Indians are facing issues in trading forex, day by day its getting difficult in one form or other,most banks doesnt allow bank wire transaction these days, honest liberty reserve agents are hard to find, seldom we find forex mentor are real traders in market,, they teach but they dont trade,,, this discussion is only to share ur view on FOREX future in india,not for marketing ur products ,liberty reserve agents and forex mentors kindly do not post anything here
The problem is that FOREX is being transforrmed in a scam by most Introducing Brokers. I can give you as example my country, Romania, here at the moment, FOREX is being called a scam by most people who dont have enough experience. Why? Because here FOREX isnt forbiddent but neither legal (it's in the grey area), we have like a lot of Introducing Brokers offices over here who are calling potential clients non-stop and try to make them deposit with mostly false promises. Some of this people do a deposit and they start trading. Of course, as any begginer, they lose the money. Here, again the IB comes with the rentetion department and tries to convince the client to deposit more in order to get back the losses and to make profit. Of course this new deposit is also lost.
That's the first strategy. There is also another strategy where they give advices to the people how to trade and of course they put people with just a few days experience to trade even with 5 lots on 5000$ deposits. They are doing this beacuse they need volumes in order to get the money from the Market Maker who the do the Introducing Broker job for. Very many people got in this IB's traps and when they hear about FOREX they call it a scam instantly. And of course they say this to other people also.
If Forex would be legalized in India, exactly the same thing would happen.
Oh Forex isn't legalize in India ??? I really wasn't aware of this. But is there anyone who can explain why it's not possible to trade forex in India ?? Jeevan, why don't you open a brokerage account with a foreign broker then ?? This will resolve the problem isn't it ??
jpslayer posted: Oh Forex isn't legalize in India ??? I really wasn't aware of this. But is there anyone who can explain why it's not possible to trade forex in India ?? Jeevan, why don't you open a brokerage account with a foreign broker then ?? This will resolve the problem isn't it ??
although it is illegal,we trade through foreign brokers, we face issues during deposit of funds because we gradually all banks stopped remitting funds outside this country if we cant explain satisfactorily, liberty reserve is the only source which is widely used,, moneybookers also used to some extent
jpslayer posted: Oh okay, i understand now. And what about deposits through credit cards like VISA Cards and Mastercards ? [/quotei
all modes are under intense scrutiny now,, we fear the existence of liberty reserve in the long run.. could not take anything firmly as of now,,but one thing forex manager are gonna have tough time soon,its better they give back the investor money and trade on their own money because things are pretty bad during withdrawal,so its good if they wait till the situation becomes normal, i myself a fund manager and advising my investors to understand the risk associated with this withdrawal,,brokers are not an issue here only the bankers,,, hope the issue get solved soon
Damn that's really harsh. Good luck to Indian investors and traders then !! Thanks for the update Jeevan. Fortunately Mauritius isn't like this and we enjoy a complete freedom and trading, and the best in all these, capital gains are completely tax free !!! :-)
Jeevan, I read somewhere that RBI has directed that US$200,000 may be invested by an individual outside of India, but not investments involving a margin call or betting. I can understand how banks may be behaving on remittances, causing grievous headaches!!
Only large corporations can do futures trading with their Dollar accounts, that too within a limit.
I think it will be allowed to small investors only when the Rupee is fully convertible.
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