Why indians are not doing forex trading in a big number?
India is one of the most internet users country, still they are unaware about online forex trading. There are so many online forex traders are there from asian countries like malaysia, indonasia, china, taiwan and list goes big. Instead of becoming scapegoats to nigeirian scammers It better to invest and earn in forex trading. Is there any govt. restrictions to do such trades in India ?
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Filed under: Trading Forex
it’s yet another scam, bubble, and method for the greedy bastards to steal money from the unsuspecting public.
I wouldn’t play that scam if i were you.
Indians do not have foreign exchange with them.RBI regulates this business.Banks/FIs are into this.In any case India is always short of the foreign capital.How can one play with when there is nothing in hand.Indians ,as individuals, cannot play in Forex .Yes, there are RBI guidelines for this .RBI regulates the business.
For Indians:
1. There is no law that says forex trading is illegal. At the same time there is nothing that says that it is legal. Yes, there is a law that on an annual basis an individual can repatriate upto $25k from India. This to my mind can be used for forex trading. Also, as the rupee is appreciating, RBI might make it easier to invest in foreign currencies.
2. Forex trading income should be treated as a regular short term trading income and be treated accordingly. There should be no issue with your being in govt service.
3. Any broker having registered office and headquartered in the US should be safe. However one need to also be careful about the capital adequacy of the broker. Also, personally I need the Metatrader platform for trading as it really give me a lot of options to customize, set alerts, do some small programming etc.
4. As far as possible avoid brokers which have electronic currency as means of deposit / withdrawal, this is for your own safety.
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