Dear Investor,
Fotmarkets claims to be operated by FOT Limited, which is authorized by the Financial Services Commission (FSC) in Mauritius. A search of the Mauritius FSC’s licensing register does show a matching company. However, the Mauritius FSC does not publicly disclose the domain names or websites of its licensees, making it difficult to independently verify whether the firm you're dealing with is genuinely linked to the licensed entity.
Additionally, Fotmarkets also states that FOT Solutions Ltd, registered in Cyprus, is part of the FOT Limited group. However, there is no record of FOT Solutions Ltd being regulated or authorized by the Cyprus Securities and Exchange Commission (CySEC), which raises further concerns about its legitimacy and regulatory standing.
Meanwhile, please note that the Mauritius FSC is considered an offshore regulator with relatively lenient oversight and limited investor protection. This means that holding an FSC license alone does not provide comprehensive safeguards for your investments.
Therefore, we recommend that you still exercise caution when dealing with this broker. Be sure to conduct thorough due diligence before deciding to invest.
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