RBI Alert List: THESE forex trading platforms are not authorised to deal in foreign currency

If you regularly invest in foreign exchange (forex), then make sure you do so through genuine and authorised trading platforms. There could be a scenario wherein a fake trading platform entices you into investing in foreign currency pairs.

The Reserve Bank of India (RBI) recently updated its Alert list to warn investors against investing via these spurious platforms.

The latest additions to the unauthorised forex trading platforms include the following:

1. Ranger Capital                  rangercapital.net

2. TDFX                                 tdfx.exchange

3. Inefex                                inefex.com/international

4. YorkerFX                          yorkermarkets.com

5. Growline                            grow-line.org

6. Think Markets                  thinkmarkets.com

7. Smart Prop Trader            smartproptrader.com

8. FundedNext                      fundednext.com

9. Weltrade                             weltrade.com

10. FreshForex                        freshforex.com

11. FX Road                             fxroad.com

12. DBG Markets                    dbgmarketsglobal.com

13. Plusonetrade                     plusonetrade.com

The entire list of unauthorised forex trading platforms can be accessed here.

What is RBI’s alert list?

The RBI’s alert list entails entities which are neither permitted to deal in foreign exchange under the Foreign Exchange Management Act, 1999 (FEMA) nor authorised to operate electronic trading platforms (ETPs) for forex transactions under the Electronic Trading Platforms (Reserve Bank) Directions, 2018.

The alert list also includes names of entities that appear to be promoting unauthorised entities/ETPs, such as through advertisements or claims to provide training and advisory services. Importantly, the list is not exhaustive.

Even if an entity is not on the list, it should not be construed as having been authorised by the RBI.

Meanwhile, the Indian rupee fell to a record low on October 14, following weakness in Asian peers, weighed down by elevated crude oil prices and strong US dollar. The rupee slid to a lifetime low of 84.0725 to the US dollar, which was closer to the earlier low of 84.07 hit on October 11.

In another development, India’s foreign exchange reserves early this month surpassed the $700 billion milestone for the first time on record, extending its winning streak to seven straight weeks. 

Following this, India has become the fourth economy in the world to cross $700 billion in forex reserves after China, Japan, and Switzerland.