As illegal trading platforms are crowding the online space and cheating innocent people, Reserve Bank of India (RBI) has issued an important alert regarding forex trading. Recently RBI published a list of illegal online platforms which are indulging in forex trading. Banking regulator had named about 34 illegal platforms for allegedly involving in forex trading without proper authorisation. The list included names like OctaFX, Olymp Trade, Binomo, iForex and others.
RBI published the list of 34 illegal online platforms and specified that anyone using these platforms will be liable for punishment. So, next time when you are venturing into forex trading, be careful and sure that your trading platform is a legitimate one.
RBI specified that only those online platforms, which have permission under Foreign Exchange Management Act 1999 (FEMA) are allowed to carry on forex trading. So, it is always advisable to use recognised Electronic Trading Platforms like NSE, BSE and others for forex trading.
Here is the full list of illegal online forex trading platforms released by RBI:
