Is OCTAFX Legal In INDIA
An authorised forex trading platform is OctaFX. In layman’s terms, it is a trading app where users may deposit funds to trade and invest in addition to quickly withdrawing earnings.
Due to its low spreads and quick execution, OctaFX, a SEBI-registered forex and cryptocurrency trading platform, has recently gained popularity among forex traders in India.
OctaFX created a customised copy trading service to enter a growing market, particularly among younger traders. With over 10 million downloads, its mobile trading and copy trading service apps continue to be quite successful.
Trading with OctaFX is permitted and secure for everyone in India. With the broker’s assistance, you can trade and make money. Read thisto nowwhether Octafx is legal in india or not.
Is OctaFX is legal in India are not?
The warning comes after a report from an interdepartmental group in November revealed that the RBI frequently received inquiries from the general public about websites that allow for the trading of foreign currencies, including OctaFX, Olymp Trade, I-Forex, FBS, Expert Option, Binomo.com, AVA Trade, IQ Option, Alpari, Forex.com, and TP Global Forex.
Some of these platforms, according to the research, guarantee big profits, incentives, and rewards.
“RBI has not approved any of these trading platforms. Additionally, they do not have Sebi-registered recognised stock exchanges (Securities and Exchange Board of India). As a result, the services provided by these platforms are illegal, according to the research.
Platforms like OctaFX, IQ Possibility, Olymp Trade, Exness, XM, Cabana Capital, FXTM, and FBC, among others, offer the option of making rupee payments via local payment methods. Some of them even allow local customers to fund foreign wallets like Skrill, Paypal, and Neteller with their debit or credit cards. To avoid leaving a trail of money, many services also accept payments made with bitcoin and other cryptocurrencies.
The RBI stated in a news release that the “liberalised remittance scheme (LRS) created under the FEMA” does not permit payments for margin to foreign exchanges or foreign counterparties.
What Establishes OctaFX as Reputable and Legitimate?
OctaFX is a trustworthy forex broker due to a number of characteristics. Here are a few things for your knowledge so that you know that OctaFX is legal or not
- Customer testimonials: OctaFX is well-liked by Indian traders. Positive reviews from the broker’s clients may be found on a variety of social networking sites, including Quora and Reddit.
- Trustpilot Rating: OctaFX has a trust rating of 4.4, placing it in the category of brokers with a high level of credibility. The broker’s validity can be inferred from the website of the independent reviewer’s good rating.
- Information is kept as transparent as feasible by the broker. On its website, it explicitly mentions all costs, including commission fees and trading costs.
One other thing to keep in mind: if you want to trade forex with a broker like OCTAFX, please make sure you select the real OCTAFX rather than one of its false clones, which could result in a significant loss for you.
- OctaFX, which was established in 2011 and is only licenced in one tier-2 country (Cyprus), is a high-risk broker for forex and CFD trading.
- maintains an expanding collection of organised research that includes trade ideas, daily updates, weekly forecasts, and content from outside sources.
- A brand-new, exclusive platform for social copy-trading is provided by OctaFX.
- Customers are not provided with any regulatory protection when they use the broker’s unregulated offshore firm in Saint Vincent and the Grenadines (SVG) to conduct business.
- Although OctaFX purports to provide reasonable trading prices, its displayed spreads are associated with a small number of just over 50 tradeable symbols and lack accompanying period ranges.
- When it comes to things like education, OctaFX finds it difficult to compete with the top multi-asset brokers.
- The OctaFX platform is no longer compatible with cTrader.
Opening an Account at OctaFX
- The process of opening an account is simple, entirely digital, and accounts are immediately usable for trading:
- The “Open Account” button at the top of the page must be clicked in order for new traders to be taken to the registration page.
- Customers must register an account using an email address and a password on OctaFX’s intake form.
- New traders are then instructed to enter their personal information (including name, country of residence, email address, and birth date).
- The next step for traders is to choose their desired account type (MT4 or MT5), live or demo account, leverage level, and base currency for the account.
- Once this process is finished, traders can start trading and make their first deposit using a variety of payment methods.
- Any verification documentation must only be submitted to OctaFX when a trader wants to withdraw money. These consist of:
- Identification Document Acceptance – OctaFX accepts all forms of government-issued identification, including passports, national ID cards, driver’s licences, and other IDs.
- Proof of Address – A trader’s full name, current residential address, issuance date, and issuing authority must all be included on any proof of residence/address document issued in the last six months in their name as the account holder of OctaF
Is OCTAFX Legal In INDIA- FAQs
- In India, is OctaFX authorised?
Answer-If they meet the minimum deposit requirements set forth by their preferred deposit method, all Indian citizens are qualified to open an account with OctaFX.
- Has the RBI authorised OctaFX?
Answer-According to RBI, users of these blocked platforms may potentially face legal action. The Indian Premier League (IPL) franchise Delhi Capitals’ official trading sponsor OctaFX is one of the many illicit apps on the market.
- Is OctaFX a SEBI-registered company?
Answer-Due to its low spreads and quick execution, OctaFX, a SEBI-registered forex and cryptocurrency trading platform, has recently gained popularity among forex traders in India.
- What is OctaFX’s minimal withdrawal amount?
Answer-The least amount you can withdraw from OctaFX at one time is $20, regardless of when you wish to do it.
- OctaFX was founded when?
Answer-Since its founding in February 2012, the company has served traders in over 100 countries with individualised forex brokerage services and has seen record year-over-year growth.