How Forex Finfluencers Show You Fake Dreams to Trade in Forex Trading | Fake Finfluencers Ep-8

Some online influencers are promoting Binomo, IQ Option, OctaFX, Quotex, Expert Option, Olymp Trade like 35 trading platforms for forex derivatives without proper authorization. This could get investors in trouble with the law, facing heavy penalties or even imprisonment. Even though these platforms are on a warning list from the Reserve Bank of India, they're still being advertised.

These influencers, like Trading Legend and Sigma Binary Trading, boast about platforms that let you bet on the price movements of things like forex or stocks. They promise huge returns in a short time, like saying you can make a lot of money in just a few days.

But these platforms aren't authorised by the RBI. They're not supposed to be used by Indian residents for forex trading. Despite this, influencers keep promoting them, claiming massive returns.

The Reserve Bank of India (RBI) recently made a list of businesses that are not allowed to trade in foreign exchange (forex) or run electronic trading platforms (ETPs) for forex transactions.

They said it's important for the public to know about these unauthorised businesses and not get involved in any forex dealings with them.

The list includes names of companies or websites that seem to be promoting these unauthorised activities, like advertising them or offering training or advice about them.

The RBI mentioned that even if a business is not on this list, it doesn't mean they are authorised to deal in forex. You can check if a business is authorised on the RBI website.

If you're a resident of India, you can only do forex transactions with authorised businesses and for allowed reasons, according to the Foreign Exchange Management Act, 1999 (FEMA).

The RBI also said that if you do forex transactions electronically, make sure it's on platforms authorised by them or on recognized stock exchanges.

The RBI warned against businesses or websites promoting these unauthorised activities, especially through ads or offering training or advice on social media platforms.

They mentioned that even trying out demo trading in a simulated environment with these unauthorised entities could get you into trouble.

It's crucial to follow the rules because if you use any means to send or deposit money, whether in Indian Rupees (INR) or any other currency, for forex transactions that aren't allowed under FEMA or on unauthorised ETPs, you could face penalties under the law.

The alert list also has names of businesses or websites that seem to be promoting these unauthorised activities, like advertising them or offering training or advice about them.

RBI Regulation - https://www.rbi.org.in/commonperson/english/scripts/FAQs.aspx?Id=3347

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00:00 Intro
01:04 RBI declares 34 unregulated apps
01:36 What is FEMA act?
02:15 Forex Trading in India
04:12 Youtubers involvement in Quotex