Help for funding forex account from India

Dear Community Memebers,

I understand that there are many active traders in Forex from India. I happen to speak to an AVAFX executive who told me there are close to 80000 active traders from india dealing with them. I kindly request the help of community members to guide me as i have many queries concerning funding the account.

1. The most popular form of funding a forex account seems to be with credit card. However many a forex brokers like AVA do not allow alternate mode of withdrawing funds, i.e, If i fund my deposit with a credit card i need to withdraw with the same credit card. Unfortunately, if i withdraw using a credit card the withdrawal will show as a credit balance in my credit card and will not be credited to my account. That means i cannot withdraw the credit balance or transfer it to my bank account. This is primarily because of government guidelines or something, an answer which i got from my bank account executive (HDFC bank).

2. Wire transfer - also known as outward remittance in india - is another popular choice but has many issues of its own. Primarily concerning to RBI guidelines. As many india based traders know that in order to remit funds abroad (i.e outside india) one needs to go to a bank and fill in a outward remittance form which requires the reason for transfer and this form goes to the RBI for their perusal. As outward remittance for margin trading in forex is not allowed my funds wont be transferred to the intended broker, and i may also my booked / fined
(which i think RBI hardly would do for a transfer of $150, but as RBI is mad i cant put my money on them.... :p :) ).

There are other forms of transfer like paypal, moneybookers, etc. in which i am hardly interested in as it takes a lot of time and complex.

I request all indian traders to kindly help me sort this issue, and give their veiw as to how i can fund my AVAFX or another reputed broker using credit card or wire transfer as a payment mode.

I also would like to know as to how i can pay income tax on any profits i make with trading in forex.

Thanks. and happy trading!!!!
Hello, I am trading with LiteForex, and its working well for me ! I dont do deposits or withdrawals directly but i use MoneyBookers or Liberty Reserve to withdraw and deposit my money.

I hope it works well for you too.
Dear Community Memebers,

I AVAFX executive ..............

Thanks. and happy trading!!!!
sry, i'm not telling you how to fund your acct, but mention of 'AVAFX' set me thinking. (do a google of word 'AVAFX')

i'll advise one thing, do your due diligence about the brokers very exhaustive and thoroughly

i remember seeing 'iFOREX' advertizing heavily with 'photographs of Indians and their testimonials making millions of dollars' on Yahoo pages. It is still there with broken link.

After seeing these ads the first thoughts were of a scamster opening shop in india, which is still a virgin place for such crimes.

the RBI issued that stupid notification after when this / such brokers opened their shops for gullible Indians.( who are fools with lot of sudden riches and exposure to things on net which may not be true also)

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