FAQs FOREX for Indians
- Thread starter ag_fx
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Offtopic - @Ankit sir
In one thread , u had told you work at a national bank as forex trader. Can Indian residents trade Forex from their own accounts from India legally? And also what qualifications one got to have for trading from National Bank , MBA(Finance) ?
Thank you for your time.
In one thread , u had told you work at a national bank as forex trader. Can Indian residents trade Forex from their own accounts from India legally? And also what qualifications one got to have for trading from National Bank , MBA(Finance) ?
Thank you for your time.
Yes I work for ICICI Bank as a forex trader....and as far as trading ur own account from india as resident is concerned, even RBI is not clear on it...
I wud tell you some facts and then its your call :
1) According to RBI, it is a grey area. They dont prohibit it and neither allow it for resident indians.
2) There are 100s of guys who dont trade citing abovesaid as a reason....But then there are 10s of dose who do...Its all about how do you percieve it...
3)Before even trying to trade forex with real money, practice Live in demo accounts. They are available a dime a dozen online.
4) many Indians use their friends/relatives abroad to open accounts and trade through them.
Just some facts...And for Forex, lets just keep the conversation away from this thread. This is meant for Nifty day trading.
Happy Trading
HARI OM DEAR ANKIT :thumb:
RELIGARE HASN'T PROVIDED FOREX TRADING TO INDIVIDUAL TRADERS DIRECTLY.
YOU CAN TRADE IN THE INDIAN STOCK MARKET & COMMODITY SEGMENT USING YOUR LAPTOP. AS OF NOW, IF YOU HAVE TO PLACE A TRADE IN "FOREX" YOU WILL HAVE TO PLACE A BUY & SELL ODER AT THE "RELIGARE" RMC DEPARTMENT.
HOW IS IT AT ICICI????? DO THEY PROVIDE A FOREX TRADING TERMINAL TO THE INDIVIDUAL TRADERS OR DO THE TRADERS HAVE TO CALL ICICI FOR PLACING A BUY & SELL ORDER IN FOREX?????
GANPATI BAPPA MORYA
HARI OM
REGARDS,
NISHIKANT K. HADGE
RELIGARE HASN'T PROVIDED FOREX TRADING TO INDIVIDUAL TRADERS DIRECTLY.
YOU CAN TRADE IN THE INDIAN STOCK MARKET & COMMODITY SEGMENT USING YOUR LAPTOP. AS OF NOW, IF YOU HAVE TO PLACE A TRADE IN "FOREX" YOU WILL HAVE TO PLACE A BUY & SELL ODER AT THE "RELIGARE" RMC DEPARTMENT.
HOW IS IT AT ICICI????? DO THEY PROVIDE A FOREX TRADING TERMINAL TO THE INDIVIDUAL TRADERS OR DO THE TRADERS HAVE TO CALL ICICI FOR PLACING A BUY & SELL ORDER IN FOREX?????
GANPATI BAPPA MORYA
HARI OM
REGARDS,
NISHIKANT K. HADGE
Hari Om Dear Nishikant.
Trading Forex doesnt mean trading USDINR pair. When we talk of Forex, we mean to trade currency pairs like EURUSD,GBPUSD,USDCHF etc with international brokers using USD or any other international currency as deposit.
In India, we have USDINR Futures being traded on NSE and MCX, but it is NOT FOREX(in actual terms). In forex, we trade Spot and not Futures. Almost all brokers in India have started offering USDINR futures, under the banner FOREX, but they are just telling you the partial truth.
My work at ICICI is at corporate level. We trade for various MNCs Hedging requirements. There is no provision for individuals to trade as RBI stand is not clear and as expected, banks play it safe.
Happy Trading
Nice thread Ankit.
I started using this site for learning the basics about Forex , hope its useful for others.
http://www.babypips.com/school/
I started using this site for learning the basics about Forex , hope its useful for others.
http://www.babypips.com/school/
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