forextrading in india-few questions?

[kingkedi]

hi,first of all i want to know is it legal to trade forex in india?
2.which payment processor you use for trading forex?
3.if you are using lr,did you have any problems of bank asking any questions that how you got money?
4.if it is not legal,can we all tarders put a request to rbi to allow international brokers and allow forextrading?
please share your views

 

[knightrader]

hi,first of all i want to know is it legal to trade forex in india?
2.which payment processor you use for trading forex?
3.if you are using lr,did you have any problems of bank asking any questions that how you got money?
4.if it is not legal,can we all tarders put a request to rbi to allow international brokers and allow forextrading?
please share your views

It is 'technically' illegal.
But you can do it by not mentioning 'forex trading' via your bank account through
paypal or moneybookers

 

[ar1002]

hi,first of all i want to know is it legal to trade forex in india?
2.which payment processor you use for trading forex?
3.if you are using lr,did you have any problems of bank asking any questions that how you got money?
4.if it is not legal,can we all tarders put a request to rbi to allow international brokers and allow forextrading?
please share your views

There is an option where you can open account with the broker who has office in India. They have the option to fund the trading account through Indian Banks and withdrawal can be done to our own savings account in INR.

AR1002

 

[knightrader]

There is an option where you can open account with the broker who has office in India. They have the option to fund the trading account through Indian Banks and withdrawal can be done to our own savings account in INR.

AR1002

no such brokers exist, I think.
Lr is a way one can adopt and trade even with out a bank account. But beware of Lr sccammers

 

[ar1002]

no such brokers exist, I think.
Lr is a way one can adopt and trade even with out a bank account. But beware of Lr sccammers

Yes, there is a broker which accepts payment to fund the mt4 platform through Indian banks. I am a forex trader and using this service for the last 1 1/2 years.

For more details please PM me and I can help you to open an account.

ar1002

 

[knightrader]

Yes, there is a broker which accepts payment to fund the mt4 platform through Indian banks. I am a forex trader and using this service for the last 1 1/2 years.

For more details please PM me and I can help you to open an account.

ar1002

thanks for the information. I am now trading with an overseas broker and no problems yet.

 

[ar1002]

thanks for the information. I am now trading with an overseas broker and no problems yet.

You are welcome. May I know what type of strategy are you using in forex ?

 

[timepass]

Yes, there is a broker which accepts payment to fund the mt4 platform through Indian banks. I am a forex trader and using this service for the last 1 1/2 years.

For more details please PM me and I can help you to open an account.

ar1002

posting the details in the open forum will benefit all the members.

 

[srivelkalki]

You can trade only inr pairs. Trading in other pairs are illegal.

 

[knightrader]

You are welcome. May I know what type of strategy are you using in forex ?

sure, mainly fib retracement and elliot waves h4, h1 charts

some times 8, 14 moving avg with rsi and mfi 15min charts