RBI Issue Alert List: Claims These 34 Online Forex Trading Platforms Are Illegal

Top Bank of India, Reserve Bank of India (RBI), has warned the public not to conduct foreign exchange transactions on unauthorized electronic trading platforms (ETPs) or transfer/send funds for unauthorized foreign exchange transactions.
RBI has placed a ‘Warning List’ on entities that are not allowed to trade forex under Foreign Exchange Management Law, 1999 (FEMA) and is authorized to operate electronic trading platforms for foreign exchange transactions on its website. In a statement, the central bank said that the ‘Warning List’ is not exhaustive and is based on what was known to the RBI at the time of the release. It further warns that an entity that does not appear in the ‘Warning List’ will not be considered authorized by the RBI. The authorization status of any person/ETP can be determined from the list of authorized persons and authorized ETPs, provided on the RBI website.
The RBI reiterates that residents may only conduct foreign exchange transactions with authorized persons and for authorized purposes, in accordance with FEMA terms. While authorized forex transactions may be conducted electronically, they should only be performed on ETPs authorized by the RBI for the purpose or on accredited stock exchanges viz., National Stock Exchange of India Ltd (NSE), BSE Ltd and Metropolitan Stock Exchange of India Ltd.
Members of the public are once again warned against making foreign exchange transactions on unauthorized ETPs or transferring/sending funds for such unauthorized transactions. Resident conducting foreign exchange transactions for purposes other than those permitted under FEMA or on ETPs not authorized by the RBI will be solely responsible for legal actions under FEMA. This is the complete list of 34 online forex trading platforms banned by the RBI.

Sister no Name Website
first Alpari
2 AnyFX
3 Ava Trade
4 Binomo
5 eToro
6 Exness
7 Expert selection
9 FinFxPro
11 Forex4money
twelfth Foxorex
14 Trade FVP
15 FXPrimus
16 FXStreet
18 FxNice
20 HotForex
21 ibell Markets
22 IC market
24 IG . Market
25 IQ Option
26 NTS . forex trading
27 OctaFX
28 Olymp Trade
29 TD Ameritrade
30 TP Global FX
thirty first Trade FX
32 Urban Forex
33 XM
34 XTB

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