Any Forex Brokers in India ?

[Kalidoss]

At preent I am doing share trading in icicidirect.com but they do not offer forex trading.I wish to start forex trading also in a small way within the frame work of rules and regulations. Thats why I wantd to know whether any bokers are there in madras offering this service.
kalidoss

 

[jacksonxdx]

kudos to kalidoss, i am also using a client with forex trading option. But i dont get guides from my broker about fx trading.

 

[duster]

I trade with AVAFX broker which is having its branches in Nagpur, Banglore, Kolkota etc. I transfer my money through paypal. They also have other facilities to transfer money.

I checked AVAFX's website and couldn't find any information regarding offices in India. Probably, those mentioned are unofficial offices.

As for the initial question, most brokers accept online currencies like eGold, WebMoney (both inwards and outwards), etc, plus credit cards (only inwards), plus wire transfers (both inwards and outwards), plus PayPal (both inwards and outwards). It's a kind of standard set of adding/withdrawing funds methods.

 

[duster]

Hello friend,

About branches of AVAFX it is not mentioned in the site. I have searched in Google about it. And i found that they have branches in cites which i have discussed before. From here only i had come to know that they have branches in India also. Nad i serched about AVAFX on the internet and found this broker nice for trading.

Yep, but this is a different thing. Probably it's unofficial representatives or official partners/affiliates or something like that. If they had a real office it would be better in terms of customer service - people in India could call somebody inside the country and ask questions, visit an office to get some details or sign documents, etc, etc. I mean, real office or real branch is an important step further which they still have to make.

 

[sharath_raj]

Heard lkp securities has started forex trading. I really don't know anything in forex market's. I used to trade in a broker house from which the branch manager left and joined lkp securities(since 1948). He told me there is also forex trading available. Thought it may help few....

Happy Trading.....

 

[pramitbrahmbhatt]

Hi
Since I have just work with a foreign FOREX broker I have answers to your question. If any broker is accepting your funds in INR then it is illegal and he is also working with very poorly regulated companies it means more chances of fraud with your margin money. INR is not fully convertible so anyone wants to trade in FOREX has to open account in either USD, GBP or EUR or other convertible currency. There are few UK based companies are starting their operations in INDIA soon and they will be coming up with solutions for the margin moeny but remember you still have to have account inFOREX trading account foreign currency.

 

[ag_fx]

Hi
Since I have just work with a foreign FOREX broker I have answers to your question. If any broker is accepting your funds in INR then it is illegal and he is also working with very poorly regulated companies it means more chances of fraud with your margin money. INR is not fully convertible so anyone wants to trade in FOREX has to open account in either USD, GBP or EUR or other convertible currency. There are few UK based companies are starting their operations in INDIA soon and they will be coming up with solutions for the margin moeny but remember you still have to have account inFOREX trading account foreign currency.

but then how can we as Indian citizens fund such accounts?After all, what all capital we have is in the form of INR only. What are the ways out?

 

[pramitbrahmbhatt]

but then how can we as Indian citizens fund such accounts?After all, what all capital we have is in the form of INR only. What are the ways out?

The solution to this problem is transfer funds as a capital account investment in foreign currency. RBI allows 2 kind of fund transfers in foreign currency. 1. current account and 2 capital account.
Investment in forex is capital account transaction. If you need any furhter information comeback to me. But there is a one of big UK forex trading company opening their office in mumbai so it will be very useful for all of us to sort out this problem.

 

[pramitbrahmbhatt]

In India there are some banks too. Who are dealing in international currencies too. You can contact them to utilize your money. There are some brokers too who deal in forex. Like in India you will find Reliance Money, Ashika, and many more.

While some of the brokers from abroad are willing to establish their brokerage firms in India also. You can also trade with some online brokers too. They are like Iforex, Etoro, Easy Forex, AVAFX and many more.

yes but while dealing with foreign company we must remember we are dealing with well regulated company. I opend my account with one of the company mentioned here and they opened my account without asking any ID proof or address proof which make me worried. It means there is not regulations applied to this company. There is no KYC. sounds very dodgy.

 

[Desi]

The solution to this problem is transfer funds as a capital account investment in foreign currency. RBI allows 2 kind of fund transfers in foreign currency. 1. current account and 2 capital account.
Investment in forex is capital account transaction. If you need any furhter information comeback to me. But there is a one of big UK forex trading company opening their office in mumbai so it will be very useful for all of us to sort out this problem.

Hello Pramit,
I found some really useful posts from you on brokers, funding etc. on this as well other threads.
I want to know what is the formality for funding the forex account from your Indian bank account account. I mean we just walk in the branch and fill out some form , if you can some details.
Also which Metatrader broker you recommend to business with in terms of ease of reputation, account opening, funding, etc. By the way which broker you are using?
Thanks in advance for your reply.