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Bank Alerts! Reserve Banks issues List of Unauthorised Forex Traders in India (Must Check!)

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New Delhi:Reserve Bank of India issued an alert on Wednesday, September 7, that listed entities that are not permitted to trade in forex.

These entities are also not allowed to use an electronic trading platform for forex transactions.

The RBI has created an ‘Alert List’ which lists the names and links to the websites of those entities that are not authorized to trade in forex or operate electronic trading platforms to facilitate forex transactions.

It is based on the Foreign Exchange Management Act, 1999 (FEMA).

This list does not include all entities and it is only a summary of what was available to RBI at the time. The RBI should not assume that any entity not listed in the list is authorized.

“The list of authorised people and authorised ETPs can help you determine the authorisation status of any individual or entity.” The circular stated that the RBI.

Here’s the complete Alert list. You can verify that you aren’t using any of these 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

The circular stated that electronic forex transactions are allowed by RBI. However, they must be made only on authorised electronic trading platforms (ETPs),

which can only be used on stock exchanges like Metropolitan Stock Exchange of India ltd. and National Stock Exchange of India.

The RBI asked the public again to be cautious about not authorizing ETPs. They should not be remitted/deposited money.

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