RBI alert! These entities are not allowed to do forex trading in India; Check if you are not using one of them unknowingly | personal finance news

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.

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

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