Before a deposit
The demo is free; the first deposit is where the risk starts. These checks take about fifteen minutes and are worth doing every time, even for an app a friend recommends.
RBI pages, checked 20 Oct 2026
Why the deposit is the step that matters
Until you pay in, you can walk away from any app at no cost. After you pay in, getting your money back depends on the company behind the app, on the rules it follows and on where it is based. That is why every check on this page comes before the payment, not after.
A deposit can feel small: a few hundred rupees by UPI to see how it works. Treat it as a real decision anyway. A small deposit is often followed by a bigger one.
What the RBI says about forex deposits
- Where forex trading is permitted. In its press release of 3 February 2022, the RBI says permitted forex transactions should be undertaken only on electronic trading platforms (ETPs) authorised by the RBI or on recognised stock exchanges (NSE, BSE and MSE).
- Money sent abroad. The same release says that remittances for margins to overseas exchanges or overseas counterparties are not permitted under the Liberalised Remittance Scheme (LRS).
- Penal action. In its press release of 10 February 2023, the RBI says residents who remit or deposit money for forex trading for purposes not permitted under FEMA, or on ETPs not authorised by the RBI, make themselves liable for penal action under FEMA.
The risk of an unauthorised platform falls on the person who deposits, not only on the app.
Five checks before you pay
- Name the company. Write down the company that runs the app and the website it uses. If you cannot find a company name, stop here.
- Check the RBI Alert List. Search it for the app's name and web address: how to check an app. If the app is named, the RBI lists it as an unauthorised forex trading platform. If it is not named, that is not proof that it is authorised.
- Check who receives your money. Before you confirm a UPI or bank payment, read the name of the receiver on the screen. If it is a person or a company you have never heard of, ask why before you pay.
- Read the withdrawal rules. Find the minimum withdrawal, the fees, the documents asked for and how long it takes. If you cannot find them before paying, you will not find them after.
- Keep records. Save screenshots of the app's terms, every payment and every message from support, with dates. You will need them if something goes wrong.
When to stop
- Someone you met online or in a group promises fixed or guaranteed returns.
- You are asked to pay again before you can withdraw, for a "fee" or a "tax".
- You are asked to share an OTP, your UPI PIN or remote access to your phone.
- You feel rushed: a bonus that ends today, a trade you must take now.
Not sure yet? Go back a step: What a demo is or Practise with a plan.
How we checked
This is a method guide written by our team, not legal advice. We read the RBI pages below on its public website on 20 October 2026. We have not made deposits or opened accounts, so this page names no app and shows no app facts.
Questions
Can I send money abroad under the LRS to trade forex online?
According to the RBI's FAQ on forex transactions, a resident individual cannot remit margin overseas under the Liberalised Remittance Scheme (LRS) for online forex trading.
If an app accepts UPI, does that mean it is allowed?
No. A payment method tells you how money moves, not whether the app is authorised. Check the app itself first.
How much should I deposit the first time?
Our suggestion: only an amount you could lose completely without it changing your month. Practice first, and never borrow to trade.
Why does this page not name any app?
The deposit and withdrawal details we have were seen from outside India, so we cannot confirm what an app shows to someone in India. We do not show them until we can.
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