RBI issues warning on 19 illegal forex trading entities
IANS 24 November 2023
The Reserve Bank of India (RBI) on Friday added 19 entities/platforms/websites to its Alert List of unauthorised forex trading platforms from which people need to stay away as they are illegal.
These entities are neither authorized to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor authorized to operate electronic trading platforms (ETPs) for forex transactions.
The 19 entities are:
1. Admiral Market https://admiralmarkets.com
2. BlackBull https://blackbull.com
3. Easy Markets https://www.easymarkets.com
4. Enclave FX https://enclavefx.com
5. Finowiz Fintech Limited https://finowiz.com
6. FX SmartBull https://www.fxsmartbull.com
7. Fx Tray Market https://www.fxtray.com
8. Forex4you https://www.forex4you.com
9. GoDo FX https://www.godofx.com
10. Growing Capital Services Ltd. https://www.growingcapital.uk
11. HF Markets https://www.hfm.com
12. HYCM Capital Markets https://hycm.com
13. JGCFX https://jgcfx.com
14. Just Markets https://justmarkets.com
15. PU Prime https://in.puprime.com
16. Real Gold Capital Ltd. https://www.realgoldcapitals.com
17. TNFX https://tnfx.co
18. Ya Markets https://www.yamarkets.com
19. Gate Trade Mobile Application
The RBI has cautioned the public to not undertake forex transactions on unauthorised ETPs or remit/deposit money for such unauthorised transactions.
The alert list includes names of entities/platforms/websites which appear to be promoting unauthorised entities/ETPs, including through advertisements of such unauthorised entities or claiming to be providing training/advisory services.
The authorisation status of any person/ETP can be ascertained from the list of authorised persons and authorised ETPs available in the RBI's website.
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
7 months ago
Congratulations praying to kolgaonwala Baba blessings and grace always hope RBI know forex difference between our country to other countries and how everyone take RBI for ride till we give under all pretext NRI companies and corporate and business development executive etc etc loot sake to loot forex account to waving what not hope to see 1947 conditions how Indian economy grow and trade in rupees okay thanks
7 months ago
In that case, how about banning the entire Share Market..... Because inherently it's a higher form of Gambling......But RBI won't ban Share Market..... because its their primary source of income
Replied to patrick.alabao20 comment 7 months ago
I was about send same message. They just need money in their pocket... Why they are not giving 24*5 forex market??? They are increasing SL sizes by gap up and gap down. Someone facing shlt will send message u r making profit extra as well when market moves suddenly next day... So fc off to those traders..
7 months ago
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