Is Olymp Trade Legal and Safe in India?

OlympTrade trading platform advantages

To begin with, OlympTrade online trading platform is a leader in today’s market. Its popularity is justified by the fact that minimum amount of deposit is €10/$10 when minimum investing amount is €1/$1. Moreover, OlympTrade broker offers to you impressive amount of benefits:

• Up to 100% profit
• Free education
• Trusted trading platform which is regulated by Finacom
• Opportunity to increase the trade amount 500 times
• Fast withdrawals within most popular payment methods
• Built-in forecasting indicators
• Online trading with a personal analyst
• Trading strategies with video tutorials
• Risk-free trades
• Forex platform
• Bonuses on deposits (Up to 200%)
• 24/7 multi language support  
• Mobile applications for IOS and Android

However, this is a far from complete list! You must experience trading on OlympTrade platform to feel all broker’s possibilities and become a professional trader. Broker takes care of its traders and creates a better trading environment. Thus, it is the best place where you can boost your income and achieve your most ambitious goals.

Is OlympTrade safe in India?

Most importantly, many people are asking if OlympTrade broker is legal in India. I can instantly say “Yes, there is no problems to trade on olymp trade platform from India”. However, let’s ask the broker’s support to make it all clear.

As you may see on the picture above I contacted olymptrade’s support center. The great thing is that broker has support for India citizens. Above all, I asked the question you are interested in and got detailed response. As expected, OlympTrade trading platform is legal in India. Moreover, broker has a lot of customers from this country and the platform itself is protected from the fraudulent activities. However, you may read the full dialogue above.

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.
 

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.

Hindi Language on Olymp Trade Trading Platform?

Yes of course! OlympTrade trading platform is available in all modern languages and hindi is not an exception. What is more, there is 24/7 hindi speaking support which will help you with all of your issues.

To change the language of the platform go to the Homepage of olymptrade broker and press on the menu button. The button itself is located in the top left corner of the page. After that, the menu will open from the left side. Go to the bottom and press on the icon with the language you currently have. Finally, select Hindi and you are done!
 

OlympTrade Deposit from India

There are no problems with depositing funds on OlympTrade from India. Broker accepts payments from the most modern payment systems such as: VISA, MasterCard, Skrill, NETELLER, AstroPay, bitcoin, WebMoney and fasapay.

OlympTrade Withdrawal from India

Likewise, withdrawals are made through the same payment methods. There will be no commision or limitation and the whole process will take at most 24 hours. Nevertheless, you will need to verify your olymptrade trading account before the actual withdrawal occurs.

OlympTrade IOS app in India

Trading on OlympTrade broker is available not only from the web, but from your mobile devices as well. You can easily instal app on your IPhone from India. Thus, trading will be available for you 24/7. Isn’t it awesome to continue making a profit even on vacation?

Android app in India

Similarly, olymptrade broker has mobile online trading app for Android. There are no problems with trading from India on your Android mobile device. Instal the app and continue to make profit anywhere and anytime.
 

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.