Is OctaFX Legal in Pakistan? A Comprehensive Review – Stop The Breaks (2024)

FAQs

Is OctaFX Legal in Pakistan? A Comprehensive Review – Stop The Breaks? ›

The simple answer is yes, OctaFX is legal in Pakistan. Forex trading is legal in Pakistan and there are no restrictions or prohibitions on it.

“OctaFX/Exness/ExpertOption/similar FX trading platforms are illegal. Do not invest through such website/app or give money to any person to trade on your behalf,” read the text message sent by the government of Pakistan through Mobile SMS Service.

KARACHI: The State Bank of Pakistan (SBP) has declared forex trading platforms like OctaFX and Easy Forex illegal in the country and warned citizens that these platforms are regulated neither by the central bank nor the Securities and Exchange Commission of Pakistan.

While OctaFX supports users from more than 180 countries, the company does not yet have regulatory permission to offer services to US customers.

The SBP said all offshore forex trading platforms, websites and mobile apps are illegal. This article is the best for you if you want to venture into «Forex trading» and start a business to make money.

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.

OctaFX is considered high-risk, with an overall Trust Score of 69 out of 99.

OCTAFX does not accepts clients from United States!

“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.

Mumbai: The Enforcement Directorate (ED) said on Thursday that it has frozen ₹21.14 crore in the bank accounts of OctaFX and its related entities for alleged violation of forex rules. The ED has been probing the platform for alleged illegal online forex trading through international brokers.

Who is the owner of OctaFX? ›

Georgios D. Pantzis is the CEO / General Manager at OctaFX .

Yes, forex trading is legal in the U.S. and regulated by the Commodity Futures Trading Commission (CFTC).

octafx.com Ranking

Website ranking helps evaluate the value of a business. Over the last three months, octafx.com's global ranking has increased from 26,838 to 18,180.

FXTM has no restrictions on trading strategies, allowing Pakistani traders to take advantage of all possibilities.

MetaTrader 4: 8 days. MetaTrader 5: 30 days.

To transfer money to OctaFX, choose one of the available options. Open your online banking app, go to an ATM, or visit your bank branch. Make a transfer using the bank details you see on the deposit page. Keep the payment document.

Kindly note that forex trading is not gambling.

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.

Learn Forex completely risk-free

The OctaFX Demo Account provides the same Forex trading experience as real accounts. The only difference is that the funds on the Forex demo account are simulated.

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.

OctaFX maintains a commission-free trading environment in both of its account types. The minimum OctaFX fees for Forex traders start from 0.6 pips or $6.00 per 1.0 standard lot, but the average cost for major currency pairs is closer to 1.0 pips or $10.00.

1-3 hours to approve the withdrawal and up to 1 hour to transfer the funds.

Is it possible to lose more than I deposited? What if account's balance becomes negative? OctaFX offers negative balance protection, so whenever your balance becomes negative we automatically adjust it to zero. OctaFX guarantees that your risk is limited only to the funds you have deposited into your account.

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).

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.

Why OctaFX is removed from Play Store? ›

Not authorised by RBI

The ED said that the OctaFX app and its portal version have not been authorised by the Reserve Bank of India (RBI) to deal in forex trading so their "conduct and operations are illegal, and also violates FEMA regulations".

Global headquarters for OctaFX India Pvt. Ltd. is located in Mumbai, Maharashtra,India.

Octa Markets Incorporated is a worldwide recognized forex broker. OctaFX provides forex brokerage services to its clients in over 100 countries of the world. OctaFX uses the most up-to-date technology and knowledge to make your forex trading experience outstandingly convenient.

OctaFX is an international broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and a variety of services already utilised by clients from 180 countries with more than 21 million trading accounts.

If your broker is based in the United States, you will receive a 1099 at the end of the year reporting your total gains/losses. This number should be used to file taxes under either section 1256 or section 988.

In conclusion, opening a forex account as a US citizen is a relatively straightforward process. However, it is important to do your research and choose a reputable forex broker that is regulated by a reputable financial authority.

The U.S. Constitution, through the Commerce Clause, gives Congress exclusive power over trade activities between the states and with foreign countries. Trade within a state is regulated exclusively by the states themselves.

Our trading servers are located in London. We have a wide network of servers and data centres throughout Europe and Asia, ensuring low latency and stable connection.

Forex broker ECN, online Forex trading, stock trading — OctaFX.

XM presents a safer Forex and CFD trading environment, as it operates with licenses from five global regulators. OctaFX remains an unregulated Forex broker with a clean history. XM presents the better choice for beginner traders due to its quality educational content, including videos, webinars, and seminars.

Which trading platform is legal in Pakistan? ›

Yes, forex trading is legal in Pakistan, albeit with restrictions. The physical exchange of money at a local kiosk or bank is regulated in Pakistan by the SBP and SECP.

All OctaFX accounts are already swap-free and Sharia-compliant, allowing halal trading.

In 2020, Pakistan major trading partner countries for exports were United States, China, United Kingdom, Germany and United Arab Emirates and for imports they were China, United Arab Emirates, United States, Indonesia and Saudi Arabia.

OctaFX Pakistan - General Information

It allows deposits and withdrawals in the local currency through local banks and other international deposit options like credit cards, Bitcoin, Ethereum, and Skrill. It also offers copy trading.

Many Pakistanis asked if it is possible to invest in US stocks as non-US citizens. Stocks and bonds are regulated by US law, yet, you do not have to be a US citizen to trade in the US stock market; in other words, you may buy US shares as a Pakistani citizen.

OctaFX Islamic accounts are a unique offer designed specifically for the Muslim traders. We care about our customers and we do our best to make their trading experience easy and convenient. We gently handle all possible nuances and you are ready to trade without any further restrictions.

Who owns OctaFX? ›

Georgios D. Pantzis - CEO / General Manager - OCTAFX | LinkedIn.