Rajandran R Telecom Engineer turned Full-time Derivative Trader. Mostly Trading Nifty, Banknifty, USDINR and High Liquid Stock Derivatives. Trading the Markets Since 2006 onwards. Using Market Profile and Orderflow for more than a decade. Designed and published 100+ open source trading systems on various trading tools. Strongly believe that market understanding and robust trading frameworks are the key to the trading success. Writing about Markets, Trading System Design, Market Sentiment, Trading Softwares & Trading Nuances since 2007 onwards. Author of Marketcalls.in and Co-Creator of Algomojo (Algorithmic Trading Platform for DIY Traders)

Public Caution: RBI Issues Alert List on Overseas Forex/CFD Trading Platforms

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Very recently Reserve Bank of India cautioned investors/traders/public not to undertake forex trading on unauthorised platforms and also provided an Alert List. The Alert 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 (Reserve Bank) Directions, 2018

RBI Alert List

The RBI reiterates that, in accordance with the FEMA, resident Indian people may only engage in foreign exchange with authorized parties and for authorized reasons.

Authorized Forex/Currency Trading Exchanges

Authorized currency transactions may be carried out electronically, only ETPs(Electronic Trading Platforms) approved for this purpose by the RBI or recognised stock exchanges, such as the National Stock Exchange, Bombay Stock Exchange, and Metropolitan Stock Exchange of India., should be used for forex trading purposes.

List of Forex Brokers on RBI Alert List

Sr. NoNameWebsite
1Alparihttps://alpari.com
2AnyFXhttps://anyfx.in
3Ava Tradehttps://www.avatrade.com
4Binomohttps://binomoidr.com/in
5eTorohttps://www.etoro.com
6Exnesshttps://www.exness.com
7Expert Optionhttps://expertoption.com
8FBShttps://fbs.com
9FinFxProhttps://finfxpro.com
10Forex.comhttps://www.forex.com
11Forex4moneyhttps://www.forex4money.com
12Foxorexhttps://foxorex.com
13FTMOhttps://ftmo.com/en
14FVP Tradehttps://fvpt-uk.com
15FXPrimushttps://fxprimus.com
16FXStreethttps://www.fxstreet.com
17FXCMhttps://www.fxcm.com
18FxNicehttps://fx-nice.net
19FXTMhttps://www.forextime.com
20HotForexhttps://www.hotforex.com
21ibell Marketshttps://ibellmarkets.com
22IC Marketshttps://www.icmarkets.com
23iFOREXhttps://www.iforex.in
24IG Marketshttps://www.ig.com
25IQ Optionhttps://iq-option.com
26NTS Forex Tradinghttps://ntstradingrobot.com
27OctaFXhttps://octaindia.net
https://hi.octafx.com
https://www.octafx.com
28Olymp Tradehttps://olymptrade.com
29TD Ameritradehttps://www.tdameritrade.com
30TP Global FXhttps://www.tpglobalfx.com
31Trade Sight FXhttps://tradesightfx.co.in
32Urban Forexhttps://www.urbanforex.com
33XMhttps://www.xm.com
34XTBhttps://www.xtb.com

RBI cautioned the public not to undertake forex transactions on unauthorized ETPs or remit/deposit money for such unauthorized transactions. Resident persons undertaking forex transactions for purposes other than those permitted under the FEMA or on ETPs not authorized by the RBI shall render themselves liable for legal action under the FEMA, said the RBI Circular.

Rajandran R Telecom Engineer turned Full-time Derivative Trader. Mostly Trading Nifty, Banknifty, USDINR and High Liquid Stock Derivatives. Trading the Markets Since 2006 onwards. Using Market Profile and Orderflow for more than a decade. Designed and published 100+ open source trading systems on various trading tools. Strongly believe that market understanding and robust trading frameworks are the key to the trading success. Writing about Markets, Trading System Design, Market Sentiment, Trading Softwares & Trading Nuances since 2007 onwards. Author of Marketcalls.in and Co-Creator of Algomojo (Algorithmic Trading Platform for DIY Traders)

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