Investor alert! RBI says forex trading on these 34 platforms is illegal

The minimal deposit amount is $10 (or €10, if that’s the account currency), and one needs as little as $1 to open a trade. That’s why you can also trust this online trading platform easily. For new traders, a demo account has always been the first helping hand.

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Those indulging in illegal forex transactions can render themselves liable for legal action under the FEMA. It has been in the market of online trading for over 6 years and earned the trust of millions of traders worldwide. Olymp Trade is committed to providing transparent, reliable service, and paying close attention to client requests. Before investing your money, don’t forget to try a couple of strategies to determine what suits your goals and trading style best and thus minimise mistakes. Olymp Trade created its free educational material and built-in automated assistant, keeping the new traders in mind. These markets are helping people around the world in making their lives sustainable.

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For instance, how you can manage capital, the latest trading tips, etc. In a nutshell, the forex broker has everything that supports each of its clients in his/her trading journey. You can use the demo account right after the simple registration process. The demo account by Olymp Trade is a complete copy of the premium account.

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Similarly, if you’re also a new trader without any prior trading experience, don’t skip using the demo account. Suppose you want to take a full overview of this online trading platform before using its premium account. However, you might have found this same thing in other online trading platforms too.

• Don’t worry then; the Olymp Trade Mobile app here comes up as the best option for you.
• Every feature of this mind-blowing trading platform is clear and concise.
• Deposits can be made quickly and easily through one of For a VIP account, you must deposit the required amount (approximately $2000).
• In February this year, RBI had warned people against trading forex on unauthorized platforms following growing reports of people falling prey to such entities.
• You can go with it even though you are an Android phone user or iOS user.
• But the rest of the features that this Trading Platform offers you are truly attractive.

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• The platform uses high-end encryption, which provides full protection to the user’s data.
• Forex trading is by far the largest financial market with more than $5 million in daily volume, whereas options trading are the easiest instrument to learn.
• The minimal deposit amount is $10 (or €10, if that’s the account currency), and one needs as little as $1 to open a trade.
• Therefore, being a small investor, this place can prove to be a reliable option.
• It’ll be best for new traders to skip this point if you haven’t yet grasped the vital information related to leverage.
• If you have a question you can always find the answer through the automated assistant or a help centre.
• It has proved itself to be a reliable guide in the world of financial markets for hundreds of thousands of people from all over the world.

The entities in the alert list are neither authorised to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) nor authorised to operate electronic trading platforms for forex transactions. To sign up and start trading with Olymp Trade account, you must provide your name, a phone number and email address. Once all of the required information is entered, you can start practising with your demo trading account.

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Each trader has 10,000 Demo Dollars, which can be replenished an unlimited number of times. Though, in terms of education, the platform assists new traders a lot. Still, trading with a VIP trading account is more profitable but requires a relatively high minimum deposit amount. Also, the RBI has clarified that an entity not appearing in the ‘alert list’ can’t be assumed to be authorised by the RBI. The RBI says people can undertake forex transactions only with “authorised persons and for permitted purposes”, in accordance with the FEMA rules.

• It’ll be best for new traders to skip this point if you haven’t yet grasped the vital information related to leverage.
• The site’s automated assistant answers traders’ questions as soon as they appear in the education section.
• Whatever the features you’ll use in the premium accounts, you can get a glimpse of every pinpoint at the demo account.
• The platform guides and encourages new users through recommendations.
• However, you might have found this same thing in other online trading platforms too.
• We are certified stock broker review & comparison website working with multiple partners.
• The minimal deposit amount is $10 (or €10, if that’s the account currency), and one needs as little as $1 to open a trade.
• Therefore, being a small investor, this place can prove to be a reliable option.
• If you have a question you can always find the answer through the automated assistant or a help centre.
• Copyright © 2025 FactSet Research Systems Inc.© 2025 TradingView, Inc.

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It is also crucial to point out that start binary trading with Pocket Option in Nigeria the value of spreads can rise or fall as the market conditions go up and down. However, you can also assume it a small trading tool that you’ll be carrying for all time in your pocket. Whenever you wish to make a well-informed decision, this app will always assist you.

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CFD is an arrangement made in financial derivatives trading where the differences in the settlement between the open and closing trade prices are cash-settled. “Resident persons undertaking forex transactions for purposes other than those permitted under the FEMA or on ETPs not authorised by the RBI shall render themselves liable for legal action under the FEMA,” it added. Apart from educational tools, Olymp Trade comes with a plethora of features. The platform guides and encourages new users through recommendations. Surprisingly, Olymp Trade offers attractive deals and bonuses for its clients from time to time. In terms of deals and promotions, users can get a 50% bonus on their initial deposit.

