RBI List of Unauthorised Forex Entities: The Reserve Bank of India (RBI) on Friday issued an alert list of entities that are neither authorised to deal in forex under the Foreign Exchange Management Act, 1999, (FEMA) nor authorised to operate electronic trading platforms (ETPs) for forex transactions.
“The Alert List has been updated and includes names of entities/platforms/websites which appear to be promoting unauthorised entities/ETPs, including through advertisements of such unauthorised entities or claiming to be providing training/advisory services,” the RBI said in a statement on Friday.
It added that residents are cautioned against entities/platforms/websites which appear to be promoting such unauthorised entities/ETPs, including through advertisements of such unauthorised entities or claiming to be providing training/advisory services (e.g. on social media including video streaming platforms) by providing for ‘demo trading’ in ‘simulated environment’ and such other indirect means for facilitating and doing forex trading through unauthorised entities.
“It is also reiterated that residents using any means to remit/deposit funds, directly or indirectly, in INR or in any other currency, for undertaking forex transactions for purposes other than those permitted under the FEMA or on ETPs not authorised by the RBI shall render themselves liable for penal action under the provisions of FEMA,” the central bank said.
RBI’s List of Entities That Are Neither Authorised To Deal in Forex Nor Authorised to Operate Electronic Trading Platform:
- Alpari — https://alpari.com
- Anyfx — https://anyfx.in
- Ava Trade — https://www.avatrade.com
- Binomo — https://binomoidr.com/in
- eToro — https://www.etoro.com
- Exness — https://www.exness.com
- Expert Option — https://expertoption.com
- FBS — https://fbs.com
- FinFxPro — https://finfxpro.com
- Forex.com — https://www.forex.com
- Forex4money — https://www.forex4money.com
- Foxorex — https://foxorex.com
- FTMO — https://ftmo.com/en
- FVP Trade — https://fvpt-uk.com
- FXPrimus — https://fxprimus.com
- FX Street — https://www.fxstreet.com
- FXCM — https://www.fxcm.com
- FxNice — https://fx-nice.net
- FXTM — https://www.forextime.com
- HotForex — https://www.hotforex.com
- ibell Markets — https://ibellmarkets.com
- IC Markets — https://www.icmarkets.com
- iFOREX — https://www.iforex.in
- IG Markets — https://www.ig.com
- IQ Option — https://iq-option.com
- NTS Forex Trading — https://ntstradingrobot.com
- OctaFX — https://octaindia.net, https://hi.octafx.com, and https://www.octafx.com
- Olymp Trade — https://olymptrade.com
- TD Ameritrade — https://www.tdameritrade.com
- TP Global FX — https://www.tpglobalfx.com
- Trade Sight FX — https://tradesightfx.co.in
- Urban Forex — https://www.urbanforex.com
- XM — https://www.xm.com
- XTB — https://www.xtb.com
- Quotex — https://quotex.com
- FX Western — https://www.fxwestern.com
- Pocket Option — https://pocketoption.com
- Tickmill — https://www.tickmill.com
- Cabana Capitals — https://www.cabanacapitals.com
- Vantage Markets — https://www.vantagemarkets.com
- VT Markets — https://www.vtmarkets.com
- Iron Fx — https://www.ironfx.com
- Infinox — https://www.infinox.com
- BD Swiss — https://global.bdswiss.com
- FP Markets — https://www.fpmarkets.com
- MetaTrader 4 — https://www.metatrader4.com
- MetaTrader 5 — https://www.metatrader5.com
- Pepperstone — https://pepperstone.com.
The RBI said this list is not exhaustive. “An entity not appearing in the list should not be assumed to be authorised by the RBI.”
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