FAQs
While OctaFX supports users from more than 180 countries, the company does not yet have regulatory permission to offer services to US customers.
Why OctaFX is illegal in India? ›
The answer is yes, OctaFX is legal in India. OctaFX is not based in India, but it is a global broker that is registered and regulated in various jurisdictions, including the UK and Cyprus.
What is the case of OctaFX in India? ›
The Enforcement Directorate (ED) on Wednesday attached movable/immovable properties worth Rs. 34.75 crore of forex trading app OctaFx in a money laundering case. The ED had initiated an investigation on the basis of an FIR registered under various sections of IPC 1860 and MPID Act by Pune Police.
What is the risk of OctaFX trading? ›
OctaFX is considered high-risk, with an overall Trust Score of 69 out of 99. OctaFX is not publicly traded and does not operate a bank.
Is OctaFX regulated in USA? ›
OctaFX acts in full compliance with international legislation and regulation standards and guarantees funds security and negative balance protection to their clients.
Is OctaFX available in the US? ›
OCTAFX does not accepts clients from United States!
Can I go to jail for forex trading in India? ›
As per the Act (under Section 13 (1C), a forex trader who has indulged in illegal activity may also be jailed for up to five years. Forex and currency trading in India is legal but failure to adhere to authorised brokers or permitted currency pairs is a penal offence under FEMA.
Who is the owner of OctaFX? ›
Georgios D. Pantzis - CEO / General Manager @ OctaFX - Crunchbase Person Profile.
Is US forex trading legal in India? ›
Is forex trading is prohibited 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).
How do I get my money back from OctaFX? ›
In case you are not satisfied with our service level, you can request a refund. If an account was funded via debit or credit card the funds can be refunded to the card. Please contact OctaFX Customer Support in this case: via any convenient method posted on https://www.octafx.com/contact-us/.
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.
What is the dollar rate in OctaFX in India? ›
1 US$ = 55 Rs. Deposit using fixed rupee exchange rate of 1 US$ = 55 Rs.
Why OctaFX is banned? ›
“It has emerged in the investigation that multiple accounts of different Indian banks were being shown to investors/users on OctaFX app for collecting funds in the guise of facilitating forex trading,” the agency alleged.
Do people make money from OctaFX? ›
It takes determination and hard work to establish yourself on the trading as a trader easy and there is no guarantee of profit in any situation. By following the above tips, you will be better able to approach the market in an organised, level-headed, and professional way and earn money online from your trades.
Does OctaFX have a withdrawal fee? ›
OctaFX Withdrawal Fee
OctaFX does not charge internal withdrawal fees, but traders must consider third-party costs levied by third parties, including blockchain and currency conversion charges.
Which forex broker is legal in USA? ›
Which forex brokers are legal in the U.S.A?
- IG - Legally available to retail clients in the U.S.
- FOREX.com - Legally available to retail clients in the U.S.
- OANDA - Legally available to retail clients in the U.S.
- TD Ameritrade - Legally available to retail clients in the U.S.
Where is OctaFX server located? ›
Our trading servers are located in London.
What is the maximum withdrawal from OctaFX? ›
We usually process withdrawal requests for 1–3 hours, but it's up to your payment system how long it will take the money to reach the destination. Limits for withdrawals: Skrill, Perfect Money, Neteller—from 5 USD, without the maximum limit. Bitcoin—from 0.00096 BTC, without the maximum limit.
How much is OctaFX minimum deposit? ›
How much do I need to start trading Forex? Our minimum deposit is 25 USD, but it might change depending on your region and the payment option.
What currency does OctaFX use? ›
You can trade Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple. Here you can learn more about trading cryptocurrencies with us. Can I trade commodities at OctaFX?
Please note that you can withdraw funds only after your profile is verified.
What is the punishment for illegal forex trading in India? ›
Engaging in unlawful forex trading in India is punishable by imprisonment or a fine under the Foreign Exchange Management Act (FEMA), 1999.
Is forex trading legal in the US? ›
Yes, forex trading is legal in the United States. Forex trading is regulated by the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA), which were created to protect investors and promote transparency in the markets.
