Is this possible?

#1
Hi everyone,
I just joined traderji. I joined a famous online forex portal a few months ago and after some time they offered some free deposit as I wasn't active and now last week I tried my hands in forex and I was quite happy with the results. In one week I got over 100% ROI..
But then I saw that forex is ilegal and now I am afraid .

I have a question that is it still possible to use that account if I don't use my own money or recieve any money?

If that's not possible can you tell any legal Indian broker and their requirements .

Please help me as I am a newbie.
 

jagankris

Well-Known Member
#2
Hi everyone,
I just joined traderji. I joined a famous online forex portal a few months ago and after some time they offered some free deposit as I wasn't active and now last week I tried my hands in forex and I was quite happy with the results. In one week I got over 100% ROI..
But then I saw that forex is ilegal and now I am afraid .

I have a question that is it still possible to use that account if I don't use my own money or recieve any money?

If that's not possible can you tell any legal Indian broker and their requirements .

Please help me as I am a newbie.
I dont know.
But since you got over 100% ROI - Take the initial amount invested.
And risk the profits.
 

mastermind007

Well-Known Member
#4
Hi everyone,
I just joined traderji. I joined a famous online forex portal a few months ago and after some time they offered some free deposit as I wasn't active and now last week I tried my hands in forex and I was quite happy with the results. In one week I got over 100% ROI..
But then I saw that forex is ilegal and now I am afraid .

I have a question that is it still possible to use that account if I don't use my own money or recieve any money?

If that's not possible can you tell any legal Indian broker and their requirements .

Please help me as I am a newbie.
One of my friend is having a business setup that is legal and can be operated from India. Are you sure the free deposit you are talking about were in real account or demo account?

Most give demo account with large funds for free. You can even get demo accounts with 50000$ or 100000$ loaded in it. But no one I know gives you a real account loaded with even 1$ when you've added nothing. Many give bonuses 25%. So if you put 100$, your account will have 125$.
 
#5
One of my friend is having a business setup that is legal and can be operated from India. Are you sure the free deposit you are talking about were in real account or demo account?

Most give demo account with large funds for free. You can even get demo accounts with 50000$ or 100000$ loaded in it. But no one I know gives you a real account loaded with even 1$ when you've added nothing. Many give bonuses 25%. So if you put 100$, your account will have 125$.
Thanks everyone for your replies. I am sure I am talking about a real account. They balance offered was not big but I am sure I can handle this game if I do it.
So my question is that : Am I safe till I don't to any kind of transaction and keep the money there until it turns into a good amount( It can go in reverse as well :) ) and then either wait for RBI changing its rules or trying other means to get it.
 
#6
Hi ,

I deposited some amount into Iforex few months ago by my debit card ,at that time i did not knew that it is illegal in india , i have not made more than 2-3 trades with that account ,now after six months i have received a letter from my bank that i have violated FEMA norms and they will be closing my account soon as per RBI guidelines, i did not pay much attention to that letter at that time as i did not had any balance left in that account however, 20 days after receiving that letter i just confirmed once again with my bank and found out that my account was still active and in order to redeposit some money into my bank account i need to get a clearance from RBI first (www.rbi.org.in) and then they will open a new account for me with which i can do banking. ,please help whether i need to do anything from my end and what is it to do with the RBI clearance.
 
#7
Hi ,

I deposited some amount into Iforex few months ago by my debit card ,at that time i did not knew that it is illegal in india , i have not made more than 2-3 trades with that account ,now after six months i have received a letter from my bank that i have violated FEMA norms and they will be closing my account soon as per RBI guidelines, i did not pay much attention to that letter at that time as i did not had any balance left in that account however, 20 days after receiving that letter i just confirmed once again with my bank and found out that my account was still active and in order to redeposit some money into my bank account i need to get a clearance from RBI first (www.rbi.org.in) and then they will open a new account for me with which i can do banking. ,please help whether i need to do anything from my end and what is it to do with the RBI clearance.

Which bank??I mean name of the bank were they have closed your account??:annoyed:
 
#10
Hi ,

I deposited some amount into Iforex few months ago by my debit card ,at that time i did not knew that it is illegal in india , i have not made more than 2-3 trades with that account ,now after six months i have received a letter from my bank that i have violated FEMA norms and they will be closing my account soon as per RBI guidelines, i did not pay much attention to that letter at that time as i did not had any balance left in that account however, 20 days after receiving that letter i just confirmed once again with my bank and found out that my account was still active and in order to redeposit some money into my bank account i need to get a clearance from RBI first (www.rbi.org.in) and then they will open a new account for me with which i can do banking. ,please help whether i need to do anything from my end and what is it to do with the RBI clearance.
Hi,

You need to approach RBI and get clearance certificate otherwise in future you may face problems if you want to transact outside India. You better approach them that you were ignorant that forex trading is Illegal in India. And promise them that you will not do such thing in future.

Its important to get clearance certificate.

Regards
 

Similar threads