FAQs
The OctaFX app and its website have not been authorized by the RBI to deal in forex trading. The conduct and operations of forex trading(not being conducted on a recognized stock exchange) is illegal and also violates FEMA regulations.
Does OctaFX ban in India? ›
As per regulation an indian citizen can only trade on broker platforms which are approved by SEBI and RBI and can only trade in INR pairs such as USDINR, JPYINR, EURINR…. Hence it is illegal to trade on octafx.
Is OctaFX registered under RBI? ›
“The said app (OctaFX) and its website have not been authorised by the RBI (Reserve Bank of India) to deal in forex trading. The conduct and operations of forex trading (not being conducted on recognized stock exchange) is illegal, and also violates FEMA Regulations”, added ED.
Which forex broker is legal in India? ›
They can exchange foreign currencies only through SEBI regulated forex brokers.
...
Latest Indian Forex Brokers Detailed Comparison of 2023.
| Forex Broker Name | Minimum Initial Deposit | Bonus |
|---|
| FBS | ₹77.5 | 100% |
| Instaforex | ₹77.5 | 30%, 55%, 100%. |
| Avatrade | ₹7,751 | Up to ₹725591.00 |
| XM | ₹387 | ₹2176.77 no-deposit bonus |
8 more rowsJan 19, 2023
Important: by the law, you can only withdraw money after verifying your profile—this is required by law. Log in to your Personal Area on our site. Further actions depend on whether you want to withdraw money from your Wallet or your trading account.
Can I use OctaFX in us? ›
While OctaFX supports users from more than 180 countries, the company does not yet have regulatory permission to offer services to US customers. Q: Are automated trading strategies supported by OctaFX?
How to use OctaFX in India? ›
How to start trading in 4 easy steps
- Open an account with OctaFX. With an OctaFX account, you can access the foreign exchange market and start trading. ...
- Make a deposit. Log in to your Personal Area to make a deposit without any commissions. ...
- Sign in to the web-based platform. ...
- Start trading.
Directors of Octafx India Private Limited are Pavel Prozorov, Anna Rudaia, . Octafx India Private Limited's Corporate Identification Number is (CIN) U74110MH2019PTC331358 and its registration number is 331358.
What is punishment for forex trading in India? ›
If the person has traded in an illegal manner, the individual will be fined up to Rs 10,000 for the day in which they have traded.
What countries use OctaFX? ›
OctaFX Compliance & Regulation
OctaFX is based in the Caribbean nation of St. Vincent and the Grenadines. The company's OctaFX.com site is regulated by the financial authorities of that nation.
OctaFX is a legitimate and reliable forex broker. We've been in business for over ten years, and our traders can attest to our credibility and reliability.
How can I open OctaFX account in India? ›
How to open a trading account with OctaFX
- Press the Open Account button. ...
- Fill in your details. ...
- Verify your email address. ...
- Fill in your personal details. ...
- Select a trading platform. ...
- Complete account choice. ...
- Make your first deposit and submit a verification document for withdrawal.
- IG CMC Markets FOREX.com XTB FP Markets.
- Plus500 AvaTrade BlackBull Markets Tickmill All Reviewsarrow_right_alt.
Answer: Permitted forex transactions executed electronically should be undertaken only on electronic trading platforms (ETPs) authorised for the purpose by the Reserve Bank of India (RBI) or on recognized stock exchanges (National Stock Exchange of India Ltd. (NSE), BSE Ltd.
How can I legally trade forex in India? ›
As an Indian resident, as long as you are trading through any specified Indian Brokerage allowing access to Exchanges based in India such as the NSE, BSE, MCX-SX and also provides access to currency derivatives, the transactions made for the trade is held entirely legal.
How much can I earn in OctaFX in India? ›
OctaFX India Pvt. Ltd. Salaries in India
| Designation | Average Salary Yearly Yearly Monthly |
|---|
| Production Engineer (2 yrs exp) | ₹18.9L/yr - ₹23.1L/yr |
| Customer Success Manager (4 yrs exp) | ₹13.5K/yr - ₹16.5K/yr |
| Team Lead (5 yrs exp) | ₹10.8L/yr - ₹13.2L/yr |
| Administration Manager (8 yrs exp) | ₹5.0L/yr - ₹6.1L/yr |
6 more rowsHow to make a deposit to your OctaFX Forex trading account
- Log into your Personal Area and press Deposit. The Deposit button is at the top of the main menu ≡ of the app.
- Select the account you want to make a deposit to.
- Choose your preferred transfer method.
Regulation: OctaFX is regulated by the Cyprus Securities and Exchange Commission (CySEC) and registered with the Financial Services Authority of St Vincent and the Grenadines (SVG FSA): Octa Markets Cyprus Ltd is an investment firm registered in Cyprus and regulated by the CySEC since 2018 (license 372/18).
Can US citizens trade forex? ›
US residents can trade Forex. Before we move on any further, it is vital to state that Forex trading in the US is not prohibited. A trader from the US can trade FX online as easily as a person living in Europe or Australia. However, the main difference lays in the variety of brokers a trader can choose from.
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.
Top 5 US Forex Brokers in 2023: Top-Down List
- eToro - Best Overall.
- OANDA – Best for Beginners (Numerous Educational and Researching Tools)
- Interactive Brokers - Best for Professionals.
- IG Markets – Most Trusted.
- TD Ameritrade – Currency Trading with Thinkorswim.
Top 10 Trading Apps in India with their Ratings
| Rank | Trading Platform | Top features |
|---|
| 1 | Zerodha Kite App | Zero brokerage for equity delivery |
| 2 | ICICI direct Markets | Integrated Research, Advanced analytical tools, Flash trade |
| 3 | 5Paisa Mobile App | Auto investing feature |
| 4 | Angel Broking Mobile App | Zero brokerage for delivery trades |
6 more rowsOctaFX India Pvt. Ltd. was founded in 2019.
Do forex traders pay tax in India? ›
If trading in forex is a business for the trader, the income arising from it will be taxed as business income. Otherwise, it must be taxed under 'income from other sources' at the rate applicable to individuals. GST is charged in three slabs on forex transactions.
How much forex can a NRI carry from India? ›
You can indefinitely retain foreign exchange upto US$ 2,000, in the form of foreign currency notes or travellers' cheques (TCs) for future use. Any foreign exchange in cash in excess of this sum, is required to be surrendered to a bank within 90 days and TCs within 180 days of return.
Will India legalize forex? ›
Is Forex Trading legal in India? Yes, it is legal to trade foreign currencies in India. However there are several restrictions. Currency cannot be traded directly in the foreign exchange markets, it has to be traded through a stock broker who is registered.
What is the punishment for forex trading in India? ›
If the person has traded in an illegal manner, the individual will be fined up to Rs 10,000 for the day in which they have traded.
Is forex trading legal in India? ›
Answer: Resident persons are permitted to undertake forex transactions only with authorised persons and for permitted purposes, in terms of the Foreign Exchange Management Act, 1999 (FEMA).
Why is forex illegal in India? ›
Forex Trading Illegal In India
Under the Foreign Exchange Management Act (FEMA), binary trading is not allowed. While trading in foreign currencies is allowed, it does come with certain restrictions. For instance, the base currency being traded upon has to be the Indian Rupee (INR).