How much forex can I carry to India? ›
There's no limit, however, to how much foreign currency you can bring into India. Although, you will have to declare it if the amount exceeds US$5,000 in notes and coins, or US$10,000 in notes, coins, and traveller's cheques².
Is OctaFX a gamble? ›
Kindly note that forex trading is not gambling. Traders need to learn how to analyse the market, do market research, and risk management.
Is OctaFX a Cryptocurrency? ›
Trading cryptocurrencies with us
We now offer 30 digital assets for trading, including popular tokens such as Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, and more.
How many clients does OctaFX have? ›
With more than 800,000 trading accounts and over 80 million trades served to date, OctaFX has continued to focus on enhancing its offering and customer service in a bid to provide the best trading experience in the industry, delighting current customers and attracting thousands of new ones every month.
Why is forex trading not allowed in USA? ›
In the US, the Securities and Exchange Commission (SEC) regulates the securities markets, which are centralized and offer greater protection to investors. Because forex trading does not fit within the SEC's regulatory framework, it's not allowed in the US.
Which forex broker is illegal in India? ›
The central bank's list of such unauthorised entities includes Alpari, AnyFX, Ava Trade, Binomo, eToro, Exness, Expert Option, FBS, FinFxPro, Forex.com, Forex4money, Foxorex, FTMO, FVP Trade, FXPrimus, FXStreet, FXCM, FxNice, FXTM, HotForex, ibell Markets, IC markets, iFOREX, IG Markets, IQ Option, NTS Forex Trading, ...
Can we withdraw money from forex in India? ›
You can withdraw money from a forex account when you have accumulated your profits in that account. Your access to cash through trading in forex is also facilitated by linking your bank account to your trading account.
In order to start trading with OctaFX, you'll need to make a deposit and fund your account. Then, you can cash them out at any time you like with your preferred withdrawal method.
How can I recover my lost money from forex? ›
What steps to take to recover money lost in trading
- Report the broker to the authorities;
- If you have used a credit card, contact your bank to request the transactions to be blocked;
- Check that the Forex broker is regulated so that you can rely, if possible, on the country's supervisory body;
How much does OctaFX charge? ›
We do not charge any commission.
How do I transfer money from forex to bank account? ›
Visit the bank branch that issued your Forex card or a financial institution.
- Send your proof of identity and your passport and bank account number.
- If a Forex card is leftover, you will transfer the balance of your forex card to your bank account.
- Transfer funds via NEFT by submitting and cancelling a check.
How long does it take for OctaFX to deposit money? ›
Monday through Friday, the payment will be settled in your account in 1–3 hours, but in rare cases, it might take up to one business day. Saturday and Sunday requests are queued on Monday morning.
What is the minimum deposit for OctaFX in India? ›
Our verdict on OctaFX
🏦 Min. Deposit | USD 25 |
---|
⚖️ Max. Leverage | 500:1 |
💹 Copy Trading | Yes |
🖥️ Platforms | MT4, MT5 |
💱 Instruments | Commodities, Cryptocurrencies, Forex, Indices, Metals, Stock CFDs |
2 more rowsMar 21, 2023
What is the rate of US dollar in India? ›
Dollar to Rupee Exchange Rate Today, Live 1 USD to INR = 82.762 (Convert Dollars to Rupees)
What is the buying rate of US dollar in India today? ›
Currency Rate Today
Currency Name | Buy Rate (Card Rate) | Sell Rate |
---|
US Dollar (USD) | 83.79 | 80.48 |
Euro (EUR) | 90.47 | 86.41 |
Sterling Pound (GBP) | 105.08 | 100.66 |
Thai Baht (THB) | 2.59 | 2.13 |
2 more rows
How to buy US dollar in India? ›
For this, you may approach your local bank. Banks generally offer competitive exchange rates and charges. Visit the bank in person on a working day to buy the foreign currency you need. HDFC Bank branches have forex services that let you buy foreign cash in 22 major currencies.
What is the minimum withdrawal in OctaFX? ›
The OctaFX minimum withdrawal amount is between $5 and $50, dependent on the payment processor. OctaFX does not levy internal withdrawal fees, but traders may face third-party payment processor costs, blockchain fees, and currency conversion charges.
