The Reserve Bank of India’s Alert List names 95 forex platforms and websites that are not authorised to offer forex trading to Indian residents. The current version was updated on 19 November 2025. We checked it against the RBI website on 7 October 2026, and it hadn’t changed since. Search the full list below.
What the RBI Alert List is
The list names entities that are neither authorised to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor authorised to run an electronic trading platform for forex under the RBI’s Electronic Trading Platforms Directions, 2025. It also names websites that appear to promote unauthorised platforms, through advertising or by offering training or advisory services. That’s why websites such as MetaTrader 4, MetaTrader 5 and FX Street appear on it.
The RBI says the list is not exhaustive. A platform that isn’t on it should not be assumed to be authorised. The RBI publishes separate lists of authorised persons and authorised ETPs.
Search the list
| No. | Name | Website | The Spreadlog |
|---|---|---|---|
| 1 | Alpari | https://alpari.com | |
| 2 | Anyfx | https://anyfx.in | |
| 3 | Ava Trade | https://www.avatrade.com | Our review |
| 4 | Binomo | https://binomoidr.com/in | |
| 5 | eToro | https://www.etoro.com | |
| 6 | Exness | https://www.exness.com | Our review |
| 7 | Expert Option | https://expertoption.com | |
| 8 | FBS | https://fbs.com | Our review |
| 9 | FinFxPro | https://finfxpro.com | |
| 10 | Forex.com | https://www.forex.com | |
| 11 | Forex4money | https://www.forex4money.com | |
| 12 | Foxorex | https://foxorex.com | |
| 13 | FTMO | https://ftmo.com/en | |
| 14 | FVP Trade | https://fvpt-uk.com | |
| 15 | FXPrimus | https://fxprimus.com | |
| 16 | FX Street | https://www.fxstreet.com | |
| 17 | FXCM | https://www.fxcm.com | |
| 18 | FxNice | https://fx-nice.net | |
| 19 | FXTM | https://www.forextime.com | |
| 20 | HotForex | https://www.hotforex.com | Our review |
| 21 | ibell Markets | https://ibellmarkets.com | |
| 22 | IC Markets | https://www.icmarkets.com | Our review |
| 23 | iFOREX | https://www.iforex.in | |
| 24 | IG Markets | https://www.ig.com | |
| 25 | IQ Option | https://iq-option.com | |
| 26 | NTS Forex Trading | https://ntstradingrobot.com | |
| 27 | OctaFX | https://www.octafx.com, https://hi.octafx.com, https://octaindia.net | Our review |
| 28 | Olymp Trade | https://olymptrade.com | |
| 29 | TD Ameritrade | https://www.tdameritrade.com | |
| 30 | TP Global FX | https://www.tpglobalfx.com | |
| 31 | Trade Sight FX | https://tradesightfx.co.in | |
| 32 | Urban Forex | https://www.urbanforex.com | |
| 33 | XM | https://www.xm.com | Our review |
| 34 | XTB | https://www.xtb.com | |
| 35 | Quotex | https://quotex.com | |
| 36 | FX Western | https://www.fxwestern.com | |
| 37 | Pocket Option | https://pocketoption.com | |
| 38 | Tickmill | https://www.tickmill.com | |
| 39 | Cabana Capitals | https://www.cabanacapitals.com | |
| 40 | Vantage Markets | https://www.vantagemarkets.com | Our review |
| 41 | VT Markets | https://www.vtmarkets.com | |
| 42 | Iron Fx | https://www.ironfx.com | |
| 43 | Infinox | https://www.infinox.com | |
| 44 | BD Swiss | https://global.bdswiss.com | |
| 45 | FP Markets | https://www.fpmarkets.com | Our review |
| 46 | MetaTrader 4 | https://www.metatrader4.com | |
| 47 | MetaTrader 5 | https://www.metatrader5.com | |
| 48 | Pepperstone | https://pepperstone.com | Our review |
| 49 | QFX Markets | https://qfxmarkets.com/ | |
| 50 | 2WinTrade | https://www.2wintrade.com/ | |
| 51 | Guru Trade7 Limited | https://www.gurutrade7.com/ | |
| 52 | Bric Trade | https://www.brictrade.com/ | |
| 53 | Rubik Trade | https://www.rubiktrade.com/ | |
| 54 | Dream Trade | Mobile application | |
| 55 | Mini Trade | Mobile application | |
| 56 | Trust Trade | Mobile application | |
