HotForex
- Thread starter Saiyyed Rafik
- Start date
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hi there, I guess some of them have answered you question, here are a couple of stuff you might like to cncider,
deposites are easy, can be done through credit cards or visa/debit
I think there is another way to deposite, its a new service called U-Kash I have no idea how it works
I also use moneybookers, its easy, and fees are magnificent since I am from the Philippines, so I pay like 2.2 dollars for any withdrawal amount its way better than paypal (hotforex dont offer paypal)
I know some indian traders also use moneybookers in withdrawing, Just incase try to contact you CC provider with regards to regulations, so you wont have problems funding best of luck to you
EDIT: I forgot to mention bankwires, but here it costs me a lot to use it
deposites are easy, can be done through credit cards or visa/debit
I think there is another way to deposite, its a new service called U-Kash I have no idea how it works
I also use moneybookers, its easy, and fees are magnificent since I am from the Philippines, so I pay like 2.2 dollars for any withdrawal amount
its way better than paypal (hotforex dont offer paypal) I know some indian traders also use moneybookers in withdrawing, Just incase try to contact you CC provider with regards to regulations, so you wont have problems funding
best of luck to you EDIT: I forgot to mention bankwires, but here it costs me a lot to use it
hi there, I guess some of them have answered you question, here are a couple of stuff you might like to cncider,
deposites are easy, can be done through credit cards or visa/debit
I think there is another way to deposite, its a new service called U-Kash I have no idea how it works
I also use moneybookers, its easy, and fees are magnificent since I am from the Philippines, so I pay like 2.2 dollars for any withdrawal amount its way better than paypal (hotforex dont offer paypal)
I know some indian traders also use moneybookers in withdrawing, Just incase try to contact you CC provider with regards to regulations, so you wont have problems funding best of luck to you
EDIT: I forgot to mention bankwires, but here it costs me a lot to use it
deposites are easy, can be done through credit cards or visa/debit
I think there is another way to deposite, its a new service called U-Kash I have no idea how it works
I also use moneybookers, its easy, and fees are magnificent since I am from the Philippines, so I pay like 2.2 dollars for any withdrawal amount
its way better than paypal (hotforex dont offer paypal) I know some indian traders also use moneybookers in withdrawing, Just incase try to contact you CC provider with regards to regulations, so you wont have problems funding
best of luck to you EDIT: I forgot to mention bankwires, but here it costs me a lot to use it
bankwires can be useful for big traders.
According to rbi circular,forex trading in international currencies and margin trading in overseas exchanges is illegal for indian residents.
Its a non-bailable offence.
Check rbi web page for further details.
Don't get into trouble.
Trade in nse, bse, mcx ,mcx-sx, ncdex exchanges.
On deepavali you will get mcx equity platform.
Its a non-bailable offence.
Check rbi web page for further details.
Don't get into trouble.
Trade in nse, bse, mcx ,mcx-sx, ncdex exchanges.
On deepavali you will get mcx equity platform.
I do not know about forex trading in india, I heard it is not allowed, another thing is i quote a reply from an old thread I've red, a guyu once said.
"trading forex is like being gay, it is illegal in india but no one does anything about it"
on a positive note, i know lots of indians who trade in forex with the broker im using (hotforex) and use moneybookers to withdraw, they earn with it its still up to you to decide! best of luck.
"trading forex is like being gay, it is illegal in india but no one does anything about it"
on a positive note, i know lots of indians who trade in forex with the broker im using (hotforex) and use moneybookers to withdraw, they earn with it
its still up to you to decide! best of luck.
Recently Brocotrader is closed one of the popular Market Maker
http://www.profi-forex.us/news/entry4000003499.html
4 years back I ventured into this Forex and had bad experience.
I would like to share my experience/learning here so that you guys can make informed decision.
The information I am about to share is priceless.
Forex Brokers are 2 types (broadly)
1) Market Maker(MM)
2) ECN just to Emphasize TrueECN or pureECN
A lot of MM broker use terms likes these to confuse the people STP,NDD(Non Dealing Desk) ECN like Execution,partial ECN. It is indeed a tough task for a new comer to find out whether a broker is True ECN or not.
Remember the broker is either a TrueECN or MM there is no if and but.
Again Under MM umbrella there are varied degree of cheaters.
e.g less cheater / more cheater. This create a more confusion among people who sometimes think they found good broker but they just probably shifted from MM with cheating scale 8 to say MM with cheating scale 4.
Again the MM will have custom cheating scale for you and they keep on changing the cheating scale till you blow your account.
Don't believe it, while opening account they mostly contain questions how much exp you have in trading forex.I mean why do u need that info?
I am newbie or pro why do u care. No maybe just to configure the cheating scale in our backend software so that u can make your blowing out of account experience better.
