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 / Xellion Markets / Legal in India?

OFFSHORE · FSC-MU · Saint LuciaVerdict 6.6 / 10 · #51

Is Xellion Markets legal in India?

Short answerXellion Markets isn't on the RBI Alert List, but that doesn't make it authorised. Indian residents may legally trade forex only in permitted INR pairs on recognised Indian exchanges through SEBI-registered brokers. Licences: FSC-MU · Saint Lucia (best: Offshore). None of these is an Indian licence.

The facts

RBI Alert List

Not listed

List date

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

Licences held

FSC-MU · Saint Lucia

Accepts Indian residents (own terms)

Not excluded

UPI

Yes

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

Questions

Is Xellion Markets banned in India?

Xellion Markets isn't on the RBI Alert List as of 24 Oct 2026, but it isn't authorised by the RBI or SEBI either.

Is Xellion Markets regulated?

Xellion Markets lists licences from FSC-MU · Saint Lucia. 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.