Any Forex Brokers in India ?

srswinku · #1 15th November 2006, 10:02 PM

Dear Traderji can u give any Forex Brokers Links who
operate in india and take rupee payments from my HDFC
Bank account and who dont need W9 forms or like that.

I want to deposit my Margin Money in Indian Rupees.
Any Banks or any govt recognised organizations ?

Thanks

kkeskar92 · #2 15th November 2006, 10:34 PM

Hi,
I had the same problem opening an account since some banks dont send wire transfer for forex acc. So I decided to fund my account through paypal or credit card. fxsol accepts the funds through credit cards or paypal.---KK

amarnath · #3 15th November 2006, 11:32 PM

Quote:

Originally Posted by srswinku

Dear Traderji can u give any Forex Brokers Links who
operate in india and take rupee payments from my HDFC
Bank account and who dont need W9 forms or like that.

I want to deposit my Margin Money in Indian Rupees.
Any Banks or any govt recognised organizations ?

Thanks

Hi all,

If any broker do so its illegal and it cant be done as you said untill rupee attains full convertability status and on open float to international ccys

arprtrd · #4 16th November 2006, 01:21 AM

Quote:

Originally Posted by amarnath

Hi all,

If any broker do so its illegal and it cant be done as you said untill rupee attains full convertability status and on open float to international ccys

Reliance Money is offering forex trading. So is that illegal?

amarnath · #5 16th November 2006, 09:22 AM

Quote:

Originally Posted by arprtrd

Reliance Money is offering forex trading. So is that illegal?

pls re read my post along for which i quoted the reply and no forex broker can hold your margin money directly in Indian rupee also even reliance capital is just working as IB to some other offshore as far as any broker outside India can be considered as offshore investment

so they prinicpally act as middle man role than direct broker i.e market maker or interbank liquidity status also dont run and comment something in hurry

No reflection with knowleadge is waste of time but reflection without study is dangerous

dilsefx · #6 17th November 2006, 03:46 PM

Hi friends,

I saw so many debating about legality of forex in India. Just for you informations i personaly visited HDFC bank amd discussed the issue wiuth the manager at Vasai (E) branch. She said after confirmations from her seniors that any one can trade in forex .
She gace me a circular copy of RBI which states that any one can invest up to 25000 USD per year . The copy of the circular can be found on RBi site at

http://rbidocs.rbi.org.in/rdocs/Noti...PDFs/51175.pdf Please do your own home work about this document.

As far as choice of broker is an issue, there is no broker from India who will provide you a plateform for forex trading.
One has to rely on offshore broker only.
Now aboput the brokers , please do you own research and choose youor broker. I will prefer that one must open an a/c with US based broker who is regd with NFA. I will prefer CMS, due to high leaverage and hedging facility.

Hope this will be helpful to those who are intrested in trading forex.

Happy Trading

bvpraveen · #7 17th November 2006, 04:39 PM

Quote:

Originally Posted by dilsefx

Hi friends,

The copy of the circular can be found on RBi site at

http://rbidocs.rbi.org.in/rdocs/Noti...PDFs/51175.pdf Please do your own home work about this document.

Hope this will be helpful to those who are intrested in trading forex.

Hi,

Thanks for your information.

Praveen.

rajib333 · #8 17th November 2006, 05:50 PM

now 50,000$ is allowed.

dilsefx · #9 18th November 2006, 01:09 AM

Quote:

Originally Posted by rajib333

now 50,000$ is allowed.

Thanks for additional info.
RBI increased that limit in this month only , but as i did not found that updated circular, i posted for 20 K. { to avoid more questions on the sunject

}

bhaskar · #10 25th June 2007, 12:09 PM

Hey there, have you heard about FreedomRocks.com yet? if not you may message me if need to know about it

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