RBI Issues List of Warnings: Outlaws These 34 Online Forex Trading Platforms – Times of India

India’s flagship bank, the Reserve Bank of India (RBI), warned the public not to engage in foreign exchange transactions on unauthorized Electronic Trading Platforms (ETPs) or pay/deposit money for unauthorized foreign exchange transactions.
RBI has placed an “alert list” of entities that are neither permitted to trade currencies under the Foreign Exchange Management Act, 1999 (FEMA) nor authorized to operate electronic trading platforms for foreign exchange transactions on its website. In a statement, the central bank said the “list of alerts” is not exhaustive and is based on what was known to RBI at the time the statement was issued. It further warns that an entity not appearing in the “alert list” should not be assumed to be authorized by the RBI. The clearance status of any person/ETP can be determined from the list of Approved Persons and Approved FTEs, which is available on the RBI website.
The RBI reminds that resident persons may only engage in foreign exchange transactions with authorized persons and for permitted purposes, under the terms of FEMA. Although permitted forex trades can be executed electronically, they should only be conducted on ETPs licensed for this purpose by the RBI or on recognized exchanges, namely, National Stock Exchange of India Ltd (NSE), BSE Ltd and Metropolitan Stock Exchange India Ltd.
Members of the public are once again cautioned not to engage in unauthorized exchange ETP transactions or pay/deposit money for such unauthorized transactions. Resident persons who engage in foreign exchange trading for purposes other than those authorized by FEMA or in ETPs not authorized by the RBI will be subject to legal action under FEMA. Here is the full list of the 34 online forex trading platforms banned by RBI.
Sr No Last name Website
1 alpari https://alpari.com
2 AnyFX https://anyfx.in
3 Ava Commerce https://www.avatrade.com
4 Binomial https://binomoidr.com/in
5 eToro https://www.etoro.com
6 Exness https://www.exness.com
seven Expert formula https://expertoption.com
8 FBS https://fbs.com
9 FinFxPro https://finfxpro.com
ten Forex.com https://www.forex.com
11 Forex4money https://www.forex4money.com
12 Foxorex https://foxorex.com
13 FTMO https://ftmo.com/fr
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 FXMC https://www.forextime.com
20 HotForex https://www.hotforex.com
21 Markets ibell https://ibellmarkets.com
22 IC Markets https://www.icmarkets.com
23 FOREX https://www.iforex.in
24 GI markets https://www.ig.com
25 IQ Option https://iq-option.com
26 NTS Forex Trading https://ntstradingrobot.com
27 OctaFX https://octaindia.net
28 Olympus Trade https://olymptrade.com
29 TD Ameritrade https://www.tdameritrade.com
30 TP Global FX https://www.tpglobalfx.com
31 TradeSight FX https://tradesightfx.co.in
32 Urban Forex https://www.urbanforex.com
33 XM https://www.xm.com
34 XTB https://www.xtb.com

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