The Reserve Bank of India put out an alert list of entities involved in forex transactions on unauthorized electronic trading platforms.
Forex trading has been widespread in India after the crypto craze fizzled. These apps have been promoting themselves aggressively; some have legitimized themselves by sponsoring IPL teams.
But it is being terminated now, RBI has printed an ‘Alert List’ of entities that are neither authorized to operate forex trading platforms nor authorized to deal with forex under the Foreign Exchange Management Act, 1999 (FEMA).
Here’s a list of Alerted applications by RBI:
- Alpari
- AnyFX
- AvaTrade
- Binomo
- eToro
- Exness
- Expert Option
- FBS
- FinFxPro
- Forex.com
- Forex4money
- Forex
- FTMO
- VFP Trade
- FXPrimus
- FXStreet
- FXCM
- FxNice
- FXTM
- HotFores
- ibell Markets
- IC Markets
- iFOREX
- IG Markets
- IQ Option
- NTS Forex Trading
- Octa FX
- Olymp Trade
- TD Ameritrade
- TP Global FX
- Trade Sight FX
- Urban Forex
- Xm
- XTB
“While permitted forex transactions can be executed electronically, they should be undertaken only on ETPs authorized for the purpose by the RBI or on recognized stock exchanges viz., National Stock Exchange of India Ltd., BSE Ltd. and Metropolitan Stock Exchange of India Ltd,” RBI added.
Ideally, these apps should have been unconditionally banned if they were regulated illegally in the country. India has banned many apps and games for many other reasons. If not banned, the common person would not know about these apps supposedly illegal by RBI, and using them can result in legal action.
