FAQs
Given the complexities, many international brokers, including OctaFX, opt for licenses in regions with more favourable regulations. OctaFX, for instance, holds licenses from the FSCA in South Africa and CySEC in Cyprus. This lends credibility to its operations and casts doubts on claims of OctaFX being banned in India.
Is OctaFX trading legal? ›
OctaFX Legal Status
OctaFX operates under Octa Markets Incorporated, registered in St. Vincent and the Grenadines. While this jurisdiction is lightly regulated, OctaFX maintains regulatory licenses and approvals across multiple jurisdictions.
Which app is legal in India for forex trading? ›
Top Forex Trading Apps
The analysis includes apps like Zerodha, Upstox, Angel Broking, 5paisa, Motilal Oswal, ICICI Direct, HDFC Securities, Sharekhan, Axis Direct, and IIFL Securities.
Can I withdraw money from OctaFX in India? ›
We strongly recommend getting your profile verified before making your first deposit, especially if you want to deposit with Visa or Mastercard. Please note that you can withdraw funds only after your profile is verified.
Which type of trading is illegal in India? ›
In India, however, forex trading platforms are outlawed. While currency trading is not possible on the foreign exchange market, it is possible on the stock exchange. The Foreign Exchange Management Act makes binary trading illegal (FEMA).
Is OctaFx illegal in India? ›
The OctaFx online trading app and website are operating in India in association with India-based entity M/s OctaFx India Private Limited. According to the ED, the app and its website have not been authorised by the RBI to deal in forex trading.
Is it illegal to trade on OctaFx in India? ›
The OctaFx app and its website have not been authorised by the Reserve Bank of India (RBI) to deal in forex trading. The ED officials said that this forex trading platform is widely promoted on social networking sites and is following referral-based incentive models for acquiring users to their platforms.
Which forex broker is illegal in India? ›
The other entities added to the list are Admiral Market, BlackBull, Easy Markets, Enclave FX, Finowiz Fintech, FX SmartBull, Fx Tray Market, Forex4you, Growing Capital Services, and HF Markets. Other platforms are HYCM Capital Markets, JGCFX, PU Prime, Real Gold Capital, TNFX, Ya Markets, and Gate Trade.
Can forex trading ban in India? ›
Conclusion. Forex trading is not illegal, but SEBI and RBI highly regulate it. You can only trade in four currency pairs with the INR as the base or the quote currency. You also need to use a SEBI-registered broker or an authorised dealer to trade legally in forex in India.
Who is India's biggest forex trader? ›
Shashikant Sharma became the wealthiest Forex trader in India at 34. His journey began as a 22-year-old and followed the same path most traders can relate to. He browsed the internet and came across an article covering Forex. It intrigued him enough to start his Forex journey.
Georgios D. Pantzis is the CEO / General Manager at OctaFX .
What is the minimum deposit in OctaFX in India? ›
Deposits and withdrawals
Payment option | Min. deposit | Min. withdrawal |
---|
UPI | 1500 INR | 350 INR |
India NetBanking | 1500 INR | 350 INR |
India Cash | 5,00,000 INR | 5,00,000 INR |
Neteller, Skrill | 50 USD/ 50 EUR | 5 USD/ 5 EUR |
6 more rowsNov 30, 2023
What are the charges for OctaFX in India? ›
Octa does not charge any deposit or transaction fee. However, your payment provider may charge its own fees and commissions. Make sure to check it before making a transfer.
What is the punishment for trading in India? ›
Transactions on recognised exchanges like the BSE, NSE, or MSE are permitted, but trading on unauthorized platforms is prohibited. Violations, such as trading in unapproved currency pairs or using illegal platforms, can result in fines up to Rs 10,000 per day, along with potential imprisonment for up to five years.
What is the punishment for forex trading in India? ›
Punishments for Violating Forex Trading Regulations in India
The RBI takes violations of forex trading regulations seriously and has established strict penalties for those found to be in breach of the law. These penalties can range from fines to imprisonment, depending on the severity of the offence.
Is US trading legal in India? ›
Yes, Indians can invest in the US stock market. There is more than one way to buy and hold US stocks in your portfolio. Direct equities, ETFs, and mutual funds are just one of the few popular options. You can invest in US stocks in two ways from India – indirect and direct.
Is OctaFX legal in the US? ›
Regulation: Octa is regulated by the Cyprus Securities and Exchange Commission (CySEC). The broker adheres to all the financial standards and operational guidelines mandated by this regulatory body. This offers an assurance that Octa follows best practices in terms of transparency and integrity.
Is OctaFX regulated in the USA? ›
OctaFx is regulated by two top-tier financial regulators: The Financial Services Authority of Saint Vincent and the Grenadines (FSA SVG) The Cyprus Securities and Exchange Commission (CySEC)
Is OctaFX legit and safe? ›
Answer: Yes, Octa is a legally established international company which has been serving millions of clients around the world for over 12 years. The broker possesses multiple internationally recognised licenses, including licenses issued by FSCA in South Africa, CySEC in Cyprus, and MISA in the Comoros..
Is OctaFX still legit? ›
Octa is considered Average Risk, with an overall Trust Score of 70 out of 99. Octa is not publicly traded and does not operate a bank. Octa is authorised by one Tier-1 regulator (Highly Trusted), one Tier-2 regulator (Trusted), zero Tier-3 regulators (Average Risk), and zero Tier-4 regulators (High Risk).