Dear Investor,
iCare Forex exhibits multiple red flags commonly associated with potential fraud.
The company does not provide clear or verifiable regulatory information. It claims to be registered in Comoros and lists a physical address in India. First, we checked the official licensee lists of the two main financial authorities in Comoros, the MWALI International Services Authority (MISA) and the Anjouan Offshore Finance Authority (AOFA). We found that the entity iCare Forex Limited holds only an AOFA license. Notably, no official website or domain is registered under this license. It is critical to emphasize that the AOFA is an offshore regulator known for weak oversight and minimal compliance requirements. Its licenses are not widely recognized internationally and are often considered low in credibility, which significantly increases the risk of deceptive operations.
Second, while iCare Forex mentions an operational presence in India, it is important to note that India currently does not have a regulatory body overseeing retail forex trading. A search in the database of the Securities and Exchange Board of India (SEBI) also shows no registration for iCare Forex Limited.
Given the lack of credible regulation, the platform cannot be considered reliable or secure. We therefore strongly recommend that you avoid engaging with iCare Forex and refrain from depositing any funds.
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