Rise in unauthorized forex, CFD and binary trading platforms
Unauthorized forex, CFD and binary trading platforms have become a serious nuisance. You might have seen advertisements for these platforms on YouTube and other social media platforms.
These platforms blatantly sell greed and offer insane leverage (~100X) to attract users. Not only are these platforms illegally operating in India, but they are also incredibly scammy. Even if you unknowingly put some money in, they make it incredibly hard to withdraw.
Remember, trading on these platforms is illegal and in violation of the Foreign Exchange Management Act (FEMA) guidelines. This can lead to legal action and penalties. The RBI has issued a list of all such unauthorized forex platforms. There’s a link to the list in this Z-Connect post.