Foreign trading apps, prop firms, and global forex platforms have become extremely popular among Indian users. However, the Reserve Bank of India (RBI) has officially issued an updated Alert List identifying 95 platforms that are NOT authorised to offer forex or electronic trading services in India.
These platforms often promote high profits, global access, and quick earnings — but RBI has clearly warned users to stay away from them.
🔍 Why RBI Issued the 2025 Alert List
RBI has observed a rapid rise in:
- Unauthorised forex trading apps
- Prop-trading platforms
- Online mentorship & “signals” groups
- Global brokers targeting Indian customers
- High-risk promotional schemes
Most of these operate outside Indian laws and do not offer any consumer protection.
RBI highlights that:
- These platforms are NOT authorised under FEMA 1999.
- They cannot run Electronic Trading Platforms (ETPs) in India.
- Many mislead users through training, advertisements, and influencer promotions.
- The list is not exhaustive, meaning other unknown apps may also be unsafe.
🛑 Full Table: List of 95 Unauthorised Forex Platforms
| Sr. No. | Entity Name |
|---|---|
| 1 | Alpari |
| 2 | Anyfx |
| 3 | Ava Trade |
| 4 | Binomo |
| 5 | eToro |
| 6 | Exness |
| 7 | Expert Option |
| 8 | FBS |
| 9 | FinFxPro |
| 10 | Forex.com |
| 11 | Forex4money |
| 12 | Foxorex |
| 13 | FTMO |
| 14 | FVP Trade |
| 15 | FXPrimus |
| 16 | FX Street |
| 17 | FXCM |
| 18 | FxNice |
| 19 | FXTM |
| 20 | HotForex |
| 21 | ibell Markets |
| 22 | IC Markets |
| 23 | iFOREX |
| 24 | IG Markets |
| 25 | IQ Option |
| 26 | NTS Forex Trading |
| 27 | OctaFX (all versions) |
| 28 | Olymp Trade |
| 29 | TD Ameritrade |
| 30 | TP Global FX |
| 31 | Trade Sight FX |
| 32 | Urban Forex |
| 33 | XM |
| 34 | XTB |
| 35 | Quotex |
| 36 | FX Western |
| 37 | Pocket Option |
| 38 | Tickmill |
| 39 | Cabana Capitals |
| 40 | Vantage Markets |
| 41 | VT Markets |
| 42 | Iron Fx |
| 43 | Infinox |
| 44 | BD Swiss |
| 45 | FP Markets |
| 46 | MetaTrader 4 |
| 47 | MetaTrader 5 |
| 48 | Pepperstone |
| 49 | QFX Markets |
| 50 | 2WinTrade |
| 51 | Guru Trade7 Limited |
| 52 | Bric Trade |
| 53 | Rubik Trade |
| 54 | Dream Trade (App) |
| 55 | Mini Trade (App) |
| 56 | Trust Trade (App) |
| 57 | Admiral Market |
| 58 | BlackBull |
| 59 | Easy Markets |
| 60 | Enclave FX |
| 61 | Finowiz Fintech Limited |
| 62 | FX SmartBull |
| 63 | Fx Tray Market |
| 64 | Forex4you |
| 65 | GoDo FX |
| 66 | Growing Capital Services Ltd. |
| 67 | HF Markets |
| 68 | HYCM Capital Markets |
| 69 | JGCFX |
| 70 | Just Markets |
| 71 | PU Prime |
| 72 | Real Gold Capital Ltd. |
| 73 | TNFX |
| 74 | Ya Markets |
| 75 | Gate Trade (App) |
| 76 | Ranger Capital |
| 77 | TDFX |
| 78 | Inefex |
| 79 | YorkerFX |
| 80 | Growline |
| 81 | Think Markets |
| 82 | Smart Prop Trader |
| 83 | FundedNext |
| 84 | Weltrade |
| 85 | FreshForex |
| 86 | FX Road |
| 87 | DBG Markets |
| 88 | Plusonetrade |
| 89 | Starnet FX |
| 90 | CapPlace |
| 91 | Mirrox |
| 92 | Fusion Markets |
| 93 | Trive |
| 94 | NXG Markets |
| 95 | Nord FX |
🧭 What This Means for Indian Users
✔ Forex trading should ONLY be done through:
- RBI-authorised banks
- SEBI-regulated brokers
- INR-based currency pairs
❌ Do NOT use apps that offer:
- Global currency pairs like EUR/USD, USD/JPY
- Prop trading “challenges”
- Guaranteed returns
- Signal-based trades
- Foreign broker accounts
❗If you’re currently using any of these apps:
- Stop trading immediately
- Try withdrawing your funds
- Do NOT deposit more money
- Report the platform if withdrawal fails
RBI Says:
❌ These platforms are NOT legal for Indian users
❌ They cannot offer forex or ETP services
❌ Even “training-only” platforms may be risky
You Should:
✔ Trade only with Indian regulated brokers
✔ Withdraw funds if using any flagged app
✔ Avoid foreign trading, prop firms & signal groups
Stay Safe. Stay Aware.
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