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RBI alert! THESE entities not allowed to do FOREX TRADING in India; Check if you're not using ONE of them in ignorance

The ‘Alert list’ that RBI has come up provides the name and website links of the entities not authorised to deal in forex and to operate electronic trading platforms for forex transactions under the Foreign Exchange Management Act, 1999 (FEMA).

RBI alert! THESE entities not allowed to do FOREX TRADING in India; Check if you're not using ONE of them in ignorance File Photo

New Delhi: Reserve Bank of India (RBI) issued an alert list on Wednesday, September 7 that included entities not allowed to deal in forex trading. Besides, these entities haven’t been allowed to operate electronic trading platform for forex transactions.

The ‘Alert list’ that RBI has come up provides the name and website links of the entities not authorised to deal in forex and to operate electronic trading platforms for forex transactions under the Foreign Exchange Management Act, 1999 (FEMA).

“This list is not exhaustive and is based on what was known to RBI at the time of publication. An entity not appearing in the 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.” RBI said in the circular.

Here is the full Alert list. Check if you’re not using one of them in ignorance.

  1. Alpari
  2. AnyFX
  3. Ava Trade
  4. Binomo
  5. eToro
  6. Exness
  7. Expert Option
  8. FBS
  9. FinFxPro
  10. Forex.com
  11. Forex4money
  12. Foxorex
  13. FTMO
  14. FVP Trade
  15. FXPrimus
  16. FXStreet
  17. FXCM
  18. FxNice
  19. FXTM
  20. HotForex
  21. ibell Markets
  22. IC Markets
  23. iFOREX
  24. IG Markets
  25. IQ Option
  26. NTS Forex Trading
  27. OctaFX
  28. Olymp Trade
  29. TD Ameritrade
  30. TP Global FX
  31. Trade Sight FX
  32. Urban Forex
  33. XM
  34. XTB

RBI said in the circular that forex transactions electronically is allowed; however, they should be taken by authorised electronic trading platforms (ETPs) only on recognised stock exchanges such as National Stock Exchange of India, BSE ltd. And Metropolitan Stock Exchange of India ltd.

RBI once again asked public to caution against not authorised ETPs.  People should avoid remit/deposit money to them.

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