The Reserve Bank of India (RBI) has put out a warning list. In this list, the central bank has shared names of organizations that are not allowed to do foreign exchange trading under the Foreign Exchange Management Act 1999 (FEMA).
This means these platforms can’t do transactions through electronic trading. If you do Forex Trading, you should check this list of 75 unauthorized platforms.
Let’s understand what the warning list is. The Reserve Bank of India issues this list from time to time to alert people about certain platforms.
It includes those platforms that are breaking rules or not following the set regulations. The central bank does this to warn people, so they don’t face any losses.
However, just because an organization isn’t on this list doesn’t mean it has RBI’s authorization.
If you want to see the list of authorized organizations, you should check the one issued by RBI.
Here is the list of 75 unauthorized Forex trading platforms
- Alpari – https://alpari.com
- Anyfx – https://anyfx.in
- Ava Trade – https://www.avatrade.com
- Binomial – https://binomoidr.com/in
- eToro – https://www.etoro.com
And so on…
If a platform is not on this list, don’t assume it’s authorized by RBI. To check authorized platforms, look at the list provided by RBI.
The list of unauthorized platforms is crucial. If you ignore it, you might fall victim to fraud. Doing Forex transactions without checking this list could lead to legal problems.
In recent months, there have been cases of Forex scams where fraudsters promised huge returns and deceived people.
Despite warnings from regulators, people sometimes get trapped by the allure of big returns and end up facing problems later.
To see the list of authorized platforms, visit the RBI website: Authorized Platforms.