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- Illiquid Markets. Money Management
Any one in India can trade in Forex provided by the authorized brokers in Indian stock exchanges. But their is only 9 currency pairs and the volatility of these currencies are too low. An Indian can trade with an International Forex brokers only he stays outside India and the law in that country permits him to do so.
Their are two types of Forex brokers one is Market Makers and the other one is ECN Brokers. A market maker gives you better spread and no commit ion but they have a dealing desk which will trade against you. But for an ECN broker they will charge commit ion and spread but they wont trade against you. Their are regulatory bodies in each country that regulates these brokers for example FINMA for Swiss brokers. So consult with these regulators and take a wise decision.
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HI friends ,
don 8767 t arguement about forex trading is legal or illegal
deposit to your trading ac all possible ways and trade freely without fear
all are confusing to all. go and trade for ever don 8767 t wast time like this blogs
rbi will not kill you if u make profit and rbi not give money if u loss
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Illiquid Markets. Money Management
If RBI implements this then government also can earn a good amount as tax from Forex trading and Indians also can earn money.
If NRI return to India and become Resident Indian, NRI account needs to shut down. RFC account can be opened. Foreign Savings A/C can remain active but Resident Indian cannot trade in Forex, so any trading using this bank account is not permitted.
That said, please consult a CA and let me know soon. Rajandran I am hoping you could shed more light/info using professional services given what we all have shared here.
6. For Investing
Do not convert USD from INR on your electronic payment processor (like money brokers skrill,webmoney,perfect money,paypal) via CREDIT CARD
Then what should u do?
Alpari and Admiral markets local offices in india only promoting trading with Indian Exchanges like NSE and MCX. However for residential indians they are not promoting to trade in international forex pairs. Guess they are in compliance with RBI guidelines.
. Everybody, there is no point abusing the RBI and arguing why they have this rule. The fact is that they have it. Lets live with it and try to find a solution. All the best!
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