On April 10, 2019, OCTAFX INDIA PRIVATE LIMITED was established as a private company. It holds the classification of an NGO and is duly registered with RoC-Mumbai. The company’s state of registration is Maharashtra, with an authorized share capital and paid-up capital of $100,000 each.
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Is OctaFX Sebi registered?
The Corporate Identification Number (CIN) for OCTAFX INDIA PRIVATE LIMITED is U67100MH2019PTC331358. You can reach out to them via email or visit their registered address at No. 21, The Arcade, Ground Floor, World Trade Centre Complex, Cuff Parade, Mumbai City, Maharashtra, 400005.
OctaFX is not a SEBI-regulated broker. The broker gained local traction in 2021 after sponsoring Delhi’s IPL cricket team and being on the Reserve Bank of India (RBI) alert list along with other brokers. Many brokers are popular, among them regulated in foreign countries India.
The RBI’s latest alert list was updated to include numerous international brokers, some of which are highly regulated and some that may lack regulatory licences of any kind.
The Reserve Bank of India (RBI) issues periodic alerts to the public regarding foreign brokers not regulated by SEBI within India. As per the RBI, this list comprises entities lacking authorization to engage in electronic trading platforms under the Electronic Trading Platforms (Reserve Bank) Directions, 2018, or to conduct Foreign Exchange transactions governed by the Foreign Exchange Management Act 1999 (FEMA).”
Is OctaFX legal in India?
OctaFX is a global forex broker that is not regulated by the Reserve Bank of India (RBI). However, it is not explicitly illegal for Indian residents to trade with OctaFX. The Reserve Bank of India issued a warning against trading with illegal forex traders but stopped short of banning it.
Here are some things to consider if you’re thinking about trading with OctaFX in India:
- OctaFX is not bound by the same regulations as Forex brokers based in India. This implies that in the event of a problem, Indian traders will have less protection.
- Customer service is not offered by OctaFX in India. This will make it more challenging to contact support if you encounter account issues.
- Indian payment methods might not be accepted by OctaFX. Due to the necessity of using a third-party payment method, your expenses will go up.
- You can perform trades only in the currency pairs allowed by SEBI.
Is OctaFX Safe to use?
As per forexbrokers.com’s research, OctaFX is categorized as a high-risk broker, holding a Trust Score of 67 out of 99. OctaFX is regulated solely by the Cyprus Securities & Exchange Commission (CySEC), which falls under the Tier 2 jurisdiction, located in Cyprus.
Points which make it safe to use
- A Dependable Stronghold: When selecting a broker, security and dependability are crucial factors to consider. OctaFX is dedicated to this, as seen by its adherence to all applicable laws and its implementation of strong security protocols to protect user money.
- Control: OctaFX is governed by the Cyprus Securities and Exchange Commission (CySEC). The broker follows all operating guidelines and financial requirements set forth by this regulatory authority. This provides reassurance that OctaFX adheres to integrity and transparency best practices.
- Fraud Prevention: OctaFX employs state-of-the-art encryption technology to protect sensitive data and financial transactions. To prevent unauthorised access, stronger authentication mechanisms are in place.
- Security of Client Funds: OctaFX keeps segregated accounts. This entails dividing the company’s operating capital from customer income. By keeping user funds separate, it is ensured that they are safe from other operational uses and remain available in case of unanticipated business challenges.
Trading Platforms by OctaFX
1. Versatile Tools for Every Trader
OctaFX provides access to many powerful trading platforms, including MetaTrader 4 (MT4), MetaTrader 5 (MT5) and cTrader. These platforms address different business needs and trends.
2. Mobile trading apps
OctaFX has a full range of mobile trading apps for MT4, MT5 and cTrader, available on Android and iOS devices. These apps offer a full range of trading, interactive charting and mobile technical analysis tools.
3. Web Trading Apps
Traders can access MT4, MT5 and cTrader directly from the browser using the website without installing software, which is very convenient.
4. Desktop Trading Apps
OctaFX is available in platform versions for Windows and Mac desktops.
OctaFX platform uses advanced tools to increase ease of use and support algorithmic trading. Although not proprietary, these platforms offer trading opportunities, allowing users to copy the successful strategies of other traders.
Q: Is OctaFX regulated?
A: Yes, OctaFX is regulated by the Cyprus Securities and Exchange Commission (CySEC). This provides investors with assurance that OctaFX adheres to strict financial standards and is committed to transparency and fairness in its operations.
Q: What type of trading does OctaFX offer?
A: OctaFX provides Meta Trader 4 (MT4), Meta Trader 5 (MT5), and trader platforms for trading. These platforms enable a variety of business interests and models and are available on a variety of devices, including desktop computers and mobile devices.
Conclusion
OctaFX is not registered with SEBI (Securities and Exchange Board of India), and traders should exercise caution when dealing with this broker in the Indian market. Investors need to conduct thorough research and consider regulatory compliance before engaging with any financial service provider.