Is Fusion Markets Legal in India?
Fusion Markets is not authorized to provide forex or CFD trading in India. The RBI has Fusion Markets on its Alert List of unauthorized forex trading platforms. Fusion still accepts Indian sign-ups through its offshore entity – we registered from an Indian IP address. However, you should understand the legal situation.
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In November 2025, the Reserve Bank of India added Fusion Markets to its Alert List of unauthorized forex providers. The RBI also named six other brokers in the same update. The list flags firms that aren’t authorized under the Foreign Exchange Management Act (FEMA) and aren’t permitted to operate electronic forex trading platforms in India.
This does not make Fusion Markets a scam broker – it’s legitimate and many other well-known, global brokers appear on the RBI list. But it does mean there are considerations.
What Indian Law Actually Allows
Exchange-traded currency derivatives are fine. Indian residents can legally trade currency derivatives through SEBI-regulated brokers on recognized exchanges such as the NSE, BSE, and MSE. These are primarily limited to a handful of INR-paired contracts, plus some other cross-pairs.
Leveraged forex and CFDs through offshore brokers sit outside the rules. Trading forex or CFDs with a foreign broker like Fusion Markets generally falls into a restricted category under FEMA and RBI’s Master Directions. The RBI Alert List makes that position plain.
Penalties can apply. Trading through unauthorized platforms or in non-permitted pairs can attract fines under Indian rules.
Practical Points For Indian Traders
Fusion Markets still accepts Indian traders. As you can see below, when we registered for an account from an Indian IP address with our location ticked as India, Fusion redirected us to its offshore entity. If you still choose to open an account, keep these considerations in mind:
- You’ll be on the offshore entity. Indian clients are onboarded under the Seychelles FSA arm (Fusion Markets International Ltd), which carries lighter protections as a ‘Category C’ body in our regulator classifications.
- There’s no INR funding. Fusion doesn’t offer INR-denominated trading accounts or direct UPI deposits. Traders we’ve seen report funding via crypto or other routes, which adds steps and currency conversion costs to both deposits and withdrawals.
- Compliance is on you. Appearing on the RBI Alert List doesn’t mean the broker is a scam. It means the activity isn’t authorized in India. That’s a legal and tax question you’d want to take seriously, ideally with local advice.
For traders in many regions, Fusion is a solid, low-cost broker, but being on the RBI Alert List is an issue for Indian residents that didn’t exist before November 2025. 