Is Binary Trading legal in India? Unlike many other countries, binary trading is illegal in India. As per the guidelines provided by the Reserve Bank of India, binary trading or any form of online trading of foreign exchange is not legal in India.
Which binary trading app is best 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. For more number of days, apart from an initial Rs 10,000 followed by the same amount for each day of violation may be levied.
What is the punishment for binary trading in India?
It is advisable to market participants that they refrain from trading binary options since it can land them in jail for violating FEMA act and also make them lose a lot of money to fraudulent means with not much legal remedies.
Can I go to jail for binary trading in India?
Finally, the Reserve Bank of India has declared all forex trading apps illegal. This includes popular apps like OctaFX, Binomo, and Olymp Trade. These apps were legitimizing themselves by sponsoring IPL teams.