Government Ban Forex Trading Scam as they were illegal in India.

A list of businesses using illegal computerized trading platforms to trade currencies was published this week by the Reserve Bank of India (RBI). RBI discovered that several unauthorized platforms entice users with exorbitant profits. According to RBI, users of these blocked services may potentially face legal action. The official trading sponsor of the Delhi Capitals franchise in the Indian Premier League (IPL), OctaFX, is one of the many illicit applications on the market.

List are As Follows-:
FxNice

FXTM

HotFores

ibell Markets

IC Markets

iFOREX

IG Markets

IQ Option

NTS Forex Trading

Octa FX

Olymp Trade

TD Ameritrade

TP Global FX

Trade Sight FX

Urban Forex

Xm

XTB

Alpari

AnyFX

Ava Trade

Binomo

e Toro

Exness

Expert Option

FBS

FinFxPro

Forex.com

Forex4money

Foxorex

FTMO

FVP Trade

FXPrimus

FXStreet

FXCm

The RBI further stated that it should not be presumed that any firm that does not appear on this list has authorization from the central bank. According to RBI regulations, residents should only conduct foreign exchange transactions with authorized parties for FEMA-approved uses (Foreign Exchange Management Act, 1999).

The RBI said, “While allowed FX transactions may be carried out electronically, they must be done so only on ETPs approved by the RBI or on recognized stock exchanges, namely National Stock Exchange of India Ltd., BSE Ltd., and Metropolitan Stock Exchange of India Ltd. The RBI issued a warning against trading forex on unlicensed platforms in February of this year as a result of an increase in the number of customers falling prey to such businesses.

It is possible for companies to face penalties under the Foreign Exchange Management Act (FEMA) if they engage in unauthorized transactions on electronic trading platforms (ETPs).

At the time, the regulator did not expressly name any of these groups, but following several demands for clarification about the legitimacy of these entities, RBI was obligated to issue a warning list. The organizations on the warning list are neither authorized to conduct foreign exchange business following the Foreign Exchange Management Act of 1999 (FEMA) nor to run electronic trading platforms for such business.

On Wednesday, the Reserve Bank of India (RBI) published a list of companies that were using illegal electronic trading platforms to conduct foreign currency operations. OctaFX provides sponsorship for the Delhi Capitals of the Indian Premier League (IPL).

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