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.
Which forex trading app is legal in India?
OctaFX is a SEBI registered forex and crypto trading platform that has recently become a popular choice for Forex traders in India due to its low spreads and fast execution.
Is there any legal forex broker in India?
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.
Is OctaFX is legal in India?
Yes, MT5 works and can be used in India. You can also trade CFDs for forex, indices, commodities, shares and cryptocurrencies on MT5 with Vantage.