NRI Trading in forex market in forex pairs are legal if the Current Foreign Country where the trader resides allows legally. Thank you Rajendran. Any list of countries , allows forex legally or have to check with the respective country govt. Yes you had broken the rules. However as the amount involved is very small there wont be any impact i guess. Only those who comes under scrutiny check suffers a lot.
I just wish to inform people on this blog that Forex trading in India is only allowed with INR pairing and not any other pairing viz. I am saying this because I have worked in this particular field in India. Nobody knows where the money is being utilised. If the RBI or the Indian bank comes to know that the money transffered is being used for CFD trading, these brokers will shrug off the responsibilty because they do not come under the Indian Law jurisdiction.
Most of the people who are posting comments saying that it is legal or lucrative are employees of these dabba companies trying to lure in clients. I say this because I have seen such cases during my term with these companies. At the end of the day, the penalty for trading is completely upon the individual an not the so called brokers. Even in our office when some angry client used to threaten of a police action, the managers would tell that they are only a call center for these companies.
Dont worry it is legal. Just use online payment system for withdrawal and deposit then government cant know about your transaction. Hi Rajiv, RBI already imposed strict norms over paypal and other payment gateways in india to monitor such transactions. Sir I had invested in forex market few days ago from broker name iforex which has branch in Mumbai. With in one day my balance get zero. How can I do. RBI just want to mention that they dont have any kind of guarentee against them……and then you can also do forex trading through LR and then using currency exchanger…..
Hi i wanted to know can i invest with Etoro for Forex trading. Hey Rajiv, thanks for the comment, I was also thinking about the same, lots of traders are trading in forex in india, so many forex training centers in india!!!! Hi, Though it is illegal, there are many forex traders here and they are getting their withdrawals regularly to their bank account. These minimal transactions are very hard for the OTGP to find out and track.
Since the buying and selling market is now very much global lakhs of people in india are now buying and selling products globally simply sitting in their home. And also it was clearly mentions that impact of intensity of the money involved will lead to imprisonment and also chances for non bailable. Under FEMA act, any violations upon these act, first government shuld send a prior notice to the concerned person if the impace is low. Then think how much crores Rajasthan Royals must have laundered.
But for that amount itself there had been no imprisonment only notice has been issued. So guys finally notice or imprisonment i personally decided to stop trading until RBI gives some good news on Forex Trading. Note that using torrent is not illegal. Torrent is a just a software which helps in downloading things. If you download legal things then you can use torrent openly in any country of the world.
But if you download illegal things then problem pops up. Read torrentfreak. Now in India the things that are downloaded are mostly created by foreigners. One hardly downloads a Indian made software form torrent. So who will sue them. So it is not possible for them to come here to sue them. As I understand, in India, if you are a big shot with big money, you can get away with murder, not just violation of FEMA. Till it gets legalised in India.
It is still in the grey zone. Dear Anna, My Name is Boobalan…. I want to work in forex trading please help me I want money for my operation this month last. Hi I made a payment in stockpair. But I am not finding any options which can close my account. What to do? Here is the perfect scenario. When it is time to refund money to public, all of a sudden govt, comes into action and bans these companies. Some companies in India are accepting deposits and paying some fixed percentage for 50 days and above.
Basically these companies are doing forex business. Is it legal???? Yes but still it is better to consult a CA before taking such decision to know the implication involves in such activities. I just have one question — 3 years back i was in US on L1 visa and has got SSN as well as bank account that is still active.
My US account will be funded by my relatives and not by me. Gr8 work bro, keep going! RBI wont knock your door for investing few hundred or thousand dollars. If someone wants to play it safe. You can trade that account and if you manage to make any money,they can transfer the money to your account.
Before thinking too much,see if you can make any money on demo. If yes,go for a micro account. Still you can earn a good profit from them. Take Instaforex for example. You get money for forum posting in your instaforex account and you can trade through it. Not even a single paisa is taken. If I make profit then this will bring money to India and the Indians will be benefited. They why RBI is stopping us?
