Exness 9.9UnlimitedIC Markets 9.81:5,000FP Markets 9.21:500Axi 9.11:1,000Fusion Markets 9.01:500Vantage 9.0UnlimitedDeriv 8.81:1,000Zero Markets 8.81:500GO Markets 8.71:500AvaTrade 8.51:400FBS 8.31:3,000LiteFinance 8.31:1,000Moneta Markets 8.11:1,000Octa (OctaFX) 8.11:1,000Exness 9.9UnlimitedIC Markets 9.81:5,000FP Markets 9.21:500Axi 9.11:1,000Fusion Markets 9.01:500Vantage 9.0UnlimitedDeriv 8.81:1,000Zero Markets 8.81:500GO Markets 8.71:500AvaTrade 8.51:400FBS 8.31:3,000LiteFinance 8.31:1,000Moneta Markets 8.11:1,000Octa (OctaFX) 8.11:1,000

Home / Rankings / HFM (HotForex) / Legal in India?

TIER 1 · FCA · FSA-SC · FSCAVerdict 7.9 / 10 · #23

Is HFM (HotForex) legal in India?

Short answerNo, not as an authorised platform. The Reserve Bank of India lists HFM (HotForex) on its Alert List of entities not authorised to deal in forex or run forex platforms for Indian residents. Licences: FCA · FSA-SC · FSCA (best: Tier 1). None of these is an Indian licence.

The facts

RBI Alert List

Listed as "HF Markets (also listed as HotForex)"

List date

19 Nov 2025 (RBI press release 2025-2026/1530)

Licences held

FCA · FSA-SC · FSCA

Accepts Indian residents (own terms)

Not excluded

UPI

INR bank transfer only

Data as of 2026-10-24, from HFM (HotForex)'s own site and the sources on its full review. RBI list: RBI press release 2025-2026/1530, 19 Nov 2025.

Questions

Is HFM (HotForex) banned in India?

HFM (HotForex) is on the RBI Alert List. The RBI warns residents not to trade forex on listed platforms; remitting money to them can breach FEMA.

Is HFM (HotForex) regulated?

HFM (HotForex) lists licences from FCA · FSA-SC · FSCA. These are foreign regulators; none authorises forex trading for Indian residents.

What is the legal way to trade forex in India?

Currency futures and options on NSE and BSE in permitted INR pairs (USD/INR, EUR/INR, GBP/INR, JPY/INR) and cross-currency pairs, through a SEBI-registered broker.