Is forex trading legal in India?
Only narrowly
Only via authorised dealers, RBI-authorised platforms or NSE, BSE and MSE.
Read · rbi.org.in · Link to this fact
Only in a narrow way. The RBI says residents can deal in forex "only with authorised persons and for permitted purposes", and electronic forex trades only on RBI-authorised platforms or on NSE, BSE and Metropolitan Stock Exchange. Offshore forex and CFD apps that take Indian deposits are outside that, and the RBI's Alert List names 95 of them.
What the RBI says
- Who you can deal with: "resident persons can undertake forex transactions only with authorised persons and for permitted purposes, in terms of the Foreign Exchange Management Act, 1999 (FEMA)." (RBI press release 2021-2022/1660, 3 Feb 2022)
- Where: electronic forex trades "should be undertaken only on ETPs authorised for the purpose by the RBI or on recognised stock exchanges (National Stock Exchange of India Ltd., BSE Ltd. and Metropolitan Stock Exchange of India Ltd.)". (same release)
- Sending money abroad to trade: "remittances for margins to overseas exchanges / overseas counterparties are not permitted under the Liberalised Remittance Scheme (LRS)". The LRS Master Direction says the same: remittances "for margins or margin calls to overseas exchanges/ overseas counterparty are not allowed under the Scheme". (RBI Master Direction, LRS)
- The penalty: residents trading forex for purposes FEMA doesn't permit, or on platforms the RBI hasn't authorised, "shall render themselves liable for penal action under the FEMA". (same release)
What you can trade on Indian exchanges
Exchange-traded currency futures and options on the rupee pairs USD-INR, EUR-INR, GBP-INR and JPY-INR, plus three cross pairs, EUR-USD, GBP-USD and USD-JPY, which SEBI allowed in its circular of 9 March 2016. These trade on NSE, BSE and MSE through a SEBI-registered stockbroker. Brokers' charges for other segments: Indian stockbroker charges.
The RBI Alert List (95 names)
The RBI lists entities that are "neither authorised to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor authorised to operate electronic trading platform (ETP) for forex transactions", plus sites that promote them. It says the list "is not exhaustive. An entity not appearing in the list should not be assumed to be authorised by the RBI." Last updated by the RBI on 19 November 2025; our copy of the page was saved by hand on 15 October 2026.
The RBI's Alert List names 95 unauthorised forex trading platforms (updated 19 November 2025), according to TradingLookup's copy of the list (October 2026).
Firms on our site whose website is on the list
| Firm | What we cover | RBI entry |
|---|---|---|
| Ava Trade | CFD loss rates: AvaTrade | No. 3 (avatrade.com) |
| eToro | CFD loss rates: eToro | No. 5 (etoro.com) |
| Forex.com | CFD loss rates: Forex.com | No. 10 (forex.com) |
| FTMO | Forex prop firm | No. 13 (ftmo.com) |
| FXCM | CFD loss rates: FXCM Europe, CFD loss rates: FXCM UK | No. 17 (fxcm.com) |
| IC Markets | CFD loss rates: IC Markets EU | No. 22 (icmarkets.com) |
| IG Markets | CFD loss rates: IG, CFD loss rates: IG EU | No. 24 (ig.com) |
| XTB | CFD loss rates: XTB | No. 34 (xtb.com) |
| Tickmill | CFD loss rates: Tickmill | No. 38 (tickmill.com) |
| Pepperstone | CFD loss rates: Pepperstone, CFD loss rates: Pepperstone EU | No. 48 (pepperstone.com) |
| Think Markets | CFD loss rates: ThinkMarkets | No. 81 (thinkmarkets.com) |
| FundedNext | Futures prop firm, Forex prop firm | No. 83 (fundednext.com) |
All 95 names on the list
| No. | Name | Website(s) |
|---|---|---|
| 1 | Alpari | alpari.com |
| 2 | Anyfx | anyfx.in |