A market maker with cheating scale of 10 out 10 is sometimes called Bucket shop=criminal.
k here is the percentage share of forex brokers approx if i may
99% MM
1% TrueECN
I don't want to go into detail but the main and one and only difference
In MM, you are not trading. There is no real trade happening in the market. It is just video game. It is very much equivalent to Demo Trading.The MM takes the opposite party and bets that you are wrong. Some MM takes the opposite bet in Market depending on how good are but most MM will not even do that they are super confident that you will loose.
k you may ask I made profit and withdraw and yes the MM is not fool and their job is to give you good experience and make you believe that you actually playing winning some loosing some but ultimately their goal is to blow ur account.
When u punch in orders there is some Software at MM side (eg MT4 Dealer Plugin) and they can configure what all cheats are allowed and what all are not for your account.
The software keep tracks of your performance and change parameters to suit your profile.In case you are performance is good say 90 % they will forced to pass orders to market as they don't want to take any loss.
But they will nag you while withdrawing and charge you while withdrawing and other stuffs to brake you.
In PureECN you are actually trading with another party and actual transaction taking place. PureECN does not care whether you loose or gain and they charge commission just like our brokers of NSE and BSE.
All TrueECN broker generally have high minumum account opening charges $5000/$10000and high minimum lot sizes so naturally they are unpopular with starters and MM are minimum deposit $1 micro account 25%bonus deposit zero commission and what not u get the idea. A trueECN hardly advertises as real people will come to him after being wounded by many many MMs.
2)Another important thing You cannot evaluate a broker using internet/google.
Lets say someone wants to know whether broker x is good. If you use google you will find exactly 50 percent positive comments and 50 percent negative comments. Don't believe it take out any broker and search it see.
Even if take a trueECN broker you will find the same.
How this is done. By use of spammers. This is deliberately done and considerable effort has been put to keep you guys confused.
Say some good reviews are posted by real users somewhere spammers will come crowd with equal number of bad reviews and vice versa.
3)Third their is another broker classification
a)Regulated
b)Not Regulated
This is another most funny thing.
The whole Forex thingy is unregulated it is 24x5 across world. That means no centralized organization takes the responsibility in other words.it is just OTC.I call it chaos. What that means is at same time 2 different brokers can have two price of EURUSD and justify it that it is valid.In other word people can rob each other in broad day light.
Unlike our exchnage e.g NSE takes responsibility and make sure at price of a instrument is consistent at a given point of time.
So what to do now,a lot of so called third party independent regulator has come up who can give certification to various forex broker who can boast it to dupe even more clients.
So now who verifies the regulator.Nobody.I mean don't get me wrong there are some good regulator out their but most of them are crap.
But the point is it fool proof. Are they auditing properly.
Again to make matter worse every country has their own regulator, a broker can not do his business in that country unless he is regulated by that country's regulator utterly.
Each of these brokers have widely different rules so compiling to all of them is very difficult.
So even for some of the honest pureECN guys it is problem.
So here is something to keep in mind
If a broker is regulated that does not mean he is good/honest or you are safe?
and
if a broker is unregulated that does not mean he is bad?
There are pureECN broker who has no regulation.
(I am not suggesting to go for such broker this is risky too)
There are MM brokers who are regulated by some of the top notch regulators.
They use that fact to advertise and dupe more customers.
So what is MM with regulation -->is a sophisticated cheater.
MM without regulation --> You have done a donation alright.
Now a days every Tom Diccan harry has multiple regulation but seriously please chk to see if they really any worth otherwise consider them as no regulation broker.
Just imagine a case you are from INDIA opened a account with a newzealand based broker who is regulated by say UK based Regulator.
There is a dispute the broker ate all your money. What is the initial reaction and are you gonna get back your money.:rofl:
All these regulators are filmsy protection please be realistic.
Are you still thinking about Forex. OMG something wrong up their!!
here is a thing if you are good at trading u can make money of any regulated market.
In India itself you have all regulated exchanges NSE BSE and now MCX and NCDEX. So many option
and to top it all now we even have MCX/NSE currency futures trading available
and u indirectly can trade EURUSD using EURINR and INRUSD.
Gone are those days where people are flocking for forex for low commission with so many discount brokers available commodity /currency futures trading is indeed cheaper than forex trading.
Guys sorry for the long post I gotta stop now I have barely scratched the surface here but I think I covered the main points...This info is as is without any grantees /proof.
You are allowed to make your own judgement.
Mods Please make this post sticky somehow so all traderji members who is thinking abt opening Forex accounts should read at least once and decide for themselves.
http://www.profi-forex.us/news/entry4000003499.html
4 years back I ventured into this Forex and had bad experience.
I would like to share my experience/learning here so that you guys can make informed decision.
The information I am about to share is priceless.
Forex Brokers are 2 types (broadly)
1) Market Maker(MM)
2) ECN just to Emphasize TrueECN or pureECN
A lot of MM broker use terms likes these to confuse the people STP,NDD(Non Dealing Desk) ECN like Execution,partial ECN. It is indeed a tough task for a new comer to find out whether a broker is True ECN or not.
Remember the broker is either a TrueECN or MM there is no if and but.
