Reserve Bank of India has observed and put out a major alert with the list of business entities involved in forex transactions through unwanted electronic trading platforms. The observation from the regulator found that many of these unwanted forex trading apps or websites are luring people by promising lucrative offers and returns on investments.
RBI Releases List of illegal Forex Trading Apps, Websites
The Central Bank said, “users of these restricted platforms may be prosecuted from now onwards. Among the long list of illegal apps include OctaFX which is the official trading sponsor of the Indian Premier League (IPL) team Delhi Capitals.”
Here’s The Complete List Forwarded By RBI Disclosing Unwanted Forex Trading Apps, Websites:
- Alpari
- AnyFX
- Ava Trade
- Binomo
- e Toro
- Exness
- Expert Option
- FBS
- FinFxPro
- Forex.com
- Forex4money
- Forex
- FTMO
- FVP 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
The list has included most of them, but RBI has informed us that it does not mean a website or app is authorized even if it’s not mentioned in this list. As per RBI regulations, “resident persons should undertake forex transactions only with authorized persons and for permitted purposes, in terms of the FEMA (Foreign Exchange Management Act, 1999)”.
“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 further added.
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“In February this year, RBI had warned people against trading forex on unauthorized platforms following growing reports of people falling prey to such entities. RBI had said entities undertaking transactions for purposes other than those permitted under the Foreign Exchange Management Act (FEMA) or on electronic trading platforms (ETPs) not authorized by the RBI can face penal action under the Foreign Exchange Act.”
