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Is Forex trading on OctaFX legal in India?
Trading non-INR Forex pairs are illegal in India under the FEMA act. So, the government has not forbidden Indians to trade Forex. They have limited trading for Indian residents to only trade currency pairs bench-marked against INR (Indian Rupee).
Will Forex trading become legal in India?
However, forex trading is held legal when one does it through specified foreign exchange trading platforms and the base currency is INR (Indian Rupees). Simply put, the Indian Government has limited trading for Indian residents to only trade currency pairs which are bench-marked against INR (Indian Rupee).
What is the punishment for Forex trading in India?
If someone is found guilty of exchanging to other foreign pairs, then he or she will be punished with INR 10,000 (or USD 150) for the day you have traded. If someone traded for three days in foreign currency, then he/she will be fined an initial amount of 10,000 Rupees and 30,000 Rupees for the three days.
Is OctaFX approved by RBI?
Yes, OctaFX is legal in India. According to the broker’s website, it is fully compliant with international legislation and allowed to operate worldwide.
Is forex trading illegal?
Forex trading is legal, but not all forex brokers follow the letter of the law. Around $6.5 trillion trades each day on the forex markets, according to the 2019 Triennial Central Bank Survey. While forex trading is legal, the industry is rife with scams and bad actors.
In which country forex trading is illegal?
Many of them also advertise in the local Indian languages. The ad, typically, talks about how you can easily trade in the forex market and make quick money. Many of these forex trading platforms are popular around the globe. However, they are illegal in India.
Is trading forex legal?
Is OctaFX illegal?
Is OctaFX legal in India Quora?
OctaFX is a forex trading platform. Now in India it is illegal to trade in any platform which is not approved by SEBI or RBI.
Who is the owner of OctaFX?
Georgios D. Pantzis – CEO / General Manager – OCTAFX | LinkedIn.
How can I legally trade forex?
In India, however, forex trading platforms are banned. While you cannot directly trade in the foreign exchange market, you can still trade in currencies through the stock exchange. Under the Foreign Exchange Management Act (FEMA), binary trading is not allowed.