In a recent development, the Reserve Bank of India (RBI) has extended its cautionary alert for Forex traders by adding 19 more platforms to the list of unauthorized entities.
Notable names include FX SmartBull, Just Markets, GoDo FX, Admiral Markets, BlackBull, Easy Markets, Enclave FX, Finowiz Fintech, Forex4you, and HF Markets. With this update, the total count of platforms on the caution list has reached 75.
The RBI emphasizes that entities not listed should not be considered authorized, and the list is subject to periodic updates to prevent fraudulent activities in Forex trading.
Reasons for Inclusion in Alert List:
Entities are included in the RBI’s alert list if they lack approval to engage in Forex dealings under the provisions of the Foreign Exchange Management Act, 1999 (FEMA).
Additionally, these entities have not received the necessary approval to operate electronic trading platforms (ETPs) for Forex transactions under the Electronic Trading Platforms (Reserve Bank) Directions, 2018.
The alert list serves as a warning against utilizing unapproved Forex trading platforms.
New Additions to the Caution List:
- FX SmartBull
- Just Markets
- GoDo FX
- Admiral Markets
- BlackBull
- Easy Markets
- Enclave FX
- Finowiz Fintech
- Forex4you
- Growing Capital Services
- HF Markets
- HYCM Capital Markets
- JGCFX
- PU Prime
- Real Gold Capital
- TNFX
- Ya Markets
- Gate Trade
According to the RBI, the list also encompasses names of entities, platforms, or websites suspected of promoting unauthorized entities.
Forex traders are advised to exercise caution and refrain from engaging with entities not approved by the RBI to mitigate the risk of fraud in Forex transactions.
