Procedure to Forex Trade in India

[ZenEli]

Hey

We have long threads on legality of Forex. Forex trading is one of the five different business running world wide. In India, FEMA regulates Foreign Currency. What FEMA bans in 'margin money'. Trade in foreign currency can be done in other four ways than margin.

I have been reading long threads on illegality. I am not sure about its procedure. Can you guys put it here.

1. is this entire business runs in cash from India?
2. How does the money gets transferred out of India?
3. Can an investor/trader pay in cheque to broker?
4. How can a broker work from India? Is this illegal?
5. Getting a company registered outside India, how does the indian money gets into that country?

Lets start this thread as precise and sure shot answer to forex

thanks guys!!

 

[mathewfx]

just tell what you wanna do - create a forex company or just to open an account somewhere?

 

[Tavnaz]

Ever heard of Libertyreserve.com ................

 

[tamaa]

im not from india, but im pretty sure there are people dealing there using paypal or moneybookers or even libertyreserve, simple, join an online broker and do not use bank wire, use a linked money processor such as liberty reserve better yet use moneybookers, get you money from the broker put in money bookers, then from there withdraw it from moneybookers to your bank, no one will know it comes from forex.

 

[deepu826]

hi tamma plz describe legal way of transfer fund in forex broker a/c n widraw frm India
tnx

 

[ns_karthik]

hi tamma plz describe legal way of transfer fund in forex broker a/c n widraw frm India
tnx

there are other ways of sending money outside india for Fx Trading....the process of sending them out is legal, easy and convenient as well...including cash, MB, wire etc...

 

[ctech]

I am sure this market will open to India finally.