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.