In recent times, binary options trading is getting popular very quickly. It is a blessing for the people of developing and underdeveloped countries for finding another way of income. This has the potential to improve their living standards. And if we consider India specifically India, the scene is almost the same.
People take it as an exceptional way of making money with their regular jobs and businesses. This situation becomes ambiguous after the restrictions on forex trading by the Reserve Bank of India. Let’s have a look into the basic question about the legal aspect of Binary Option in India.
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Legal Aspect of Binary Option in India
After the announcement for forbidding forex trading by the Reserve Bank of India, many confusions have sprouted out. Numerous countries around the globe have not regulations for binary trading or forex trading. India also has not regulated binary trading but it does not mean that it is illegal in India. The reason is that being illegal and being unregulated are not the same conditions.
Illegal means that the object or operation is against the laws and rules in the country and committing such action can be punished. While unregulated means there are not laws or regulations to deal with the issue. Binary Options Trading is not against Indian laws or regulations. Instead, the rules and regulations are not present to deal with the issues regarding Binary Options Trading.
In this scenario, the trader can participate in Binary Options Trading on personal responsibility. In case of any mishap or bad issue, he/she will not be able to get legal assistance due to the absence of rules and regulations regarding it.
Can Indians do Binary Trading?
A simple answer to this question is definitely yes because there are many platforms that provide trusted and reliable Binary Option Trading services. They conduct all the procedures smoothly and keep it hassle-free for their users. IQ Option is accepting Traders from India and has a large number of satisfied users in India. This platform provides a good deal of services including guidance for profitable binary options trading.
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IQ Option is a reliable brokerage firm that is operating in India along with many other countries and has a very good public response. In the grey situation in India, it is significant that have selected a trustworthy broker firm to sign up with or not. IQ Options fulfill this criterion very well.
How to choose the best broker?
As it is discussed earlier that it is important to select a reliable binary broker for sign up, another question is raised. The question is how someone can find the best and reliable broker for Binary Options Trading. There could be many ways to test the reliability of a platform such as a wise overview of the website, consulting the users’ reviews, considering testimonials, etc.
In India, many trading brokers are working with the collaboration of offshore trading platforms or brokers. It is a blend of regulated and unregulated brokers. It is advised to select the regulated brokers if you have any means to check their position. In short, as Binary Options Trading includes high risks, the selection of the best broker also remains risky due to the nature of the business they run.
Binary options trading in India is wrapped in fog and still, no one can say the final word about its status and future in India. However, by observing the present situation it is very clear that it is not illegal in India and all the Indians can participate freely in Binary Options Trading and transform their lives.
(Disclaimer: The article is sponsored, and hence promotes some commercial links.)