Hello traders. I've read that long (and informative post on Forex trading legality issue in India... specifically referring to that 35 page thread titled -attention! Forex trading illegal in India! post)
let's first start off by asking how many of you Indian retail traders are still trading international forex market ECNs, STPs all that good stuff and making 4000+$ per month as of September 2016 and withdrawing to your local bank account successfully too... including payment of taxes as 'capital gains' :) ... especially considering the most recent RBI rule finally allowing most popular forex pairs other than those with INR...to be traded from India eg. EUR/USD, USD/JPY to name a few...
(don't worry I am not any RBI official just a retail trader like you all. I am not a newbie in currency trading but quite knowledgeable and experienced in price action and technical analysis. :D I have active accounts with multiple big names in international forex market like Alpari, XM, FXTM, Blackbullmarkets, FortFS, etc. But I am quite skeptical sending tons of INR converted dollars to fund my trading accounts via my local bank in India due to RBI regulations. So I have only opened cent accounts with all of them! .. and looking to fund with miniscule amounts which won't come under the radar hopefully)
With mini accounts I wont be able to make much $ per month. It would take years of consistent discipline and hardwork... but I love international currency trading for it's volatility and flexible timings of 24/5 to make money. Later down the line, I will fund my trading accounts with decent amounts of EARNED DOLLARS from my second online non forex business income.. which I will store in an online monetary account like webmoney. This is same as someone funding my iinternational forex trading account internationally from PURE UNCONVERTED DOLLARS. Only difference being in this case, not a NRI friend but an international online company's salary is being used as a deposit. (Message me if you want to know how I earn good amount of dollars online. ) Don't use Paypal folks. Indians cannot hold funds in PayPal. It automatically gets withdrawn to your connected bank account every 24 hours.... again thanks to RBI!
Many questions were answered in that thread but despite being comprehensive it gave rise to many unanswered questions too in the minds of Indian retail traders.
I wish to highlight those questions in this new thread. Hope the discussion on these questions will further clear up confusion in the minds of traders who still prefer Forex trading of currency pairs not coupled with RBI's son INR. (and/or who are still trading foreign currency pairs as of September 2016 and actually making 1000$+ in profits per month... and probably laughing at those slow earners stuck in NSE shares market trading :p )
Because let's face it... who likes to trade USD/INR with such a low volatility and restricted openings per week? Moreover stocks trading/ investing in share market is a lot MORE RISKIER than foreign currency trading. RBI doesnt truly care for traders money... it only cares to protect it's forex reserve! I agree it's true inexperienced traders do tend to lose a lot of money in international market as well but trained and experienced ones make tons of money too. If RBI truly cared for trader's lost money, instead of banning funding margin trading from India, it could've set a limit to the amount of INR one is allowed to invest in forex margin trading per month or per year.
so without focusing anymore about whether doing Forex trading business as a whole is illegal from India or only sending money to international Forex brokers from India is illegal (hope you understand the difference here), let's focus on below mentioned important points:
(and please correct me if any of these mthods don't work practically)
1) Given the much talked about angle of NRI friend/relative route, the fact that Forex trading of any currency pair other than our dear INR is considered PERFECTLY LEGAL from India (provided you are lucky enough to have an NRI friend abroad in the first place)... it means Indians doing forex business from India is not illegal but the means to fund money does require following rules of RBI , voilating which it can be illegal right??
So, all you clever Indian traders, how will you trade forex besides this NRI funding route if you don't have any foreigners contact to assist you? Is/are there any other technique(s) to bypass the RBI rule? I am asking info not on breaking rules but BYPASSING it just like many are doing with NRI technique.
A) One idea is to fund the trading account with floating online earning from your other non forex business without spending money from your bank account in India. But eventually you will need to withdraw profits earned from forex. How to handle that ? The forex profits earned that way will be a true income as the dollars were EARNED BY YOU and NOT OUTSOURCED BY YOUR LOCAL BANK AS INR TO USD CONVERSION VIA RBI's forex reserves.
B) Other route many say and I know 99% of Indian retail traders take to fund their forex accounts from India are the use of e-currencies. That is first deposit some INR into webmoney purse/perfect money and let the payment processor convert that Inr into equivalent dollar amount. Then fund your overseas forex account provided they support deposit methods via webmoney/perfect money. I know most reputed brokers do support e funding. But some only support bank wire or credit/debit Visa. It's not safe to trade with such brokers as transactions will come under RBI's scanner easily.
2) How many of you Indians only trade NSE or SEBI regulated Indian Brokers ? ... and are earning decent if not great profits consistently buying and selling shares...which I am sure is MUCH RISKIER THAN FOREX?? Please mention trusted Indian brokers to trade with... no scammy ones plz.
Hope this information is helpful to you and the questions raised here would be answered as well by other wise Indian forex traders who know what they are doing...
Thanks in advance!
