NSE, BSE have currency fno. This is ok to trade. But OCTAFX also offers CFD which is not in legal space.
@trader_dude In India with an hdfc bank branch in mumbai which is their official corporate account. Same like zerodha, I deposit the money in INR, it gets credited to my account, then I trade the allowed currency pairs through mt4 or mt5, and withdraw in INR. Money does not go out of India, neither the foreign exchange reserve is impacted. Its not illegal at all. One can trade EURUSD, GBPUSD, USDJPY which have been allowed. I have very smooth transactions too. Take a a look at the contest and copytrading page, you will find many Indian traders doing great returns. I have had no problem filing returns too. We get proper ledger statement.
So are you promoting them in this forum?
Also i can trade EUR/USD, GPBUSD, USDJPY with zerodha also. why would i need octafx ?
i have been trading these pairs for some years now with zerodha.
Lol look at my question. I am only interested in how some traders are making these insane returns. How to utilise leverage and stuff. What kind of strategies to use, risk management, position sizing etc. On another note, these platforms do not need advertisement, every second ad on youtube and insta is of octafx,fxcm and these platforms. Look so many on this forum already knew about octafx, including you 
I was only interested in returns, strategy and risk management with high leverage.
Which means they are allowed, but no liqiuidty with zerodha yet or they do not even offer it yet, they say it is in the process which might be the case.
if you donât know how to trade EUR/USD pair with INR, then i canât help you.
in which case you probably donât understand forex pairs. so my suggestion is do not trade with high leverage until you understand forex pairs.
There is no liquidity issues. plenty of liquidity.
Lol such a stone age suggestion. Stamp duty is high and no 1:500 leverage.
Liquidity is there only in usdinr. You are so quick to draw judgements. You do not understand a thing about legalities, fema, how these platforms operate, you have not even explored and formed conclusions about it and myself too. I understand forex very much, I am simply out here exploring various aspects of trading with high leverage.
Hey @amit9, as others have already pointed out. Trading in CFD and such assets is not legal in India and even regulations have warned against dealing in such platforms.
Please check out this post for detailed information:
2 Likes
I was following each and every users comments on the above subject. Felt like a court room saga where lawyers were arguing about their point of view. Then comes @ShubhS9, I call âThe Judgeâ with the final verdict.
Read the article⌠Written in such simple terms - understood the concept and the risk.
Need to thank the author @amit9 for the post and others - learnt something new.
Neither I understand Forex Nor I am interested in it. Forget currency, I have negligible knowledge about Equity Derivatives. So I donât know if these platforms are legit or not. All I know is I keep on getting Octa FX ads on Gaana app.
Iâm confined to Equity Delivery transactions and am happy with the peanuts it offers as returns. I donât want more.
Wonât have posted anything on this thread if the author had not pinged me.
Actually you need to find out if itâs binary options or a CFD or spot fx. I mostly think itâs binary options but nuances are little different for binary options. Technical analysis is pretty much same for CFD, future or spot. Btw are you still going to college like engg college where you have insane level of free time ?
Okay, I wonât argue further, just mention that it has been 2 years for that article, and things have changed. We are not trading forex spot. I have filed returns for this financial year and got no problem with it. However, I would drop the legal argument here, as those who are comfortable (like me) and thousands of others are trading with octafx, those who are not, are not trading it. I have a simple logic- if it it is illegal, it should have been banned so far. Instead, the opposite is happening- they are sponsoring ipl team and getting best forex broker as awards.
My sole purpose for this thread was to understand trading on a deeper perspective when leverage as high as 1:500, instead it went into legalities.
Also, crypto trading like ethereum and bitcoin is legal, right ? So one can trade those on octafx I guess if one is so concerned about this.
College is over long back, took up trading as a full time career.
na, rules changed. They offer currency pairs too. People donât read zerodha varsity properly.
So OctaFX is legit only to certain degree. I guess they wont offer exotic currency pairs to indian like CHF/SEK or NZD/JPY. besides nobody cares for them, majority of crowd are in EUR/USD.
well if you do like forex donât go for CFD or ETFâs , just go with zerodha NSE . That leverage is not helpful in reality at all. Take the same example , 30,000 to trade account value of 3,00,000 means leverage is 30,000 /3,00,000 means 1:10 . NSE currently offers 1:42. try trading GBP USD , USD JPY. Even Sensibull recommends trading currency futures instead of paper trading. Nothing wrong in losing few 200 or 300 rupees to learn trading.
My recommendation to you is never take trading as competition against anyone, it messes up psychologically and makes you take wrong trades. Frankly there is no competition or tournament. There is plenty of money here for everyone to make a profit of 10% minimum. The main thing no one tells you about forex is dry season is lot there. It doesnât always trends. learn the methods technical analysis then apply same in nifty 50 or crude oil or gold or silver. Leave this forex trading. You know whatâs leverage now and the reality.
FEMA act only implies on FX trading where transaction is done to FX broker account regardless of the broker where is situated , in India or in sri lanka , your bank account will be blocked if transaction is done through bank transfer or using card directly to broker account and you will have to give monetry penalty for this. This was imply due to prevent forex reserve. But OCTAFX and EXNESS the best broker I know, they have p2p transaction facility as you money is gone to the dealer account , the INR one but not USD or EURO etc . And no transaction was done to broker account. OCTAFX is good for noobie where you get fixed inr feature in which 1USD=55INR but think of you earn 10000USD but you will get 550000 INR not 800000, direct 250000 loss instead try exness:-
https://one.exness-track.com/a/8hy7w9usvw?platform=mobile&pid=mobile_share .
Also that both broker has variable INR but OCTAFX has higher brokerage than EXNESS as a spread charge. And OCTAFX dont more account types for trading. Means that OCTAFX spread is same and more than EXNESS standard account spread.
@raoawesome Great suggestions, but the thing is leverage can be utilised in an effective manner too. I feel theta (time decay) strategies wonât work in forex. Rest you are right its not trending always.
Exactly, so no issues trading with it.
Lol 55rs per dollar is their fixed rate, exchange fluctuations does not affect it. Overall, good answer, would have appreciated if you had posted without your affiliate link.
no problem it where it be appreciated or not but this affilation link no mine ,just got problem the website.
@nithin With octafx, we are trading futures, since we deposit in INR, withdraw in INR, the countryâs foreign exchange reserves are not affected. I have had no problem with depositing, withdrawing money as such and filing taxes too. Why doesnât rbi or sebi put out something to ban this then ? Cryptocurrency is legal on which platforms ?
Also, does zerodha plan to offer trading in gbpusd, usdjpy and so on ?
The returns are there, because they follow a particular system I guess. Also martingale anti martingale helps. The returns are also due to 1:500 leverage.