In the Age of Making Money or having a passive income, a lot of people are turning towards Trading and Forex Trading in India. Especially, when you have so many free Apps and Free Advice available on the Internet on how to become a Trader. However, it is important to distinguish which Apps are genuine and whether are you following the correct person’s advice. More than that, it is difficult for a common man to spot Forex Trading Apps that are scams or illegal in India.
I have researched and created a List of a total of 34 Forex Trading Apps that are Illegal in India, and these are infact Banned by Reserve Bank of India. These are also the same Apps that are being promoted by a Lot of Influencers but don’t fall for this trap and check out the List so that you don’t get fooled.
RBI declares these 34 Forex Trading Apps as Illegal in India
- Alpari
- AnyFX
- Ava Trade
- Binomo
- eToro
- Exness
- Expert Option
- FBS
- FinFxPro
- Forex.com
- Forex4money
- Fororex
- FTMO
- FVP Trade
- FXPrimus
- FXStreet
- FXCM
- FxNice
- FXTM
- HotForex
- ibell Markets
- IG Markets
- IQ Option
- iFOREX
- IC Market
- NTS Forex Trading
- OCTA FX
- Olymp Trade
- TD AmeriTrade
- TP Global FX
- Trade Sight FX
- Urban Forex
- XM
- XTB
If you are using any of these Forex Trading apps in India, then be aware that are these are declared as illegal by RBI. The central bank has also mentioned in the release that apps or entities not listed should not be assumed to be authorized by RBI. And that the list is not exhaustive and is based on what is known to RBI. Some of these apps like OCTA FX and BINOMI are sponsored by a lot of Indian Youtubers and IPL, etc. So, remember everything that has a celebrity name or organization attached to it is not necessarily legal.
