One fine morning you get up after a dreamy sleep and got attracted to some catchy ads on social media about how to earn quick income from binary trading. All you were need to have a credit card to sign-up there, through which you can load money on app and receive income from binary trading. Suddenly, you lost all money, your bank account and card got blocked for violating FEMA, 1999. If you have similar story, then feel free to discuss your case with Ozg Lawyers & Experts, simply WhatsApp or Email to: ask@fema.in
📌 What is Binary Trading?
Binary trading is a form of an 'all-or-nothing' option in which the payment is composed of a fixed compensation upon expiry of option in money or nothing upon expiry of option out of the money. A binary option is a kind of yes or no probability and therefore, termed as binary. The option holder does not have the choice to sell or buy the asset as binary trading is done automatically.
📌 Is Binary Trading legal in India?
The binary trading is illegal in India. As per FEMA, 1999 and the guidelines provided by the RBI, binary trading or any form of online trading of forex is not legal in India.
📌 Is Binary Option Scam?
Nowadays, a substantial number of binary options are traded through online trading platforms, mostly not regulated by any regulators. Due to high penetration of Internet and lockdown led recession across the world, lots of young people trying luck with binary option and some think that this can help them to make rich overnight.
Like many investments Binary Option is a risky form of trading but not all the binary option is fraud as they are available to trade in the USA but they must be traded on a regulated USA exchange. These exchanges are Designated Contract Markets (DCMs). Some binary options are listed on registered exchanges or traded on DCMs that are subject to oversight by the Commodity Futures Trading Commission (CFTC) or The U.S. Securities and Exchange Commission (SEC). Here is a list of DCMs. This is only a small portion of the binary options market, though. There are currently only three DCMs offering binary options in the U.S.: Cantor Exchange, LP; Chicago Mercantile Exchange, Inc. (CME); and the North American Derivatives Exchange, Inc. (NADEX).
📌 How can Binary Option work illegally?
There are many app that operate illegally and in fraudulent ways. They can take your credit card details and selling your information on discreet portals used by hackers and cyber criminals.
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