Because International forex trading is not regularized so far for Retail clients. And anything that is not regularized and retail participants are playing in such segments are termed as illegal in india. So the problem is tax. If RBI wishes then the solution is very easy. Just make it mandatory that every Indian Forex trader should open a particular type of account in a bank. And a percentage of the earnings will be cut off as tax. Withdrawal in other bank accounts is illegal.
If RBI implements this then government also can earn a good amount as tax from Forex trading and Indians also can earn money. Just tax forex investors and make it legal. It is all Indian legal system stupidity and hypocrisy. Alcohol is prohibited in Gujarat. Have ppl stopped drinking? No way. It is all underground. For a premium you can get whatever brand and as much as you want. And the stupid govt. Similarly sex-workers.
Sensible countries have legalised both and tax both. As I see it keeping forex trade illegal is just the bully mentality of the ruling class of India. While the ruling political class exists only to start and support scams latest Sharada scam , it is us ordinary folks who are always victimised. Such a bull shit nation!! But still if you are trading in such segments better avoid as it is unregulated segment so far by RBI similar to cricket betting.
Harry, Iam able to see lot of efforts from RBI to curb such illegal activities. Its better to avoid rather than getting sued by them. I gave up trading in forex as it was illegal. I lost all my deposit with iForex [now I know they are rascals] and whotrades where I did very well in Demo but lost all my deposit in live trading. So, I want to know how did you manage? The legal aspect and the company. What is the minimum deposit? I stay in Kolkata, India.
Harry , can you say how you withdraw your money. Because this is the only place where RBI can catch us. Anindita , you can try Instaforex. But remember that you have to cashout through that payment processors through which you have invested most. But you can trade on Instaforex even without any initial deposit. Join nigeria-forex. Bonus accumulated this month will be given in the Instaforex account the next month.
You cannot withdraw the bonus but if you can make profit then you can withdraw the profit without any limitation. Remember never spam the forum and never copy paste post. They will ban you if these rules are violated. Instaforex is a good broker and there is no doubt in that. But the main problem is how to withdraw the profit without being caught by RBI.
There is an option called Instaforex mastercard. Harry , please tell how to withdraw the profit legally. Also please say how much you withdraw per month? But note that, all genuine International Forex brokers do have a clear disclaimer policy which talks about the risk involved in trading Forex. The risk of Trading Forex is very similar to the risk of Trading Stocks in the Futures market they work on the same margin and leverage concept.
Every country including India has it. Now note that RBI warning is in the interest of common people to protect them selves from unreasonable claims. Forex trading is like stock trading and if you are not managing your risk properly you are bound to lose money. If you do a bit of research on Forex Brokers site, no genuine FX Broker will claim guaranteed profits or returns whether small or big. Simply, because it is just not possible to claim any guarantee in online trading, whether you are trading forex, stocks or commodities.
Every participants from small individuals to big institutions are all equally entitled to the same risk. If RBI or the Indian Government thinks Forex trading illegal, you will not be seeing those Forex trading platforms and sites in India and you will not be seeing a host of Forex trading advertisements and links in search engines like Google in India. If RBI or the Indian Government think forex trading is illegal they would have stopped it appearing and accessible from India by blocking those sites in just one second.
You should be in fools paradise, thinking that RBI and the Indian Government are blinded to all this. If they want to stop they will not issue it on circulars, they will stop your access to it from India. Forex trading is the largest financial market in the world and it has a volume of over 4 trillion dollars per day, the world economy will collapse if Forex trading is deemed to be illegal. Foreign Exchange is a critical life blood to Any countries Financial Economy and India is no different.
And you can be rest assured that no country will curb on Forex trading. The only issue is the route you will be taking to access them. As long are you take the legal payment processing systems in Forex trading, you will be safe for ever. So, if you think Forex trading works for you than go for it. Its perfectly legal as long as you have the access to do it legally with legitimate payment processes both in and out of your bank account.
Ram Thanks a lot for your post. Seems to clarify many aspects of Forex trading. Btw, who are you? Someone from RBI? Your knowledge seems tremendous. The confidence with which you are saying that Forex trading is legal if we pay the proper taxes brings good blood to my veins. I have some questions. If yes please share which forex broker you are using any which payment processor are you using. Have you filled up Forex trading as a source of income?
