Trade in oversea forex market from india

[Riskyman]

are you swing trading indian markets or strictly intraday ?
.

A little bit of everything I would say. Intraday and swing mostly these days. When the markets are trending up I prefer positional.

 

[stoch]

I don't think that India based broker can provide proper trading services that's why I always look for trading opportunities abroad. Currently I stick to Hotforex broker because transactions costs are low there and it's crucial for my scalping style of trading, where profits may be heavily affected by transaction costs.

 

[trade2411]

Setting up a company and remitting funds in itself does not violate any FEMA rules. But if you use the funds solely for the purpose of FX speculation it violates FEMA. Your lawyer is right. When you bring the money back, you will have to show how the profits were generated which is exactly why I said that its not worth the trouble. Just to accomplish one thing, we will end up violating many many regulations. Simply time consuming and expensive hiring lawyers, setting up companies etc.

Under LRS you can remit upto 250k to family members without any questions asked. You can even remit online to family members without going to any bank. However, you have to cite a reason like education, sickness etc. 250k is a lot of Money. Most of us traders dont even exceed 5000 usd. A few may be under 20-25k usd in trading accounts. So, even If you are remitting 15-20k USD RBI is not bothered. The income tax may send you a notice asking for source of funds but this is easily handled if you have been filing ITR regularly.

Finally, it will all depend on what kind of money you want to have as your trading capital. If it is under 10000 usd, I would say its not worth the effort, expense and time to set up a foreign company only for the sake of trading in the fx markets. All of this is very expensive and run into a few lakhs. So you get the drift... Lastly, it pays not to be on the wrong side of the law. There is no money bigger than peace of mind.

What is the way out then, if you have dont have any relatives whom you can remit ?
If you set up company, how would you structure it , and for what purpose should you set it up ?

If the indian authorities ask for the audited statements of the company , audited by the regulator in the foreign country , the statements will carry
trading records along with some transactions of the actual purpose for which the company was set up . Is that still okay ?

Just giving a last try so that I can to trade forex and US market derivaties legally .

 

[Riskyman]

What is the way out then, if you have dont have any relatives whom you can remit ?
If you set up company, how would you structure it , and for what purpose should you set it up ?

If the indian authorities ask for the audited statements of the company , audited by the regulator in the foreign country , the statements will carry
trading records along with some transactions of the actual purpose for which the company was set up . Is that still okay ?

Just giving a last try so that I can to trade forex and US market derivaties legally .

It can be any structure. It can be a ownership, partnership etc. A company can be set up for any commercial purpose within the ambit of local laws.
The forex transactions are usually shown as currency hedging

Like I said, if you set up a company, you have to show other transactions apart from fx transactions i..e services provided, goods sold etc etc
While it can done, its not worth the time and efforts only for a couple of thousand dollars in trading capital.

 

[Markus Lin]

hey sorry for my late reply. I have a question. I have been searching for currency converter. Do you have any ideas about a good and reliable currency converter?

 

[Baker1991]

hey sorry for my late reply. I have a question. I have been searching for currency converter. Do you have any ideas about a good and reliable currency converter?

Would you mind to check it out here: https://travelsites.com/currency-converter/? There has some good and reliable currency converter which will help you sure. All the best!

 

[Chhanchhuaha]

I don't think that India based broker can provide proper trading services that's why I always look for trading opportunities abroad. Currently I stick to Hotforex broker because transactions costs are low there and it's crucial for my scalping style of trading, where profits may be heavily affected by transaction costs.

How is hotforex broker? Do you have problem on withdraw?

 

[Nadred222]

Yes, that was scared me even, mate you have not experienced real trading experience, by that I mean bad things here like not being able to be profitable on live account, with demo it's all fun, don't rely on that, it's done for you to win - just believe me.

 

[Hulu Girl]

After demo account one should start with small real account to test his skills so he can see that how he can manage his real money.

 

[lekopan]

With the advancement in digitalization due to the internet technology, it has now become easier to reach the global markets from other countries. You can easily register on the platform of global brokers and start trading from India. You can deposit money by using your bank account.