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RBI’s list of 75 unauthorized forex trading platforms; How to check authorised list

Nov 24, 2023

Synopsis
Customers have received many warnings from the regulator not to transmit or deposit money for forex transactions or to undertake forex transactions on unapproved electronic trading platforms.

The Reserve Bank of India (RBI) has released another 'Alert List' including the names of organisations that are not permitted to trade in foreign exchange under the Foreign Exchange Management Act (FEMA), 1999 or to conduct foreign exchange transactions through electronic trading.

What is an Alert List?
The Alert List contains names of entities which are neither authorised to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor authorised to operate electronic trading platform (ETP) for forex transactions under the Electronic Trading Platforms (Reserve Bank) Directions, 2018. The Alert List also contains names of entities/platforms/websites which appear to be promoting unauthorised entities/ETPs, including through advertisements of such unauthorised entities or claiming to be providing training/advisory services.

However, this is is not a comprehensive list. One should not presume that an organisation not on the list has RBI authorization. The list of approved individuals and authorised ETPs may be used to determine the authorization status of any individual or ETP.

Also conducting forex transactions on unauthorised platforms could land you in legal trouble.

There have been several examples of forex scams in the past few months, in which con artists lure the public in by promising large returns on investments in a short period of time.

Customers have received many warnings from the regulator not to transmit or deposit money for foreign exchange (forex) transactions or to undertake forex transactions on unapproved electronic trading platforms (ETPs).

List of unauthorised as on November 24, 2023

1 Alpari https://alpari.com
2 Anyfx https://anyfx.in
3 Ava Trade https://www.avatrade.com
4 Binomo https://binomoidr.com/in
5 eToro https://www.etoro.com
6 Exness https://www.exness.com
7 Expert Option https://expertoption.com
8 FBS https://fbs.com
9 FinFxPro https://finfxpro.com
10 Forex.com https://www.forex.com
11 Forex4money https://www.forex4money.com
12 Foxorex https://foxorex.com
13 FTMO https://ftmo.com/en
14 FVP Trade https://fvpt-uk.com
15 FXPrimus https://fxprimus.com
16 FX Street https://www.fxstreet.com
17 FXCM https://www.fxcm.com
18 FxNice https://fx-nice.net
19 FXTM https://www.forextime.com
20 HotForex https://www.hotforex.com
21 ibell Markets https://ibellmarkets.com
22 IC Markets https://www.icmarkets.com
23 iFOREX https://www.iforex.in
24 IG Markets https://www.ig.com
25 IQ Option https://iq-option.com
26 NTS Forex Trading https://ntstradingrobot.com
27 OctaFX https://octaindia.net
https://hi.octafx.com
https://www.octafx.com
28 Olymp Trade https://olymptrade.com
29 TD Ameritrade https://www.tdameritrade.com
30 TP Global FX https://www.tpglobalfx.com
31 Trade Sight FX https://tradesightfx.co.in
32 Urban Forex https://www.urbanforex.com
33 XM https://www.xm.com
34 XTB https://www.xtb.com
35 Quotex https://quotex.com
36 FX Western https://www.fxwestern.com
37 Pocket Option https://pocketoption.com
38 Tickmill https://www.tickmill.com
39 Cabana Capitals https://www.cabanacapitals.com
40 Vantage Markets https://www.vantagemarkets.com
41 VT Markets https://www.vtmarkets.com
42 Iron Fx https://www.ironfx.com
43 Infinox https://www.infinox.com
44 BD Swiss https://global.bdswiss.com
45 FP Markets https://www.fpmarkets.com
46 MetaTrader 4 https://www.metatrader4.com
47 MetaTrader 5 https://www.metatrader5.com
48 Pepperstone https://pepperstone.com
49 QFX Markets https://qfxmarkets.com/
50 2WinTrade https://www.2wintrade.com/
51 Guru Trade7 Limited https://www.gurutrade7.com/
52 Bric Trade https://www.brictrade.com/
53 Rubik Trade https://www.rubiktrade.com/
54 Dream Trade Mobile Application
55 Mini Trade Mobile Application
56 Trust Trade Mobile Application
57 Admiral Market https://admiralmarkets.com
58 BlackBull https://blackbull.com
59 Easy Markets https://www.easymarkets.com
60 Enclave FX https://enclavefx.com
61 Finowiz Fintech Limited https://finowiz.com
62 FX SmartBull https://www.fxsmartbull.com
63 Fx Tray Market https://www.fxtray.com
64 Forex4you https://www.forex4you.com
65 GoDo FX https://www.godofx.com
66 Growing Capital Services Ltd. https://www.growingcapital.uk
67 HF Markets https://www.hfm.com
68 HYCM Capital Markets https://hycm.com
69 JGCFX https://jgcfx.com
70 Just Markets https://justmarkets.com
71 PU Prime https://in.puprime.com
72 Real Gold Capital Ltd. https://www.realgoldcapitals.com
73 TNFX https://tnfx.co
74 Ya Markets https://www.yamarkets.com
75 Gate Trade Mobile Application

How to check if your forex dealer or online platform is authorised by RBI

You can check the authorisation status of any person or electronic trading platform from the list available on the RBI website.

You can check authorised dealers list on the RBI website: https://rbi.org.in/scripts/category.aspx

For full-fledged money changers list: You can check it here. https://rbi.org.in/Scripts/FFMCList.aspx

[The Economic Times]

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