I partly agree with what you have said. I think all of us discussing here are ready to give taxes , but not want to be sued by RBI. However if you have found out that forex can be traded legally here if we pay the proper taxes then please guide us. We all will be grateful to you. Thanks in advance. Ram : You are good with your argument. But the fact is anything which is unregulated is considered as illegal. Recent Example is Sports betting in India is considered as illegal.
I guess you would agree. Running casino in most of the states in india is considered as illegal. Even if the broker is genuine trading with such brokers are considered as illegal. Alpari one of the top FX broker had opened their india few years back. RBI has never said Forex Trading is illegal in its circulars. It only warns about Guaranteed high returns scams in online trading who try to make money differently in the name of online trading.
Misleading interpretations and false gossips should be strictly avoided in a good discussion blogs like this. You invest your money, you open your trade positions and you close your trade positions for a profit or loss, and you are free to take your money out to your local bank account whenever you want. Its not a Hawala racket of currency exchange which happens in the back channels to be deemed as illegal.
And if you want to trade USD or other currencies against each other apart from INR you can trade them legally through genuine international brokers. Forex trading is not a walk in the park to make quick money. They need to have a solid backing to the claim and the ruling and the opposition political parties have to back it up. And in spite of all this, the Supreme court can intervene and question the RBI intention if it finds to be unjustifiable.
Above all, everyone including newbies who gets involved in any financial markets know that there are millions and millions of people who are doing online trading in stocks, forex and commodity markets both locally and internationally. It is only a joke if any one happens to even think that RBI does not know this, on what even an average common man in India knows.
RBI is not an enemy to Indians, in fact it is a body to help Indians to keep things in order and to facilitate the growth and safety of every Indian. If not the few officials who involve in stopping it for personal gains will be thrown off eventually either by the government or by the supreme court or by the people of India. Forex trading is Just about buying and selling currency, which is just as any normally traded item.
Even RBI does foreign exchange, so why not individuals should not do it in the fair open market route. If no one trades, there will be no liquidity in the market. The argument of specific regulation will not hold here. Since the Online trading is a new kid on the block with just few years old Open to General Public World Wide And regulations in India dates back to decades and decades backwards. And every Indian knows how the policy decision, updates and amendment processes work in India.
And long it will take to do it in India. It May be days, months, years, decades, or centuries or even never! For example take the case of citifxpro. Does few people who are against Forex trading mean to say that Citi is facilitating illegal activities right under the nose of US government? Even in the case of etoro there is a separate site for US clients which is regulated specially for US citizens.
You can check the etoro US website for more details. Genuine Forex brokers make there money by commissions, if you make lot of trades they end up getting more money by way of more commissions. In any case you are free to withdraw your initial amounts any time.
And those who have limited capital can make use of it. SEBI protects the interests of investors in securities and promotes the development of the securities market through appropriate regulation. Not Just Alpari, if there is a option for registering, a whole list of International and Local Indian online trading brokers will register for trading international pairs. Since RBI is bothered more about Indian Rupee they limit themselves to opening up for trading on it as of now.
If there is a need, and if India rise up to deal with International forex trading facilities they will make necessary amendments. Right now, since there is no option available here locally, interested people take access to forex trading on international pairs through International Brokers. Ram , I am mailed RBI has received a clear statement from them that forex trading is illegal in India. They are not a law enforcement so they will not chase people. However if a complaint is made against a specific person they can take action.
Can you please share your real Name in Comment Please be open and share the full details if you have anything really concrete. Binary option broker such as BetonMarket. Is it still illegal to trade with them? Yes Binary Option in India is undoubtfully illegal. Let me make this very clear, any brokerage that offers you a bonus is a scam.
Forex is a highly leveraged trading product and not many people know what they are doing and most brokers offering these promotions know this. For example you have to trade at least times to withdraw any balance. Can you please share us more information about this. The first question is which broker do you trade about and how do you withdraw bonus to your bank account?
