Discussion in ' Forex ' started by aryabhatta , Dec 1, Log in or Sign up. Oct 26, Messages: Dear All, Those of you who are Indian residents and used to trade forex forget about it, better try to go abroad to trade FX or switch to Indian markets if you are an Indian. No matter what any trader or FX broker tells you FX trading is illegal from Indian residents whether you remit directly or indirectly through friends abroad No way around this.
Also don't believe any trader in this forum or any other who tells you he trades FX for a living because they don't I do know one fellow who is trading FX from home for five years now almost 7 not sure but he hardly made any money and never filed returns because he didn't make even 3. I also know one or two other people who trade FX from home but they do managed accounts with big promises and are consistent losers They trade with big risk and obviously have few wining trades and show some money in the account statement and get a commission and then the rest of their trades are losers and they lose everything So be careful guys don't fall this So for once and for all its illegal for Indian residents to trade FX and no one is doing it and paying taxes.
Jul 24, Messages: Thank you for making this clear once and for all. NO remittance is made by the trader. Would this still be considered violation of any law? Aug 15, Messages: Yes this is allowed and their is no problem provided you are actually trading equity abroad. In fact you can even trade currency futures for example such as the 6E contract on CME because CME is a recognized exchange, key word here is "exchange" but this broker is not doing that.
He is essentially lying by saying "purpose is equity investment abroad" by doing this he is covering his side but not yours if you're caught and you will be one day he will throw his hands up saying you took all the decisions.
How will he provide statements to the effect showing you're trading or investing in equity? One thing I've learnt in trading is that if you trade long enough something that can go wrong WILL go wrong one day, what will you do then? If the broker is also able to provide detailed statements showing the money is used for trading equity or exchange traded products then its OK, but as far as I know the broker will provide you FX statements only. There are some idiots here who say yes there is a loophole and you can argue your case, I can assure you if you're caught and then you ask these same people they will throw there hands up in helplessness and you'll be screwed because of disinformation of these idiots.
See you probably could bribe then but that's a different issue I'm only discussing the legality. Here's follow up questio: So, let's say a trader makes profit and requests for VISA card.
This card is linked to the Tradng account of the trader [not any bank account]; In this case, the trader can withdraw from any ATM or swipe it across any merchant. Yes, the charges would be high, but this is unique way to withdraw money.
Your thoughts on this type of withdrawal via card. Jul 28, Messages: The million dollar question is How do you know if the broker is acting like a true Exchange? Remember I mentioned about "Conflict of Interest" there is where many FX brokers are notorious for "Chasing you stop" " changing quote of what you see as tradable on the platform.
They might be targeting Indian consumers Think about it if a robot can make you money why would anybody sale it????? You must log in or sign up to reply here.
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