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:
- Alpari https://alpari.com
- AnyFX https://anyfx.in
- Ava Trade https://www.avatrade.com
- Binomo https://binomoidr.com/in
- eToro https://www.etoro.com
6.Exness https://www.exness.com - Expert Option https://expertoption.com
- FBS https://fbs.com
- FinFxPro https://finfxpro.com
- Forex.com https://www.forex.com
- Forex4money https://www.forex4money.com
- Foxorex https://foxorex.com
- FTMO https://ftmo.com/en
- FVP Trade https://fvpt-uk.com
- FXPrimus https://fxprimus.com
- FXStreet https://www.fxstreet.com
- FXCM https://www.fxcm.com
- FxNice https://fx-nice.net
- FXTM https://www.forextime.com
- HotForex https://www.hotforex.com
- ibell Markets https://ibell markets.com
- IC Markets https://www.icmarkets.com
- iFOREX https://www.iforex.in
- IG Markets https://www.ig.com
- IQ Option https://iq-option.com
- NTS Forex Trading https://ntstradingrobot.com
- OctaFX https://octaindia.net
https://hi.octafx.com
https://www.octafx.com - Olymp Trade https://olymptrade.com
29.TD Ameritrade https://www.tdameritrade.com
30 TP Global FX https://www.tpglobalfx.com - Trade Sight FX https://tradesightfx.co.in
- Urban Forex https://www.urbanforex.com
- XM https://www.xm.com
- XTB https://www.xtb.com
- Urban Forex https://www.urbanforex.com
- XM https://www.xm.com
- XTB https://www.xtb.com
