Reserve Bank of India

[ShivaniArora]

Dear Sir,

No. merely getting NBFC licence does not authorise that entity to undertake forex broking. It is not at all legal. You may please refer to our Press release dated February 21, 2011 placed on our website www.rbi.org.in<http://www.rbi.org.in/> in the matter.

FED Help

________________________________
From: FED, Help
Sent: Tuesday, March 01, 2011 10:57 AM
To: Fedcofmd
Subject: FW: Kind Attn: Alpana Killawala


________________________________
From: Help Department of Communication
Sent: Monday, February 28, 2011 1:38 PM
To: FED, Help
Subject: FW: Kind Attn: Alpana Killawala


With Regards

Department of Communication
Reserve Bank of India
Central Office Building
Shahid Bhagat Singh Marg
Mumbai 400 001

Tel: 022 22644072
Fax: 022 22660358
Email: [email protected]<mailto:[email protected]>
________________________________
From: Shivani Arora [[email protected]]
Sent: Friday, February 25, 2011 9:51 PM
To: Help Department of Communication
Subject: Kind Attn: Alpana Killawala

Respected Sir/Madam,

In regard to the RBI Circular dated 21 Feb, 2011

http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23941

My query is on NBFC licensed forex brokers, is F******* and A***** which claims to have NBFC license permitted to offer forex services in India, will it be legal and okay to trade with them ?

Hoping for an early reply / clarification on this issue.


Respecfully,

Shivani Arora


________________________________
Notice: This email and any files transmitted with it are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you are not the intended recipient, any dissemination, use, review, distribution, printing or copying of the information contained in this e-mail message and/or attachments to it are strictly prohibited. If you have received this email by error, please notify us by return e-mail or telephone and immediately and permanently delete the message and any attachments. The recipient should check this email and any attachments for the presence of viruses. The Reserve Bank of India accepts no liability for any damage caused by any virus transmitted by this email.

 

[smartboy1jan1982]

Thanks Arora ji.

 

[ShivaniArora]

The question was asked specifically for FxCentral and Alpari India and the reply given by RBI is in post #1

Also FxCentral claims to be a true ecn whereas their spreads say something else. On website it is 0.5 pip for eurusd on platform on live account. it is 2.5 to 3 pips for eurusd

make your own judgement.

 

[nayachora]

Thanks Shivani for sharing this. SO its End of the road for an individual to do forex trading.

 

[nayachora]

Hey Taz,
Thanks for enlighting us with your inputs.
Havind said all theory , can you please let us know in practical as a Indian Citizen how can we do forex trading LEGALLY, Seeking information like

1. which are authorised brokers as 2 brokers here already named as not authorized.
2. Legal Ways to send and recieve money

Hope to have your reply soon.

Thanks

 

[sanjoy_roy]

Interestingly I found the below mail on a different site.

If one observes the mail sent time is EXACTLY the same however the senders are different.

amazing coincidence :lol: isn't it?

Thanks,
Sanjoy

Dear Sir,

No. merely getting NBFC licence does not authorise that entity to undertake forex broking. It is not at all legal. You may please refer to our Press release dated February 21, 2011 placed on our website www.rbi.org.in<http://www.rbi.org.in/> in the matter.

FED Help

________________________________
From: FED, Help
Sent: Tuesday, March 01, 2011 10:57 AM
To: Fedcofmd
Subject: FW: Kind Attn: Alpana Killawala


________________________________
From: Help Department of Communication
Sent: Monday, February 28, 2011 1:38 PM
To: FED, Help
Subject: FW: Kind Attn: Alpana Killawala


With Regards

Department of Communication
Reserve Bank of India
Central Office Building
Shahid Bhagat Singh Marg
Mumbai 400 001

Tel: 022 22644072
Fax: 022 22660358
Email: [email protected]<mailto:[email protected]>
________________________________
From: Preet Kanwaljit Singh [[email protected]]
Sent: Friday, February 25, 2011 9:51 PM
To: Help Department of Communication
Subject: Kind Attn: Alpana Killawala

Respected Sir/Madam,

In regard to the RBI Circular dated 21 Feb, 2011

Reserve Bank of India

My query is on NBFC licensed forex brokers, is Fx******* which claims to have NBFC license permitted to offer forex services in India, will it be legal and okay to trade with them ?

Hoping for an early reply / clarification on this issue.


Respecfully,

Preet


________________________________
Notice: This email and any files transmitted with it are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you are not the intended recipient, any dissemination, use, review, distribution, printing or copying of the information contained in this e-mail message and/or attachments to it are strictly prohibited. If you have received this email by error, please notify us by return e-mail or telephone and immediately and permanently delete the message and any attachments. The recipient should check this email and any attachments for the presence of viruses. The Reserve Bank of India accepts no liability for any damage caused by any virus transmitted by this email.
__________________

 

[eToro Team]

Dear Fellow Trader,
So only good Broker as i see is who offers a lot of currency pairs and gives you position control.
dont go for forex.com as it only allows minilots and you will burn with a 1000 usd account trading minilots.
Dont go for etoro,as they are not reliable.
Taz

Dear Tavnaz,

I'm an eToro representative and I'm just wondering, why do you have the impression that eToro is unreliable?

We are a licensed company with regulated offices all around the world, including London, NY, Sydney and Singapore. You can check out the details about our license and regulations on our homepage.

In addition, we offer all of the things that you listed above (lots of currency pairs, position control, microlots) and we have thousands of Indian traders who are happy to be trading with us.

If you had a bad experience with eToro we would really like to hear about it in order to compensate you and to improve our service. Please contact us at [email protected] with your username and a description of what happened. Hopefully, we can change your mind about our reliability

We wish you happy trading,
Laura, eToro Team

 

[fxgood]

The question was asked specifically for FxCentral and Alpari India and the reply given by RBI is in post #1

Also FxCentral claims to be a true ecn whereas their spreads say something else. On website it is 0.5 pip for eurusd on platform on live account. it is 2.5 to 3 pips for eurusd

make your own judgement.

When i asked this question to them, they told me they have both STP product with widened spread, since most of IBs wants them to add a little extra for their clients for their extra services they offers.

And ECN spread with commission of 24 $ per 100k $ traded

 

[SavantGarde]

After having tried to keep ECN under wraps for years....from retail and small FX traders....no wonder the FXCMs are touting ECN among their offerings.

None of these brokers are ECN.... I am aware of their claims.

To know what ECN is first read up a bit.

MB Trading is the only one among a few offering ECN and their commissions are nowhere as expensive as the one mentioned in the below post.

Yes...it is impossible to open an account with them if you have even one thing missing in terms of submission.

Happy & Safer Forex

SavantGarde

 

[fxgood]

When i asked this question to them, they told me they have both STP product with widened spread, since most of IBs wants them to add a little extra for their clients for their extra services they offers.

And ECN spread with commission of 24 $ per 100k $ traded

Fxcentral international cost i.e commission is as nearly same as MB trading does!

http://www.fxcentral.net/commission.aspx