It should be noted in the forex market, you can open a short position (when you expect the asset to go down in value) and profit from the decline of the quotes. The price chart can be presented as Japanese candlesticks, bars, HeikinAshi candles or a line chart. No matter whether you’re trading through mobile or desktop, if you’re using Olymp Trade, you can invest at any time, anywhere.

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For traders, trading on this platform becomes much easier as this entire platform is easy to navigate. Every option is well-organized that delivers easiness in the trading activities. Overall, Stock Price Trades is a truly user-oriented trade mechanic. It may be a primary trade mechanic for those who want to invest long-term in a relaxed manner.

Various methods of investing can be used on Olymp Trading which keeps new traders from making uninformed decisions. Traders can later enable their real accounts and start trading practices with their own money. In some instances, says the RBI, such ETPs-engaging agents personally contact gullible people to undertake forex trading or investment schemes and entice them with promises of “exorbitant returns”. Many people have lost money by trading with the unauthorised platforms, the RBI adds. Some of these platforms also claim to be regulated by overseas regulators and recipients of global awards, it had added. All these plus points draw trader’s attention towards the online trading broker.

• Traders can later enable their real accounts and start trading practices with their own money.
• All concepts, strategies, and tools are explained in simple language to ensure even the newest traders can learn everything necessary and become successful.
• Though, the platform will never accept your withdrawal request from the different payment options.
• If you are afraid of putting your money for trading via a random trading platform, you can check its licensing.
• All these plus points draw trader’s attention towards the online trading broker.
• The trader can also place an order and get a position opened only after the specific conditions have been met, like the time and the asset price.
• If you’re opting for a bank transfer, you may have to wait for a few hours or an entire day.

You can go with it even though you are an Android phone user or iOS user. Just visit the mobile app store and download the Olymp Trade app. Today, the brand continues to evolve, and the awards that this online trading broker has achieved witness it. Every year, the company is setting a new record for its success. The brand has built a large repo in the online marketplace, which has become famous among young traders. Therefore, being a small investor, this place can prove to be a reliable option.

Fixed Time Trade trading involves buying or selling a contract before a certain date (expiration) and getting specified returns. The risks of using this instrument are strictly limited, which prevents traders from getting a negative result like losing a larger amount than that of the investment. The Olymp Trade makes sure that every visitor on this fantastic online trading platform doesn’t encounter any confusion. Olymp Trade has been one of the strongest players in the financial industry. Over time, the platform has earned a high status in the online trading marketplace. Instead, traders have a Sale Success Fee they pay if only an SPT position is closed with a profit.

• The minimum amount deposit required to start trading on the platform is $10 which makes it easier for small-time traders to try their luck.
• We are certified stock broker review & comparison website working with multiple partners.
• Forex trading is by far the largest financial market with more than $5 million in daily volume, whereas options trading are the easiest instrument to learn.
• The platform uses high-end encryption, which provides full protection to the user’s data.
• It has proved itself to be a reliable guide in the world of financial markets for hundreds of thousands of people from all over the world.
• You can choose between standard to VIP trading account to start trade.
• However, you can also assume it a small trading tool that you’ll be carrying for all time in your pocket.
• For new traders, a demo account has always been the first helping hand.

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So make sure you’re choosing the same mode of payment while depositing and withdrawing the money. Though, the platform will never accept your withdrawal request from the different payment options. It’ll be best for new traders to skip this point if you haven’t yet grasped the vital information related to leverage. Every feature of this mind-blowing trading platform is clear and concise.

Before you invest your hard earned money in financial markets, you are given the opportunity to practice and build a solid foundation of skills. Olymp Trade is a platform focused on making trading accessible to all. Mainly for those users who often go a little overwhelmed after seeing too much technical on an online trading platform.

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At the same time, it may very well complement other mechanics offered by Olymp Trade and serve as a diversification element. Stock Price Trades offers traders a choice of more than 60 stocks to trade which includes internationally famous corporate giants as well as public companies that represent very specific market sectors. The company has been a Category A member of the Financial Commission since February 2016, which guarantees traders reliable service and the protection of their rights. According to a 4 February Mint report, RBI had noticed that these platforms offered a derivative product called contracts for differences (CFD) during the lockdown period.

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The video tutorials, webinars, and interactive courses are some of the best things you get with this online broker. However, it often becomes hard for a few traders to trust IFC regulatory bodies because it isn’t that famous. The regulation and licensing describe the reliability of any online marketplace related to monetary exchange. If you’re opting for a bank transfer, you may have to wait for a few hours or an entire day. You’ll have to pay off a significant fee if you want to trade overnight. Apart from this, the platform also charges a subscription fee and inactivity fee.