The update follows a surge in offshore trading apps marketing to Indian retail investors without regulatory permission.
A growing warning for retail traders
The alert list includes platforms that are not authorised to deal in forex under FEMA and not permitted to operate electronic trading platforms under RBI’s June 2025 ETP guidelines.
The central bank said several of these firms either promote unauthorised trading or claim to offer “training” and “advisory” services that ultimately push users toward unregulated forex markets.
RBI reiterated that the list “is not exhaustive” and cautioned the public not to assume that a platform is authorised simply because it does not appear in the alert list.
The regulator urged users to verify authorisation by checking the official list of approved entities before engaging with any forex or derivatives platform.
Why the crackdown matters for consumers
India’s retail trading boom has pushed many global forex brokers to seek customers through social media, influencers, and high-pressure advertising.
Regulators warn that platforms operating outside India do not fall under domestic consumer-protection laws, leaving users without recourse in case of fraud, manipulation, withdrawal restrictions, or data misuse.
Financial experts say the alert list is meant to guide inexperienced users who may mistake high-visibility apps for regulated financial services.· We do not advertise in India or target Indian residents
· We have no sales, marketing, or promotional activities in the Indian market
India’s rules: What’s allowed and what isn’t
Under FEMA and RBI’s Master Directions, Indian residents cannot trade leveraged forex through offshore platforms.
Permitted transactions are limited to:
• Rupee-paired forex products offered by authorised dealers
• Derivatives traded on recognised Indian exchanges
Any other structure, including CFDs, high-leverage accounts, or dollar-denominated trading pairs through foreign brokers, falls outside the legal framework.
Who is on the updated list?
The alert list includes several well-known global platforms such as:
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IC Markets
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FXTM
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Tickmill
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HotForex
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BD Swiss
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Vantage Markets
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Pocket Option
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XM
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XTB
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OctaFX
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Nored FX
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Starnet FX
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FreshForex
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Forex4money
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Pepperstone
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Trust Trade
It also highlights lesser-known entities promoting high-risk schemes, prop-trading models, or copy-trading services without regulatory approval.
What should Indian users do now?
RBI has advised users to avoid sending money abroad for margin or forex trading and check authorisation before opening accounts or downloading apps
The bank also asked people to be cautious of influencers promoting “guaranteed returns” or “risk-free forex income”and use Indian exchanges and banks for any regulated FX products
The regulator continues to monitor new platforms entering the Indian market and may expand the list again.
Banned in other countries
eToro terminated service in several countries, including the Philippines and Netherlands (for crypto services).
eToro terminated its services to clients in the Philippines in 2024, citing “regulatory changes” in the country.
In an advisory sent to its clients in the Philippines, eToro said it will stop providing services, including the eToro Money crypto wallet, CopyTrader, and Smart Portfolios, on December 8, 2024.
“We will no longer be providing services to accounts which appear to be/are operating from the Philippines. We have closed inactive accounts and are in the process of closing other accounts,” it added.
In a statement to Gulf News, Forex.com clarified that the company does not advertise in India or target Indian residents. The platform also has no sales, marketing, or promotional activities in the Indian market.