• Thu. Feb 22nd, 2024

RBI issues fresh list of unauthorised forex trading platforms; How to check authorised list

The Reserve Bank of India (RBI) has issued another set of ‘alert list’ comprising names of entities which are not authorised to deal in foreign exchange under the Foreign Exchange Management Act (FEMA), 1999 nor authorised to undertake forex transactions on electronic trading.

Note that conducting forex transactions on unauthorised platforms could land you in legal trouble.

In recent months, there have been a number of instances of forex scams when con artists entice the public with the promise of substantial returns on investments in a short amount of time.

The regulator has repeatedly advised consumers not to conduct foreign exchange (forex) transactions on unauthorised electronic trading platforms (ETPs) or to send or deposit funds for such transactions.

RBI sends an alert list which also includes the names of organisations, platforms, and websites that seem to be endorsing unlicensed organisations or alternative training programmes (ETPs), either by ads for such organisations or by making claims that they offer training or advising services.

This is not a complete list. It should not be presumed that a company that does not appear on the list has RBI authorization.

How to check if your forex dealer or online platform is authorised by RBI or not

You can check the authorisation status of any person or electronic trading platform from the list available on the RBI website.

You can check authorised dealers list on the RBI website: https://rbi.org.in/scripts/category.aspx

For full-fledged money changers list: You can check it here. https://rbi.org.in/Scripts/FFMCList.aspx

What happens if you do forex transactions with unauthorised persons or online platforms?

If you conduct forex transactions with unauthorised persons or on electronic trading platforms, you could face legal actions under FEMA, 1999. “Resident persons undertaking forex transactions with unauthorised persons and for purposes other than those permitted under FEMA shall render themselves liable for penal action under the Act,” according to the RBI website.

List of unauthorised as on June 7, 2023

Sr. No Name Website
1 Alpari https://alpari.com
2 AnyFX https://anyfx.in
3 Ava Trade https://www.avatrade.com
4 Binomo https://binomoidr.com/in
5 eToro https://www.etoro.com
6 Exness https://www.exness.com
7 Expert Option https://expertoption.com
8 FBS https://fbs.com
9 FinFxPro https://finfxpro.com
10 Forex.com https://www.forex.com
11 Forex4money https://www.forex4money.com
12 Foxorex https://foxorex.com
13 FTMO https://ftmo.com/en
14 FVP Trade https://fvpt-uk.com
15 FXPrimus https://fxprimus.com
16 FX Street https://www.fxstreet.com
17 FXCM https://www.fxcm.com
18 FxNice https://fx-nice.net
19 FXTM https://www.forextime.com
20 HotForex https://www.hotforex.com
21 ibell Markets https://ibellmarkets.com
22 IC Markets https://www.icmarkets.com
23 iFOREX https://www.iforex.in
24 IG Markets https://www.ig.com
25 IQ Option https://iq-option.com
26 NTS Forex Trading https://ntstradingrobot.com
27 OctaFX https://octaindia.net
https://hi.octafx.com
https://www.octafx.com
28 Olymp Trade https://olymptrade.com
29 TD Ameritrade https://www.tdameritrade.com
30 TP Global FX https://www.tpglobalfx.com
31 Trade Sight FX https://tradesightfx.co.in
32 Urban Forex https://www.urbanforex.com
33 XM https://www.xm.com
34 XTB https://www.xtb.com
35 Quotex https://quotex.com
36 FX Western https://www.fxwestern.com
37 Pocket Option https://pocketoption.com
38 Tickmill https://www.tickmill.com
39 Cabana Capitals https://www.cabanacapitals.com
40 Vantage Markets https://www.vantagemarkets.com
41 VT Markets https://www.vtmarkets.com
42 Iron Fx https://www.ironfx.com
43 Infinox https://www.infinox.com
44 BD Swiss https://global.bdswiss.com
45 FP Markets https://www.fpmarkets.com
46 MetaTrader 4 https://www.metatrader4.com
47 MetaTrader 5 https://www.metatrader5.com
48 Pepperstone https://pepperstone.com
49 QFX Markets https://qfxmarkets.com/
50 2WinTrade https://www.2wintrade.com/
51 Guru Trade7 Limited https://www.gurutrade7.com/
52 Bric Trade https://www.brictrade.com/
53 Rubik Trade https://www.rubiktrade.com/
54 Dream Trade Mobile Application
55 Mini Trade Mobile Application
56 Trust Trade Mobile Application

Important FAQs as per RBI website

Who is an Authorized Dealer (AD)?
An Authorised Dealer (AD) is any person specifically authorized by the Reserve Bank under Section 10(1) of FEMA, 1999, to deal in foreign exchange or foreign securities (the list of ADs is available on www.rbi.org.in) and normally includes banks.

Who are authorized by the Reserve Bank to sell foreign exchange for travel purposes?
Ans. Foreign exchange can be purchased from any authorised person, such as an AD Category-I bank and AD Category II. Full-Fledged Money Changers (FFMCs) are also permitted to release exchange for business and private visits.

Can one pay by cash full rupee equivalent of foreign exchange being purchased for travel abroad?
Ans. Foreign exchange for travel abroad can be purchased from an authorized person against rupee payment in cash below Rs.50,000/-. However, if the sale of foreign exchange is for the amount equivalent to Rs 50,000/- and above, the entire payment should be made by way of a crossed cheque/ banker’s cheque/ pay order/ demand draft/ debit card / credit card / prepaid card only.

link

By admin