RBI updates Alert List of unauthorized forex trading platforms


RBI on June 07, 2023 has updated the Alert List of unauthorized forex trading platforms. The Alert List contains names of entities which are neither authorized to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor authorized 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 unauthorized entities/ETPs, including through advertisements of such unauthorized 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 authorized by the RBI. The authorization status of any person/ETP can be ascertained from the list of authorized persons and authorized ETPs.

The Reserve Bank of India (RBI) has added the following entities/platforms/websites to the Alert List of unauthorized forex trading platforms.

  1. QFX Markets- https://qfxmarkets.com/
  2. WinTrade- https://www.2wintrade.com/
  3. Guru Trade- 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

An entity registered as an Electronic trading Platform before RBI complies with the eligibility criteria and operating framework provided under the Electronic Trading Platforms (Reserve Bank) Directions, 2018 and hence trading in such platforms ensures security.

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