Trading on overseas online forex platforms illegal, punishable under FEMA

In India, you can only bet on currency derivatives via a stock exchange broker

It’s hard to miss the advertisements of forex platforms on social media. One claims that traders can make a profit of $100 in half an hour. Another promises risk-free winning strategies. Then, there are click baits that read: “Convert $100 into $1,000”. These platforms also allow users to trade with margin money as high as 1:100, that is, if you bet $10, you can trade for $1,000.
 
These are not necessarily fraudulent websites. A few of them are popular globally. But it’s illegal for Indians to trade on them. “The popular ones are binary options trading platforms, which are