RBI Alert List 2026: Banned Forex Apps and Legal Brokers

Ads for forex and "binary" trading apps are everywhere on Indian social media, promising quick profits from currency moves. Most of them are illegal for Indian residents. To warn the public, the Reserve Bank of India keeps an Alert List of unauthorised forex trading platforms, which reached 95 names after its November 2025 update. This guide explains what the list is, some of the well-known names on it, where to find the official version, and how forex trading can be done legally in India.

Forex trading rules in India

Forex trading is governed by the Foreign Exchange Management Act (FEMA). For a resident Indian, a forex trade is legal only when all three of these are true:

1. Permitted pairs: currency pairs involving the rupee (USD/INR, EUR/INR, GBP/INR, JPY/INR) or the cross pairs allowed on Indian exchanges (EUR/USD, GBP/USD, USD/JPY).
2. Permitted venue: a recognised stock exchange (NSE, BSE or the Metropolitan Stock Exchange) or an electronic trading platform authorised by RBI.
3. Permitted entity: a broker or bank authorised to deal in these products, such as a SEBI-registered stock broker for exchange-traded currency derivatives.

Sending money abroad to fund margin trading on an overseas forex platform is not allowed under the Liberalised Remittance Scheme, and paying into such platforms through UPI, cards or local agents breaks FEMA. Offenders can face penalties under FEMA, and many users simply lose their money when the platform stops paying out.

What is the RBI Alert List?

RBI first published the Alert List in February 2022 and has added names several times since, including 19 entities in November 2023, 13 in October 2024 and 7 in November 2025, taking the total to 95. It covers two kinds of entity:

• Platforms that are neither authorised to deal in forex under FEMA nor authorised to run a forex electronic trading platform.
• Websites, apps and social media handles that promote those platforms, including through ads, "training" or advisory services.

RBI states clearly that the list is not exhaustive. The only reliable test is whether a firm is on the official lists of authorised persons and authorised electronic trading platforms.

Well-known names on the Alert List

The list includes many platforms that advertise heavily to Indians. Among them:

The November 2025 update added Starnet FX, CapPlace, Mirrox, Fusion Markets, Trive, NXG Markets and Nord FX. Names can be added at any time, so always check the latest version on the RBI website rather than relying on a copy.

Where to find the official list and PDF

The Alert List is published on the RBI website, rbi.org.in, where it can be viewed and downloaded as a PDF. Search the site for "Alert List", and check the date of the version you open. Avoid "RBI banned list" PDFs shared in chat groups: they may be outdated or edited, and some are shared by the very platforms they pretend to warn about. The RBI site also has the list of authorised electronic trading platforms and authorised dealers, which is the list that matters when you want to know what is allowed.

How to trade currencies legally

RBI does not approve individual "trading apps", and there is no official top 10 of forex brokers. Legal currency trading for individuals happens through exchange-traded currency derivatives: futures and options on the permitted pairs, listed on NSE, BSE and MSE. You access them through a SEBI-registered stock broker that offers the currency segment. Many large brokers do, including Zerodha, Upstox, Angel One, ICICI Securities, HDFC Securities and Kotak Securities. Check any broker on the SEBI intermediary list and on the exchange's member list before opening an account.

For buying or selling US dollars for real needs, banks and RBI's authorised platforms such as FX-Retail are the proper route.

What about crypto?

Crypto is separate from forex. RBI does not approve crypto exchanges; they register with FIU-IND instead. See RBI approved crypto exchanges: the facts and our list of FIU-registered exchanges. Scammers often mix the two, offering "crypto and forex" accounts with guaranteed returns.

If you used an unauthorised platform

1. Stop depositing, whatever the app says about fees or taxes needed to withdraw.
2. Try to withdraw what you can, and save screenshots of payments and chats.
3. Report fraud at cybercrime.gov.in or call 1930, and tell your bank.
4. Ignore "recovery agents" who promise to get your money back for a fee.

More on this in how to avoid crypto scams in India.

Frequently asked questions

Is forex trading legal in India?

Yes, but only in permitted currency pairs on recognised Indian exchanges or RBI-authorised platforms, through authorised entities. Trading on overseas forex apps is not allowed.

How many platforms are on the RBI Alert List?

95 after the November 2025 update. RBI adds names from time to time, so check the latest version on its website.

Is a platform legal if it is not on the Alert List?

No, not automatically. RBI says the list is not exhaustive. Check the lists of authorised persons and authorised trading platforms instead.

Which forex brokers are approved by RBI?

RBI does not approve brokers for retail forex. Individuals trade currency derivatives on NSE, BSE and MSE through SEBI-registered stock brokers.

---

This article is AI-assisted, educational and general in nature. It is not financial advice and never a guarantee of profit. Every trade is at your own risk on your own exchange. See our risk disclosure and editorial policy.