Risk Retail accounts frequently lose money on leveraged CFDs - risk only spare capital.
A complete newcomer should understand one thing first: our review of Exinity is not a verdict on the brand itself, it is a checklist. We are an independent editorial team, we do not hold a licence to advise anyone, and we do not receive a share of your trading losses. What we do is take a broker's public documents, its licence register entries and the rules of the reader's home market, then show you where the three of them agree and where they do not.
For India specifically, the honest starting point is this. Exinity has no SEBI or RBI licence, and its group entity serving this region is Exinity Limited, registered in Mauritius with the Financial Services Commission (Investment Dealer #C113012295). There is no separate standalone Exinity retail brand for India - the group's exposure here runs through FXTM. Under RBI and FEMA rules, trading spot forex or CFDs with an offshore broker is not permitted for Indian residents. That single paragraph is the context. Everything below is how we check the rest.
What We Actually Check
A review is only as good as its sources. We do not score brokers on how their website looks or how many bonus banners they run. We work through five layers, in this order.
| Layer | What we look at | Where the evidence comes from |
|---|---|---|
| Licence | Entity name, regulator, licence number | SEBI, RBI, FSC Mauritius registers |
| Market rules | Whether local law permits the product | RBI/FEMA, SEBI circulars |
| Costs | Spreads, commission, swap, conversion | Broker's own documents at review |
| Platform | MT4, MT5, execution model, tools | Vendor documentation |
| Money flow | Deposit and withdrawal rails, delays | Not verified where data is absent |
The fourth and fifth rows are where most reviews cheat. They describe a checkout page as if it were a verified process. We do not. If we could not confirm a funding method for a standalone Exinity India product at the time of review, we write that it is not verified, and we say so plainly rather than filling the gap with a plausible-sounding guess.
The India Rulebook First
Before we look at the broker at all, we establish what an Indian resident is legally allowed to do. This step is not optional, because it changes what any leverage figure actually means to you.
- Suits
- No standalone Exinity retail accounts for India verified
- Swap-free
- Available on FXTM
- Does not suit
- Exinity does not show a confirmed top-tier regulator on the same level as FCA, CySEC, ASIC, or SCA-class oversight, so it lacks
- Currency note
- USD
SEBI regulates exchange-traded currency derivatives, and the RBI governs foreign exchange under FEMA 1999 and authorises Electronic Trading Platforms. Together they permit residents to trade INR-based currency pairs - USD/INR, EUR/INR, GBP/INR, JPY/INR - plus permitted cross-currency derivatives on SEBI-recognised exchanges: NSE, BSE and MSE.
That is the boundary. It is a boundary on the product and the funding route, not a judgement about any company's competence.
Reading the Licence Correctly
People often ask us whether Exinity is "regulated". The question is too blunt to answer with one word. Exinity does hold licences - the relevant one for this region is the Mauritius FSC Investment Dealer licence #C113012295. What matters is what that licence does and does not cover.
| Licence it holds | No SEBI/RBI licence |
|---|---|
| What it covers here | Not locally regulated |
| What it does not cover | Exinity does not show a confirmed top-tier regulator on the same level as FCA, CySEC, ASIC, or SCA-class oversight, so it lacks the strongest |
| Where to check | sebi.gov.in; exinity.com/about-us; fxtm.com/about/licensed-broker |
An offshore licence covers the entity's conduct in its own jurisdiction. It does not place the firm under SEBI or RBI supervision, and it does not make an offshore CFD contract enforceable in an Indian forum. The practical question for a newcomer is not "is there a licence", it is "which regulator would hear my complaint, and can that regulator act on my behalf". For an Indian resident dealing with a Mauritius entity, the answer is that the local route is closed.
Leverage Numbers Tell a Story
Leverage is the single most misunderstood figure in broker marketing, and India is a good example of why.
| Setting | Typical leverage | What it means in practice |
|---|---|---|
| SEBI exchange INR derivatives | ~20-30x on notional | Margin-based, roughly 3-5% SPAN + exposure |
| Offshore FXTM Mauritius entity | Up to ~1:2000 | No standalone Exinity India terms verified |
| ESMA-style retail cap (for contrast) | 1:30 | Not the figure that applies here |
The offshore figure is not a feature you should read as an advantage. At very high leverage, a small adverse move closes a position fast, and the margin requirement stops being a cushion and becomes a tripwire. For an Indian reader the relevant comparison is not "which broker offers more leverage" but "what leverage does the legal channel offer, and what does each additional multiple of it cost me in risk".
Our group's FXTM-side data shows leverage advertised up to roughly 1:2000 on the Mauritius entity. We record it as a fact. We also record that no standalone Exinity retail terms for India were verified at review.
Platforms and Instruments
Exinity runs on MetaTrader - MT4 and MT5 - which is the same platform most Indian traders already recognise from exchange terminals and from other brokers. The group's offering through FXTM covers FX, metals, indices, commodities and CFDs.
| Item | Status for India at review |
|---|---|
| Platforms | MT4 / MT5 (via FXTM) |
| Instruments | FX, metals, indices, commodities, CFDs (via FXTM) |
| Base currency | USD; INR base account not verified at review |
| Swap-free account | Available on FXTM; standalone Exinity not applicable |
| Deposit / withdrawal | Not verified for a standalone Exinity India product |
| Promotions | Not verified at review |
MT4 and MT5 are battle-tested tools. Whether the specific entity gives you a demo first is a separate matter and worth testing for at least two weeks.
If your priority is a broker whose regulator your own authorities recognise and can act against, that consideration should outweigh a lower spread or a wider instrument list. Regulation at the FCA, CySEC or ASIC level means segregated client funds, published complaint procedures and a supervisor with enforcement powers.
