Can EUR/USD be traded in India

[BitoThomas]

Hi everyone, I am new to this forum and I would like to gain some knowledge on some aspects of forex trading in India.

I know for a fact that in India only 4 currency pairs are allowed for trading which include INR.

My question to everyone is, can EUR/USD be traded by any means in India ?

I had an account with Alpari when I was abroad and now when I am here I was told that EUR/USD can't be traded here in India.

On contacting, Alpari, they stated that it is possible to trade EUR/USD as many in India do it through Alpari sitting in India. On clarifying that Indian banks don't allow to deposit money via credit/debit cards into forex brokerage accounts, I was told that I can use NETELLER.
NETELLER is a site where you can put money and alpari will withdraw it from that site into my trading live account.
But my question to all knowledgeable people here is "Would I be able to withdraw money from Neteller to my bank account in India?".
Here I am not questioning Neteller's credibility. I am wanting to know if RBI allows this to happen. If yes, would I be questioned by my bank where this money is coming from? If yes, what would be an appropriate acceptable answer to the bank ?

Phewwwwwww ...I know lot of questions, but please help...Appreciate it !..Thanks

 

[yak2444]

Except indian pairs u can't trade any other pairs in india

neteller is good to deposit but i think withdrawal is a problem

yak

 

[BitoThomas]

Thanks very much

Does anyone know how to open an offshore business or International Business Corporation (IBC)

Thomas

 

[market oracle]

You can trade EUR/USD via many forex platforms.. But by trading them, you're basically gambling your money as the leverage is usually 1:100. It is a pure suicidal venture if your foray into that..

 

[BitoThomas]

But in India we can only trade in only 4 pairs which involve INR as per my knowledge.

Can I have someone open a forex account for me overseas and I can operate from India ?

 

[market oracle]

I suggest you stick to USD/INR instead of gambling in other international pairs. The tick size is much bigger, its illegal and market dynamics involved are complexed.

But if you still want to dabble in it, approach Interactive brokers or open a CFD trading account with Hantec

 

[AncientLion]

Alpari (UK) filed for insiolvency after the SNB action, so why do you wish to invest in offshore scam brokers, alpari was huge.

trust exchange traded inr pairs.

 

[Raghuveer]

Alpari UK currency broker folds over Swiss franc turmoil

Alpari (UK) filed for insiolvency after the SNB action, so why do you wish to invest in offshore scam brokers, alpari was huge.

trust exchange traded inr pairs.

 

[AncientLion]

FXCM is in trouble...

*FXCM: CLIENTS EXPERIENCED SIGNIFICANT LOSSES AFTER SNB MOVE
*FXCM: NEGATIVE EQUITY BALANCES OWED TO FXCM ABOUT $225M
*FXCM: MAY BE IN BREACH OF SOME REGULATORY CAPITAL REQUIREMENTS
*FXCM DISCUSSING ALTERNATIVES TO RETURN CAPITAL TO PRIOR LEVELS

FXCM an online provider of forex trading and related services worldwide, announced today due to unprecedented volatility in EUR/CHF pair after the Swiss National Bank announcement this morning, clients experienced significant losses, generated negative equity balances owed to FXCM of approximately $225 million.

As a result of these debit balances, the company may be in breach of some regulatory capital requirements.

We are actively discussing alternatives to return our capital to levels prior to today's events and discussing the matter with our regulators.

 

[NJ23]

Alpari (UK) filed for insiolvency after the SNB action, so why do you wish to invest in offshore scam brokers, alpari was huge.

trust exchange traded inr pairs.

It isn't scam. There are some fraudsters, yes. Alpari, FXCM are legit. FXCM is listed(down -82% in premarket, though). FX is a very fantastic market to be in. Alpari and others got fuc*ed up because of improper risk management. Read FXCM's filing about their risk management policies, they clearly mentioned that their own risk management policies were inadequate. Positive balances in the clients accounts are available for withdrawal immediately. Why to be in FX market? The same reason to trade NF, BNF, USDINR Pair, liquidity. Would a small broker not go broke if the markets opened on Monday at 5000 levels? The problem is since FX pairs are very highly levered, clients having positions in CHF owe Alpari and FXCM an incredible amount of money (some made handsome gains as well). If the clients are unable to pay the brokers, it becomes a broker's liability.