| 57 | Admiral Market | https://admiralmarkets.com | |
| 58 | BlackBull | https://blackbull.com | |
| 59 | Easy Markets | https://www.easymarkets.com | |
| 60 | Enclave FX | https://enclavefx.com | |
| 61 | Finowiz Fintech Limited | https://finowiz.com | |
| 62 | FX SmartBull | https://www.fxsmartbull.com | |
| 63 | Fx Tray Market | https://www.fxtray.com | |
| 64 | Forex4you | https://www.forex4you.com | |
| 65 | GoDo FX | https://www.godofx.com | |
| 66 | Growing Capital Services Ltd. | https://www.growingcapital.uk | |
| 67 | HF Markets | https://www.hfm.com | Our review |
| 68 | HYCM Capital Markets | https://hycm.com | |
| 69 | JGCFX | https://jgcfx.com | |
| 70 | Just Markets | https://justmarkets.com | |
| 71 | PU Prime | https://in.puprime.com | |
| 72 | Real Gold Capital Ltd. | https://www.realgoldcapitals.com | |
| 73 | TNFX | https://tnfx.co | |
| 74 | Ya Markets | https://www.yamarkets.com | |
| 75 | Gate Trade | Mobile application | |
| 76 | Ranger Capital | https://www.rangercapital.net | |
| 77 | TDFX | https://www.tdfx.exchange | |
| 78 | Inefex | https://www.inefex.com/international | |
| 79 | YorkerFX | https://yorkermarkets.com | |
| 80 | Growline | https://grow-line.org | |
| 81 | Think Markets | https://www.thinkmarkets.com | |
| 82 | Smart Prop Trader | https://www.smartproptrader.com | |
| 83 | FundedNext | https://fundednext.com | |
| 84 | Weltrade | https://www.weltrade.com | |
| 85 | FreshForex | https://freshforex.com | |
| 86 | FX Road | https://www.fxroad.com | |
| 87 | DBG Markets | https://www.dbgmarketsglobal.com | |
| 88 | Plusonetrade | https://www.plusonetrade.com | |
| 89 | Starnet FX | https://www.starnetfx.com | |
| 90 | CapPlace | https://www.capplace.com | |
| 91 | Mirrox | https://www.mirrox.com | |
| 92 | Fusion Markets | https://www.fusionmarkets.com | |
| 93 | Trive | https://www.trive.com | |
| 94 | NXG Markets | https://www.nxgmarkets.com | |
| 95 | Nord FX | https://www.nordfx.com |
What it means if your broker is on the list
Under FEMA, Indian residents can trade forex only through authorised entities and only in permitted products, such as rupee-based currency pairs on recognised Indian exchanges. Funding a leveraged forex account with a platform on the Alert List falls outside those permissions, and the RBI has repeatedly cautioned the public against it. Several of the brokers on the list say on their own websites that they don’t accept Indian residents at all.
The list is not a finding of fraud. It says these platforms aren’t authorised in India. Most of the large brokers on it hold licenses elsewhere, and our reviews explain each one’s position.
Common questions
Is Exness legal in India?
Exness is on the RBI Alert List, so it isn’t authorised to offer forex trading to Indian residents. See our Exness review for its licenses elsewhere.
Is XM banned in India?
XM is on the RBI Alert List of unauthorised forex platforms. The RBI doesn’t block access itself, but trading with listed platforms falls outside what FEMA permits for residents.
Is Octa (OctaFX) on the RBI Alert List?
Yes, listed as OctaFX with three websites. Octa’s own global entities also list India among the countries they don’t serve.
Why is MetaTrader on the RBI Alert List?
The list names the websites metatrader4.com and metatrader5.com. The RBI doesn’t give reasons for individual entries, but its list covers websites that appear to promote unauthorised platforms as well as the platforms themselves.
Which forex brokers are legal in India?
Only entities authorised by the RBI and permitted exchanges. Indian residents can trade currency derivatives involving the rupee on NSE, BSE and MSE through SEBI-registered brokers. See our India page.
Sources
- Reserve Bank of India: Alert List, updated 19 November 2025, checked 7 October 2026
This page explains a public regulatory list. It isn’t legal advice.