forex trading legal in India?

Hi,

I m new to trading, I want to knw that foreign currencies trading in India is banned or it is legal.

Vartika

It is illegal , but i trade anyways.

i would suggest that you don't trade forex, since you asked this question. and it has been in debate many many times.

if you only had taken the trouble to see the forex section.

This is the like the most common question asked here.

As per RBI, legally you can trade in futures of currencies.

but there are ways to do forex trading thru overseas broker. see in forex section, you will get details about it.

Hi,

Can you please confirm what does future of currencies mean ....

are there any registered brokers whom I can contact for more info

you can trade in currency futures with any of our indian brokers.

However , if you want to trade in american exchanges CBOT/NYBOT..etc. It will cost you a lot more.

But since you are new to trading futures and currencies. I would suggest open a demo account with any of the countless forex brokers and demo trade spot forex. It will give you an idea.

Trading in futures for beginners are not a good idea.

Stick with spot....

Forex trading is not legal in India, but most European brokers accept Indian clients. Just make sure that your broker doesn't disclose tax info and you should be safe.

hi vartika,

kindly go thru the below link:

Re: Attention! - Forex trading is illegal in India!
http://www.traderji.com/forex/15091-attention-forex-trading-illegal-india-21.html

Regards,

Vidhya

Why it is illegal when trader can loose money or gain money from speculating from nse stocks and commodities like mcx crude oil which can't be delivered and only can be speculated why traders are not allowed to trade spot forex, its is denial of personal rights how should i use my own money

good question