fx-trading

#1
hi,
I would like to open a new forex trading account.My doubt is that if it is fully legal in india.Banks are asking details and profiles of company/brokerage for sending money by USD conversion.Can anyone suggest some genuine and reliable brokerage firms and important things to be noted while opening fx account ?plz.
manoj
 
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atulaw

Active Member
#2
Save yourself a lot of trouble and open an account with OANDA. Trust me. They have even started offering MT4 for live accounts. Now you can use fxtrade or MT4 or BOTH.



While wire transfer, don't mention forex. Just say you are transferring for capital investment.
You can also fund your oanda account using paypal/credit card.

Remember, withdrawal will be through the same route you fund in. That is, if you wire transfer than during withdrawal your money will be wired to your bank only. If paypal then money will be sent back to the same paypal account.
 
#3
THANKS A LOT
for ur info.what about FBS and 4x4u?would u kindly give some more details about OANDA?is it supports auto/manual trading?
manoj.
 

atulaw

Active Member
#4
For retail traders OANDA is the best option. Mark my words, you don't want to look at anything else. It is human nature to look at other way when given one choice. If I'hd told you about mbtrading or ibfx (these two are also good) you would have asked about oanda lol.

I personally trade with oanda and I am absolutely satisfied. Maybe when I have enough fund I will open an account with interactive brokers, but my oanda account will always be active. Satisfaction level 10/10.




With introduction of mt4, you can auto trade. But I would advice you not to.
Also leverage is 1:50 & hedging is not allowed in a single account (but you can easily create sub accounts and hedge from there).
 
#5
yes,u r absolutely right on the way how human mind works and may be due to the pitfalls waiting around us these days,particularly in online transactions!THANKS again for useful info and ur personal experience is enough for me to take a desission to open an ac with them.Is mt4 platform has moreadvantage over fx,other than automated trading features?
 
#6
dear sir,
As per ur advise in this regard i have just opened an ac with oanda and completed the procedure.But now the problem i amfacing is that no bank in our city is not willing to send usd by wire transfer for any type of foreign investment.they say they have recent instructions againist this kind of transfer as some problem arised in recent internel audit.Is there any alternative other than wire transfer or paypal/credit card?If it can be send by cheque or draft. I dont know how to resolve this problem.pls give a practical remody in this regard.........thanking you
manoj kumar
[email protected]
 
#7
dear sir,
As per ur advise in this regard i have just opened an ac with oanda and completed the procedure.But now the problem i amfacing is that no bank in our city is not willing to send usd by wire transfer for any type of foreign investment.they say they have recent instructions againist this kind of transfer as some problem arised in recent internel audit.Is there any alternative other than wire transfer or paypal/credit card?If it can be send by cheque or draft. I dont know how to resolve this problem.pls give a practical remody in this regard.........thanking you
manoj kumar
[email protected]
Try from ICICI or HDFC bank.i hope these banks will accept
 

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