Bypassing regulatory oversight

This review is not so much about the service delivery of this company, but rather aimed at highlighting a ***** business practice exercised by this company.

In short, South African clients are channeled to an entity called "FT Global Limited" - which is regulated in Belize. The entity "Forextime Limited" is regulated as an authorised service provider at FSCA (the South Afrikan regulator), but this is not the entity through which services are actually provided to South Africans. Ie. it seems like this company is pretending to be offering services to South Africans with the necessary regulatory oversight when in fact they are not.

Upon enquiring from Forextime about this issue, I get "scripted responses" such as "Forextime is regulated" or "FT Global Limited" is regulated under "the International Financial Services Commission" - which is a misleading name as it is simply Belize's regulator. I don't see how this regulator will have "international" authority.

After repeatedly insisting to Forextime that I am not interested to register with "FT Global Limited", I was offered to have my account moved "manually" from "FT Global Limited" to "Forextime Limited". I asked why they don't simply "fix their website" so that South African clients get channeled to the correct entity, but they insist that nothing is wrong.

You can test on their website. Go to the website www.forextime.com and click Register. Then, choose an EU (like Austria) country and see what happens. Similarly, choose UK and see what happens. (You will be channeled to "Forextime Limited" and Forextime UK limited" respectively.) To finish off, choose South Africa and you will be channeled to "FT Global Limited".

Dodge I tell you. Hopefully, they will see the light and fix this issue. But even if they fix it, this review should stand as a testimony of their ethical business practices. Don't try South African's my bru.

Info that checks out: Forextime Limited registered in SA under FSCA with AFP number 46614 and in Cyprus under CySec with AFP number 185/12 Forextime UK Limited registered in UK under FCA with reference number 777911 FT Global Limited registered in Belize under IFSC with License numbers IFSC/60/345/TS and IFSC/60/345/APM