1KT Certified Forex Trader
- Thread starter AncientLion
- Start date
For Indians
1. There is no law that says forex trading is illegal. At the same time there is nothing that says that it is legal. Yes, there is a law that on an annual basis an individual can repatriate upto $25k from India. This to my mind can be used for forex trading. Also, as the rupee is appreciating, RBI might make it easier to invest in foreign currencies.
2. Forex trading income should be treated as a regular short term trading income and be treated accordingly. There should be no issue with your being in govt service.
3. Any broker having registered office and headquartered in the US should be safe. However one need to also be careful about the capital adequacy of the broker. Also, personally I need the Metatrader platform for trading as it really give me a lot of options to customize, set alerts, do some small programming etc.
4. As far as possible avoid brokers which have electronic currency as means of deposit / withdrawal, this is for your own safety.
Let me know if there are any more questions and I will be happy to help.
1. There is no law that says forex trading is illegal. At the same time there is nothing that says that it is legal. Yes, there is a law that on an annual basis an individual can repatriate upto $25k from India. This to my mind can be used for forex trading. Also, as the rupee is appreciating, RBI might make it easier to invest in foreign currencies.
2. Forex trading income should be treated as a regular short term trading income and be treated accordingly. There should be no issue with your being in govt service.
3. Any broker having registered office and headquartered in the US should be safe. However one need to also be careful about the capital adequacy of the broker. Also, personally I need the Metatrader platform for trading as it really give me a lot of options to customize, set alerts, do some small programming etc.
4. As far as possible avoid brokers which have electronic currency as means of deposit / withdrawal, this is for your own safety.
Let me know if there are any more questions and I will be happy to help.
thanks to everyone who vouched for me.junglelion......once i put forward my questions in this post but you didn't reply...i request you not skip again in answering questions given below.
how to get an real account?
what minimum funding is needed...and how one should transfer funds..and which banks in India can be used to carry fund transfer.
what are the legal documents one need to submit at the time of account creation
how billing is done ..say you bought and sold ..eur/usd and made 30 pip profit on a mini lot (size you can specify according to your existing rules)..what amount does the trader gains and how much commission has to pay.
how commission is calculated.
if you do not close your transaction in 24 hours (say one day) ..does it attract any interest..that is long positions ..if so how much and how it is calculated.
how long one can hold long positions and restrictions..(like in futures in India) ..in this case..and any interest calculations
regards
suba
how to get an real account?
what minimum funding is needed...and how one should transfer funds..and which banks in India can be used to carry fund transfer.
what are the legal documents one need to submit at the time of account creation
how billing is done ..say you bought and sold ..eur/usd and made 30 pip profit on a mini lot (size you can specify according to your existing rules)..what amount does the trader gains and how much commission has to pay.
how commission is calculated.
if you do not close your transaction in 24 hours (say one day) ..does it attract any interest..that is long positions ..if so how much and how it is calculated.
how long one can hold long positions and restrictions..(like in futures in India) ..in this case..and any interest calculations
regards
suba
I do not remember not answering any of your questions, though i did delay.
- to open a live account, choose any regulated forex broker
- the minimum you should start depends on the minimum lot size which a broker permits and which uses less than or equal to 2.5% margin on a 1:100 standard leverage
- for brokers which have fixed spreads, they do not charge commissions, and your trade is registered in your account history
- interest is not payable to most mt4 brokers, but charged by ecn brokers where the minimum deposit is $10,000
- in forex, you can hold positions for any amount of time
Thanks you, i do have some idea and read material about forex
i still have some doubts,
what minimum lot size is offerd by you,and how much do we need to deposit to start trading.
how to transfer money to account.
fixed spread ..??? can you please explain regarding this and...any other types of spreads.
mt4broker...and ecn brokers ????
regards
suba
i still have some doubts,
what minimum lot size is offerd by you,and how much do we need to deposit to start trading.
how to transfer money to account.
fixed spread ..??? can you please explain regarding this and...any other types of spreads.
mt4broker...and ecn brokers ????
regards
suba