FAQs FOREX for Indians

[GURI_GILL]

Guri,
Take a look at the first few posts of the thread.Your answers lie there.

hi ankit
thanks for the reply
you said earlier to read first few posts.
well i did( & some other discussions also) and still could not find my answer.
so i just jumped in and started live trading with avafx.com.
i credited my account from hdfc netsafe card.
after two weeks i have earned some profits and want to withdraw now.
the guys at avafx.com say i can withdraw by paypal. I do have a verified paypal account and i will withdraw from that only.

so now i have another query from you.
how do i remmit money from paypal ???
should i use a paypal cheque and how to show income for taxes??

thanks in advance.

 

[ag_fx]

hi ankit
thanks for the reply
you said earlier to read first few posts.
well i did( & some other discussions also) and still could not find my answer.
so i just jumped in and started live trading with avafx.com.
i credited my account from hdfc netsafe card.
after two weeks i have earned some profits and want to withdraw now.
the guys at avafx.com say i can withdraw by paypal. I do have a verified paypal account and i will withdraw from that only.

so now i have another query from you.
how do i remmit money from paypal ???
should i use a paypal cheque and how to show income for taxes??

thanks in advance.

Hi,
You can take money out from paypal by adding your bank account to paypal. After verification, you can withdraw funds directly to your bank account.

As for Income tax, you can show them as Trading profits. Better consult your tax consultant for a better and accurate answer on tax.

 

[Mangafreakz]

@Ankit
I saw you thread about Paypal. Were you able to add funds using credit card to paypal? What problems you were having ?
Thanks.

 

[ag_fx]

@Ankit
I saw you thread about Paypal. Were you able to add funds using credit card to paypal? What problems you were having ?
Thanks.

Yes I was. The problem was that the Paypal wasnt accepting my CC. I still dont know the reason and it got solved by themselves and I had to do nothing.

 

[ag_fx]

I have been getting a lot of questions about where to begin learning.

I would suggest anyone interested to first understand the basics from www.babypips.com

It is one of the best pre schools you can go to before you do FX.


Best Regards
Ankit

 

[McNish]

Hello Ankit,
Great thread going here. Could you advise on someone to consult with regarding taxing matters for Fx? Could you also please suggest a good broker for FX. Are any of them operating under any regulations here in India since all of them offering their services here are either Associates or Introducing Brokers to those of Foreign Brokers and none are indigenously Indian?

Edit: How does ECN, STP, NDD, MM effect trading and which is suitable?

Hello Piptrader,
Could you suggest a good broker too.

Thanks & Regards.
Manish.

 

[ag_fx]

Hello Ankit,
Great thread going here. Could you advise on someone to consult with regarding taxing matters for Fx? Could you also please suggest a good broker for FX. Are any of them operating under any regulations here in India since all of them offering their services here are either Associates or Introducing Brokers to those of Foreign Brokers and none are indigenously Indian?

Edit: How does ECN, STP, NDD, MM effect trading and which is suitable?

Hello Piptrader,
Could you suggest a good broker too.

Thanks & Regards.
Manish.

Manish,

You have bumped into a very old thread and most of the information given here regarding trading forex is almost obsolete now.

This is what has happened in India in recent past:

http://www.traderji.com/forex/50580-individuals-cannot-trade-forex-market-rbi.html

To answer your question, no Forex broker(OTC) is operating in India except for Fxxcentral. However, there are enough questions raised on the methodology used by Fxcentral to provide forex trading to Indian citizens.