On November 19, 2025, the Reserve Bank of India (RBI) once again updated its Alert List of unauthorised forex trading platforms, taking the total count to 95+ names. The latest update includes seven new entities that were recently found promoting or offering forex trading services without RBI approval.
Unlike regulated brokers and authorised Electronic Trading Platforms (ETPs), these unauthorised apps and web-based services operate outside India’s legal framework and any RBI legality. They are putting users at risk of fraud, loss of funds, misleading advertisements, quick-rich schemes, and zero legal protection. A few popular list names are OctaFX and Forex.com; they are fully unauthorised in india.
Why RBI Updates This List Frequently
RBI’s Alert List contains platforms that are:
- Not authorised to deal in forex under FEMA 1999, and
- Not authorised to operate an Electronic Trading Platform (ETP) under RBI’s Master Directions issued in June 2025.
The list also includes websites and apps that promote foreign forex brokers, run training/advisory schemes, or advertise prop trading programs that mimic regulated trading services.
But here’s the important part — this list is not exhaustive.
Just because a platform doesn’t appear here, it does not become safe or authorised by default. RBI openly warns users to check the official authorised list instead of assuming safety.
The 7 New Additions in Today’s Update
These are the latest platforms added to the Alert List:
| Sr. No | Name | Website |
|---|---|---|
| 1 | Starnet FX | starnetfx.com |
| 2 | CapPlace | capplace.com |
| 3 | Mirrox | mirrox.com |
| 4 | Fusion Markets | fusionmarkets.com |
| 5 | Trive | trive.com |
| 6 | NXG Markets | nxgmarkets.com |
| 7 | Nord FX | nordfx.com |
These names now join the larger list of 95+ unauthorised entities, including popular international platforms like Alpari, Exness, Olymp Trade, IC Markets, Pocket Option, IQ Option, and many more. You can check the full list here – RBI release list.
Unlike This… Unlike That…
Unlike RBI-authorised dealers that operate under strict compliance rules, these unauthorised platforms:
- Do not follow Indian regulations
- Do not guarantee fund safety
- Do not offer legal recourse in case of disputes
- Often lure users with unrealistic returns, bonuses, and referral earnings
And unlike SEBI-regulated investment services, foreign forex brokers have no Indian accountability, even if they run Indian-targeted websites or ads.
Should You Stop Using These Apps Immediately?
If the app you use appears in the Alert List, the answer is YES — you should stop trading or depositing money immediately.
If your app is not on the list, you should still check if it appears in RBI’s authorised persons or authorised ETPs list. That is the only official confirmation of legality.
RBI emphasises that retail investors in India are allowed to trade forex only through authorised channels like:
- Banks
- Indian brokers offering currency derivatives on recognised exchanges (NSE, BSE, MCX-SX)
Anything outside this is considered illegal forex trading.
Easemoney Last words
The new update is a reminder that the surge in online forex ads, YouTube courses, foreign brokers, and prop-trading schemes often hides the risk of dealing with unauthorised entities.
Before using any trading app that claims to offer “global forex access,” always check the RBI’s authorised list, not the platform’s marketing claims. Many international platforms may be legal in their own countries, but their services are not permitted in India unless approved by the RBI or SEBI.
