Alert! RBI issues list of entities not authorised to deal in forex


The Reserve Bank of India (RBI) on Wednesday released a list of entities not authorised to deal in forex. It had in February this year cautioned people not to undertake forex transactions on unauthorised electronic trading platforms (ETPs) or remit, or deposit money for unauthorised forex transactions.

Now, the central bank has placed on its website 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 for forex transactions.

The “Alert List” is not exhaustive and an entity not appearing in this list should not be assumed to be authorised by the RBI, it said. The RBI reiterated that resident persons can undertake forex transactions only with authorised persons and for permitted purposes, in terms of the FEMA.

List of unauthorised entities 

1 Alpari
2 AnyFX
2 Ava Trade
4 Binomo
5 eToro
6 Exness
7 Expert
9 FinFxPro

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 
31 Trade Sight 
32 Urban Forex 
33 XM 
34 XTB


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