Synopsis: The Reserve Bank of India (RBI) has updated its Alert List of unauthorised forex trading platforms. Seven more entities/websites have been added, and users are advised not to trade, invest, or register on these platforms for foreign exchange transactions.
RBI Updates Alert List of Unauthorised Forex Trading Platforms
The Reserve Bank of India (RBI) has added new entities/platforms/websites to its Alert List of unauthorised forex trading platforms.
These platforms are not authorised to deal in foreign exchange under the Foreign Exchange Management Act (FEMA).
RBI regularly issues such alerts to protect the public from fraudulent and unauthorised online trading platforms that offer high returns through forex trading or derivatives without proper regulatory approval.
Updated List of Newly Added Unauthorised Forex Platforms
| Sr. No. | Name | Website |
|---|---|---|
| 1 | Starnet FX | https://www.starnetfx.com |
| 2 | CapPlace | https://www.capplace.com |
| 3 | Mirrox | https://www.mirrox.com |
| 4 | Fusion Markets | https://www.fusionmarkets.com |
| 5 | Trive | https://www.trive.com |
| 6 | NXG Markets | https://www.nxgmarkets.com |
| 7 | Nord FX | https://www.nordfx.com |
The updated Alert List of unauthorised forex trading platforms is available on RBI’s official website.
Users should check this list before dealing with any online forex or derivative trading platform.
What Should Users Keep in Mind?
- Do NOT trade forex through unauthorised platforms.
- Only entities authorised by RBI can offer forex services to residents.
- High-return promises with low risk are usually red flags.
- Losses from unauthorised platforms may not be recoverable.
📌 Key Takeaway
RBI has added seven more names to its Alert List of unauthorised forex platforms, warning the public against using them for foreign exchange trading. Investors should always verify whether a platform is RBI-authorised before transferring money or opening trading accounts.
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