Please give us a detailed guide. We will wait eagerly for that. Sanj, Do you take small clients who do not have much money to invest but need expertise from you and want to profit? HI, How can we withdraw funds to our Indian banks.
They may withhold the money or inform to RBI if they come to know that fund is from Forex trading. Is there any way to get the fund safely.? Hi Rajandran, Nice article. Reading your article has put me in a dilemma. I am at the moment an NRI residing in Singapore since the last few years. In that time I have been successfully trading in foreign exchange. My husband has recently been offered a posting in India and we will be taking up the offer.
We should be returning by September My situation is that I have been very successful as a Pro Forex trader. And while I will not be remitting money outside India for my foreign exchange trading purposes, I wish to continue with my trading and, at the same time, hopefully remit my profits into India.
What would be the legal repercussions for a situation like mine? Can I carry on trading with the capital I already have outside, in my own name, the country and bring money back in legally? I would truly appreciate your feedback. My case is similar like you, earlier in singapore and now in india. Try opening an international current account and park your profits there and spend the money using the international bank debit card.
Thanks for your reply Yogesh. Do let me know so I can mentally prepare myself. The debit card idea is a nice one. However I have already declared my international assets to the IT dept this year as it has become mandatory so will have to declare it every year now. I have also heard of an RFC account. Apparently NRIs returning home can maintain this account and park the funds they had abroad into this account.
They can then transfer money abroad without restrictions from the RBI. Just not sure about the Forex investment bit. Many thanks again. It would be very helpful. Hello, I want to trade in Fx markets, please tell me how to do that and who will provide the service. Ram u wrote so many things about rbi ,govt, this and that, but u did not reply the main question asked?
If u r trading successfully kindly mention the deposit and withdrawl method u use. If u will guide ppl here in that thing only this disccussion will be over and ppl will come to know a way of depositing and withdrawing the money without being caught by the rbi. I and i m sure others will also be very grateful to u if u can do this. I totally agree with U, Sunil. W need a solution, not endless discussion of the same topic. RBI and forex trading. Tired of it. Is it legal to trade in these products!
Waiting for your reply. Please give the list….. Hi, I want to trade in USA stock and commodities markets, can any one please provide me information on brokers. It is illegal to trade with them as there is no Tax involved. You can use those tools only for analysis purpose but trading with them is purely considered as illegal actions as per RBI norms. Hello all, We all have been having this discussions about the legality of forex trading.
Some ppl say its legal some its not. So its my big big request to all these traders to pls pls come forward and help ppl by guiding in what to do? If these traders just tell what i did mention above ,the details of deposit withdrawl methods, what to say to IT ppl,what reasons to give for every transaction etc etc. Pls all the senior members come fwd and help us. You can bypass the problem of depositing money by a slow solution. Many brokers gives bonus for forum posting… such as Instaforex sponsors a number of forums.
If you want to trade, join one of these forums , do forum posting for say 2 to 3 months. Gather a good deal of bonus and start your trade. Though this is not a good solution, still you can use it to start trading. The main problem lies in withdrawal of bonus. I was thinking that these strategies may help to withdraw money. Though these will not work for big amounts at a time….
However to be honest I myself has not tested any one of them. No one will know the source of income. Gather money to this fake account. Transfer money to your original one. If asked just say that you are doing freelancer jobs to earn money. However this method is not a reliable one as it is not safe to use the same paypal account repeatedly. Give your original paypal email as an author. Now open fake paypal emails and buy your own books by paying through your fake paypal emails.
If you have more than one fake paypal emails or if the site accepts different payment processors then it is an advantage. You can say that you are earning by selling books. Also say him that he should pretend as a freelancer job giver if any problem arises. The main problem in this method is that you have to find out a good and trusted foreigner who will do this job for you.
I request others to discuss various other ways to withdraw money and you are also welcome to criticize the methods discussed above. I will like to hear them. Thanks for the reply, What i know about paypal is that rbi has put some limit on it for transactions. They nowdays ask for documentation and all.
