FXTM (ForexTime) — review & details
Malawi has no retail forex broker licensing regime, so a Malawian account would sit with Exinity Limited under a Mauritius FSC licence. FXTM's published exclusion list does not name Malawi, but nothing about the arrangement is supervised from Lilongwe.
FXTM (ForexTime)
★★★★☆
Exinity Limited, Financial Services Commission of Mauritius (Investment Dealer C113012295); group also holds FSCA South Africa FSP 50320. No Malawian licence exists or is possible.
Regulator (Local Clients)
Not verified, and MWK funding is unlikely - assume you will need a card or e-wallet in a major currency.
Local Currency Support
Web and mobile trading platforms; the exact list was not read during this research.
Platforms
Malawians who accept they are dealing entirely offshore and want the covering entity stated plainly.
Best For
forex
Type
Pros
- The covering entity and its Mauritius licence number are published and can be checked against the FSC register.
- The group holds an FSCA licence in South Africa, an African regulator's authorisation rather than purely offshore paperwork.
- Malawi is not on FXTM's published list of jurisdictions it refuses to serve.
Cons
- Most retail investors lose money trading leveraged CFDs, and this risk does not fall because the broker is well known.
- A Mauritius FSC licence gives a Malawian client limited protection, no compensation scheme and no ombudsman.
- The Reserve Bank of Malawi does not license retail forex brokers, and Malawi's exchange-control rules make moving money offshore to fund a trading account genuinely difficult - check with your bank first.
Fees, eligibility & documents
Fees
Spreads and commissionsNot verified in this research; compare account types on FXTM's own site.
Funding and conversion costsNot verified; for a Malawian client the cost of getting kwacha out and back is likely to dwarf trading costs.
Eligibility
- Aged 18 or over and resident in a country Exinity Limited serves - Malawi is not on its published exclusion list.
- Able to complete identity and address verification.
- Able to obtain foreign exchange and fund an offshore account within Malawi's exchange-control rules.
Documents needed
- Government-issued photo ID (passport or national ID)
- Recent proof of address
- Proof of ownership of the funding method, if requested
How FXTM (ForexTime) compares in forex & cfd brokers
| FXTM (ForexTime) | Tickmill | |
|---|---|---|
| Regulator (Local Clients) | Exinity Limited, Financial Services Commission of Mauritius (Investment Dealer C113012295); group also holds FSCA South Africa FSP 50320. No Malawian licence exists or is possible. | Tickmill Ltd, Financial Services Authority of Seychelles (SD008). FCA UK (717270), CySEC (278/15) and FSCA South Africa (49464) entities do not cover Malawian clients. |
| Local Currency Support | Not verified, and MWK funding is unlikely - assume you will need a card or e-wallet in a major currency. | Not verified, and MWK funding is unlikely - assume a card or e-wallet in a major currency. |
| Platforms | Web and mobile trading platforms; the exact list was not read during this research. | Margin trading on the group's platforms; the exact list was not read during this research. |
| Best For | Malawians who accept they are dealing entirely offshore and want the covering entity stated plainly. | Traders who want the licence structure made explicit before committing money offshore. |
| Visit FXTM → | Visit Tickmill → |
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