Hi fellow members, this is my first thread in this forum and I have just signed up in this forum. I've been reading this forum since last few weeks.
There are 2 ways to trade forex from India (for resident Indians)
First method:- I got this idea from markets.com, I contacted them and asked them that if RBI is not permitting to trade in forex , then how can I open account with them. They told me that RBI allows to open account with an investment company not with a broker and they are registered as an investment company, so you can open account , trade and withdraw the money with no objection from RBI.
Second method:- This method is a bit tricky, it makes use of virtual credit cards. In this method you transfer funds from western union or money gram to virtual prepaid card provider (there are many offering this service, just google it). Now use the prepaid card to fund your account. Though costly this method might be useful.
FYI: Haven't tried any of the above methods, so need your opinion on this.
There are 2 ways to trade forex from India (for resident Indians)
First method:- I got this idea from markets.com, I contacted them and asked them that if RBI is not permitting to trade in forex , then how can I open account with them. They told me that RBI allows to open account with an investment company not with a broker and they are registered as an investment company, so you can open account , trade and withdraw the money with no objection from RBI.
Second method:- This method is a bit tricky, it makes use of virtual credit cards. In this method you transfer funds from western union or money gram to virtual prepaid card provider (there are many offering this service, just google it). Now use the prepaid card to fund your account. Though costly this method might be useful.
FYI: Haven't tried any of the above methods, so need your opinion on this.