RBI Expands Alert List of Unauthorised Forex Trading Platforms

The Reserve Bank of India (RBI) has expanded its Alert List of illegal online forex trading platforms, adding 7 new entities, taking the total count to 95.

The newly flagged platforms are Starnet FX, CapPlace, Mirrox, Fusion Markets, Trive, NXG Markets, and Nord FX.

Platforms on the Alert List are not authorised to deal in any form of foreign exchange transactions under the Foreign Exchange Management Act (FEMA), 1999.

These entities are not permitted to run Electronic Trading Platforms (ETPs) for forex trading in India.

RBI emphasised that any platform offering leveraged forex trading, binary options, or speculative currency bets to Indian residents without approval is illegal.

The regulator stated that the Alert List also covers websites and apps that advertise, promote, or offer training for unauthorised forex activities.

Many such platforms operate from overseas servers, making enforcement difficult and increasing the risk of fraud for Indian users.

RBI has repeatedly warned that losses incurred on these unauthorised platforms cannot be legally recovered, as they lie outside the regulated financial system.

The only legal way for individuals to trade forex in India is through RBI-authorised dealers, and currency derivatives can only be traded on recognised exchanges like NSE, BSE, and MCX-SX.

RBI urged the public to strictly avoid unauthorised forex apps and verify authorisation status through official sources to safeguard their money.