ExinityRisk Retail accounts frequently lose money on leveraged CFDs - risk only spare capital.
The regulatory gap in India
There is no standalone Exinity retail brand serving India. Applications are routed through FXTM, the group's offshore brand under Exinity Limited (Mauritius), licensed by FSC Mauritius as an Investment Dealer (#C113012295).
That means your account sits outside SEBI and RBI oversight. The core fact is that offshore FX/CFD trading for Indian residents is not permitted under FEMA and RBI rules. Only INR-based currency pairs on SEBI-recognised exchanges (NSE, BSE, MSE) are compliant for residents. The registration process itself is straightforward, but the legal position requires your attention first.
Your KYC Documents
When you sign up through the FXTM channel, the standard international KYC process applies. You will need:
- A clear passport or national ID card for identity.
- A recent utility bill or bank statement for proof of address.
- A selfie or live photo for verification.
Your PAN card is not required by Exinity for this offshore account. It is mandatory for SEBI-regulated exchange accounts, but not for the Mauritius entity. Expect verification to take from a few hours to two business days, depending on document quality.
The FSC Mauritius license (#C113012295) is genuine and active, but its consumer protections are not equivalent to SEBI or RBI frameworks.
The Legal Reality
The central question for a resident is whether the activity is permitted, not whether the broker is a scam. Trading spot forex or CFDs with offshore brokers is not permitted under RBI/FEMA rules. The RBI Master Direction on Electronic Trading Platforms prohibits operating a forex ETP in India without RBI authorisation.
You can open the account, but you would operate outside the local regulatory perimeter. Your ability to resolve disputes or repatriate capital in a crisis is weaker than with a locally regulated entity. The broker's FSC Mauritius license does not cover you in India.
Registration Steps
- Complete the basic form with your email and password.
- Choose your account type and base currency (USD is available; INR base account is not verified).
- Upload your KYC documents for identity and address verification.
- Fund the account via bank transfer or card (local payment methods are not verified for this entity).
If a broker advertises UPI deposits for spot forex trading, that operation sits outside the legal framework. UPI is for domestic INR settlement, not for funding offshore margin accounts.
Who Should Not Register
This setup is not suitable for those seeking a simple, locally protected trading experience. If you want the security of a local dispute resolution mechanism or the ability to trade INR-based derivatives compliantly, this offshore channel exposes you to capital-repatriation risk under FEMA with limited recourse if something goes wrong.
If you are an experienced trader who fully understands the legal restrictions, the FXTM channel offers access to high leverage (up to ~1:2000 via the Mauritius entity) and MetaTrader platforms. You must accept the legal position and take responsibility for tax and regulatory implications yourself.
Three checks before you commit
Run three practical checks before submitting any form:
- Verify the entity on the FSC Mauritius registry.
- Check the RBI Alert List of unauthorised platforms (95 entities as of 19 November 2025).
- Review the tax treatment of any profits.
The exchange-traded route offers a different risk profile. SEBI-regulated currency derivatives settle in INR with no domestic FX conversion. Offshore CFDs carry no such local settlement protection. Leverage differs dramatically: exchange margins are roughly 3–5% (approximately 20–30x notional), while offshore brokers advertise 100x–1000x. That difference is where account blowups occur.
Tax Basics
If you trade and generate income, the tax treatment depends on your account structure. Exchange-traded currency futures and options profits are generally treated as non-speculative business income, taxed at your slab rates. You must declare worldwide income and foreign assets under Schedule FA.
A 20% TCS applies on LRS foreign remittances above Rs 10 lakh per financial year (threshold raised from Rs 7 lakh, effective 1 April 2025). Crucially, margin forex trading is not a permitted LRS end-use, so you cannot legally fund an overseas forex account through standard remittance channels.
Consult a chartered accountant who understands FEMA and tax law before depositing any money.
A safer entry point
If you want a safer entry point, look for a broker with tier-1 regulation (FCA, CySEC, or ASIC), transparent commissions, and a track record of timely withdrawals.
| Feature | Offshore (FXTM Mauritius) | Tier-1 Regulated Broker |
|---|---|---|
| Regulator | FSC Mauritius | FCA / CySEC / ASIC |
| Client fund protection | Limited | Insured / segregated |
| Leverage | Up to ~1:2000 | Lower, capped |
| Base currency | USD | USD / EUR |
| Dispute resolution | Offshore process | Local ombudsman |
The real difference is in protections and recourse, not in interface or spreads.
Questions
Do I need a PAN card to sign up with Exinity?
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No. For the offshore account via FXTM, you will need a passport and proof of address. A PAN card is mandatory only for SEBI-regulated exchange accounts.
What documents are required for verification?
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You will need a clear government-issued ID, a recent utility bill or bank statement for address proof, and a selfie or live photo for biometric matching.
How long does approval take?
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If your documents are clear, approval usually takes between a few hours and two business days. Poor quality images or mismatched names delay the process.
What happens after I submit the form?
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The broker reviews your KYC documents, then you select your base currency and funding method. Local payment methods are not verified for this entity, so budget for international card or transfer fees.
Can I switch to a SEBI-regulated account later?
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No. A SEBI-regulated account requires registration with an India-domiciled broker on SEBI-recognised exchanges (NSE, BSE, MSE). You would need to close the offshore position and open a new account separately.