Attention! - Forex trading is illegal in India!

[TraderDude]

Choosing the leverage requires a lot of skill and knowledge of how to use it to one's advantage! So leverages such as 1:500 or even 1:1000 and so on....are not for the fainthearted is what I'm stating !

Trading in stocks is risky, but you can always take delivery in case the market goes against you. Besides its like owning a very small portion of the company who's stock is bought.

But Forex as I realize is asking you to trade on super-fabulous margins....with the Forex brokers asking to deposit a small amount in INR and get maximum exposure through margin trades. No harm except most people in India including several traders do not play with such large amounts of margin....so it would be like asking them to jump in the Pacific Ocean without knowing how to swim the high seas Hence RBI holds this stand for saving gullible people in India.

But the people who know how to handle Forex well are already trading :thumb:

Declaring it illegal in Indian territory is simply to discourage the Forex brokers(read monsters!) from taking away our foreign exchange reserves!

As far as I'm concerned, I can handle the Forex monsters...and as far as the Indian laws go, all they are asking is you cannot trade Forex with INR So I'll ask a friend to chip in....while I trade and then ask to transfer the profits to me minus the amount he/she chips in :thumb:

Well , you see it doesn't matter what you are trading. Be it stocks/commodities/forex/pigs/anything.... it will always be risky.

I don't understand why you think forex trading is more risky than trading anything else..

And yes i don't want to trade INR. there are plenty of other currencies that are traded daily. I only want to trade the foreign currencies...

I don't know why anyone would want to trade INR , there is not much liquidity in INR compared to other foreign currencies..

And btw , if you are buying stocks to hold and keep in demat. that means you are investing in that company , that by definition is not trading.

Anyways , I guess this discussion will never end...

Good luck with your trading and may the trading gods bless you!!

 

[ranjit12]

Yes I checked that too.....Forex trading through the numerous brokers spread over the net is in-fact ILLEGAL in India.

Actually its good coz most people in India are unexposed to the RISKS of such huge margins like 1:500 or 1:1000 or (even 1:2000 offered to me!)
They could easily be taken for a ride.... hence RBI and Indian authorities have done the right thing to ban it for now...in India.

Later as our traders mature, maybe we could then open up India to the Forex monsters :thumb:

As for myself, I figured out a way to do it I'm going to ask a friend living in the USA or UK to receive the profits on my behalf...and then send it to me as a personal transfer

Happy Trading all the time!

could u plz provide more info on this....

 

[SexyTrader]

Well , you see it doesn't matter what you are trading. Be it stocks/commodities/forex/pigs/anything.... it will always be risky.

I don't understand why you think forex trading is more risky than trading anything else..

And yes i don't want to trade INR. there are plenty of other currencies that are traded daily. I only want to trade the foreign currencies...

I don't know why anyone would want to trade INR , there is not much liquidity in INR compared to other foreign currencies..

And btw , if you are buying stocks to hold and keep in demat. that means you are investing in that company , that by definition is not trading.

Anyways , I guess this discussion will never end...

Good luck with your trading and may the trading gods bless you!!

You have not understood what I have written! Read carefully.....

No one's asking you to trade INR

I stated RBI & Indian authorities do not want anyone in India to trade Forex by paying margin money in INR. Coz if you lose the trade, your INR paid upfront as margin money to the Forex broker is gone from our foreign exchange reserves in India. Hence the ban!

There is no discussion These are simple facts.....

And as far as I'm concerned, I trade the way I want....sometimes INTRADAY and sometimes positional as it suits me. So the trading Gods have always been blessing me :thumb: so no worries!

 

[SexyTrader]

could u plz provide more info on this....

Read this thread right from the first post...you will get all info you need

 

[comm4300]

is there a way out for the ones that do not have any friends/relatives abroad?

thanks.

 

[SexyTrader]

is there a way out for the ones that do not have any friends/relatives abroad?

thanks.

As of now, I do not see any way other than this friends/relatives abroad route! Coz this could yet be explained as personal transfers back and forth....

Any other method(s) other than this way stated will involve explaining how or why you received such money and also proof to back that !

 

[MADMAXF1]

Visit http://www.rbi.org.in/scripts/FAQView.aspx?Id=53 Q nos. 28,29&30. You'll get the idea.

 

[comm4300]

As of now, I do not see any way other than this friends/relatives abroad route! Coz this could yet be explained as personal transfers back and forth....

Any other method(s) other than this way stated will involve explaining how or why you received such money and also proof to back that !

Thanks SexyTrader for the reply. Want your opinion on the following:

a) NO deposit welcome bonus account [real account]. deposit around $8. [like nordfx]
b) Competition with long list of prizes [top20] so that your odds of winning at least the last prize increases.

thanks.

 

[SexyTrader]

Thanks SexyTrader for the reply. Want your opinion on the following:

a) NO deposit welcome bonus account [real account]. deposit around $8. [like nordfx]
b) Competition with long list of prizes [top20] so that your odds of winning at least the last prize increases.

thanks.

My opinion on these...

Its ok...but the main concern is how to receive the PROFITS in India All offers are good! But whats the use if the PROFITS cannot be brought here ?

 

[tomjerry]

My opinion on these...

Its ok...but the main concern is how to receive the PROFITS in India All offers are good! But whats the use if the PROFITS cannot be brought here ?

Some forex brokers play against clients and client's loss is their profit. While some genuine forex brokers have direct link with big banks, big institutions so their profit is only spread and they don't care whether clients are making profit or loss.

I have never done forex trading and I have not used following method but at present this is one of the option to bring money to india.

(Many forex brokers have rules like: the way used to deposit the money is the only way allowed to withdraw the money, so check this rule also.)

[1] Bank wire transfer is widely used for fund transfer.

[2] ecurrencyzone.com website has mentioned that they have some local agents in india who will handle big amount hand to hand, for smaller amount they used to deposit directly into bank account. Their USD charge is high like 55 when it is 50.

If there isn't any other way and If anyone has made significant profit in forex with very small amount then this is one of the option. Additionally in their website they had mentioned that there is a $50,000 warranty of fund by comodo (i don't know what is comodo!).

If anyone is using this then use it at your own risk!