has Reviewed that FXOTP is an Unregulated Broker

    FXOTP claims to be a forex company registered in Saint Lucia with registration number 2023-00396, operated in Dubai, U.A.E., which offers forex trading services to clients worldwide.

    Upon investigation, we found that Fxotp Ltd is registered with the International Financial Centre (IFC) in Saint Lucia, an International Business Companies Registry that doesn't license forex trading brokerage activities. It is critical to note that this mere registration doesn't mean being licensed to carry on forex trading activities. The financial watchdog of St. Lucia, Financial Services Regulatory Authority (FSRA) has stated that forex trading activities are not licensed there. Without any other valid financial licenses, FXOTP's financial services for forex trading are not legitimate. 

    However, FXOTP is also not authorized and regulated by the DuBai Financial Services Authority (DFSA), the Central Bank of U.A.E.(CBUAE), the Securities and Commodities Authority(SCA) in the United Arab Emirates.

    The truth is that FXOTP is not regulated by any regulators. Letting it hold or control investors'money is unsafe, and the money can not be protected by any laws.

    FXOTP is a scam.

    FXOTP claims to be a forex company registered in Saint Lucia with registration number 2023-00396, operated in Dubai, U.A.E., which offers forex trading services to clients worldwide.Upon investigation, we found that Fxotp Ltd is registered with the International Financial Centre (IFC) in Saint Lucia, an International Business Companies Registry that doesn't license forex trading brokerage activities. It is critical to note that this mere registration doesn't mean being licensed to carry on forex trading activities. The financial watchdog of St. Lucia, Financial Services Regulatory Authority (FSRA) has stated that forex trading activities are not licensed there. Without any other valid financial licenses, FXOTP's financial services for forex trading are not legitimate. However, FXOTP is also not authorized and regulated by the DuBai Financial Services Authority (DFSA), the Central Bank of U.A.E.(CBUAE), the Securities and Commodities Authority(SCA) in the United Arab Emirates.The truth is that FXOTP is not regulated by any regulators. Letting it hold or control investors'money is unsafe, and the money can not be protected by any laws.FXOTP is a scam.

Related Complaints

Q&A

What is FXOTP? Scam or reliable?

Benjamin Eleftheriou
Australia
2024-12-23
ANSWER Dear Investor, Thank you for trusting us. We have found a batch of brokers that claim to be registered in St. Lucia but have an office in the U.A.E. Apart from the alleged offshore registration, they cannot provide any other valid licensing information to back up their credibility. FXOTP is among them. We suspect brokers of that situation are fraudulent due to their unlicensed or unregulated status. Therefore, we strongly advise against using FXOTP to protect yourself from potential fraud schemes. It is imperative to thoroughly research your target brokers before risking real money. Stick with major brokers fully regulated by top-tier financial watchdogs.
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I doubt FXOTP is a scam.

DonR
France
2024-09-25
ANSWER Dear Investor,FXOTP is likely a scam.Alleged Offshore Registration: FXOTP claims to be registered in St. Lucia, an offshore center that provides minimal protections for investors. It is important to note that this area does not license forex trading, meaning FXOTP operates in an unregulated environment.Lack of Authorization: Despite claiming to be located in Dubai, FXOTP has not obtained the required licenses from relevant financial regulators.Therefore, we strongly advise against using FXOTP to protect yourself from potential fraud schemes. For a safer trading environment, we recommend opting for fully regulated brokers instead.
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