The Reserve Bank of India has released an Alert List including the names of applications and businesses that have not been authorised to deal in currency or run electronic trading platforms for FX transactions. Many unlicensed sites attract users by offering high profits on investment. However, utilising such sites is not only dangerous, but it may also put users in legal problems.

Alpari, AnyFX, Ava Trade, Binomo, e Toro, Exness, Expert Option, FBS, SinFxPro, Forex.com, Forex4money, Foxorex, FTMO, FVP Trade, FXPrimus, FXStreet, FXCM, FxNice, HotForex, Ibell Markets, ICMarkets, IQ Option, NTS Forex Trading, OctaFX, Olymp Trade, TD Ameritrade, TP Global FX, Trade Sight FX, Urban Forex, XM, XTB 34 firms that RBI banned.

"The general public is once again advised not to conduct FX transactions on unlawful ETPs or remit/deposit funds for such unauthorised transactions." Residents who conduct currency transactions for purposes other than those permitted under the FEMA or on ETPs not authorised by the RBI would be subject to legal action under the FEMA, according to a statement issued by the RBI on September 7, 2022.

RBI issues Alert List of entities not authorised to deal in forex and to operate electronic trading platforms for forex transactionshttps://t.co/onnbohXUug
— ReserveBankOfIndia (@RBI) September 7, 2022