Reserve Bank of India added Eight brokers to its 'Alert List'

On Wednesday, The Reserve Bank of India added eight brokers to its 'Alert List' for the public on illegal forex trading platforms. In September of last year, the central bank issued an 'Alert List' of unlicensed forex trading platforms, which included the names of 34 firms. The list was also updated in February. The list now has 56 Unauthorized brokers.

The names added on Wednesday are QFX Markets, WinTrade, Guru Trade7 Limited, Bric Trade, Rubik Trade, Dream Trade, Mini Trade, and Trust Trade. Here is the list you can see.

Central Bank has warned citizens about entities/platforms/websites promoting unauthorised FX trading. The RBI further stated that the alert list includes the names of corporations, platforms, or websites that appear to be promoting unlicensed firms or ETPs, including through advertisements of such unauthorized entities or purporting to provide training/advice services.

About RBI

The Reserve Bank of India is the central bank of India, established in 1935. It is responsible for regulating the monetary policy of the country, managing foreign exchange reserves, and supervising the banking system. . It plays a crucial role in maintaining the stability of the Indian economy and ensuring financial inclusion for all citizens.

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