Alert! RBI publishes list of entities not authorized to trade in forex

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The Reserve Bank of India (RBI) on Wednesday released a list of entities not authorized to trade in forex. In February this year, he warned people not to engage in foreign exchange transactions on unauthorized electronic trading platforms (ETPs) or pay or deposit money for unauthorized foreign exchange transactions.

Now, the central bank has placed on its website an “alert list” of entities that are neither authorized to trade foreign exchange under the Foreign Exchange Management Act of 1999 (FEMA), nor authorized to operate electronic trading platforms for currency transactions.

The “alert list” is not exhaustive and an entity not on this list should not be assumed to be authorized by the RBI, he said. The RBI reiterated that resident persons may only engage in foreign exchange transactions with authorized persons and for permitted purposes, under the terms of FEMA.

List of unauthorized entities

1 Alpari
2 AnyFX
2 Ava Commerce
4 Binomo
5eToro
6 Exness
7 experts
8 FBS
9 FinFxPro
10 Forex.com

11 Forex4money
12 Foxorex
13 FTMO
14 FVP Trade
15 FXPrimus
16 FX Street
17 FXCM
18 Fx Nice
19 FXMC
20 Hot Forex
21 ibell Markets
22 CI markets
23 FOREX
24 GI markets
25 IQ Option
26 SNRC Forex Trading
27 OctaFX
28 Olymp Trade
29 TD Ameritrade
30 Global TPs
31 Trade Sight
32 Urban Forex
33XM
34XTB

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