my dear fx friends,
there has been long long debated issue on forex legality! I have done good research on it, contacted few IB's , forex brokers and had discussion with many people. All I want to do is share with you the present state
r u ready?
here we go
The Big Boss : RBI
hey! dont want to do bla bla, just want to say RBI allows sending money under LRS upto USD 250,000 per year for an individual indian resident and this remittance is banned for Margin or margin calls
RBI allows the remittance for sales and purchase of foreign exchange derivatives and commodities derivatives in India and abroad
Forex Trading
We open an account with foreign fx brokers.
We will trade there Spot forex and not forex futures
so if u buy 100,000 USD on 1000 USD, you are buying spot on leverage
you are borrowing the additional 95,000 USD from broker, right?
hence this is margin based trading and one cant send this money abroad
My talk with Alpari India
Final conclusion is they said you can open an account with 1:1 leverage and then increase the leverage upto 500:1 on your own:lol: They are regulated by FSA
My mail to Fx central
when I mailed the above issue to Fx central, they said that NFA and CFTC do not consider Forex trading as Margin based trading
this is then very good news.voila!!!!1
then I asked them for solid proof?
they mailed me a pdf of NFA manual which states financial req of fx broker
I kindly request some experts to go through the NFA manual to see if the Claim by Fx central is true?
NFA manual scanned by Fx central
hoping for the best
Fxbee
there has been long long debated issue on forex legality! I have done good research on it, contacted few IB's , forex brokers and had discussion with many people. All I want to do is share with you the present state
r u ready?
here we go
The Big Boss : RBI
hey! dont want to do bla bla, just want to say RBI allows sending money under LRS upto USD 250,000 per year for an individual indian resident and this remittance is banned for Margin or margin calls
RBI allows the remittance for sales and purchase of foreign exchange derivatives and commodities derivatives in India and abroad
Forex Trading
We open an account with foreign fx brokers.
We will trade there Spot forex and not forex futures
so if u buy 100,000 USD on 1000 USD, you are buying spot on leverage
you are borrowing the additional 95,000 USD from broker, right?
hence this is margin based trading and one cant send this money abroad
My talk with Alpari India
Final conclusion is they said you can open an account with 1:1 leverage and then increase the leverage upto 500:1 on your own:lol: They are regulated by FSA
My mail to Fx central
when I mailed the above issue to Fx central, they said that NFA and CFTC do not consider Forex trading as Margin based trading
this is then very good news.voila!!!!1
then I asked them for solid proof?
they mailed me a pdf of NFA manual which states financial req of fx broker
I kindly request some experts to go through the NFA manual to see if the Claim by Fx central is true?
NFA manual scanned by Fx central
hoping for the best
Fxbee