| 3 | Ava Trade | avatrade.com |
| 4 | Binomo | binomoidr.com |
| 5 | eToro | etoro.com |
| 6 | Exness | exness.com |
| 7 | Expert Option | expertoption.com |
| 8 | FBS | fbs.com |
| 9 | FinFxPro | finfxpro.com |
| 10 | Forex.com | forex.com |
| 11 | Forex4money | forex4money.com |
| 12 | Foxorex | foxorex.com |
| 13 | FTMO | ftmo.com |
| 14 | FVP Trade | fvpt-uk.com |
| 15 | FXPrimus | fxprimus.com |
| 16 | FX Street | fxstreet.com |
| 17 | FXCM | fxcm.com |
| 18 | FxNice | fx-nice.net |
| 19 | FXTM | forextime.com |
| 20 | HotForex | hotforex.com |
| 21 | ibell Markets | ibellmarkets.com |
| 22 | IC Markets | icmarkets.com |
| 23 | iFOREX | iforex.in |
| 24 | IG Markets | ig.com |
| 25 | IQ Option | iq-option.com |
| 26 | NTS Forex Trading | ntstradingrobot.com |
| 27 | OctaFX | octaindia.net |
| 28 | Olymp Trade | olymptrade.com |
| 29 | TD Ameritrade | tdameritrade.com |
| 30 | TP Global FX | tpglobalfx.com |
| 31 | Trade Sight FX | tradesightfx.co.in |
| 32 | Urban Forex | urbanforex.com |
| 33 | XM | xm.com |
| 34 | XTB | xtb.com |
| 35 | Quotex | quotex.com |
| 36 | FX Western | fxwestern.com |
| 37 | Pocket Option | pocketoption.com |
| 38 | Tickmill | tickmill.com |
| 39 | Cabana Capitals | cabanacapitals.com |
| 40 | Vantage Markets | vantagemarkets.com |
| 41 | VT Markets | vtmarkets.com |
| 42 | Iron Fx | ironfx.com |
| 43 | Infinox | infinox.com |
| 44 | BD Swiss | global.bdswiss.com |
| 45 | FP Markets | fpmarkets.com |
| 46 | MetaTrader 4 | metatrader4.com |
| 47 | MetaTrader 5 | metatrader5.com |
| 48 | Pepperstone | pepperstone.com |
| 49 | QFX Markets | qfxmarkets.com |
| 50 | 2WinTrade | 2wintrade.com |
| 51 | Guru Trade7 Limited | gurutrade7.com |
| 52 | Bric Trade | brictrade.com |
| 53 | Rubik Trade | rubiktrade.com |
| 54 | Dream Trade | Mobile Application |
| 55 | Mini Trade | Mobile Application |
| 56 | Trust Trade | Mobile Application |
| 57 | Admiral Market | admiralmarkets.com |
| 58 | BlackBull | blackbull.com |
| 59 | Easy Markets | easymarkets.com |
| 60 | Enclave FX | enclavefx.com |
| 61 | Finowiz Fintech Limited | finowiz.com |
| 62 | FX SmartBull | fxsmartbull.com |
| 63 | Fx Tray Market | fxtray.com |
| 64 | Forex4you | forex4you.com |
| 65 | GoDo FX | godofx.com |
| 66 | Growing Capital Services Ltd. | growingcapital.uk |
| 67 | HF Markets | hfm.com |
| 68 | HYCM Capital Markets | hycm.com |
| 69 | JGCFX | jgcfx.com |
| 70 | Just Markets | justmarkets.com |
| 71 | PU Prime | in.puprime.com |
| 72 | Real Gold Capital Ltd. | realgoldcapitals.com |
| 73 | TNFX | tnfx.co |
| 74 | Ya Markets | yamarkets.com |
| 75 | Gate Trade | Mobile Application |
| 76 | Ranger Capital | rangercapital.net |
| 77 | TDFX | tdfx.exchange |
| 78 | Inefex | inefex.com |
| 79 | YorkerFX | yorkermarkets.com |
| 80 | Growline | grow-line.org |
| 81 | Think Markets | thinkmarkets.com |
| 82 | Smart Prop Trader | smartproptrader.com |
| 83 | FundedNext | fundednext.com |
| 84 | Weltrade | weltrade.com |
| 85 | FreshForex | freshforex.com |
| 86 | FX Road | fxroad.com |
| 87 | DBG Markets | dbgmarketsglobal.com |
| 88 | Plusonetrade | plusonetrade.com |
| 89 | Starnet FX | starnetfx.com |
| 90 | CapPlace | capplace.com |
| 91 | Mirrox | mirrox.com |
| 92 | Fusion Markets | fusionmarkets.com |
| 93 | Trive | trive.com |
| 94 | NXG Markets | nxgmarkets.com |
| 95 | Nord FX | nordfx.com |
Sources
- RBI Alert List of unauthorised forex trading platforms (rbi.org.in, saved by hand 15 October 2026)
- RBI cautions against unauthorised forex trading platforms, press release 2021-2022/1660, 3 Feb 2022
- RBI Master Direction: Liberalised Remittance Scheme
- SEBI circular SEBI/HO/MRD/DP/CIR/P/2016/0000000038, 9 Mar 2016