Forex on platforms like OctaFx

#1
Is it Ok to trade on forex brokers which are providing Indian Bank Deposit/withdrawal? If yes then why we are not breaking FEMA and RBI's rule as they says its not allowed to trade on international brokers?
 
#2
Don't get into such as of now...apart email, check where they are registered and proper customer support, avoid people only with online email support as they also need to have phone support too.... i had a bad exp while payout of 1000usd... infact lost it... check before u get into such.....platforms. Make sure they are in top 10... as per RBI u need to check with them i dont think it its LEGAL as of now. . . if have any OCI or NRI living overseas ur friends or relatives u can open account on behalf of them in reputed top 10 brokers in world not like octafx.
 

mastermind007

Well-Known Member
#3
Is it Ok to trade on forex brokers which are providing Indian Bank Deposit/withdrawal? If yes then why we are not breaking FEMA and RBI's rule as they says its not allowed to trade on international brokers?
Don't get into such as of now...apart email, check where they are registered and proper customer support, avoid people only with online email support as they also need to have phone support too.... i had a bad exp while payout of 1000usd... infact lost it... check before u get into such.....platforms. Make sure they are in top 10... as per RBI u need to check with them i dont think it its LEGAL as of now. . . if have any OCI or NRI living overseas ur friends or relatives u can open account on behalf of them in reputed top 10 brokers in world not like octafx.
It is 100% illegal to speculate on global forex pairs in India and you need to be very well aware of it and you are wholly responsible for your funds.

In 2012/13, I too had lost about 250 US$ to a company named SD Wing FX that was in Surat city. Name of the owner was Sunil Dhola and he even
came down to Mumbai to meet many clients including me. He is absconding as of now.

Having said that, it is the best (and virtually free) platform available for true algorithmic trading and I know a few who are doing OK with it. Compared to effort and cost needed to set up algo execution in Amibroker, doing the same in Metatrader is cake walk. Plus lot of brokers allow hedging which makes writing genuniely profitable EA's easier.

Most Important. I would not say No but say "CAUTION" and "BUYER BEWARE"
 
#4
You can trade in currencies pair with INR , Indian govt. only allows to trade in rupee for currency market . Stock market brokers also provide service for Indian pair currency trade . Zerodha , kotak , upstox etc .
 

mastermind007

Well-Known Member
#5
You can trade in currencies pair with INR , Indian govt. only allows to trade in rupee for currency market . Stock market brokers also provide service for Indian pair currency trade . Zerodha , kotak , upstox etc .
You are missing the point!, sir.

Trading INR with any other pair using some variant of NEST NOW or ODIN is like playing football with a golf ball. you don't have lot of surface to kick and when you do manage to kick, you get a sore thumb.

Metatrader4 and Metatrader5 are damn good software at least from user POV. Programming in it has both pros and cons. Language is C++ like (minus the pointers) and hence bit more harder to grasp
 
#6
Personally I would be looking at global broker options who accept crypto deposits. The advantages could definitely work in your favor!
 

Similar threads