OctaFX account  frozen by ED

About OctaFx

OctaFx is a forex brokerage firm with an online trading platform. Users trade forex pairs & CFD by converting  INR to USD

What's the News?

OctaFx account worth 21 crores has been frozen by ED for alleged violation of forex rules.

The ED Probe

ED has been probing the company for illegal forex trading activities. It collects funds & transfer to multiple e-wallet accounts.

The RBI Approval

The platform does not have RBI approval to trade in Forex which makes it an illegal entity for trading any asset in the country

Is Forex trading legal?

Forex trading is not legal in India. It is banned to protect the Indian forex reserve since India is an export driven nation.

Is Crypto legal in India?

Yes,Crypto is legal in India. However, users have to pay 30% tax on capital gains & 1% TDS on every transaction

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