Is Olymp trade legal in India?
If we were to tell you that you can earn up to 100% profit on investments, enjoy bonuses on deposits, as well as risk-free trades on an online platform, you’d be mind-boggled, right? Well, offering that and more is Olymp.
The online trading platform is an upcoming leader in the market; however, its legality and use in India remain disputed to date.
The burning question then is whether Olymp trade is indeed legal in India?
The answer to that is a yes, and no. Let’s explain:
According to market experts, Olymp Trade is technically not illegal in India. It is, however, not monitored or controlled by SEBI or an authorised Indian regulator, making it riskier to use. For instance, if you are to face any issues with the app’s transactions or collections, you’d not be able to seek intervention from any Indian authorities due to its unrecognised status. Owing to this, most Indian banks are also not dealing with the platform directly.
However, there’s more to the story.
Olymp trade offers fixed-time trades, which makes it different from other trading platforms. It is therefore expressly banned in countries that do not allow trading/dealings in binary options such as Russia, Canada, Israel, Japan, the USA, and few others. Since India has no such ban in place, Olymp is up and running here, in addition to several nations across the globe.
A well-respected regulator of derivative brokers, FinaCom recognises the online platform. This gives investors assurance in case of hiccups and allows them to trade smoothly without worries. To conclude, Olymp trade is safe as long as it is used with caution and self-discretion – as is true with most trading avenues, anyway!
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