Mangafreakz has already replied to your post in parts. here is my take on it.
Ankit,
Thanks for the info on Alpari.
So as per you I can transfer money from my ICICI bank a/c to Alpari, India and then similarly I can transfer money from my Alpari a/c to my ICICI bank a/c: is my understanding right??
I dont think you quite got it right. Here is how the process goes:
1) You request a wire transfer from your account in India.Say ICICI/HDFC Bank.Your account will be debited equivalent INR depending upon amount sent and exchange rate.
2)The money will be wired and credited to the account of your broker,Say Alpari. According to major FSA,CFTC,NFA regulations, these brokers are suppose to keep your money into segregated accounts and they cant use it for their own purposes.
Also, no one else can fund your account. The source of money should be from a bank account in your name.
3) When you send a withdraw request, the money will be withdrawn in form of Wire Transfer only and the credit can be done ONLY in the account which is in the name of the customer. Thus, money cant be withdrawn to any other bank account than the one which is in your name.
Please remember, this is the way Wire transfer works. There are other ways to transfer money too, but this is safest and most legitimate.
any clue how new/old is Alpari in India and can you safely trust that they will not runaway with your hard earned money??
Alpari is new in India(about 8-9 months old) but have been working for fairly longer period of time in UK. They are regulated by FSA,UK and thus are pretty safe in terms of stealing of your money. The reason I name Alpari a lot is that they are the ONLY FX broker who have set themselves up in India. Though there are plenty of other brokers in the world.
I am sure you appreciate my concern considering what all of us have read about so many financial scams.
do you have any suggestions where one can get good material on Forex trading in terms of functional and technical analysis.
I can understand your concern and all your questions are welcomed here. I will try my best to answer them.
You can learn basics of forex from many forums and websites.
www.babypips.com is one of the best site to start learning
also, google for daily-fx in terms of learning forum sites.
are you aware of any web sites which provide live updates on the forex market and more importantly expert comments on how the each currency would behave on a particular day.
I would not recommend you to go for any websites which post predictions. I would rather encourage you to learn trading on your own. Its like similar to Indian markets, you can get 1000s of tipsters and analysts, but how many of them do make money?
how long have you been forex trading and can you please share your email address?
Thanks
My stint with forex has been close to 2.5 years now.
please note it down and post so that I can remove the email from public post.
Regards
Ankit