Government advised to be careful when using trading apps

Nowadays, many individuals are actively participating in trading and investment activities in financial markets. However, there are several risks associated with trading. Trading doesn’t always guarantee profits; in fact, it can lead to significant problems. Recently, the Reserve Bank of India (RBI) issued an alert about 44 trading apps, which are not approved by Forex. So those who trade through these apps may face problems.

Reserve Bank of India (RBI) has listed these unauthorized apps and websites on its official platform that are not authorized for foreign exchange transactions under the Foreign Exchange Management Act, 1999 (FEMA). Additionally, these apps are not allowed to operate Electronic Trading Platforms (ETPs) for foreign exchange transactions, as per the Electronic Trading Platforms (Reserve Bank) Directions 2018.

List of 44 unauthorized apps

1. XM
2. XTB
3. Quotex
4. FX Western
5. Pocket Option
6. Tickmill
7. Cabana Capitals
8. Vantage Markets
10. VT Markets
11. Iron Fx
12. Infinox
13. BD Swiss
14. FP Markets
15. MetaTrader 4
16. MetaTrader 5
17. Pepperstone
18. QFX Markets
19. 2WinTrade
20. Guru Trade7 Limited
21. Bric Trade
22. Rubik Trade
23. Dream Trade
24. Mini Trade
25. Trust Trade
26. Admiral Market
27. BlackBull
28. Easy Markets
29. Enclave FX
30. Finowiz Fintech Limited
31. FX SmartBull
32. Fx Tray Market
33. Forex4you
34. GoDo FX
35. Growing Capital Services Ltd.
36. HF Markets
37. HYCM Capital Markets
39. Just Markets
40. PU Prime
41. Real Gold Capital Ltd.
42. TNFX
43. Ya Markets
44. Gate Trade

According to the RBI, trading through these unauthorized apps can result in financial fraud and the loss of hard-earned money for users. It’s important to note that the Government and the RBI clearly said that they won’t be responsible if individuals ignore this warning and trade through the mentioned apps.

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