Costs Are Not Verified Here
We could not confirm a cost structure for a standalone Exinity India product at review, so we do not print a spread table for it. What we can say is how costs work in the legal Indian channel, which is the benchmark you should hold any offshore quote against.
| + | Forex / CFDs | available |
| – | Local stocks | not available |
| – | US stocks | not available |
| – | Crypto | not available |
| + | Commodities | available |
Exchange-traded INR derivatives are settled in INR with no domestic FX conversion. UPI through PhonePe or Google Pay is near-instant and runs 24/7 under the NPCI limit of about Rs 1 lakh per transaction per day; IMPS settles in minutes; NEFT, RTGS and netbanking through HDFC or SBI are standard. That means the rupee you deposit is the rupee you trade, and there is no hidden conversion spread eating your margin on the way in.
Money movement and repatriation risks
There are real risks in this category and they deserve a calm, specific answer rather than a warning siren.
Repatriation is one. Money sent to an offshore entity sits outside the FEMA framework, and the 20% TCS on LRS foreign remittances above Rs 10 lakh per financial year (threshold raised from Rs 7 lakh, effective 1 April 2025) applies to eligible remittances - margin forex is not one of them. Residents must also declare worldwide income and foreign assets under Schedule FA. Getting this wrong is a tax-compliance problem, not a trading problem, and it is resolved by an accountant rather than a broker.
| Platform | Runs on | Best for |
|---|---|---|
| MT4 | - | Forex and CFDs, expert advisors |
| MT5 | - | Multi-asset, more timeframes |
Aftermath risk is another. The RBI publishes an Alert List of unauthorised forex trading platforms. As of the 19 November 2025 update the list totalled 95 entities, with seven added in that update. The RBI states the list is not exhaustive. Checking it before you send money costs you five minutes.
Then there is the ordinary operational risk that has nothing to do with regulation: withdrawal processing time, identity re-verification requests, and support response during Indian market hours. These are the things that frustrate people in month two, not month one.
Where Reviews Usually Go Wrong
Three habits produce bad reviews.
The first is treating availability as approval. A broker that accepts Indian clients has not been endorsed by any Indian authority, and a page that says "available in India" without that context is misleading whichever way it leans.
The second is copying leverage, spread and bonus figures from the marketing page and presenting them as verified data. We mark those as not verified unless we confirmed them ourselves.
The third is scoring a broker on a single dimension - usually the lowest spread - and ignoring the regulator, the entity name and the money-flow route. For a first-time account holder, the entity name on the client agreement matters more than any tenth of a pip.
Where this leaves you
Exinity is a Dubai-headquartered fintech group, parent of FXTM and Alpari, with roots going back to ForexTime in 2011 and the consolidated Exinity brand launched in 2020. The standalone Exinity brand is UAE-focused. For Indian residents, the practical route to the group is through FXTM on a Mauritius-licensed entity, and that route sits outside what RBI and FEMA permit for margin forex and CFDs.
Exinity as a group is built for traders who want MetaTrader, a wide CFD instrument list and a broker with a long operational track record. Readers who already trade through regulated international entities, understand the reporting obligations and are comfortable with an offshore counterparty will find the group's product set familiar and well documented.
A reader whose first priority is a supervisor their own authorities recognise, and whose complaint route needs to work locally, should look at brokers regulated at FCA, CySEC or ASIC level instead - and compare them on fund segregation, published complaint procedures and withdrawal times.
What the First Few Weeks Look Like
Set your expectations before you deposit, not after. If you go through an offshore route, week one is KYC and identity verification, and the clock starts when the documents are complete, not when you click submit. Week two is usually the first real test - a small deposit, a small withdrawal, and a note of exactly how many hours each took. If a withdrawal comes back with a fresh document request you did not expect, that is your signal to slow down and ask support in writing.
Week three and four are when the ordinary friction shows up: how fast the platform is during the NSE currency session (09:00 to 17:00 IST for INR pairs, 09:00 to 19:30 IST for cross-currency on the exchange side), whether you can reach a human in your timezone, and whether the swap or conversion charge on a position held overnight matches what you were told. Keep a simple log of every deposit, every fee and every support reply. It takes two minutes a day and it is the single most useful habit a new account holder can build.
By the end of the first month you will not need anyone's review to tell you whether a broker suits you. You will have your own data.
Questions
What does "not locally regulated" mean for an Indian trader?
+
It means the firm holds no SEBI or RBI licence, so your account sits outside Indian supervisory reach. Exinity's relevant group entity for this region is Exinity Limited in Mauritius, under an FSC Investment Dealer licence #C113012295. The licence is genuine; it simply covers a different jurisdiction from yours.
Can I fund an offshore forex account using the Liberalised Remittance Scheme?
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No, and this is the specific point most people miss. LRS caps outward remittance at USD 250,000 per resident per financial year, but margin and leveraged forex trading is not a permitted end-use, so LRS cannot legally fund an overseas forex or CFD account. A 20% TCS applies on eligible LRS remittances above Rs 10 lakh per financial year.
How do I verify a broker before sending money?
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Two registers take under ten minutes together. Check the broker against the RBI Alert List of unauthorised forex trading platforms - 95 entities as of the 19 November 2025 update, though the RBI states the list is not exhaustive. Then confirm the exact legal entity and licence number on the regulator's own register, and make sure it matches the name on your client agreement.
Why do you write "not verified" instead of giving a number?
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Because we only publish figures we could confirm ourselves at the time of review. For a standalone Exinity India product, deposit and withdrawal details, base currency and promotions were not verified, so we say so rather than quoting a marketing page. Where a figure is confirmed - the Mauritius licence number, the platform set, the FXTM swap-free availability - we state it directly.

