RBI Illegal Forex Platforms Alert: The Reserve Bank of India has added more names to its warning list for illegal forex trading. In a notice dated November 19, 2025, the central bank said it has included seven new platforms that are not allowed to offer forex services in India. The new names are Starnet FX, CapPlace, Mirrox, Fusion Markets, Trive, NXG Markets and Nord FX.
Alert List
The RBI calls this warning group the Alert List. It is made for the public so people know which platforms are unsafe or not allowed to operate in the country. The bank explained that the list has the names of groups that are not authorised under the Foreign Exchange Management Act, 1999, also called FEMA. It also added that some names appear on the list because they promote or advertise illegal platforms that pretend to offer forex training or advice.
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The RBI reminded people to always check the status of any person or electronic trading platform before using it.
Full RBI Alert List
| Sr. No | Name | Sr. No | Name |
|---|---|---|---|
| 1 | Alpari | 49 | QFX Markets |
| 2 | Anyfx | 50 | 2WinTrade |
| 3 | Ava Trade | 51 | Guru Trade7 Limited |
| 4 | Binomo | 52 | Bric Trade |
| 5 | eToro | 53 | Rubik Trade |
| 6 | Exness | 54 | Dream Trade |
| 7 | Expert Option | 55 | Mini Trade |
| 8 | FBS | 56 | Trust Trade |
| 9 | FinFxPro | 57 | Admiral Market |
| 10 | Forex. com | 58 | BlackBull |
| 11 | Forex4money | 59 | Easy Markets |
| 12 | Foxorex | 60 | Enclave FX |
| 13 | FTMO | 61 | Finowiz Fintech Limited |
| 14 | FVP Trade | 62 | FX SmartBull |
| 15 | FXPrimus | 63 | Fx Tray Market |
| 16 | FX Street | 64 | Forex4you |
| 17 | FXCM | 65 | GoDo FX |
| 18 | FxNice | 66 | Growing Capital Services Ltd |
| 19 | FXTM | 67 | HF Markets |
| 20 | HotForex | 68 | HYCM Capital Markets |
| 21 | ibell Markets | 69 | JGCFX |
| 22 | IC Markets | 70 | Just Markets |
| 23 | iFOREX | 71 | PU Prime |
| 24 | IG Markets | 72 | Real Gold Capital Ltd. |
| 25 | IQ Option | 73 | TNFX |
| 26 | NTS Forex Trading | 74 | Ya Markets |
| 27 | OctaFX | 75 | Gate Trade |
| 28 | Olymp Trade | 76 | Ranger Capital |
| 29 | TD Ameritrade | 77 | TDFX |
| 30 | TP Global FX | 78 | Inefex |
| 31 | Trade Sight FX | 79 | YorkerFX |
| 32 | Urban Forex | 80 | Growline |
| 33 | XM | 81 | Think Markets |
| 34 | XTB | 82 | Smart Prop Trader |
| 35 | Quotex | 83 | FundedNext |
| 36 | FX Western | 84 | Weltrade |
| 37 | Pocket Option | 85 | FreshForex |
| 38 | Tickmill | 86 | FX Road |
| 39 | Cabana Capitals | 87 | DBG Markets |
| 40 | Vantage Markets | 88 | Plusonetrade |
| 41 | VT Markets | 89 | Starnet FX |
| 42 | Iron Fx | 90 | CapPlace |
| 43 | Infinox | 91 | Mirrox |
| 44 | BD Swiss | 92 | Fusion Markets |
| 45 | FP Markets | 93 | Trive |
| 46 | MetaTrader 4 | 94 | NXG Markets |
| 47 | MetaTrader 5 | 95 | Nord FX |
| 48 | Pepperstone |
Source: RBI
Please note that the RBI’s list is not exhaustive.
The bank said, “An entity not appearing in the list should not be assumed to be authorised by the RBI. The authorisation status of any person/ETP can be ascertained from the list of authorised persons and authorised ETPs.”
What if Someone uses an Illegal Forex Platform?
The central bank has been warning people for years not to trade on unauthorised forex platforms. If someone uses such a platform, the person can get into trouble under FEMA rules. The RBI makes it clear that any resident who makes forex transactions on an illegal platform or for any use that is not allowed under FEMA can face penal action.
In its FAQs on forex transactions updated on August 28, 2024, the bank wrote, “Resident persons undertaking forex transactions with unauthorised persons and for purposes other than those permitted under FEMA shall render themselves liable for penal action under the Act.”
“The RBI cautions the public not to undertake forex transactions on unauthorised ETPs or remit/deposit money for such unauthorised transactions. Resident persons undertaking forex transactions for purposes other than those permitted under the FEMA or on ETPs not authorised by the RBI shall render themselves liable for penal action under the FEMA.”
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What Forex Trading is Allowed in India?
Anyone living in the country can do forex deals only with authorised persons and only for reasons allowed under FEMA.
The bank explains that online trading is fine but it must happen only on RBI-approved electronic platforms or on recognised exchanges like the National Stock Exchange of India Ltd, BSE Ltd. and the Metropolitan Stock Exchange of India Ltd.
The RBI also makes it clear that Indian residents cannot send money abroad to pay trading margins to foreign exchanges or foreign brokers. These payments are not allowed under the Liberalised Remittance Scheme. This means people in India must stay within the rules if they want to trade forex safely and legally.
What to do with Unauthorised Platform?
The RBI says people can file complaints on the National Cyber Crime Reporting Portal. Complaints can also be emailed to the Enforcement Directorate at ed-del-rev@nic.in or sent to local police in the person’s State or Union Territory.
