Account with International Broker

[nicktrader]

I would like to open an account with international broker as Broco or someone else which allows me to trade all the metals because the fluctuations of USD/INR are killing all my profits and calculations... Kindly suggest is it legal to open an account with any of these brokers and if yes which one will be best and reliable..

 

[kt100]

I would like to open an account with international broker as Broco or someone else which allows me to trade all the metals because the fluctuations of USD/INR are killing all my profits and calculations... Kindly suggest is it legal to open an account with any of these brokers and if yes which one will be best and reliable..

opening an account with international broker is not illegal.. however use of margin money as set by the broker is illegal and punishable offense. you can check with rbi website for clarification.

 

[mahesh_rawal]

Hi Nick,

I myself on a lookout for some good brokerage house in Mumbai.And my specifications involve a broker who has decent local presence. and a functional office as well. as for legal /illegal, its not as long as u trade on the local markets, futures in the international equities are allowed upto a sum of say 200,000/year.

what am of the view is, that there are several people who are involved with the international brokerage firms, but make sure the ones you are dealing with are genuine enough and safeguards your funds should be your top most priority.
in such a case, there are international firms who are complete scammers whereas local ones (the smaller ones) who are actually good but not popular by means of shiny advertising.

let me know if you find some body good, i will keep you posted with my hunt too! goodluck! :thumb:

 

[shivam_007]

i think you guys should be looking for posts on forex brokers in the FOREX thread here on traderji. a lot of discussion is happening there, friends!

 

[shivam_007]

And as for your query nicktrader i agree with mahesh rawal.

there are international firms who are complete scammers whereas local ones (the smaller ones) who are actually good but not popular by means of shiny advertising.

i have had a certain bad experience with a big brokerage house , which i rather not discuss here ( but a clue: whose services are no longer functional in India, but otherwise very popular in UK.)

so choose your broker wisely.

you should check out the discussions in the FOREX thread there are valuable tips & guidelines which are helpful.

 

[shivam_007]

by the way, as for the brokerage house i am trading with is xDirect India. these guys are very supportive and flexible in the terms of offer parts. good platforms, fine deposits & withdrawal period. free trading education and quite helpful whenever required. these guys are ECN + stp. so u can select whichever suits u the best. ya you may not be too happy with the initial deposit but overall i find them the best.