I want to know what is ur view about moneybookers. They provide a gud amount for trasaction as a 90 day limit. Can we transact large amount into our bank acccounts?? Can we tell to the IT guys that is freelance income? Point 3 is priceless. What a scam!!! Way to go! Shameful India!!
But I will suggest you not to do that. Transacting large amounts may draw attention of IT department. Richa and Anindita Choudhury You are right. Actually in order to withdraw profit in India, we have to keep in mind two things. One is we have to hide our original identity and the second one is we have to find a good source of income, which we may use to hide our forex profit and say that we earn money from that source. I think none of us, who read the article and comments here, want to cheat the government to hide the taxes ; but the government policy actually RBI is forcing us to do so.
I am in many forex forums and foreigners get surprised when they hear that forex trading is illegal in India. It is actually a very shameful thing that we have to turn into criminals to do a honest business. Sell some books on different sites [ The books are just few pages written by you or gathered from the web ].
Now you have to gather foreigners who will buy your books. In reality no one will buy your useless books with their money. The money will be transferred to your bank account when the foreigner will buy the book. Yes it is possible. For that use this. Ask the foreigner to give screenshot of that portion of the book which contains the stamped email. Keep that email address.
Give the commission. Now sell high valued ebooks. Note that paypal allows to open only one personal and one business email. So a foreigner cannot have more than 2 paypal address. So if you give good commissions, then the foreigner will not cheat unless he is super foolish. In this method you will find a foreigner who will post fake freelancer jobs on freelancing sites. The foreigner will always select you to do the job.
The foreigner will pay you to do the job. Actually you have to give the foreigner in advance the job fee. After you get the payment give some bonus to the foreigner. These processes seem to be very much legal. If you get more foreigners then the process will be more legal. Because they will pay you through different paypal address. But in case something goes wrong [ though it is least possible ] you can delete the website or forum to remove all details.
Note:- Many free hosting sites allows to host forums and websites. Search in google. In order to get such foreigners, give ads in Paid to click sites, ad networks etc. Also you can use forums to gather foreigners. Criticize the methods freely. You are welcome. I want to trade with fxcm and Want to deposit fund via debit card, but I came to know that forex trading is illegal in India, So can I transfer fund from debit card to fxcm. Is it safe or not? Plz Help me.
If u r doing the same what do u say? Give me some names of forex trading sites which give option of depositing and withdrawing fund from skrill,moneybookers etc. Please Help! Nitin most of the brokers provide moneybookers facility. Some of them are, iamfx. Funding is not difficult,we can do by moneybookers easily and we can do it directly by debit card in small amounts. Problem arises when u make profit and u have to withdraw. My question was can we withdraw large amounts. Am i wrong in thinking this way?
Please read the posts carefully. All the ways that I have described are ways to withdraw forex profit, to your bank, through paypal, in a complicated way. You want to pay tax and earn a good amount of money. But I think that a better way will be NOT to pay tax and withdraw relatively low amount of money per month.
This will help us to play on the safe side. This is a small amount in relation to your expectations, but I think it will keep us away from trouble. Note that paying tax is not a good idea when your source of income is not legal. This is because IT department will keep an eye on you to see whether you are paying tax according to your income or not.
So it is better to avoid IT dept. However if you want to earn more, just withdraw your money to say egopay account. If you divide the income, the IT department will hardly notice you. Also use diverse fields, like selling books, article writing etc. If possible do some article writing in reality.
These are just to show that you are working hard to earn money online. Always remember that IT and tax dept. So just avoid them. For more clarifications you can consult a good lawyer or a tax consultant. They can better guide you. Forex trading in India by an individual is illegal, very well. But is there anyone who can tell why it is termed illegal in our country and what harm does it cause to our economy, society, culture or whatever? Should not be risky for anyone.
I would also like to understand why this is illegal in India when countries like US and UK do allow such things legally. But, What options I have …. Stock Future 3. Stock Option 4. Index Future 5. Index Option. What about this. Vikas : Delivery in International Markets is allowed it seems. However margin trading in any international segment is considered as illegal. Margin from exchange Like in derivatives etc 2.
