RBI Alert List forex brokers: 18 of the 27 brands AlphaScala tracks are on it

Eighteen of the 27 active forex brokers and prop firms in AlphaScala's database are on the RBI Alert List of unauthorised forex trading platforms, updated as on November 19, 2025. They include XM, Exness, IC Markets, Pepperstone, Vantage and FTMO. The other nine are absent, which the RBI said does not mean they are authorised.

According to the RBI's Alert List page, the list "contains names of entities which 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" under the Electronic Trading Platforms Directions, 2025 dated June 16, 2025. It also names entities and websites that appear to promote unauthorised platforms, for example through advertising or by claiming to offer training or advisory services. The current version has 95 entries. AlphaScala checked it against its broker table on October 22, 2026, when the RBI page still carried the November 19, 2025 date.

This is a data cross-check, not legal advice for anyone's situation.

Which of AlphaScala's 27 brokers are on the RBI Alert List

Entry numbers and names are as the RBI publishes them, with each website shortened to its domain. "First listed" is the update in which the entry first appeared.

Sixteen of the 23 brokers in the table are listed, along with two of the four prop firms. Eleven of the 18 were on the first list the RBI published on September 7, 2022, which had 34 names. HFM appears twice: under its older brand HotForex at entry 20, and as HF Markets at entry 67.

Matching 27 brokers to 95 RBI entries

Each active row in AlphaScala's broker table (rows last edited between April 6 and May 7, 2026) was compared with all 95 RBI entries on brand name (including known aliases such as HotForex for HFM and Admiral Markets for Admirals) and on website domain. Each of the 18 brands matches at least one entry on both name and domain. HFM's older entry 20 (HotForex, hotforex.com) is matched through the former name that AlphaScala's table records for the brand. Look-alike names were reviewed by hand and rejected; two are noted in the table because they are easy to confuse with tracked brands. The first-listed dates come from the RBI's update press releases and from Internet Archive copies of the September 2022, February 2023, November 2023 and October 2024 versions of the list.

Nine brands absent, and what absence means

CMC Markets, Eightcap, FxPro, Interactive Brokers, OANDA, Plus500, Saxo Bank, The5ers and Topstep do not appear on the Alert List. The RBI page states that the list "is not exhaustive" and that "An entity not appearing in the list should not be assumed to be authorised by the RBI."

Absence is not a clearance.

AlphaScala ran two further checks on all 27 names. None appears on the RBI's list of authorised ETPs. On October 22, 2026, that list showed 13 authorisations held by five non-bank operators: Clearcorp Dealing Systems (India), ICAP IL India, Three Sixty Trading Networks (India), Refinitiv India Transaction Services and Bloomberg Tradebook India.

SEBI's register of stock brokers in the currency derivative segment held 2,693 records as on October 21, 2026. A name search returned one of the 27 brands: Interactive Brokers (India) Private Limited, registered as INZ000217730 on its National Stock Exchange of India record and INE011288033 on its BSE record. That registration belongs to the Indian company; AlphaScala's broker table does not list a SEBI registration for Interactive Brokers. A name search can miss a firm registered under a different legal name.

MetaTrader 4 and 5 are named too

Entries 46 and 47 on the Alert List are MetaTrader 4 (metatrader4.com) and MetaTrader 5 (metatrader5.com), both added on February 10, 2023. AlphaScala's broker table lists MT4 or MT5 as a platform for 21 of the 27 brands, including five of the nine that are not on the list: CMC Markets, Eightcap, FxPro, OANDA and The5ers.

How the RBI Alert List grew from 34 to 95 names

The RBI has published six versions since September 2022. Counts for each version come from the RBI's update press releases and archived copies of the list.

Across the five versions AlphaScala compared, no name was removed. Every entry on the September 2022 list is still on the November 2025 list, under the same number.

Gaps between updates have run from 117 days (February to June 2023) to 393 days (October 2024 to November 2025), an average of 234 days across the five intervals. On October 22, 2026, 337 days had passed since the last update, the second-longest wait so far.

Not every entry is a broker. The first list already named FTMO, a prop firm. The June 2023 batch added three mobile applications listed without a website, and November 2023 added a fourth. The October 2024 batch added two more prop firms, Smart Prop Trader (entry 82) and FundedNext (entry 83). When it updated the list on February 10, 2023, the RBI also cautioned residents against entities promoting unauthorised platforms, including by providing "'demo trading' in 'simulated environment' and such other indirect means".

