Business India News

RBI bans 34 online trading sites

The Reserve Bank issues a strong warning regarding forex trading. 

34 online trading sites have been forbidden by the Reserve Bank. 

The FEMA Act forms the basis of RBI’s action.

The Reserve Bank emphasised that investors should be aware that engaging in illicit activities will result in losses for them. 

The exchange of two countries’ currencies is known as forex trading.

The promise is to generate gains and losses based on cyclical fluctuations in the value of the currencies.

The primary four currency pairs based on the Indian Rupee that can be traded legally in India are USDINR, EURINR, GBPINR, and JPYINR.

The banned sites are mentioned below:

  1. Alpari https://alpari.com
  2. AnyFX https://anyfx.in
  3. Ava Trade https://www.avatrade.com
  4. Binomo https://binomoidr.com/in
  5. eToro https://www.etoro.com
    6.Exness https://www.exness.com
  6. Expert Option https://expertoption.com
  7. FBS https://fbs.com
  8. FinFxPro https://finfxpro.com
  9. Forex.com https://www.forex.com
  10. Forex4money https://www.forex4money.com
  11. Foxorex https://foxorex.com
  12. FTMO https://ftmo.com/en
  13. FVP Trade https://fvpt-uk.com
  14. FXPrimus https://fxprimus.com
  15. FXStreet https://www.fxstreet.com
  16. FXCM https://www.fxcm.com
  17. FxNice https://fx-nice.net
  18. FXTM https://www.forextime.com
  19. HotForex https://www.hotforex.com
  20. ibell Markets https://ibell markets.com
  21. IC Markets https://www.icmarkets.com
  22. iFOREX https://www.iforex.in
  23. IG Markets https://www.ig.com
  24. IQ Option https://iq-option.com
  25. NTS Forex Trading https://ntstradingrobot.com
  26. OctaFX https://octaindia.net
    https://hi.octafx.com
    https://www.octafx.com
  27. Olymp Trade https://olymptrade.com
    29.TD Ameritrade https://www.tdameritrade.com
    30 TP Global FX https://www.tpglobalfx.com
  28. Trade Sight FX https://tradesightfx.co.in
  29. Urban Forex https://www.urbanforex.com
  30. XM https://www.xm.com
  31. XTB https://www.xtb.com
  32. Urban Forex https://www.urbanforex.com
  33. XM https://www.xm.com
  34. XTB https://www.xtb.com
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