Synopsis: The Reserve Bank of India added seven more entities to its ‘Alert List’ of unauthorised forex trading platforms, warning citizens to avoid unregulated online currency trading. These platforms are not permitted to operate under FEMA and may expose users to financial and legal risks.
The Reserve Bank of India (RBI) has strengthened its crackdown on illegal online currency trading by adding seven more platforms to its ‘Alert List’ of unauthorised forex trading entities. The newly listed platforms include Starnet FX, CapPlace, Mirrox, Fusion Markets, Trive, NXG Markets, and Nord FX, all of which have been flagged for offering foreign exchange services without regulatory approval.
According to the central bank, these platforms are not authorised to conduct any forex transactions under the Foreign Exchange Management Act (FEMA), 1999. RBI has repeatedly urged investors and consumers to avoid dealing with online platforms that offer leveraged forex trading, margin trading, or foreign exchange contracts through unregulated channels.
The ‘Alert List’ serves as a public safety tool, helping users identify potentially risky entities amid the growing number of online forex scams in recent years. The RBI has stressed that individuals should engage only with RBI-authorised dealers for any foreign exchange transaction.
The regulator also reminded users that participation in unauthorised forex trading not only carries the risk of severe financial losses but may also attract penalties under Indian law. Many of these platforms lure customers with the promise of high returns, training courses, advisory services, or advertisements promoting unauthorised trading activity.
RBI’s updated list consists of platforms that are neither authorised under FEMA nor permitted to operate Electronic Trading Platforms (ETPs) as per the Electronic Trading Platforms (Reserve Bank) Directions, 2018. Some websites were included because they appear to promote or advertise unauthorised forex services, thereby misleading users into unsafe financial practices.
The RBI continues to advise the public to remain cautious, verify platforms before engaging, and rely solely on legal and regulated channels for forex-related transactions.
Disclaimer: This article is for informational purposes only. Forex trading should be done strictly through RBI-authorised entities to avoid financial losses and legal consequence.
