9 trading apps on Google Play that RBI says are not authorised
The Reserve Bank of India keeps an Alert List of platforms that are not allowed to deal in foreign exchange or run a forex trading platform in India. Several of them are still a normal install away on Google Play. We checked every money app in our directory against the list RBI updated on 19 November 2025. These are the 9 that match.
Updated 2026-10-27
The apps
| App | Name on the RBI list | Installs | Rating on Play |
|---|---|---|---|
| Olymptrade – Trading online | Olymp Trade | 10 crore+ | 3.5 |
| ExpertOption | Expert Option | 5 crore+ | 4.2 |
| eToro | eToro | 1 crore+ | 3.9 |
| Pocket Option | Pocket Option | 50 lakh+ | 4.3 |
| 2WinTrade-Platform for Profit | 2WinTrade | 1 crore+ | 3.7 |
| Vantage | Vantage Markets | 1 crore+ | 4.6 |
| PU Prime | PU Prime | 1 lakh+ | 3.7 |
| iFOREX-One Forex & CFD Trading | iFOREX | 1 lakh+ | 4.3 |
| AvaOptions – Options Trading | Ava Trade | 1 lakh+ | 3.4 |
What being on the list means
RBI says these entities are neither authorised to deal in forex under the Foreign Exchange Management Act, 1999, nor authorised to run an electronic trading platform for forex. Money you send to them is not protected by any Indian regulator, and there is no Indian authority to complain to if a withdrawal never arrives.
RBI also says the list is not complete. An app that is not on it is not automatically safe. For a broker, check that it holds a SEBI stock broker registration; every Indian broker page on Qrates shows whether we could confirm one.
How we matched them
An app is listed here only when its own website matches the website RBI lists, or its name starts with the full name RBI lists (five letters or more). Short names are matched by website only, so a bank or broker with a similar word in its name is not flagged by mistake.