Whether OctaFX is legal in India is probably the most searched query over the internet. Since the scope of currency trading is limited in India due to RBI restrictions, people might want to be assured that they can trade with OctaFX. Today, I have compiled a list of frequently asked questions to answer your concerns about OctaFX.
What Is OctaFX?
OctaFX is a well-known forex broker that offers trading services across multiple financial instruments. The broker is based in St. Vincent and the Grenadines.
Is OctaFX legal In India?
Yes, OctaFX is legal in India. According to the broker’s website, it is fully compliant with international legislation and allowed to operate worldwide.
Does it accept clients from India?
Yes, it does. Thousands of traders have been successfully trading with the broker in India. The broker also offers a deposit bonus of up to 50%.
Does it hold SEBI regulations?
No, the company doesn’t hold regulations from India’s Securities and Exchange Board (SEBI). However, OctaFX is an international company. The broker’s documents of incorporation allow it to offer financial services to clients all around the world.
How to open an account with OctaFX?
Indian traders need to fill up the registration form available on the signup page at OctaFX. Since the broker complies with the rules and regulations of anti-money laundering agencies, it needs you to complete the KYC process. That means you have to verify your identity to continue trading with the broker.
What documents are needed to verify my identity at OctaFX?
You need to submit a copy of your CNIC or driving license. The broker also requires you to submit proof of your residence. For this purpose, you can submit your bank statement or a copy of a utility bill.
How long does the broker take to verify my account?
Usually, the broker verifies your account within 2 to 3 working days. However, It could take some more time to verify your account depending upon the completeness of your submitted documents.
Is it safe to trade with OctaFX in India?
Yes, it is undoubtedly safe to trade with OctaFX in India. Besides keeping clients’ funds in segregated bank accounts, the broker employs advanced SSL encryption to safeguard clients’ information. Furthermore, it incorporates a two-step authentication factor and a 3D visa protection to keep intruders out of the reach of traders’ financial information.
Does it allow Indian traders to trade currency derivatives?
Yes, the broker doesn’t restrict clients from trading currency derivatives. The RBI also allows Indian traders to trade currency derivatives in pairs that involve Indian Rupees. It might be one of the reasons why OctaFX never confronted the RBI to date.
What Makes OctaFX Trustworthy and Legitimate?
Many factors make OctaFX a trustworthy forex broker. Listed are some factors for your information.
Clientele feedback: OctaFX is very popular amongst traders in India. You can read the broker’s clientele’s positive feedback on different networking websites, such as Quora and Reddit.
Trustpilot Score: With a trust rating of 4.4, OctaFX falls in the category of highly reputable brokers. The excellent rating on the independent reviewer’s website speaks itself concerning the legitimacy of the broker.
Transparency: The broker keeps information as transparent as possible. Whether it’s about the trading cost or commission charges, it mentions each and everything straight on its website.
OctaFX is legal in India as long as it does not indulge in fraudulent activities. So far, the broker has maintained an excellent reputation not only in the country but worldwide. Despite missing regulations from SEBI or any other principal regulatory authorities, it survived the market and continues to evolve even more.