Forex Legality about to solve

F

Fxbee

New Member
#1
#1
my dear fx friends,

there has been long long debated issue on forex legality! :p I have done good research on it, contacted few IB's , forex brokers and had discussion with many people. All I want to do is share with you the present state

r u ready?

here we go

The Big Boss : RBI

hey! dont want to do bla bla, just want to say RBI allows sending money under LRS upto USD 250,000 per year for an individual indian resident and this remittance is banned for Margin or margin calls


RBI allows the remittance for sales and purchase of foreign exchange derivatives and commodities derivatives in India and abroad

Forex Trading

We open an account with foreign fx brokers.
We will trade there Spot forex and not forex futures

so if u buy 100,000 USD on 1000 USD, you are buying spot on leverage
you are borrowing the additional 95,000 USD from broker, right?
hence this is margin based trading and one cant send this money abroad

My talk with Alpari India
Final conclusion is they said you can open an account with 1:1 leverage and then increase the leverage upto 500:1 on your own:lol: They are regulated by FSA


My mail to Fx central

when I mailed the above issue to Fx central, they said that NFA and CFTC do not consider Forex trading as Margin based trading

this is then very good news.voila!!!!1

then I asked them for solid proof?
they mailed me a pdf of NFA manual which states financial req of fx broker

I kindly request some experts to go through the NFA manual to see if the Claim by Fx central is true?

NFA manual scanned by Fx central

hoping for the best

Fxbee
 
D

desifxtrader

Well-Known Member
#3
#3
Fxbee said:
no reply?
seems no one wants to response
Click to expand...
I hope you find this helpful:

Code: 
http://www.traderji.com/forex/26078-forex-trading-india-legal-here-rbi-circular.html#post425991
Anyways, thanks for all the research you've done.

To be frank, it's already quiet sometime I've been trading Forex and requesting profit from my broker. I'm waiting for the IT team to show up at my house and charge me with crime.

My 2 paise: Use your time to trade & pull out some profit than to worry about the Judgment Day :thumb:

 
Last edited:
F

fxgood

Well-Known Member
#5
#5
Fxbee said:
my dear fx friends,

there has been long long debated issue on forex legality! :p I have done good research on it, contacted few IB's , forex brokers and had discussion with many people. All I want to do is share with you the present state

r u ready?

here we go

The Big Boss : RBI

hey! dont want to do bla bla, just want to say RBI allows sending money under LRS upto USD 250,000 per year for an individual indian resident and this remittance is banned for Margin or margin calls


RBI allows the remittance for sales and purchase of foreign exchange derivatives and commodities derivatives in India and abroad

Forex Trading

We open an account with foreign fx brokers.
We will trade there Spot forex and not forex futures

so if u buy 100,000 USD on 1000 USD, you are buying spot on leverage
you are borrowing the additional 95,000 USD from broker, right?
hence this is margin based trading and one cant send this money abroad

My talk with Alpari India
Final conclusion is they said you can open an account with 1:1 leverage and then increase the leverage upto 500:1 on your own:lol: They are regulated by FSA


My mail to Fx central

when I mailed the above issue to Fx central, they said that NFA and CFTC do not consider Forex trading as Margin based trading

this is then very good news.voila!!!!1

then I asked them for solid proof?
they mailed me a pdf of NFA manual which states financial req of fx broker

I kindly request some experts to go through the NFA manual to see if the Claim by Fx central is true?

NFA manual scanned by Fx central

hoping for the best

Fxbee
Click to expand...
Fxcentral too seems have Indian office, so why don't you can call them up straight or visit them for more better clarification, this can be helpful to thousand of Fx trader looking for reliable forex trading solutions.

http://fxcentral.net/office_location.php



INDIA
FXCENTRIC INDIA LTD.(FXCENTRAL GROUP)
#881/A, 2nd Floor,
Modi Hospital Main Road,
Basaveshwaranagar,
Bangalore 560 086. INDIA
Tel:+91 80-4264 6555
Fax:+91 80-4264 6567
 
F

Fxbee

New Member
#6
#6
desifxtrader said:
I hope you find this helpful:

Code: 
http://www.traderji.com/forex/26078-forex-trading-india-legal-here-rbi-circular.html#post425991
Anyways, thanks for all the research you've done.

To be frank, it's already quiet sometime I've been trading Forex and requesting profit from my broker. I'm waiting for the IT team to show up at my house and charge me with crime.

My 2 paise: Use your time to trade & pull out some profit than to worry about the Judgment Day :thumb:
Click to expand...
Sir, had it been only for my personal account, I would have managed it everything without any tension, why the hell RBI will care for 10 or 20K USD, but if one wants to manage few Mln $, then the path must be clear

thanks for your guidance

FxBee
 
F

Fxbee

New Member
#7
#7
hi

as per my knowledge, IB provide international stocks and other derivatives for indian resident but no forex spot leveraged trading.

RBI allows remittance for sale and purchase of foreign exchange derivatives in india and abroad. And on other side it says remittance for margin and margin calls is banned. This creates confusion.

Now defination of margin varies from regulators and they should specify it more clearly eg. NFA manual mentions It is Security Deposit from clients and they have not referred this Security deposit as Margin

Defination of Margin According to investorwords,

Definition 1
Using money borrowed from a broker/dealer to purchase securities; here also called buying on margin.


Definition 2
The amount of equity required for an investment in securities purchased on credit.


Definition 3
The face value of a loan minus the value of the pledged collateral.

according to free dictionary
An amount in money, or represented by securities, deposited by a customer with a broker as a provision against loss on transactions made on account.

Now it is important which defination RBI is referring?
If this is clear, hope many problems will be solved

Fxbee
 
Last edited:
P

preetksgill

Guest
#8
#8
this thread is a pure marketing for alpari n fxcentral

no fx broker will ever say fx is illegal cause they want your money :D

STOP ADVERTISING IS ALL I HAVE TO SAY
 
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