What Indian residents can legally trade under FEMA

The RBI's forex FAQ, updated as on August 28, 2024, opens with the rule: "Resident persons are permitted to undertake forex transactions only with authorised persons and for permitted purposes, in terms of the Foreign Exchange Management Act, 1999 (FEMA)." Permitted transactions executed electronically should be undertaken "only on electronic trading platforms (ETPs) authorised for the purpose by the Reserve Bank of India (RBI) or on recognized stock exchanges (National Stock Exchange of India Ltd. (NSE), BSE Ltd. (BSE) and Metropolitan Stock Exchange of India Ltd. (MSE))", the FAQ said.

The rupee-pair rule is a hedging rule. In its April 4, 2024 statement the RBI said currency derivative contracts involving the INR, both over-the-counter and exchange traded, "are permitted only for the purpose of hedging of exposure to foreign exchange rate risks." The USD 100 million figure only waives paperwork: "users are expected to ensure compliance with the requirement of having underlying exposure," the RBI said.

Exchange trading runs through stock brokers registered with SEBI, which permitted the cross-currency contracts in its March 9, 2016 circular after the RBI cleared them in December 2015. The RBI documents cited here do not separately address prop-firm evaluation fees; they do show FTMO and FundedNext named on the Alert List.

FEMA liability attaches to the resident trader too. The FAQ said residents dealing "with unauthorised persons and for purposes other than those permitted under FEMA shall render themselves liable for penal action under the Act." Leveraged forex and CFD trading can also lose more than the amount deposited, as AlphaScala's risk disclaimer sets out. The forex margin calculator shows how much exposure a given deposit controls at each leverage ratio.

Where AlphaScala's broker pages fit for India

AlphaScala's broker reviews hub and the AI broker matcher cover the same 27 brands. The matcher offers India as a country of residence but does not check the RBI Alert List, so for a resident of India the table above is the first filter. The two full reviews on the site, XM and Vantage, are both on the list (entries 33 and 40), and neither review covers India.

The cross-check ran as a script against the RBI page text on October 22, 2026, and the page was drafted with AI writing tools under AlphaScala's editorial policy. The methodology page lists the site's data sources. To cite it: AlphaScala, "RBI Alert List forex brokers: 18 of the 27 brands AlphaScala tracks are on it", checked against the RBI Alert List updated as on November 19, 2025, accessed October 22, 2026.

FAQ

Is forex trading legal in India?

Only with authorised persons and for permitted purposes, according to the RBI's forex FAQ, and electronic trades only on RBI-authorised ETPs or recognised Indian stock exchanges. Currency derivatives involving the rupee are limited to hedging a contracted exposure. Cross-currency futures and options on Indian exchanges, such as EUR-USD, carry no purpose restriction under the same FAQ.

Are XM and Exness legal in India?

Both are on the RBI Alert List: Exness is entry 6 and XM is entry 33, each since the first version on September 7, 2022. The RBI describes listed entities as neither authorised to deal in forex under FEMA nor authorised to operate a forex ETP. FBS (entry 8), IC Markets (22), Vantage Markets (40) and Pepperstone (48) are listed as well.

If a broker is not on the RBI Alert List, is it authorised?

Not necessarily. The RBI said the list is not exhaustive and that an entity missing from it "should not be assumed to be authorised by the RBI." Authorisation is checked against the RBI's lists of authorised persons and authorised ETPs, and none of the 27 brands in AlphaScala's table appears on the authorised ETP list.

Are FTMO and other prop firms on the RBI Alert List?

FTMO is entry 13, listed since September 7, 2022. Smart Prop Trader (entry 82) and FundedNext (entry 83) were added on October 22, 2024. The5ers and Topstep are not on the November 19, 2025 version.

Can I send money abroad under LRS to trade forex?

Not as margin. The RBI's forex FAQ said remittances "in the nature of remittance for margins or margin calls to overseas exchanges / overseas counterparty are not allowed under the Scheme."

Where can I report an unauthorised forex trading platform?

The RBI's forex FAQ points to the National Cyber Crime Reporting Portal at cybercrime.gov.in. Complaints may also go to the Enforcement Directorate at ed-del-rev@nic.in or to the police of the relevant state or union territory, the FAQ said.