trading forex with local indian deposits

[zoomfire]

hello, brokers like alpari ,octafx and XM offer an indian local bank deposit option where the client can make deposit to an indian local bank (not in the company name though,but given officially by the company) and funds are credited to the trading account. How safe is this option to trade forex from india and is this anyway risky? if someone is doing this please share the opinions.

 

[howardroark]

hello, brokers like alpari ,octafx and XM offer an indian local bank deposit option where the client can make deposit to an indian local bank (not in the company name though,but given officially by the company) and funds are credited to the trading account. How safe is this option to trade forex from india and is this anyway risky? if someone is doing this please share the opinions.

I'm using this method, though my brokers are different than the one's you mentioned ...
I never ever faced any problem ...

 

[saji oommen]

Hello Howard

Could you kindly mention a couple of reliable brokers
having this indian local bank deposit option.How is octafx.
How about withdrawal of funds from these brokers. Is there
any problem with withdrawals. Please suggest a few reliable
brokers.

Saji

 

[zoomfire]

I'm using this method, though my brokers are different than the one's you mentioned ...
I never ever faced any problem ...

Hi howardroak can you please tell me which broker you are using ? i hope the broker you are saying has this kind of local deposit method which can be done from india.

 

[howardroark]

Hi howardroak can you please tell me which broker you are using ? i hope the broker you are saying has this kind of local deposit method which can be done from india.

I use Hantec Markets for higher acc sizes ... 25,000$+ ... They are FCA regulated and safest broker in India ...
I use Lite Forex for medium sized acc ... 10,000$+ ... operating in India since 3+ years ..
I use Uniglobe Markets FOR smaller sized acc ... 5,000$+ .. this is new kid on the block .. just about 8 months ...
I use both cash funding and local bank deposits with these 3 brokers ...
I use both Cash withdrawals ... and withdrawals to different bank acc's ..
I never ever faced any problems ... 4 years of regular funding & withdrawals cnt b lame luck ...
There are brokers, who are taking and will take old 1000/500 Re notes till December 31st ... for funding the trading account ...
Hope it helps ..
Shoot if you have further doubts ...
PLZ NOTE THAT I GAVE BROKERS NAMES AS REQUESTED ... I'M JUST A TRADER WITH THEM AND DO NOT HAVE ANY OTHER BUSINESS ASSOCIATION ..
I'M NOT ADVERTISING ABOUT THEM ...

 

[zoomfire]

I use Hantec Markets for higher acc sizes ... 25,000$+ ... They are FCA regulated and safest broker in India ...
I use Lite Forex for medium sized acc ... 10,000$+ ... operating in India since 3+ years ..
I use Uniglobe Markets FOR smaller sized acc ... 5,000$+ .. this is new kid on the block .. just about 8 months ...
I use both cash funding and local bank deposits with these 3 brokers ...
I use both Cash withdrawals ... and withdrawals to different bank acc's ..
I never ever faced any problems ... 4 years of regular funding & withdrawals cnt b lame luck ...
There are brokers, who are taking and will take old 1000/500 Re notes till December 31st ... for funding the trading account ...
Hope it helps ..
Shoot if you have further doubts ...
PLZ NOTE THAT I GAVE BROKERS NAMES AS REQUESTED ... I'M JUST A TRADER WITH THEM AND DO NOT HAVE ANY OTHER BUSINESS ASSOCIATION ..
I'M NOT ADVERTISING ABOUT THEM ...

thanks a lot of the info. i will check out how hantec market local deposits and withdraw is. I never knew they offered this facility.

 

[howardroark]

If anyone has worked hard to earn ... but have old 1000/500 for some reason other than outright evasion, it is better and safest to convert it into USD acc till the dust and the confusion settles down ... Mid jan / Feb ...
Then get the amount back to Re ...
My 2 cents though ...

 

[Obelixtrader]

If you wanna trade serious spot FX use direct LMAX exchange(Multilateral trading facility-balance 10000 USD) or some introducing brokers for LMAX like fxmtf.com (1000 USD)

 

[howardroark]

If you wanna trade serious spot FX use direct LMAX exchange(Multilateral trading facility-balance 10000 USD) or some introducing brokers for LMAX like fxmtf.com (1000 USD)

Do not post something, which is not relevant to the thread ...
Does not help anyone ...

 

[deba72]

I was checking one of the brokers mentioned in the thread. They are accepting local Indian bank deposits. However, the account they mention to transfer fund to belongs to some individual. Apart for the security of the fund, I am more concerned about the tax treatment of such transactions. Effectively I would be transferring fund to some person's account ( pay-in) and would also receive fund from him ( pay-out )... I would like to know what would be the tax implications for such transactions... can anyone throw some light on this please ?