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RBI Expands Alert List with 19 New Unauthorized Forex Trading Entities

With this, the central bank has banned a total of 79 forex trading platforms so far.

The Reserve Bank of India (RBI) on November 24, 2023 added 19 entities to its Alert List of unauthorized forex trading platforms. These entities/ platforms/ websites are:

  1. Admiral Market (Website)
  2. BlackBull (Website)
  3. Easy Markets (Website)
  4. Enclave FX (Website)
  5. Finowiz Fintech Limited (Website)
  6. FX SmartBull (Website)
  7. Fx Tray Market (Website)
  8. Forex4you (Website)
  9. GoDo FX (Website)
  10. Growing Capital Services Ltd. (Website)
  11. HF Markets (Website)
  12. HYCM Capital Markets (Website)
  13. JGCFX (Website)
  14. Just Markets (Website)
  15. PU Prime (Website)
  16. Real Gold Capital Ltd. (Website)
  17. TNFX (Website)
  18. Ya Markets (Website)
  19. Gate Trade (mobile app)

This brings the total number of banned forex trading platforms on the Alert List to 79.

What is the RBI Alert List? The 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 or ETPs (Reserve Bank) Directions, 2018. Further, it 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.

Like the Alerts List, the RBI also has other lists like the authorized persons or authorized ETPs lists to check the authorization status of any person. trading platform.

On June 7, 2023 the RBI added eight entities to its Alert List which are as follows:

  1. QFX Markets (website)
  2. 2WinTrade (website)
  3. Guru Trade7 Limited (website)
  4. Bric Trade (website)
  5. Rubik Trade (website)
  6. Dream Trade (mobile app)
  7. Mini Trade (mobile app)
  8. Trust Trade (mobile app)

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I'm interested in the shaping and strengthening of rights in the digital space. I cover cybersecurity, platform regulation, gig worker economy. In my free time, I'm either binge-watching an anime or off on a hike.

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