Is it legal to send funds to foreign brokerages for forex trading ?

#1
i know this topic has been covered many times here but still there is no definite answer whether we can transfer funds abroad to a forex brokerage for trading ?? can anyone who is absolutely sure please guide me ... i want to transfer about 3000 usd to MIGFX.COM for trading and i will keep adding here say every 3-4 months if things go well .. also when i need to take out profits and wire them back to india is it possible ?? i dont want to do this in an illegal way of sending funds by mentioning the words " equities " or use paypal or my CC .. i would like to find out if we can wire funds from india to MIGFX.com and take out monthly profits ?? help will really be appreciated ... thank u so much
 

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Active Member
#3
Hi gauranggupta,
I don't know for definite, but when sending funds to US brokerages they have supplied me with W8Ben form which discloses that I do not pay Tax in US that I am confirming that I will pay due taxes in my country. As long as you disclose your profits to India I can't see that it is illegal, you are not laundering money.

If you're concerned perhaps a get your lawyer or tax lawyer to research and give you a definite answer.

Hope this helps.
 

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