Best Forex Broker

#11
Is it legal to trade forex from India?
Yes and No.

I'll try to explain briefly. In order to trade in Forex one has to convert currency first because there are no interesting pairs with rupees (in fact, there are pairs with rupees appearing now but they are not going to be very popular among Forex traders due to a number of factors), but in India there is no free conversion of the national currency! Luckily, RBI has been softening foreign exchange rules in recent years and now every Indian is allowed to exchange rupees for up to 200,000 USD per year without giving any justification. So one can say - voila, any Indian can trade in Forex for this amount now.

But RBI guidelines say that Indian citizens cannot use this 200,000 allowance for margin calls. What is a margin call? Margin call is the amount you put on your balance at the Forex broker! So basically, you cannot transfer money for Forex trading, even though you can make transfers in general.

So what are the options?

Semi-legal option is to specify other reason of transfer - instead of margin call, you call it "investment in futures" or whatever. I call it semi-legal because you're going to lie, but on another side - it's not going to be possible, at least not that easy, to verify.

Another, absolutely legal option is to ask a friend of yours who is either a NRI or a foreigner to transfer money for you, because they don't have these limitations.

There is also a "grey" option - to use online currencies like e-gold. They are not regulated by any government, legally speaking - they don't exist. So you can use them without breaking any laws, but your government is not going to help you in case of problems with broker - you simply won't be able to prove that you had any money on account.
 

ag_fx

Well-Known Member
#12
The top tier of the Forex market is transacted on what is collectively known as the Interbank. Contrary to popular belief the Interbank is not an exchange; it is a collection of communication agreements between the worlds largest money center banks.

Fantastic Info Buddy. By the way what do you do?Do you trade FX?Indian resident?
Me a FX Trader with a national bank and trade Interbank market....PM me ur email addres....there's lot to share...
 

yasirdxb

Active Member
#13
Fantastic Info Buddy. By the way what do you do?Do you trade FX?Indian resident?
Me a FX Trader with a national bank and trade Interbank market....PM me ur email addres....there's lot to share...
Which national bank is trading currency in India? are you a treasury trader? or are you talking about simple conversion trades? I dont know any banks trading speculative fx in India.

Yasir
 

ag_fx

Well-Known Member
#14
Which national bank is trading currency in India? are you a treasury trader? or are you talking about simple conversion trades? I dont know any banks trading speculative fx in India.

Yasir
Yes dude...I am a treasury Trader :)

And we have a prop desk which trades FX,though on a very unknown and small scale...So, I would abstain from naming my bank here...
 
#15
Fantastic Info Buddy. By the way what do you do?Do you trade FX?Indian resident?
Me a FX Trader with a national bank and trade Interbank market....PM me ur email addres....there's lot to share...
Hi Ankit, yeah I am an Indian resident Forex trader not doing it full time but planning for sure......right now i am doing full time job hence can trade only during NY session(eve & night) and some times asian too but very early in the morning.
My pairs are EJ and EU. I am not any prop or high equity trader. I wont ask about your firm etc. but which currency do you trade on INR pairs or USD's or crosses?

And to all those who want to make a career out of the forex market I would say cut the crap, open an offshore account and start trading with low equity. Trading 3-6-9 months on demo wont teach you anything about the psychology working behind the market. Its only to get you familiar with the platform and create bad habits in you as a trader. Brokers like oanda allow you to trade even 1 unit so if you are sensible even 100$ will last very long. And forget about the illegality issue when you are trading the interbank spot market its irrelevant i know plenty of people who are already doing it for years without any remittance problems.
 
#16
It really depends on your trading style.
I use MT4 platform with forex-metal.com I think that Metatrader platform is the best and the easiest platform out there. Demo trade on it for a while and get to know it.
 
#18
I had worked with several Forex Brokers but I found NordFX is the Best Forex Broker,as there is no problem in withdrwal process. No limit on minimum & Maximum. Easy withdrawal on each working day.

Support services & Fast execution of trades are also key factors for making NordFX a good Forex Broker.
 
#19
the broker i am trading with is the best. these guys are flexible to my needs and very co-operative. the name is xDirect India. ask them for support and they are always helping and guiding you. these guys offer ECN platform + true STP as well. the initial deposit is a bit high but i think it still makes sense, because trading with $10 or so.. is meaningless. as long as my experience goes xDirect is the best. :cool: :thumb:

ya btw the site you asked for is http://xdirect.in
 

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