Using international brokers with local depost.

[Origami]

I want to use international brokers for trading with leverage. Is this legal if I use an international broker with a local deposit option like OctaFX

 

[Hulu Girl]

In India, you can trade only in INR based currency pairs on NSE, BSE and MSE (Metropolitan Stock Exchange). Only four INR based currency pairs available in India – USD/INR, EUR/IND, GBP/INR and JPY/INR. You can also trade cross currency F&O contracts on EUR-USD, GBP-USD and USD-JPY. That is because the cross currencies have corresponding INR pairs. But, if you want to trade in other FX like AUD (Australian Dollar), CHF (Swiss Franc), Canadian Dollar (CAD), or other currency pairs then you need to open a forex account with an international forex broker. Foreign forex brokers allow Indian residents to open an account and trade in different currencies, stocks, indexes, commodities and even in top cryptocurrencies. Forex is the largest financial market with high liquidity and low margin requirements. You need a best forex broker account to trade in forex.

 

[pkgmtnl]

In India, you can trade only in INR based currency pairs on NSE, BSE and MSE (Metropolitan Stock Exchange). Only four INR based currency pairs available in India – USD/INR, EUR/IND, GBP/INR and JPY/INR. You can also trade cross currency F&O contracts on EUR-USD, GBP-USD and USD-JPY. That is because the cross currencies have corresponding INR pairs. But, if you want to trade in other FX like AUD (Australian Dollar), CHF (Swiss Franc), Canadian Dollar (CAD), or other currency pairs then you need to open a forex account with an international forex broker. Foreign forex brokers allow Indian residents to open an account and trade in different currencies, stocks, indexes, commodities and even in top cryptocurrencies. Forex is the largest financial market with high liquidity and low margin requirements. You need a best forex broker account to trade in forex.

thankyou,
can u suggest few good forex brokers?
And, do you have any idea how PayIN and PayOUT are controlled without any hassle and legal compliances of Indian Govt as I understand they accept PayIN in USD?
It will be a great help if you or any1 in the Forum could guide on it.

Rgds

 

[Kungfu]

Just a question, which payment method Indian can use to deposit/withdraw from international Forex brokers?

 

[stoch]

I want to use international brokers for trading with leverage. Is this legal if I use an international broker with a local deposit option like OctaFX

Local rules or laws are not obstacle since you are not explicitly prohibited from dealing with foreign FX brokers. You can pass their KYC and use online deposit methods like Skrill and you are out of reach of your local financial regulation authorities. I have a lot of friends from India who trades with Hotforex.

 

[J. Kobra]

There are international payment methods by which you can invest in foreign brokers so it’s not a big deal.

 

[Oscar_0]

In that case you have to see whether the foreign broker allows local payment solution or not.