The Reserve Bank of India (RBI) on June 7 added the following entities to its Alert List of unauthorized forex trading platforms:  QFX Markets (website) 2WinTrade (website) Guru Trade7 Limited (website) Bric Trade (website) Rubik Trade (website) Dream Trade (mobile app) Mini Trade (mobile app) Trust Trade (mobile app) This takes the total number of banned forex trading platforms on the Alert List from 48 to 56. The entities on this list are neither authorized to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor to operate electronic trading platforms (ETP) for forex transactions. The central bank also informed citizens that they can check the authorization status of any person or trading platform from the list of authorized persons and authorized ETPs published by the regulator. Misleading ads, agents targeting gullible people, frauds: The RBI had first cautioned against unauthorized forex trading platforms in February 2022 after it noticed misleading advertisements of such platforms offering forex trading facilities to residents, "including on social media platforms, search engines, Over The Top (OTT) platforms, gaming apps and the like." The central bank also noted that it received reports of platforms "engaging agents who personally contact gullible people to undertake forex trading/investment schemes and entice them with promises of disproportionate/exorbitant returns." There were also reports of frauds committed by such illegal platforms, with many residents losing money through such schemes, RBI added. The RBI then issued an Alert List in September 2022 after continuing to receive complaints about illegal trading platforms.…