Guide
Everywhere else in this dataset the first question is protection. In India it is legality: the route most beginners are sold is one the Reserve Bank has placed outside the law for residents.
Facts checked on October 22, 2026
Indian affiliate content performs a two-step: admit in the FAQ that offshore forex is unauthorised under FEMA, then recommend offshore brokers in the table above it. This guide prints the two halves in the right order.
Residents may trade currency derivatives only in INR pairs (USDINR, EURINR, GBPINR, JPYINR) on SEBI-authorised exchanges through SEBI-registered brokers. The Liberalised Remittance Scheme cannot be used for margin trading abroad. Remitting money to an offshore forex platform can breach FEMA, with penalties that can reach three times the sum involved. UPI and net-banking make the transfer easy; ease is not authorisation.
The RBI maintains an Alert List of unauthorised platforms — about 95 names — and it includes XM, Exness, eToro, IG, Pepperstone and FXTM: brands an Indian beginner will meet in the first hour of searching. Being listed is not an accusation of fraud; it is your central bank stating the platform is not authorised for you. Our India verdicts are built on exactly that published fact.
This is not a 'don't trade' page. INR pairs on NSE/BSE/MCX through a SEBI broker are a genuine, regulated door — narrower than the offshore marketing promises, and actually yours. The viable-minimum and cost analysis for that route is on the India country page.
'Everyone in India does it' is a statement about enforcement odds, not law — and it is usually said by someone paid per deposit. FEMA liability attaches to the resident, not to the affiliate.
The free check gives you the verdict for one country and one broker. The Deposit Safety Kit gives you the complete walkthroughs: how to verify the entity in the broker's own legal footer, where on your regulator's site the register and the warning lists live, how to read a compensation scheme, and the first-withdrawal test protocol — deposit small, withdraw first, then decide.
Included in the $39 Deposit Safety Kit
Sources: the brokers' own legal and entity pages as published on the check date; the Reserve Bank of India Alert List; the UK Financial Conduct Authority Register and Warning List; the Australian Securities and Investments Commission registers; Bappebti (Indonesia) licensed and blocked lists; CVM (Brazil) declaratory acts; the FSCA (South Africa) FSP register; the Capital Markets Authority (Kenya) licensee list; the Securities and Exchange Commission (Philippines) advisory list; SECP/PMEX (Pakistan) membership; SEC Nigeria and Central Bank of Nigeria publications. Affiliate bounty figures from the programs' own published terms (Exness, XM, Plus500, eToro affiliate pages). If a fact has moved since our check date, the regulator's or broker's own publication wins — and write to help@doogex.com so we can correct ours.