RBI issues warning on 19 illegal forex trading entities

Mumbai, Nov 24 (SocialNews.XYZ) The Reserve Bank of India (RBI) on Friday added 19 entities/platforms/websites to its Alert List of unauthorised forex trading platforms from which people need to stay away as they are illegal.

These entities are neither authorized to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor authorized to operate electronic trading platforms (ETPs) for forex transactions.

The 19 entities are:

1. Admiral Market https://admiralmarkets.com

2. BlackBull https://blackbull.com

3. Easy Markets https://www.easymarkets.com

4. Enclave FX https://enclavefx.com

5. Finowiz Fintech Limited https://finowiz.com

6. FX SmartBull https://www.fxsmartbull.com

7. Fx Tray Market https://www.fxtray.com

8. Forex4you https://www.forex4you.com

9. GoDo FX https://www.godofx.com

10. Growing Capital Services Ltd. https://www.growingcapital.uk

11. HF Markets https://www.hfm.com

12. HYCM Capital Markets https://hycm.com

13. JGCFX https://jgcfx.com

14. Just Markets https://justmarkets.com

15. PU Prime https://in.puprime.com

16. Real Gold Capital Ltd. https://www.realgoldcapitals.com

17. TNFX https://tnfx.co

18. Ya Markets https://www.yamarkets.com

19. Gate Trade Mobile Application

The RBI has cautioned the public to not undertake forex transactions on unauthorised ETPs or remit/deposit money for such unauthorised transactions.

The alert list includes names of entities/platforms/websites which appear to be promoting unauthorised entities/ETPs, including through advertisements of such unauthorised entities or claiming to be providing training/advisory services.

The authorisation status of any person/ETP can be ascertained from the list of authorised persons and authorised ETPs available in the RBI's website.

Source: IANS