Again Under MM umbrella there are varied degree of cheaters.
e.g less cheater / more cheater. This create a more confusion among people who sometimes think they found good broker but they just probably shifted from MM with cheating scale 8 to say MM with cheating scale 4.
Again the MM will have custom cheating scale for you and they keep on changing the cheating scale till you blow your account.
Don't believe it, while opening account they mostly contain questions how much exp you have in trading forex.I mean why do u need that info?
I am newbie or pro why do u care. No maybe just to configure the cheating scale in our backend software so that u can make your blowing out of account experience better.
A market maker with cheating scale of 10 out 10 is sometimes called Bucket shop=criminal.
k here is the percentage share of forex brokers approx if i may
99% MM
1% TrueECN
I don't want to go into detail but the main and one and only difference
In MM, you are not trading. There is no real trade happening in the market. It is just video game. It is very much equivalent to Demo Trading.The MM takes the opposite party and bets that you are wrong. Some MM takes the opposite bet in Market depending on how good are but most MM will not even do that they are super confident that you will loose.
k you may ask I made profit and withdraw and yes the MM is not fool and their job is to give you good experience and make you believe that you actually playing winning some loosing some
but ultimately their goal is to blow ur account.When u punch in orders there is some Software at MM side (eg MT4 Dealer Plugin) and they can configure what all cheats are allowed and what all are not for your account.
The software keep tracks of your performance and change parameters to suit your profile.In case you are performance is good say 90 % they will forced to pass orders to market as they don't want to take any loss.
But they will nag you while withdrawing and charge you while withdrawing and other stuffs to brake you.
In PureECN you are actually trading with another party and actual transaction taking place. PureECN does not care whether you loose or gain and they charge commission just like our brokers of NSE and BSE.
All TrueECN broker generally have high minumum account opening charges $5000/$10000and high minimum lot sizes so naturally they are unpopular with starters and MM are minimum deposit $1 micro account 25%bonus deposit zero commission and what not u get the idea. A trueECN hardly advertises as real people will come to him after being wounded by many many MMs.
2)Another important thing You cannot evaluate a broker using internet/google.
Lets say someone wants to know whether broker x is good. If you use google you will find exactly 50 percent positive comments and 50 percent negative comments. Don't believe it take out any broker and search it see.
Even if take a trueECN broker you will find the same.
How this is done. By use of spammers. This is deliberately done and considerable effort has been put to keep you guys confused.
Say some good reviews are posted by real users somewhere spammers will come crowd with equal number of bad reviews and vice versa.
3)Third their is another broker classification
a)Regulated
b)Not Regulated
This is another most funny thing.
The whole Forex thingy is unregulated it is 24x5 across world. That means no centralized organization takes the responsibility in other words.it is just OTC.I call it chaos. What that means is at same time 2 different brokers can have two price of EURUSD and justify it that it is valid.In other word people can rob each other in broad day light.
Unlike our exchnage e.g NSE takes responsibility and make sure at price of a instrument is consistent at a given point of time.
So what to do now,a lot of so called third party independent regulator has come up who can give certification to various forex broker who can boast it to dupe even more clients.
So now who verifies the regulator.Nobody.I mean don't get me wrong there are some good regulator out their but most of them are crap.
But the point is it fool proof. Are they auditing properly.
Again to make matter worse every country has their own regulator, a broker can not do his business in that country unless he is regulated by that country's regulator utterly.
Each of these brokers have widely different rules so compiling to all of them is very difficult.
So even for some of the honest pureECN guys it is problem.
So here is something to keep in mind
If a broker is regulated that does not mean he is good/honest or you are safe?
and
if a broker is unregulated that does not mean he is bad?
There are pureECN broker who has no regulation.
(I am not suggesting to go for such broker this is risky too)
There are MM brokers who are regulated by some of the top notch regulators.
They use that fact to advertise and dupe more customers.
So what is MM with regulation -->is a sophisticated cheater.
MM without regulation --> You have done a donation alright.
Now a days every Tom Diccan harry has multiple regulation but seriously please chk to see if they really any worth otherwise consider them as no regulation broker.
Just imagine a case you are from INDIA opened a account with a newzealand based broker who is regulated by say UK based Regulator.
There is a dispute the broker ate all your money. What is the initial reaction and are you gonna get back your money.:rofl:
All these regulators are filmsy protection please be realistic.
Are you still thinking about Forex. OMG something wrong up their!!
here is a thing if you are good at trading u can make money of any regulated market.
In India itself you have all regulated exchanges NSE BSE and now MCX and NCDEX. So many option
and to top it all now we even have MCX/NSE currency futures trading available
and u indirectly can trade EURUSD using EURINR and INRUSD.
Gone are those days where people are flocking for forex for low commission with so many discount brokers available commodity /currency futures trading is indeed cheaper than forex trading.
Guys sorry for the long post I gotta stop now I have barely scratched the surface here but I think I covered the main points...This info is as is without any grantees /proof.
You are allowed to make your own judgement.
Mods Please make this post sticky somehow so all traderji members who is thinking abt opening Forex accounts should read at least once and decide for themselves.
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