I was not informed of same by Broker. I will check with them today as i read this article today and stop this if they are not ready to provide legal docs for same. But do i also need to inform RBI for same, that i was not aware of this. What consequences do i have now?
Can any 1 tell me plz …………….. How to trade in Comex Gold and Nymex Crude From India………Which broker is authorised to do trade in these………plz reply in full details…………. Satya : For retail traders any margin trading outside indian exchanges are considered illegal. It is legal if your investments are delivery based.
Your blog is very informative. I am little bit confusing in forex trading and currency trading. Please reply me sir. If you have more concerns on legality check with your financial advisor or with CFA people. It is illegal to trade in International Forex marekts. However it is legal to trade in Indian Currency pairs trading in Indian Exchanges. Can you name some genuine forex brokers of India, who allow to trade in INR paired with other currency.
Also please say if there is any Indian broker who offer some no deposit bonus. Hey One question whats your source of all these information how can we trust that you are not just making it up …. Hi, I am not an expert but if the FX trading is illegal for indviduals? Read the article carefully. The article says trading in international currency parirs from FX brokers are purely illegal.
I think if u just follow these steps u can avoid RBI restriction. Buy USD from a genuine man u can find these people all around the india and Give him the INR as gift and bring USD to payment processor like money brokers skrill,webmoney,perfect money,paypal and deposit to broker …. First transfer USD from broker to payment processor like money mrokers skrill,webmoney,perfect money,paypal and sell the usd to that type of people who wana buy from you and you will get INR as gift just opposite of investing processs….
Sell face to face if possible best way i think.. Banks wiil not get informed if u sell hand to hand.. Would you give the name of your broker! I am glad to see so much interest in forex trading by my fellow Indians. I would like you all to explore an alternative safe way to earn from forex trading without violating RBI norms. This involves no real money trading and your trades will be mirrored by thousands of fellow forex traders.
You will earn based on your trading performance and popularity with subscribers. If you think you cannot make serious money with it, then you will be pleasantly surprised. For heavens sake, dont lose your hard earned money to shady forex brokers operating in India from Russia or East Europe. But people still using online Forex, how they get caught and ,Are there any individual people punished?
I want to know whether binary options trading is legal or illegal in India. Even if I trade with reputed binary option trader like 24options and trade rush, is it illegal. Parbat : Trading in Binary Options is illegal for Indian Retail traders even though you are doing with reputed vendors.
Mr Usman dont go for unregulated forex broker like iforex. Try HY markets,UK. If you are new to forex start demo trading on etoro. Simply to say if you are a retail trader in india you its legal to trade in nse and mcx currencies. Before you think too much try demo trading and see if you can make any demo money. Even if you are caught there is no jail but penalty three times deposit amount. Try demo first….
James, RBI rules are getting harder. Read the new RBI Rules on forex legality. RBI give useless logic behind that forex market so risky bcoz of that we band forex i asked RBI Indian market is not risky 2 many chances here affect foreign reserve but here RBI put restriction like no buddy transfer above 1 lac in 1 year but complete band on invest in forex this is not good.
It will be legal or not? Allow me to answer that for you. However, you will have to shut shop when you become a resident of India again. Also, I do not know about markets. I trade with AxiTrader. The reason I trade with them is because unlike in Cyprus and most other places, the Australian security markets are very well regulated by the ASIC. No bucket shops there.
Why cant they allow forex trading? To let stock market only to enlarge which can be drained out as per fowl players will? How many politicians or their relatives participate in stockmarkets? Whose government policies and what for? Most probably, Expert traders or Indian institutions can bring back dollars in exponential profit level after participating in spot forex abroad as the market cannot be manipulated due to immense volume.
Even after all those limitations and regulations what happened to Indian currency and majority retail participants in Indian stock markets? Is it that some fowl players in Indian stock market gets all of retail participants money? How many Indian citizens have made something named profit consistently from Indian stock markets or commodity markets?
