New Delhi- The Reserve Bank of India (RBI) issued an alert list on Wednesday 7th September which included entities not allowed to trade in forex trading. Besides, these entities were not allowed to operate an electronic trading platform for forex transactions.
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The “Alert List” provided by the Reserve Bank of India provides the name and website links to entities that are not authorized to deal in forex and 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 the RBI at the time of publication. It should not be assumed that an entity that does not appear on the list is authorized by the RBI. The authorization status of any person/ETP can be checked from the list of authorized persons and authorized ETPs.” The RBI said in the circular.
Here is the full alert list. Check if you are not using one of them in ignorance.
- Alpari
- AnyFX
- ava want
- Binomo
- eToro
- Exness
- Expert Option
- FBS
- FinFxPro
- Forex.com
- Forex4money
- Foxworks
- FTMO
- FVP Trade
- FXPrimus
- FXStreet
- FXCM
- FxNice
- FXTM Company
- HotForex
- ibell markets
- IC . Markets
- iFOREX Company
- IG . Markets
- IQ Option
- NTS forex trading
- OctaFX
- Olymp Trade
- TD Ameritrade
- TP Global FX
- Forex Trading
- Urban Forex
- XM
- XTB
The Reserve Bank of India said in the circular that electronic forex transactions are permitted; However, it should only be taken through authorized Electronic Trading Platforms (ETPs) on recognized exchanges like National Stock Exchange of India, BSE ltd. and Metropolitan Securities of India Limited.
The RBI once again asked the public to warn about unauthorized ETPs. People should avoid transferring/depositing money to them.