The truth is that Olymp Trade broker allows residents from India to open and trade on their platform. They have even translated the platform to Hindi. It makes it easier for customers to make trades and access their educational materials.
Customers may choose from a wide range of deposit options, and the most recommended is to use e-wallets. The base currency of the Olymp Trade account may be in Euros or US dollars, with a minimum deposit of either €10 or $10.
Olymp Trade recommends using digital payment systems (Neteller, Skrill, etc.) or Visa and Mastercard. Skrill, for instance, is the most popular deposit method for many India’s residents, when handing deposits to online Forex services and gambling services. It’s 100% legal, and you can even use credit cards for deposits.
Once you make successful trades, you will have earned money. You must find a way to withdraw it to your bank account in India for use. Withdrawals on Olymp Trade are free and are mostly processed within one business day.
Olymp Trade Legal in India: The Rules About Forex Trading
In India, there are two key organizations responsible for controlling Forex trading:
- Reserve Bank of India (RSI) – It issues and regulates the supply of the Indian Rupee. In 2020, they have taken various measures for a more hands-off approach from the Forex trading market, such as allowing banks to trade in the offshore currency market. Also, the bank allowed Category-I banks to trade outside market hours.
- Security exchange board of India (SEBI) – It’s a government agency that controls the securities and commodities markets.
So, what’s their position on Forex trading? Trading can be 100-percent legal as long as it’s conducted with a broker registered in India. It must also be based on the Indian rupee if you’re trading the US dollar, EURO, GBP, or JPY. Trading CFDs lacks clear-cut rules, and there are no frameworks regulating the activities of trading platforms like Olymp Trade. So, the online platforms are not registered in the country or with SEBI or the RSI.
Now back in 2013, there was also a popular circular from the Reserve Bank of India to banks informing them that they should be aware of customers using credit cards to make deposits overseas so they could trade in the Forex market. It stated that such customers would be in contravention of the Foreign Exchange Management Act of 1999 and suggested that they should close such accounts.
The concern of the Reserve Bank of India has been to protect its dollar reserves. That’s why when you make a deposit in INR to online payment processors, the Reserve has to pay out real dollars. But as we have stated, they are taking a more hands-off approach as they have enough reserves of about $558 billion.
Another issue to consider is that millions of Indian residents may earn US dollars or other Forex currencies and have them held in e-wallets or foreign accounts. They may want to use these funds to trade CFDs on the Forex market without taking the route of converting money they hold in INR into the USD for trading.
Can the Indian government access information from Olymp Trade to find out who’s trading on their platform? Forex platforms such as Olymp Trade are considered offshore, which means that they are located beyond the national boundaries. So, the government may not have jurisdiction over the activities of the platform. Now, this raises a point of worry that Olymp Trade may simply choose to close its operations and run off with the trader’s money.
Can Olymtrade Be Trusted?
Though there are lingering questions surrounding the question: “Is Olymp Trade Legal in India,” it’s important to note that it can be trusted.
Olymp Trade is a member of the Financial Commission, and traders can confirm its membership by visiting the official website. Its membership means that it maintains an impeccable quality of service. It operates in over 20 countries worldwide and has had various international recognitions as an emerging top broker platform.
Olymp Trade has shown FinCom that it keeps its customer information confidential, maintains transparency in its accounting, and has the capacity to payout on trades.
In case you may have disputes when trading on Olymp Trade, you can file a complaint with the Financial Commission. You have access to a compensation fund of up to €20,000. Not all Financial Commission members provide customers with a high level of protection, such as Olymp Trade.
Some FX brokers also claim to be members, but you cannot even check and verify their certification.
Benefits of Choosing Olymp Trade
You’ll enjoy many benefits by choosing Olymp Trade over other Forex trading platforms, also not confirmed to be legal in India.
Olymp Trade has very low costs and no withdrawal charges, allowing you to keep most of your profit. The platform is friendly for beginners and professionals alike, who may choose the online trading platform or Metatrader 4.
You’ll get impeccable support in Hindi and access to educational materials. Olymp Trade also cares about the people it serves; for instance, in response to the recent floods in central Vietnam, it was part and parcel of contributing towards the aid. They also contributed to the needs of needy Indian families during the celebration of the Ganesh Chaturthi Festival.
If you will be trading currency pairs with the Indian Rupee, Olymp Trade’s team also publishes expert analysis about the impact of various geopolitical events. But it’s important to remember that Forex trading is inherently risky and that about 80% of retail traders end up losing their capital.
Is Olymp Trade Legal in India: Final Thought
The legality of online Forex trading in India, particularly CFDs, is still subject to discussion and speculation. It’s important to know that the government has not arrested individual retail traders for participating in the online Forex markets through portals such as Olymp Trade.
You’re not likely to face severe punishment as well, as FEMA tends to concern itself with regulating the activities of banks and not individuals directly. While SEBI does not legally recognize OlymTrade, it is, in fact, safe to use. Check out how to login in India.
Disclaimer: If you have any doubts about engaging in the Forex market, take the most appropriate action by contacting a legal professional and seeking further help. Start trading Forex with Olymp Trade if you feel comfortable.