I think Instead of making FIIs invest and take back profit from India, Indian institutions are supposed to bring profit dollars to India with allowance to participate in spot forex trade abroad. Indian economy should not be based on FIIs generosity and play provision. Perhaps Indian strategists blind expectation on shrinking market which can be whipsaw to FIIs would have been effective if FIIs or their supporters did not know to handle human brains and nervous system through interception.
Hello Usman,,,are you guys nuts? Why asking the same questions again and again? For a resident Indian, trading with HY markets is illegal. Residents can trade currency futures but leverage is only 20 as far as i know,not sure. If you really want to trade in global spot currrency market,open a demo account on etoro and start trading. If you manage to make any money on demo atleast two months is required start thinking about real trade,RBI blah blah etc.
But first…. Well, its a stupid RBI policy.. Why is that India has to come up with such complicated rules about forex trading , when online trading is done legally in India.. RBI claims that its trying to help the Indian traders from losing their money in forex trading.
Its just like our helmet rule. Only the govt is bothered about the driver and not the passenger on bike. NRIs can trade any forex. Forex is considered more safer than share trading. If it becomes legal,more people would leave share trading and its not good for big share dealers who makes money from small share dealers. Can you recommend any international Forex brokers which I can set up an accout? Also, can you tell me how forex trading is illegal in India? Just wanted to know.
What about for those already active Forex traders? Also Trading in US stock for delivery purpose is legal in india. However it is illegal to take marginal trades in foriegn exchanges as per RBI rules. Trading only your account with your money is illegal. Otherwise you have to consult with your Financial Adviser. I need to clarify one doubt with you please reply me. When i was reading your Marketcalls site, I come to know about Metatrader. In the rbi. I want to know about stock and indices CFDs.
Rajandran, what about using bank wire to deposit funds to international brokers? Can they stop that as well? Do you know how their funding channel works? However for residential indians they are not promoting to trade in international forex pairs. Guess they are in compliance with RBI guidelines. If they consider something illegal they should take action after circular has been passed, why do it for something which was done before circular was passed??
Can a person move to court for this situation against RBI?? Or it will be a mark on the person? Hi All, Need not to worry. All my transactions are going well tile date. RBI has other big issues to handle then chasing forex traders. If yes, then who are the safe and genuine brokers? I dont know why people say its illegal.
Its not margin trading. RBI restricts margin trading. May be i am wrong? Thats how margin trading works! And you are very quickly to loose your money because of the leverage involved. Binary options doesnt give x or x. You know what even online gambling in India is still considered as illegal by RBI. Hi Naveen Trading is going well , have you withdraw your profit any time. NOW 4XP closed worldwide. There are many frauds. Better to stick to Indian Mkts. This issue occurs is it legal or illegal but govt.
Can you provide the exact punishment for trading through foreign forex portals? There are so many doing it without any trouble. Dear sir , I am a future trader ,i would be trading in tradetiger,so i would like to know what kind of bank account should i have for trading purposes?
Hi , I have invested in topoptions. What problems could I face? I have fully seen all the discussions…First thing, you must learn How to make money in Forex.. We are well aware that it is high volatile market, you total investment could become zero in 2,3 transactions…so whenever you have time, try learning how to trade successfully.. I have never seen idiotic view of Govt…that Indians cannot keep not even a single USD in Paypal , it is auto transfered into indian rupees…the biggest joke is 1.
Will I get any punishment for it? I have deposited money many times and withdraw also. I ask to my Account Officer about forex trading illegal in India, she replyed me we are working as per Indian Govt. Shall I continue or stop? If you are trading in overseas market and if you are a retail investor in india then possibly it is not legal as per RBI rules.
I also trade forex. RBI monitors all transcations in paypal. Its quite ulikely, they will track and trace a individual forex trader. Its illegal but everybody is doing it. I am a small scale trader and once i get bigger,I would seek the help of a NRI cousin or friend. Forex trading is legal for NRIs. Happy trading. So what would be the countries which you would suggest for aspirant forex traders in India to consider for continuing their forex trading business.
But this FX Trading is banned from many times i think. Still no action has been taken against me. Pls help whether i should continue with this or not? Dear Rajandran I use to collect foreign currency notes and coins as a hobby and I have a collection of around countries.
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