Resident persons can undertake forex transactions only with authorised persons and for permitted purposes, in terms of the Foreign Exchange Management Act, 1999 (FEMA), the RBI said.
Is OctaFX closed? ›
What are your market opening hours? OctaTrader, MT4, and MT5 trading hours for all currency pairs except cryptocurrencies and stocks are 24/5, starting at 12:00 a.m. on Monday and closing at 11:59 p.m. on Friday server time (EET/EST).
Is OctaFX a legit app? ›
A reliable platform is essential for forex trading, and OctaFX scores well on this count. With multi-platform support including desktop and web applications along with fast execution times, and support for android and iOS mobile devices, you'll be able to use the platform with confidence from nearly any device.
Does Forex really make you money? ›
Forex trading may make you rich if you are a hedge fund with deep pockets or an unusually skilled currency trader. But for the average retail trader, rather than being an easy road to riches, forex trading can be a rocky highway to enormous losses and potential penury.
Is OctaFX registered? ›
It is classified as a Non-Govt and is registered at RoC-Mumbai. Their state of registration is Maharashtra. Its authorized share capital is 1000000.00 and its paid-up capital is 1000000.00.
How much is the fee for forex withdrawal? ›
A $25 fee is charged within the US, $40 for international wires (including Canada). There are no fees for withdrawals greater than $10,000.
Is forex legal in USA? ›
In conclusion, forex trading is legal in the US, but it is heavily regulated to protect traders and prevent fraud.
Is forex trading banned in the US? ›
So, is Forex Trading Legal in the U.S.? Yes, forex trading is legal in the United States. Forex trading is regulated by the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA), which were created to protect investors and promote transparency in the markets.
Is OctaFX real or fake? ›
Please note that OctaFX is not a local brokerage but an international one. We are authorised to operate globally on a decentralised Forex market, so we should follow international standards like AML and Privacy Policy to ensure a safe and secure trading environment for our traders worldwide, including India.
Where is forex located in USA? ›
There is actually no central location for the forex market - it is a distributed electronic marketplace with nodes in financial firms, central banks, and brokerage houses. 24/7 forex trading can be segmented into regional market hours based on peak trading times in New York, London, Sydney, and Tokyo.
Opening an offshore forex account for US citizens is a relatively straightforward process. However, it is crucial to research and find a reputable offshore broker to ensure the safety of your investment. Do not forget to verify the legality of the broker and open an offshore bank account to fund your trading account.
Is MetaTrader 5 allowed in the US? ›
Plenty of support remains for MetaTrader 4, so American currency traders can experience the platform. If you want to trade stocks or options on MetaTrader, you'll have to do it outside the United States. Still, plenty of quality brokerage options exist for international traders who wish to use MetaTrader 5.
Is MT4 banned in the US? ›
On September 23, 2022, users found MT4 banned and MT5 banned from the Apple App store. The company simply stated that these MetaQuotes instruments didn't comply with the App Store's review guidelines.
How do I know if a forex trader is legit? ›
Before Participating in Forex Trading, Ask, Ask, and Ask Some More!!
- Contact the CFTC to check the company's registration status, business background, and disciplinary history.
- Ask about the details of the forex trading market and your obligations if you participate.
How much do forex traders make a day in USA? ›
In conclusion, how much a forex trader can make per day depends on several factors, including experience, trading strategy, risk management techniques, and market volatility. A beginner trader can make an average of $50 to $100 per day, while an experienced trader can make anywhere from $500 to $1,000 per day.
How many forex traders are in US? ›
175,000 Retail Traders Traded Forex in the US in Q2 2022. The retail FX market in the US has consolidated in the past few years.
Do I need a forex card in USA? ›
A forex card is your best bet for managing your finances during your initial days in the U.S. Once you start working and your local bank account is set, you'll no longer need a forex card, but it will help you tide through the initial weeks.
Is forex closing? ›
Frequently Asked Questions about Forex Market Hours
The forex market technically never closes, but retail traders can only trade the hours between Sunday at 5:00 pm ET and Friday at 5:00 pm ET.
Who is behind OctaFX? ›
Georgios D. Pantzis - CEO / General Manager @ OctaFX - Crunchbase Person Profile.