The Reserve Bank of India (RBI) has expanded its ‘Alert List’ of unauthorised forex trading platforms by adding seven new entities and their websites.
The newly flagged platforms are:
Starnet FX – www.starnetfx.com
CapPlace – www.capplace.com
Mirrox – www.mirrox.com
Fusion Markets – www.fusionmarkets.com
Trive – www.trive.com
NXG Markets – www.nxgmarkets.com
Nord FX – www.nordfx.com
The RBI has warned the public not to engage with these platforms for currency trading.
Why These Platforms Are Risky
These platforms are not authorised under the Foreign Exchange Management Act (FEMA) to conduct forex transactions.
The central bank has repeatedly cautioned investors against online platforms offering:
Leveraged forex trading
Margin trading
Foreign exchange contracts not conducted through authorised channels
Using such platforms can lead to financial losses and may attract legal penalties.
How to Stay Safe While Trading Forex
RBI’s Alert List helps users identify high-risk platforms.
The regulator advises:
Trade only through RBI-authorised dealers
Avoid unauthorised digital platforms, even if they promise high returns
Be cautious of platforms offering training or advisory services linked to unauthorised forex entities
Online forex scams are on the rise, and staying informed is key to protecting your investments.
