Forex trading is allowed for Indian residents only in a narrow form: currency derivatives on recognised Indian exchanges, through a SEBI-registered broker. Trading forex or CFDs on offshore platforms is not permitted.
What is permitted
- Exchange-traded currency futures and options on NSE and BSE, settled in rupees.
- Pairs against the rupee (USD-INR, EUR-INR, GBP-INR, JPY-INR) and a few cross pairs (EUR-USD, GBP-USD, USD-JPY) as listed by the exchanges.
- Only through SEBI-registered brokers, with your own funds in India.
What is not permitted
- Margin trading on offshore forex or CFD platforms, including through apps and social media groups.
- Sending money abroad under the Liberalised Remittance Scheme to fund margin trading.
- Paying such platforms through UPI, cards or agents in India.
RBI Alert List
The Reserve Bank of India keeps an Alert List of unauthorised forex trading platforms and of websites promoting them. A platform not being on the list does not make it authorised.
Warning signs
- Guaranteed or fixed monthly returns.
- Deposits to personal bank accounts or UPI IDs of individuals.
- Contact through Telegram, WhatsApp or Instagram "mentors" and account managers.
- High leverage on pairs that do not include the rupee.
Examples use illustrative values, not current market data. This is general education, not investment advice.