Any Forex Brokers in India ?

Discussion in 'Forex' started by srswinku, Nov 15, 2006.

  1. srswinku

    srswinku New Member

    Joined:
    Nov 14, 2006
    Messages:
    10
    Likes Received:
    0
    Trophy Points:
    1
    Dear Traderji can u give any Forex Brokers Links who
    operate in india and take rupee payments from my HDFC
    Bank account and who dont need W9 forms or like that.

    I want to deposit my Margin Money in Indian Rupees.
    Any Banks or any govt recognised organizations ?

    Thanks
     
  2. kkeskar92

    kkeskar92 Well-Known Member

    Joined:
    May 28, 2006
    Messages:
    320
    Likes Received:
    381
    Trophy Points:
    63
    Location:
    Navi Mumbai
    Hi,
    I had the same problem opening an account since some banks dont send wire transfer for forex acc. So I decided to fund my account through paypal or credit card. fxsol accepts the funds through credit cards or paypal.---KK
     
  3. amarnath

    amarnath Guest


    Hi all,

    If any broker do so its illegal and it cant be done as you said untill rupee attains full convertability status and on open float to international ccys
     
  4. arprtrd

    arprtrd New Member

    Joined:
    Oct 9, 2004
    Messages:
    26
    Likes Received:
    0
    Trophy Points:
    1
    Reliance Money is offering forex trading. So is that illegal?
     
  5. amarnath

    amarnath Guest

    pls re read my post along for which i quoted the reply and no forex broker can hold your margin money directly in Indian rupee also even reliance capital is just working as IB to some other offshore as far as any broker outside India can be considered as offshore investment ;) so they prinicpally act as middle man role than direct broker i.e market maker or interbank liquidity status also dont run and comment something in hurry


    No reflection with knowleadge is waste of time but reflection without study is dangerous :D
     
  6. dilsefx

    dilsefx Member

    Joined:
    Jun 17, 2006
    Messages:
    71
    Likes Received:
    0
    Trophy Points:
    6
    Location:
    MUMBAI
    Hi friends,

    I saw so many debating about legality of forex in India. Just for you informations i personaly visited HDFC bank amd discussed the issue wiuth the manager at Vasai (E) branch. She said after confirmations from her seniors that any one can trade in forex .
    She gace me a circular copy of RBI which states that any one can invest up to 25000 USD per year . The copy of the circular can be found on RBi site at

    http://rbidocs.rbi.org.in/rdocs/Notification/PDFs/51175.pdf Please do your own home work about this document.


    As far as choice of broker is an issue, there is no broker from India who will provide you a plateform for forex trading.
    One has to rely on offshore broker only.
    Now aboput the brokers , please do you own research and choose youor broker. I will prefer that one must open an a/c with US based broker who is regd with NFA. I will prefer CMS, due to high leaverage and hedging facility.


    Hope this will be helpful to those who are intrested in trading forex.


    Happy Trading

    :)
     

  7. bvpraveen

    bvpraveen Active Member

    Joined:
    May 2, 2006
    Messages:
    899
    Likes Received:
    172
    Trophy Points:
    43
    Location:
    Bangalore
    Hi,

    Thanks for your information.

    Praveen.
     
  8. rajib333

    rajib333 Member

    Joined:
    Jun 9, 2005
    Messages:
    119
    Likes Received:
    0
    Trophy Points:
    16
    now 50,000$ is allowed.
     
  9. dilsefx

    dilsefx Member

    Joined:
    Jun 17, 2006
    Messages:
    71
    Likes Received:
    0
    Trophy Points:
    6
    Location:
    MUMBAI
    Thanks for additional info.
    RBI increased that limit in this month only , but as i did not found that updated circular, i posted for 20 K. { to avoid more questions on the sunject:) }
     
  10. bhaskar

    bhaskar New Member

    Joined:
    Jun 25, 2007
    Messages:
    7
    Likes Received:
    0
    Trophy Points:
    1
    Hey there, have you heard about FreedomRocks.com yet? if not you may message me if need to know about it
     
Loading...

Share This Page