RBI alert list: THESE forex trading platforms are not authorized to deal in foreign currency

If you regularly invest in currencies (foreign exchange), then make sure you do it through genuine and authorized trading platforms. It could be the case that a fake trading platform entices you to invest in foreign currency pairs.

The Reserve Bank of India (driven) recently updated their Alert List warn investors not to invest through these spurious platforms.

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

1. Ranger Capital rangercapital.net

2. TDFX tdfx.exchange

3. Inefex inefex.com/internacional

4. YorkerFX yorkermarkets.com

5. Grow Line 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 complete list of unauthorized forex trading platforms can be accessed. here.

What is the RBI alert list?

The RBI alert list includes entities that are neither permitted to deal in foreign exchange under the Foreign Exchange Management Act, 1999 (FEMA) nor authorized to operate electronic trading platforms (ETPs) for foreign exchange transactions as per the Directions of Electronic Commerce Platforms (Reserve Bank). 2018.

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

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

Meanwhile, the Indian rupee fell to a record low on October 14, following weakness in its Asian peers, pressured by high crude oil prices and the strength of the US dollar. The rupee fell to a record low of 84.0725 per US dollar, which was closer to the previous low of 84.07 hit on October 11.

Moreover, India’s foreign exchange reserves earlier this month exceeded $700 billion milestone for the first time in record, extending his winning streak to seven consecutive weeks.

After this, India has become the fourth economy in the world to surpass $700 billion in foreign exchange reserves after China, Japan and Switzerland.

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