reliable forex broker in india

[Hulu Girl]

May I ask your location. If you are from India forget it. If not then you have extensive compare forex brokers site exclusively for that.

I am from India and interested in Forex work only. I have not found any good broker for Forex trading only. Is there any good name suggestion. Because I think this complete thread has none of the good names.

 

[imtah]

I am from India and interested in Forex work only. I have not found any good broker for Forex trading only. Is there any good name suggestion. Because I think this complete thread has none of the good names.

All AD Category I banks who offer credit cards or online banking facilities to their customers should advise their customers that any person resident in India collecting and effecting / remitting payments directly /indirectly outside India in any form towards overseas foreign exchange trading through electronic/internet trading portals would make himself/ herself / themselves liable to be proceeded against with for contravention of the Foreign Exchange Management Act (FEMA), 1999 besides being liable for violation of regulations relating to Know Your Customer (KYC) norms / Anti Money Laundering (AML) standards.

Source:https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=8427&Mode

 

[Hulu Girl]

That I know, but there are many people who are trading in Forex. Are they legally working?

 

[NetFreak]

If they are working in the foreign countries, they are working legally, as it is the illegal in India. So if you do it in India, then it is illegal.

 

[Hulu Girl]

In India forex trading is allowed only on currency pair involving INR, like other currency pair EUR/USD, GBP/USD, USD/JPY, pairs are illegal and not allowed to trade in India, how ever it is proposed to allow this currency pair to trade in India but exchanges are not offering it.

 

[NetFreak]

Yeah, let's hope that we do get some liberation in future to have the other trading currencies to trade too.

 

[Hulu Girl]

I never think about future plans, if you can not use your present what we are going to be in future.