Is Forex Trading in India legal from Alpari india ?

A

aryabhatta

Active Member
#62
#62
PipMaster6 said:
I live in India and trade forex through BeamFX in New York. Money is held in Citibank - one of the largest international banks in the world. So far I have not gotten in trouble doing this... Why is it wrong?
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yare barings bank a 100+ year old bank where even queen of england had her money collapsed what is citibank? Besides citibank is in trouble anyway had to be bailed out by the US federal reserve in 2008

Also it doesn't matter so much where the money is kept what depends is the broker, look what happened to mfglobal, they claimed to have segregated accounts at JP Morgan chase and we later learnt they were using client money for other purposes which they aren't supposed to touch.

Personally I wouldn't put a cent of my money in your bemaFX, if it were upto me i wouldn't even put a cent of your money in BemaFX.

Same happened to refco, pfg list goes on and on .. they all said they same thing very safe very safe ..... don't believe a word of it.

If you really want to be safe then go for dukascopy not because they say very safe very safe which they all say but because dukascopy will allow you to keep 80% of your money in your own bank here in India and only require you to deposit 20% of your money with them. But there is documentation to be done and your bank in india will have to give a bank guaratee for the 80% of the money which is with them.

take my advice and stay as far away as possible from your bemaFX

but all this question doesn't arise because OTC FOREX trading for resident indians is not allowed.
 
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