Legal forex trading in India: where it can happen
The RBI names places, not apps: residents may trade forex electronically only on an RBI-authorised ETP or on a recognised exchange, NSE, BSE or MSE. The authorised ETPs are bank and institution dealing systems, none of the forex apps we track is on that list, and several of them are named in the RBI Alert List.
RBI FAQ and Alert List, checked 15–20 Oct 2026
The short answer: two kinds of place, in the RBI's words
We name no Indian broker app, because we hold no checked facts on any of them. What we can give you is the RBI's own rule.
The RBI FAQ on forex, Q3, says electronic forex trading by residents may happen only on an ETP (electronic trading platform) authorised by the RBI, or on a recognised exchange: NSE, BSE or MSE. Residents are "not permitted to undertake forex transactions on unauthorised ETPs".
Q1 of the same FAQ sets the wider rule: residents may deal in forex only with authorised persons and only for permitted purposes, and anyone who goes outside that is "liable for penal action".
What the authorised ETP list is, and why your app is not on it
The RBI's list of authorised ETPs holds 14 platforms from 6 operators, and all of them are institutional dealing platforms: the trading systems banks and institutions use to deal with each other.
None of the forex apps we track is on the list. So if an app calls itself RBI-approved, the authorised ETP list is the place to test that claim, and for a retail app you should expect not to find it.
What you can trade on an exchange
On a recognised exchange, currency trading means futures and options. The RBI's list is not limited to rupee pairs: as of its reply of 12 November 2021, it named seven pairs for exchange-traded currency futures and options on SEBI-recognised exchanges:
- USD-INR
- EUR-INR
- GBP-INR
- JPY-INR
- EUR-USD
- GBP-USD
- USD-JPY
Three of the seven, EUR-USD, GBP-USD and USD-JPY, have no rupee leg. The list may have changed since that reply; it is the latest one we hold from the RBI itself.
Offshore forex apps and the RBI Alert List
The RBI Alert List is maintained under FEMA and the RBI ETP Directions, 2025. It names entities that are authorised neither under FEMA nor under those Directions. These are forex apps we track:
In order of the RBI entry number.
| App | RBI Alert List | Checked on |
|---|---|---|
| Named in the RBI Alert List 5 | ||
| eToro | Named No. 5 | 20 Oct 2026 |
| Exness | Named No. 6 | 15 Oct 2026 |
| FBS | Named No. 8 | 15 Oct 2026 |
| Octa | Named No. 27 | 15 Oct 2026 |
| XM | Named No. 33 | 15 Oct 2026 |
Source: RBI Alert List. We searched the list for each app's brand name.
An app that is not on the Alert List is not authorised by that fact alone. The list's own preamble says authorisation status "can be ascertained from the list of authorised persons and authorised ETPs". Binary trading apps are covered on Is binary trading legal in India?
The list also names trading software: MetaTrader 4 and 5 on the Alert List.
Ads and payments: what the RBI warned about
In a press release of 3 February 2022, the RBI warned about misleading ads by unauthorised ETPs on social media, search engines, OTT platforms and gaming apps. If you found a forex app through an ad in one of those places, that is the pattern the RBI described.
The same release says that sending margins to overseas exchanges or overseas counterparties is not permitted under the Liberalised Remittance Scheme (LRS). So an app that asks you to send margin money abroad is asking for a payment the RBI says that scheme does not cover.
How to check an app before you pay
- Does it place your trades on NSE, BSE or MSE? Those are the recognised exchanges the RBI names. If the app does not place trades on one of them, it is not the exchange route.
- Is it on the authorised ETP list? Open the RBI list of authorised ETPs and search it for the app's name and its operator. Expect institutional platforms only.
- Is it named on the Alert List? Open the RBI Alert List and search it for the app's name and web address. If it is named, note the entry number. If it is not, go back to steps 1 and 2: not named does not mean authorised. More detail: how to check an app yourself.
If you want to learn trading before any of this, you can practise without real money: see Practise with a plan.
How we checked
On 20 October 2026 we read the RBI FAQ on forex, the RBI list of authorised ETPs, the RBI Alert List and the RBI RTI disclosure log. All are public pages, read with no login. The date on each app row is the day we searched the Alert List for that name. We did not open accounts. We track no Indian broker apps, so none is named here. This page reports what the RBI says. It is not legal advice.
Questions
Which forex trading app is legal in India?
The RBI does not list apps as allowed; it lists places. Residents may trade forex electronically only on an RBI-authorised ETP or on a recognised exchange: NSE, BSE or MSE. See the short answer and how to check an app.
Is forex trading legal in India?
The RBI FAQ on forex says residents may deal in forex only with authorised persons and only for permitted purposes. Anyone who goes outside that is "liable for penal action". So what matters is where and through whom you deal. This page is not legal advice.
Can I trade EUR/USD in India?
As of the RBI's reply of 12 November 2021, EUR-USD was one of seven pairs permitted as exchange-traded currency futures and options on SEBI-recognised exchanges. That means futures or options on an exchange. See what you can trade on an exchange.
Is an app safe if it is not on the Alert List?
No. Not being on the Alert List does not mean an app is authorised. The RBI says authorisation status can be ascertained from its list of authorised persons and authorised ETPs.
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