Happy stressfree trading! :clap:
And please rate this up you found it useful.
let's first start off by asking how many of you Indian retail traders are still trading international forex market ECNs, STPs all that good stuff and making 4000+$ per month as of September 2016 and withdrawing to your local bank account successfully too... including payment of taxes as 'capital gains' :) ... especially considering the most recent RBI rule finally allowing most popular forex pairs other than those with INR...to be traded from India eg. EUR/USD, USD/JPY to name a few...
(don't worry I am not any RBI official just a retail trader like you all. I am not a newbie in currency trading but quite knowledgeable and experienced in price action and technical analysis. :D I have active accounts with multiple big names in international forex market like Alpari, XM, FXTM, Blackbullmarkets, FortFS, etc. But I am quite skeptical sending tons of INR converted dollars to fund my trading accounts via my local bank in India due to RBI regulations. So I have only opened cent accounts with all of them! .. and looking to fund with miniscule amounts which won't come under the radar hopefully)
With mini accounts I wont be able to make much $ per month. It would take years of consistent discipline and hardwork... but I love international currency trading for it's volatility and flexible timings of 24/5 to make money. Later down the line, I will fund my trading accounts with decent amounts of EARNED DOLLARS from my second online non forex business income.. which I will store in an online monetary account like webmoney. This is same as someone funding my iinternational forex trading account internationally from PURE UNCONVERTED DOLLARS. Only difference being in this case, not a NRI friend but an international online company's salary is being used as a deposit. (Message me if you want to know how I earn good amount of dollars online. ) Don't use Paypal folks. Indians cannot hold funds in PayPal. It automatically gets withdrawn to your connected bank account every 24 hours.... again thanks to RBI!
Many questions were answered in that thread but despite being comprehensive it gave rise to many unanswered questions too in the minds of Indian retail traders.
I wish to highlight those questions in this new thread. Hope the discussion on these questions will further clear up confusion in the minds of traders who still prefer Forex trading of currency pairs not coupled with RBI's son INR. (and/or who are still trading foreign currency pairs as of September 2016 and actually making 1000$+ in profits per month... and probably laughing at those slow earners stuck in NSE shares market trading :p )
Because let's face it... who likes to trade USD/INR with such a low volatility and restricted openings per week? Moreover stocks trading/ investing in share market is a lot MORE RISKIER than foreign currency trading. RBI doesnt truly care for traders money... it only cares to protect it's forex reserve! I agree it's true inexperienced traders do tend to lose a lot of money in international market as well but trained and experienced ones make tons of money too. If RBI truly cared for trader's lost money, instead of banning funding margin trading from India, it could've set a limit to the amount of INR one is allowed to invest in forex margin trading per month or per year.
so without focusing anymore about whether doing Forex trading business as a whole is illegal from India or only sending money to international Forex brokers from India is illegal (hope you understand the difference here), let's focus on below mentioned important points:
(and please correct me if any of these mthods don't work practically)
1) Given the much talked about angle of NRI friend/relative route, the fact that Forex trading of any currency pair other than our dear INR is considered PERFECTLY LEGAL from India (provided you are lucky enough to have an NRI friend abroad in the first place)... it means Indians doing forex business from India is not illegal but the means to fund money does require following rules of RBI , voilating which it can be illegal right??
So, all you clever Indian traders, how will you trade forex besides this NRI funding route if you don't have any foreigners contact to assist you? Is/are there any other technique(s) to bypass the RBI rule? I am asking info not on breaking rules but BYPASSING it just like many are doing with NRI technique.
A) One idea is to fund the trading account with floating online earning from your other non forex business without spending money from your bank account in India. But eventually you will need to withdraw profits earned from forex. How to handle that ? The forex profits earned that way will be a true income as the dollars were EARNED BY YOU and NOT OUTSOURCED BY YOUR LOCAL BANK AS INR TO USD CONVERSION VIA RBI's forex reserves.
B) Other route many say and I know 99% of Indian retail traders take to fund their forex accounts from India are the use of e-currencies. That is first deposit some INR into webmoney purse/perfect money and let the payment processor convert that Inr into equivalent dollar amount. Then fund your overseas forex account provided they support deposit methods via webmoney/perfect money. I know most reputed brokers do support e funding. But some only support bank wire or credit/debit Visa. It's not safe to trade with such brokers as transactions will come under RBI's scanner easily.
2) How many of you Indians only trade NSE or SEBI regulated Indian Brokers ? ... and are earning decent if not great profits consistently buying and selling shares...which I am sure is MUCH RISKIER THAN FOREX?? Please mention trusted Indian brokers to trade with... no scammy ones plz.
Hope this information is helpful to you and the questions raised here would be answered as well by other wise Indian forex traders who know what they are doing...
Thanks in advance!
Happy stressfree trading! :clap:
And please rate this up you found it useful.
Legal ways to do International forex currency trading for Indians - a discussion
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