TIER 1 · FSA-SC · FCA · ASICVerdict 8.0 / 10 · #20
Is ThinkMarkets legal in India?
Short answerNo, not as an authorised platform. The Reserve Bank of India lists ThinkMarkets on its Alert List of entities not authorised to deal in forex or run forex platforms for Indian residents. Licences: FSA-SC · FCA · ASIC (best: Tier 1). None of these is an Indian licence.
The facts
RBI Alert List
Listed as "Think Markets"
List date
19 Nov 2025 (RBI press release 2025-2026/1530)
Licences held
FSA-SC · FCA · ASIC
Accepts Indian residents (own terms)
No
UPI
Not confirmed
Data as of 2026-10-24, from ThinkMarkets's own site and the sources on its full review. RBI list: RBI press release 2025-2026/1530, 19 Nov 2025.
Questions
Is ThinkMarkets banned in India?
ThinkMarkets 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 ThinkMarkets regulated?
ThinkMarkets lists licences from FSA-SC · FCA · ASIC. 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.