RBI updates list of unauthorised forex trading platforms;
Check the full list here, how to check authorised list
Oct 22, 2024
Synopsis
The Reserve Bank of India (RBI) has updated the 'Alert List' which includes the names of organisations that are not permitted to trade in foreign exchange. The Alert List contains names of entities which are neither authorised to deal in forex .
The Reserve Bank of India (RBI) has updated the 'Alert List' which includes 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.
The names that have been added to the RBI's Alert List
| Sr. No | Name | Website |
| 1 | Ranger Capital | https://www.rangercapital.net |
| 2 | TDFX | https://www.tdfx.exchange |
| 3 | Inefex | https://www.inefex.com/international |
| 4 | YorkerFX | https://yorkermarkets.com |
| 5 | Growline | https://grow-line.org |
| 6 | Think Markets | https://www.thinkmarkets.com |
| 7 | Smart Prop Trader | https://www.smartproptrader.com |
| 8 | FundedNext | https://fundednext.com |
| 9 | Weltrade | https://www.weltrade.com |
| 10 | FreshForex | https://freshforex.com |
| 11 | FX Road | https://www.fxroad.com |
| 12 | DBG Markets | https://www.dbgmarketsglobal.com |
| 13 | Plusonetrade | https://www.plusonetrade.com |
The full list of unauthorised forex trading platforms
| Sr. No | Name | Website |
| 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 |
| 76 | Ranger Capital | https://www.rangercapital.net |
| 77 | TDFX | https://www.tdfx.exchange |
| 78 | Inefex | https://www.inefex.com/international |
| 79 | YorkerFX | https://yorkermarkets.com |
| 80 | Growline | https://grow-line.org |
| 81 | Think Markets | https://www.thinkmarkets.com |
| 82 | Smart Prop Trader | https://www.smartproptrader.com |
| 83 | FundedNext | https://fundednext.com |
| 84 | Weltrade | https://www.weltrade.com |
| 85 | FreshForex | https://freshforex.com |
| 86 | FX Road | https://www.fxroad.com |
| 87 | DBG Markets | https://www.dbgmarketsglobal.com |
| 88 | Plusonetrade | https://www.plusonetrade.com |
Note that this is not a comprehensive list. It is not appropriate to assume that an entity that is not on the list has RBI authorization. The list of authorized individuals and authorized ETPs can be used to determine the authorization status of any individual or ETP.
The regulator has repeatedly advised consumers not to conduct foreign exchange (forex) transactions on unauthorised electronic trading platforms (ETPs) or to send or deposit funds for such transactions.
What happens if you do forex transactions with unauthorised persons or online platforms?
If you conduct forex transactions with unauthorised persons or on electronic trading platforms, you could face legal actions under FEMA, 1999. "Resident persons undertaking forex transactions with unauthorised persons and for purposes other than those permitted under FEMA shall render themselves liable for penal action under the Act," according to the RBI website.
Who is an Authorized Dealer (AD)?
An Authorised Dealer (AD) is any person specifically authorized by the Reserve Bank under Section 10(1) of FEMA, 1999, to deal in foreign exchange or foreign securities (the list of ADs is available on www.rbi.org.in) and normally includes banks.
Who are authorized by the Reserve Bank to sell foreign exchange for travel purposes?
Foreign exchange can be purchased from any authorised person, such as an AD Category-I bank and AD Category II. Full-Fledged Money Changers (FFMCs) are also permitted to release exchange for business and private visits.
How to check if your forex dealer or online platform is authorised by RBI or not
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]
