Hi
I talked with their Indian customer support guys of both IB and CME brokers about opening an international margin trading account and its legality.
They say that it's possible to trade with margin. The steps they have given me are:
First, they convert my deposit(INR) in their Indian offices to USD. Then my account can be margin traded as usual in USD. So when I want to withdraw, they convert the USD to INR and and deposit (INR) in my bank account as they have their Indian offices.
When I inquired about paying TAXES, they told me to pay it as general trader tax.
ADVANTAGES: 24 hour trading, access to all markets,insane liquidity,the best margins and regulated account. (they are the biggest international brokers so don't worry about your money being lost :lol
DISADVANTAGES: Kinda illegal. But as I open an account with them in their INDIAN offices, I think it's possible to trade without much hassle.
My conclusions are that it might be worth it. I generally prefer to withdraw once in a month so I'm assuming that it wont be huge trouble. My account will be registered as a cash account (but margin will be provided) and I don't think the taxman checks each and every account of the trader.
Do you guys think it would be a good idea? Is anyone doing that?
If nothing works, I will just move to another country.
I talked with their Indian customer support guys of both IB and CME brokers about opening an international margin trading account and its legality.
They say that it's possible to trade with margin. The steps they have given me are:
First, they convert my deposit(INR) in their Indian offices to USD. Then my account can be margin traded as usual in USD. So when I want to withdraw, they convert the USD to INR and and deposit (INR) in my bank account as they have their Indian offices.
When I inquired about paying TAXES, they told me to pay it as general trader tax.
ADVANTAGES: 24 hour trading, access to all markets,insane liquidity,the best margins and regulated account. (they are the biggest international brokers so don't worry about your money being lost :lol
DISADVANTAGES: Kinda illegal. But as I open an account with them in their INDIAN offices, I think it's possible to trade without much hassle.
My conclusions are that it might be worth it. I generally prefer to withdraw once in a month so I'm assuming that it wont be huge trouble. My account will be registered as a cash account (but margin will be provided) and I don't think the taxman checks each and every account of the trader.
Do you guys think it would be a good idea? Is anyone doing that?
If nothing works, I will just move to another country.