RBI Alert List: what it is and how to read it
The RBI Alert List is the Reserve Bank of India's list of entities that are authorised neither to deal in forex under FEMA nor to operate an electronic trading platform under its ETP Directions, 2025, together with platforms and websites that appear to promote them. The page said "Updated as on November 19, 2025" and held 95 entries.
RBI Alert List, checked 15–20 Oct 2026
The short answer, in the RBI's words
The list names entities that are not authorised to deal in forex under FEMA and not authorised to operate an ETP (electronic trading platform, an online system for trading) under the RBI's ETP Directions, 2025, dated 16 Jun 2025.
It also covers "entities/platforms/websites which appear to be promoting unauthorised entities/ETPs, including through advertisements... or claiming to be providing training/advisory services".
The RBI calls the list "not exhaustive".
What kinds of names are on it
The list holds more than brokers. These are examples from the names we hold facts for, grouped by kind and in order of the RBI entry number. The full list is on the RBI page.
| Name | RBI Alert List | Checked on |
|---|---|---|
| Forex brokers | ||
| eToro | Named No. 5 | 20 Oct 2026 |
| Forex.com | Named No. 10 | 20 Oct 2026 |
| FXTM | Named No. 19 | 15 Oct 2026 |
| iFOREX | Named No. 23 | 20 Oct 2026 |
| Binary-options apps | ||
| Binomo | Named No. 4 | 15 Oct 2026 |
| IQ Option | Named No. 25 | 15 Oct 2026 |
| Quotex | Named No. 35 | 15 Oct 2026 |
| Trading platform software | ||
| MetaTrader 4 | Named No. 46 | 20 Oct 2026 |
| MetaTrader 5 | Named No. 47 | 20 Oct 2026 |
| Other firms | ||
| FTMO | Named No. 13 | 20 Oct 2026 |
| FundedNext | Named No. 83 | 20 Oct 2026 |
Source: RBI Alert List. We searched the list for each name on the date in its row.
Some entries are mobile apps with no website at all. For the binary-options apps, see is binary trading legal in India; for the software, see MetaTrader in India.
The list, unfolded
95 entries, each a serial number, a name and a website. Highlighted: the 11 names we hold facts for. Swipe along the strip.
- 4Binomo
- 5eToro
- 10Forex.com
- 13FTMO
- 19FXTM
- 23iFOREX
- 25IQ Option
- 35Quotex
- 46MetaTrader 4
- 47MetaTrader 5
- 83FundedNext
What one entry tells you, and what it does not
Each entry has three parts: a serial number, a name and a website. For some mobile apps the website is missing.
Our reading of the page is this. An entry tells you the name, the website the RBI recorded for it, and that the RBI has put it on this list. It does not give a reason for the listing. It does not give a date for each entry, only one update date for the whole list. And it says nothing about a penalty for people who use the listed name.
Not on the list does not mean authorised
"An entity not appearing in the list should not be assumed to be authorised by the RBI."
RBI Alert List, preamble.
The RBI's alternative is in the same preamble: status "can be ascertained from the list of authorised persons and authorised ETPs". The list of authorised ETPs holds institutional dealing platforms. For what this means for retail forex trading, see legal forex trading in India.
How to check an app
The steps are on one page: how to check an app yourself.
How we checked
On 20 Oct 2026 we read the RBI Alert List, a public page with no login, from outside India, and counted the entries. We searched it for each name in the table on the date shown in that row. This page is not legal advice.
Questions
What is the RBI Alert List?
It is a list the Reserve Bank of India publishes of entities that are not authorised to deal in forex under FEMA and not authorised to operate an electronic trading platform under its ETP Directions, 2025. It also names platforms and websites that appear to promote such entities, including through advertisements. The RBI says the list is "not exhaustive". More above.
When was the RBI Alert List last updated?
When we read it on 20 Oct 2026, the page said "Updated as on November 19, 2025". Check the RBI page itself for any later update.
Is MetaTrader on the RBI Alert List?
Yes. MetaTrader 4 and MetaTrader 5 each have their own entry; the numbers are in the table above. More on MetaTrader in India.
My app is not on the list. Is it authorised?
You cannot tell that from the Alert List. The RBI says: "An entity not appearing in the list should not be assumed to be authorised by the RBI." See where to check authorisation instead.
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