RBI issued statement regarding foreign exchange transactions, do not transact with these websites

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The Reserve Bank of India (RBI) on Friday released an alert list of certain entities . 1999, (FEMA) and are also not authorized to operate Electronic Trading Platforms (ETPs) for foreign exchange transactions.”The Alert List has been updated. It includes the names of entities/platforms/websites that promote Unauthorized Entities/ETPs. Including advertisements of such Unauthorized Entities or claiming to provide training/consultancy services. ”

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It states that citizens are cautioned against entities/platforms/websites that promote such unauthorized entities/ETPs. Including advertisements of such unauthorized entities or those claiming to provide training/consultancy services (such as on social media including video streaming platforms). These claims include providing other indirect facilities such as ‘demo trading’ in a ‘simulated environment’ to facilitate and conduct foreign exchange trading through unauthorized entities.

RBI also said that if a citizen, directly or indirectly, in Indian Rupees or in any other currency, allows any person to remit/deposit money for carrying out foreign currency transactions other than those permitted under FEMA or authorized by RBI, also use any other means, they will be liable for penal action under the provisions of FEMA.

The list of institutions issued by RBI is as follows. The following entities are neither authorized to deal in foreign exchange nor are they authorized to operate electronic trading platforms:

Alpari — https://alpari.com

Anyfx — https://anyfx.in

Ava Trade — https://www.avatrade.com

Binomo — https://binomoidr.com/in

eToro — https://www.etoro.com

Exness — https://www.exness.com

Expert Option — https://expertoption.com

FBS — https://fbs.com

FinFxPro — https://finfxpro.com

Forex.com — https://www.forex.com

Forex4money — https://www.forex4money.com

Foxorex — https://foxorex.com

FTMO — https://ftmo.com/en

FVP Trade — https://fvpt-uk.com

FXPrimus — https://fxprimus.com

FX Street — https://www.fxstreet.com

FXCM — https://www.fxcm.com

FxNice — https://fx-nice.net

FXTM — https://www.forextime.com

HotForex — https://www.hotforex.com

ibell Markets — https://ibellmarkets.com

IC Markets — https://www.icmarkets.com

iFOREX — https://www.iforex.in

IG Markets — https://www.ig.com

IQ Option — https://iq-option.com

NTS Forex Trading — https://ntstradingrobot.com

OctaFX — https://octaindia.net, https://hi.octafx.com, and https://www.octafx.com

Olymp Trade — https://olymptrade.com

TD Ameritrade — https://www.tdameritrade.com

TP Global FX — https://www.tpglobalfx.com

Trade Sight FX — https://tradesightfx.co.in

Urban Forex — https://www.urbanforex.com

XM — https://www.xm.com

XTB — https://www.xtb.com

Quotex — https://quotex.com

FX Western — https://www.fxwestern.com

Pocket Option — https://pocketoption.com

Tickmill — https://www.tickmill.com

Cabana Capitals — https://www.cabanacapitals.com

Vantage Markets — https://www.vantagemarkets.com

VT Markets — https://www.vtmarkets.com

Iron Fx — https://www.ironfx.com

Infinox — https://www.infinox.com

BD Swiss — https://global.bdswiss.com

FP Markets — https://www.fpmarkets.com

MetaTrader 4 — https://www.metatrader4.com

MetaTrader 5 — https://www.metatrader5.com

Pepperstone — https://pepperstone.com.

RBI has also said that this list is not complete. “An entity not appearing in the list should not be considered as authorized by RBI.”

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