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
  2. AnyFX
  3. Ava Trade
  4. Binomo
  5. eToro
  6. Expert Option
  7. FBS
  8. FinFxPro
  10. Forex4money
  11. Foxorex
  12. FTMO
  13. FVP Trade
  14. FXPrimus
  15. FXStreet
  16. FXCM
  17. FxNice
  18. FXTM
  19. HotForex
  20. ibell Markets https://ibell
  21. IC Markets
  22. iFOREX
  23. IG Markets
  24. IQ Option
  25. NTS Forex Trading
  26. OctaFX
  27. Olymp Trade
    29.TD Ameritrade
    30 TP Global FX
  28. Trade Sight FX
  29. Urban Forex
  30. XM
  31. XTB
  32. Urban Forex
  33. XM
  34. XTB
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