Good News for Indian Traders

Hello guys I received very good update on my email from Hotforex I hope you also love same as me

Here it is....

HotForex New funding method available for Indian clients.

Dear Client,

We are happy to announce that a new funding method, GlobePay is now available to all of our clients from India.

GlobePay Inc is a free, safe, secure and easy way to pay and get paid online. The services provided by GlobePay allows payments and money transfer to be made through internet, without sharing their financial information.

Online money transfers serve as electronic alternatives to traditional paper methods such as cheques and money orders.

A GlobePay account can be funded with an electronic debit from a bank account. The recipient of a GlobePay transfer can establish their own GlobePay deposit account or request a transfer to their bank account linked with GlobePay account, in India and outside India.

Sounds like a good development but I'm thinking if HotForex allows to both deposit and withdraw using GlobePay.

Furthermore, Globepay is local, based in Gurgaon (I'm hearing the first time about it) and is also quite new compared to established players like Paypal, Neteller and others.

I can't find much history about the extent of its operations except for its own website, a Twitter account and LinkedIn account. Have you made any deposits through them, or plan to use them?

Just a little concerned because of all the regulations and restrictions around money transfer in India, specially when it involves converting INR to USD for forex.

hello,

Your right,its not regulated by any authority,iam also hearing 1st time,i opened the account,but not satisfied by the service,the site also has live chat but it is 24/7 offline,the only cantact is mail which they never respond i have shooted 4 mails i didn't get any reply except auto-reply which is common bcoz its machine generated.
the site having the account with ICICI and accepting fund deposit through NEFT/IFSC code from indian banks, from there we can transfer our funds to Hotforex.upto here everything is ok,but the Support is toooooooooooooo slow
infact most of the cases nonresponsive.

see we are playing with money,wat i suggest is just open account with any bank having International debit card (preferably Visa)and fund ur trading Accounts,don't use credit cards bank will suck too many charges on CC's.

my single and Biggest doubt is what if.........

lets say ..if 100 users (frm thier above 7000 users) have funded 10,000 each on same day,wat if he closed his company on that highest transaction day,whom we should ask ,bcoz its not regulated by any Authority.

best regards,
jahan.

forex being unregulated you need to be careful where you put your money, always remember its very possible you will never receive a penny back.

Futures transactions were guaranteed by the clearing house and no futures trader ever lost their money but then came the MFGlobal fiasco and for the first time futures traders lost 30% of their accounts. Something unheard of.

So if futures trading which is well regulated can fail what is an unregulated industry like FX? You could very easily lose every penny you deposited and no one will be held accountable, nothing will happen ..... so be careful.

To trade for a living you need to have an account size of atleast 30k~50k usd (at least for me)to generate some income every month with prudent risk management. If the broker goes under like so many have the latest being PFGBest you could easily lose every penny.

Be very careful.

Well Sach kahu to mene bhi ye naaam paheli baar suna hain, or jese mujhe ye mail mila mene globepay me apna account create kar liya, but jaha tak mera manna hain is web ne security naam ki koi chiz nahin hain. Isse behtar to mujhe moneybookers hi achcha laga hain fir me ye month ke akkhir me ek baar small amount withraw kar ke tes kar lunga ke globepay kaam kese karta hain.....

I totally agree with you . FX trading seems to be lucrative but in one shot it can prove to be fatal,if something untoward happens with the FX broker .
Those who are so much interested in Forex trading may very well try USDINR , it is a good pair for trading . Biggest thing is it is fully legal and one can get best brokers dealing in Currency trading in India.