Reserve Bank of India (RBI) has taken a significant step towards enhancing investor protection by adding new entities to its Alert List of unauthorized forex trading platforms. This move comes as part of the RBI’s continuous efforts to ensure transparency in the foreign exchange market and safeguard Indian investors.
The Alert List, which was updated on June 07, 2023, now includes new platforms like QFX Markets, 2WinTrade, Guru Trade7 Limited, and several others. These entities are not authorized under the Foreign Exchange Management Act, 1999 (FEMA) nor the Electronic Trading Platforms (Reserve Bank) Directions, 2018 to deal in forex or operate electronic trading platforms.
These platforms appear to be promoting unauthorized entities and claiming to provide training or advisory services. The RBI has underscored that the absence of an entity from the Alert List should not be assumed as authorization.
It’s crucial to note that the Alert List also contains entities that were operating as mobile applications such as Dream Trade, Mini Trade, and Trust Trade. It signifies the RBI’s commitment to safeguarding all platforms where foreign exchange transactions are taking place.
Reserve Bank of India
RBI updates the Alert List of unauthorised forex trading platforms
June 07, 2023
The Reserve Bank of India (RBI) has added the following entities/platforms/websites to the Alert List of unauthorised forex trading platforms. Updated Alert List is available here.
| Sr. No | Name | Website |
| 1 | QFX Markets | https://qfxmarkets.com/ |
| 2 | 2WinTrade | https://www.2wintrade.com/ |
| 3 | Guru Trade7 Limited | https://www.gurutrade7.com/ |
| 4 | Bric Trade | https://www.brictrade.com/ |
| 5 | Rubik Trade | https://www.rubiktrade.com/ |
| 6 | Dream Trade | Mobile Application |
| 7 | Mini Trade | Mobile Application |
| 8 | Trust Trade | Mobile Application |
Press Release: 2023-2024/362
(Yogesh Dayal)
Chief General Manager
Alert List (Updated as on June 07, 2023)
The Alert List contains names of entities which are neither authorised to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor authorised to operate electronic trading platform (ETP) for forex transactions under the Electronic Trading Platforms (Reserve Bank) Directions, 2018. The Alert List also contains names of entities/platforms/websites which appear to be promoting unauthorised entities/ETPs, including through advertisements of such unauthorised entities or claiming to be providing training/advisory services. This list is not exhaustive. An entity not appearing in the list should not be assumed to be authorised by the RBI. The authorisation status of any person/ETP can be ascertained from the list of authorised persons and authorised ETPs.
| Sr. No | Name | Website |
| 1 | Alpari | https://alpari.com |
| 2 | AnyFX | https://anyfx.in |
| 3 | Ava Trade | https://www.avatrade.com |
| 4 | Binomo | https://binomoidr.com/in |
| 5 | eToro | https://www.etoro.com |
| 6 | Exness | https://www.exness.com |
| 7 | Expert Option | https://expertoption.com |
| 8 | FBS | https://fbs.com |
| 9 | FinFxPro | https://finfxpro.com |
| 10 | Forex.com | https://www.forex.com |
| 11 | Forex4money | https://www.forex4money.com |
| 12 | Foxorex | https://foxorex.com |
| 13 | FTMO | https://ftmo.com/en |
| 14 | FVP Trade | https://fvpt-uk.com |
| 15 | FXPrimus | https://fxprimus.com |
| 16 | FX Street | https://www.fxstreet.com |
| 17 | FXCM | https://www.fxcm.com |
| 18 | FxNice | https://fx-nice.net |
| 19 | FXTM | https://www.forextime.com |
| 20 | HotForex | https://www.hotforex.com |
| 21 | ibell Markets | https://ibellmarkets.com |
| 22 | IC Markets | https://www.icmarkets.com |
| 23 | iFOREX | https://www.iforex.in |
| 24 | IG Markets | https://www.ig.com |
| 25 | IQ Option | https://iq-option.com |
| 26 | NTS Forex Trading | https://ntstradingrobot.com |
| 27 | OctaFX | https://octaindia.net |
| https://hi.octafx.com | ||
| https://www.octafx.com | ||
| 28 | Olymp Trade | https://olymptrade.com |
| 29 | TD Ameritrade | https://www.tdameritrade.com |
| 30 | TP Global FX | https://www.tpglobalfx.com |
| 31 | Trade Sight FX | https://tradesightfx.co.in |
| 32 | Urban Forex | https://www.urbanforex.com |
| 33 | XM | https://www.xm.com |
| 34 | XTB | https://www.xtb.com |
| 35 | Quotex | https://quotex.com |
| 36 | FX Western | https://www.fxwestern.com |
| 37 | Pocket Option | https://pocketoption.com |
| 38 | Tickmill | https://www.tickmill.com |
| 39 | Cabana Capitals | https://www.cabanacapitals.com |
| 40 | Vantage Markets | https://www.vantagemarkets.com |
| 41 | VT Markets | https://www.vtmarkets.com |
| 42 | Iron Fx | https://www.ironfx.com |
| 43 | Infinox | https://www.infinox.com |
| 44 | BD Swiss | https://global.bdswiss.com |
| 45 | FP Markets | https://www.fpmarkets.com |
| 46 | MetaTrader 4 | https://www.metatrader4.com |
| 47 | MetaTrader 5 | https://www.metatrader5.com |
| 48 | Pepperstone | https://pepperstone.com |
| 49 | QFX Markets | https://qfxmarkets.com/ |
| 50 | 2WinTrade | https://www.2wintrade.com/ |
| 51 | Guru Trade7 Limited | https://www.gurutrade7.com/ |
| 52 | Bric Trade | https://www.brictrade.com/ |
| 53 | Rubik Trade | https://www.rubiktrade.com/ |
| 54 | Dream Trade | Mobile Application |
| 55 | Mini Trade | Mobile Application |
| 56 | Trust Trade | Mobile Application |
why qfx is unaouthorized?
hu