The Reserve Bank of India (RBI) put out an alert list of entities involved in forex transactions on unauthorized electronic trading platforms this week. RBI noticed that several unauthorised platforms lure people by promising lofty returns. RBI 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 a full list of unauthorised forex trading apps and websites
- Alpari
- AnyFX
- Ava Trade
- Binomo
- e Toro
- Exness
- Expert Option
- FBS
- FinFxPro
- Forex.com
- Forex4money
- Foxorex
- 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 RBI added that an entity not appearing on this list should not be assumed to be authorised by the central bank. As per the RBI norms, resident persons should undertake forex transactions only with authorised 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 authorised for the purpose by the RBI or on recognised stock exchanges viz., National Stock Exchange of India Ltd., BSE Ltd. and Metropolitan Stock Exchange of India Ltd,” RBI added.
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.
While the regulator did not name any of these entities at that time, it received several references seeking clarification on the authorisation of these entities which has now forced RBI to come out with an alert list. The entities in the alert list are neither authorised to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor authorised to operate electronic trading platforms for forex transactions.
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