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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

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