With operations in Dubai, United Arab Emirates, FXOTP claims to be a global currency trading platform registered in Saint Lucia. The business presents itself as a reliable and authentic broker and provides forex trading services to customers all around the world. On the surface, though, FXOTP is an unregistered organization, which raises several concerns about its reliability and security.
Basic Details for FXOTP
Website: https://fxotp.com/
Website Availability: Yes
Official Address:
- Ground Floor, The Sotheby Building, Rodney Village, Gros-Islet LC01 101. Saint Lucia with registration number 2023-00396.
- Office No. 01, Zainal Baqer Mohebi Building, Al Suq Al Kabeer, Bur Dubai. 122002 Dubai.
Regulation: Unregulated
Warned By: Not Recommended By Review Website Like Fraud Complaints
Domain Status
- Domain Name: fxotp.com
- Registry Domain ID: 2788517351_DOMAIN_COM-VRSN
- Registrar WHOIS Server: whois.godaddy.com
- Registrar URL: https://www.godaddy.com
- Updated Date: 2023-06-09T06:42:20Z
- Creation Date: 2023-06-09T06:42:20Z
- Registrar Registration Expiration Date: 2026-06-09T06:42:20Z
Registration in Saint Lucia: Misleading Information
FXOTP Ltd is listed as a registered international business company with the International Financial Centre (IFC), a Saint Lucian registry. It is important to understand, though, that this kind of registration does not allow the business to function as a forex trading broker. The registration does not imply that the business holds a financial license; rather, it is only an admission that it exists by Saint Lucia’s corporate regulations. It has been made clear by the Financial Services Regulatory Authority (FSRA) of Saint Lucia that it does not provide licenses for forex trading activities. Therefore, it is deceptive for FXOTP to make any claims about being a reputable forex broker based only on this registration.
Lack of Regulation in Dubai
Despite its claims to operate out of Dubai, FXOTP is not approved nor subject to the oversight of any of the major UAE financial regulators. The Central Bank of the United Arab Emirates (CBUAE), the Securities and Commodities Authority (SCA), and the Dubai Financial Services Authority (DFSA) do not grant licenses to the company. Any company operating without their consent is operating outside the law. These regulatory agencies are in charge of monitoring financial and currency trading operations in the United Arab Emirates.
The Risks of an Unregulated Broker
FXOTP is not subject to any legal framework or investor protection regulations due to the lack of regulatory oversight. It is extremely risky to give an unregulated broker, such as FXOTP, control or custody of investors’ money. The protection of funds is never guaranteed in the absence of a financial license or oversight by a reliable body. Investors may lose their money with no way to recover it if they fall for FXOTP’s forex trading services promises.
FXOTP Review – Conclusion
Based on many factors explained above we have finally concluded that FXOTP is a fraudulent broker. Do extensive research on any site before investing.
Be aware of schemes like Forex Trading Deceptions, Cryptocurrency Cons, Internet Dating Scams or Romance Fraud, Pump and Dump Tactics, Ponzi Schemes, Investment Deceptions, Fake Trading Platforms, Phishing Attacks, Robo-Advisors Deceptions, and Binary Options Deceptions.
If you have already fallen victim to FXOTP fraud, take quick steps to recover your money. While the process can be tough, patience and completing the proper steps can improve your chances of receiving your money back from FXOTP.
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Note: The FXOTP review is influenced by some existing reviews online and we have created an original review based on known facts. We are not responsible for any legal actions taken by any entity favoring FXOTP company.