The Reserve Bank of India (RBI) has released another 'Alert List' including 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 advertisem*nts of such unauthorised entities or claiming to be providing training/advisory services
However, this is is not a comprehensive list. One should not presume that an organisation not on the list has RBI authorization. The list of approved individuals and authorised ETPs may be used to determine the authorization status of any individual or ETP.
Also conducting forex transactions on unauthorised platforms could land you in legal trouble.
There have been several examples of forex scams in the past few months, in which con artists lure the public in by promising large returns on investments in a short period of time.
Customers have received many warnings from the regulator not to transmit or deposit money for foreign exchange (forex) transactions or to undertake forex transactions on unapproved electronic trading platforms (ETPs).
| List of unauthorised as on November 24, 2023 |
| 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 |
How to check if your forex dealer or online platform is authorised by RBI
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
