RBI Releases Alert List Of 34 illegal Forex apps I Forex Trading Platform I 34 Forex Trading app ban

RBI Releases Alert List Of 34 illegal Forex apps I Forex Trading Platform I 34 Forex Trading app ban

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The Reserve Bank of India (RBI), vide press release dated February 03, 2022, had cautioned the public not to undertake forex transactions on unauthorised electronic trading platforms (ETPs) or remit/deposit money for unauthorised forex transactions.

The RBI, however, continues to receive references seeking clarification on the authorisation status of some ETPs. It has, therefore, been decided to place on the RBI website an “Alert List" of entities which are neither authorised to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor authorised to operate electronic trading platforms for forex transactions. The Alert List is not exhaustive and is based on what was known to RBI at the time of this Press Release. An entity not appearing in the Alert List should not be assumed to be authorised by the RBI. The authorisation status of any person / ETP can be ascertained from the list of authorised persons and authorised ETPs, which are already made available in the RBI website.

The RBI reiterates that resident persons can undertake forex transactions only with authorised persons and for permitted purposes, in terms of the FEMA. While permitted forex transactions can be executed electronically, they should be undertaken only on ETPs authorised for the purpose by the RBI or on recognised stock exchanges viz., National Stock Exchange of India Ltd., BSE Ltd. and Metropolitan Stock Exchange of India Ltd.


LIST AND WEBSITE LINKS

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 FXStreet 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