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I will recommend BookMyForex. Placed 2 orders one for cash and one for Forex Card. Really happy with the service. Had a pleasant experience receiving my Forex Card at Amazing rates. Overall a really satisfying deal. You must surpass Zerodha in near future. Tejas Khoday, Love your Fyers Web..
Many broker were struggling but you people are proving to a lot of good things to us. I am proud to see such a young team changing the consensus with your technology. Why will I want to shift from IC markets or other brokers will you give enough leverage? I am currently getting 1: CFD platfrorms which you mentioned are illegal in India. Secondly, these platfroms are new age bucket shops because they are the counter party.
It works like a casino. Their vested interests lie in making you lose! Hence, by giving you unrealistic leverage in forex markets it is a sure shot income stream for them.. FXB Trading has earned the trust of hundreds of brokers and traders as a result of its vast range of analytical tools. In addition, it supplies various types of trading platforms which allow traders to have full control of their trades.
Ek product launch karne mein saal bhar lagaenge tho hamaari wat lag jayegi. After my recent interaction with NSE officials, we have learned that there is an issue with settlements upper cap on dollar-denominated investments. Hi Guys, Any update on this. I heard NSE will is planning to launch these instruments after increasing their trading time upto There are some issues that concern these bodies and hence, the implementation is stalled.
The trading time was initially planned till 7: Has NSE forgotten what the hell is this why are they taking so much time? Been waiting since ur blog. Hello all, I am been following this post since official one year and above. The cross currency trading in India is probably mummified issue! Better trade something liquid like currency as well.. So, guys which stuff giving you good liquidity? The Indian government and securities regulator is very conservative and restricts you Indians from transacting in global markets.
Full of restrictions, forex trading is globally recognized and accepted but dealing in India is a big issue as there is a lack of willingness and awareness from your citizens. Lots to learn and advance. CFDs are not known for the best reasons. You are wrong about financial awareness. A lot of people know about CFDs being illegal. Hey tejas, You seem to really know what you are talking about, my question is about binary trading, is it okay if i do binary trading from india?
Also what about the tax on the profits from binary options, what should be shown as the income source? To my knowledge is illegal as it does not happen through Indian exchanges. Besides, there is a crackdown on Binary options in several countries. It is best avoided. Please understand that there are better and legitimate ways of doing things.. Why trade binary options?
Further, AD Category-I banks were also advised to exercise due caution in respect of the accounts being opened in the name of individuals or proprietary concerns at different bank branches for collecting the margin money, investment money, etc. With a view to further strengthening the restrictions on such online activities which are in violation of FEMA, , AD Category I banks are hereby directed as follows:. Road, Mumbai — in the format provided in the Annex to this circular.
If it is observed that the concerned AD category I bank has failed to carry out the measures as outlined above, Reserve Bank of India may proceed against the defaulting bank under section 11 3 of FEMA, and take any action as may be deemed necessary.
AD Category — I banks may bring the contents of this circular to the notice of their constituents and customers concerned. The instructions contained in this circular may also be brought to the attention of the card issuing companies who may also be advised to remain alert against permitting payments for such unauthorized transactions.
Hey… How you doing Mr. Am a forex trader here.. Good to see you. I have some large fund in Dukascopy Bank. If i give withdrawal request to my Indian bank account is there any issue i might be end up facing. And how about taxing.
Plz guide me if you can. Good to hear that you worked for zerodha. Am a neighbour of Mr. Nithin from Shimoga, Karnataka. I was reading all the coments and your so good infometive response and reply to them. I am really thankfull to you. Sir i want to open online forex trading account with global broker like fxtm or etoro and want fund deposit through neteller as per the justification given by Mr Simon dated 11 Dec Is it will be permissible as an Indian trader.
Thx for appreciating me. It is not legal to trade with CFD based foreign brokers from India. The very concept of cross currency trading is illegal and is prohibited. I strongly recommend you stay away from cross currency trading unless one of our exchanges launch it.
Khoday sir thanks a lot for your so quick response to my post. It is really highly appreciable. Could you kindly suggest me any usd inr pair broker who provide market timing 24 hours. I will be thankfull to you. I suggest you open a trading account with us for free and trade on our platforms.
It is really a great post, I need your advice if I could start with any of these following as I hope all of them are regulated by SEBI. Please Suggest which platform would be great for online forex trading is good and legal in india and I hope leave of 1: I am not sure if Nord FX is regulated. You should ask for a SEBI registration no. With regards to Zerodha, they have the same license that we have.
Hence, when NSE launches Cross-currency pairs, we will offer it too. Yes, we will workout a leverage that makes sense to traders of course. This is the best-written article so far on forex trading in india. As I said earlier, please ignore them.
Do not fall prey to such schemes. Instead, invest your money in stocks or trade in currency segment on NSE. It makes much more sense.. Actually one person has contacted to me by saying that we trade in a forex currency,if you invest with us we will return you approx double in a year and that is on monthly basis returns. No you should not. The promise of doubling your money in a year is not new. Right now brokers in mumbai are calling the persons for cross currency trading by saying that the person will deposit money in rupees and recieve profit in rupees thru them.
So there is no legal problem in this, is this right. Finally someone is discussing sensible things here.. Hi Tejas, Read your stuff which is very informative. Let me know when NSE starts with Cross currency futures. Hi Akhilesh, glad you found it useful. I have been coming across your site often on google. Let me know when NSE starts it. I have pinged my number in ur registration page. Dear khode sir, Long time, what is inx?
Can you tell us what kind of trading instruments it is going to give? And can Indian citizens trade in it? I meant non nri…. It was communicated that they will start with futures. Of course Indian citizens will be able to trade in it. Could you provide us with any sources and links that will help up us get a headstart in cross-currency trading like learning the cypher pattern, etc.? And when the cross-currency market open!! Hi Manish, you will be notified when it happens.
If forex trading was illegal for so many years why was SEBI not arresting them? Now just because NSE is launching, they are taking their illegal competition seriously? In India, only the big stuff matters. I lost in lacs that too in 1 month through IC markets. They use to charge me for carrying forward position which I got to know was a scam after trading in Nifty and other futures through stock exchange. The only reason Indian government does not allow marginal trading in international currencies because USD reserves in India will get over if Indians do marginal trading through international brokers.
In this way it is legal, as US dollars in India are not used. Explained in great detail. Now I understood why it is not so easy to launch currency product. Overnight risk is high.. Its now official one year! Indian government said last year, WE are introducing cross currency pairs no cross nor currency has come! Very well written article Tejas Khoday and good initiative to explain these things in detail.
I have given my details please call me so I can open an account with Fyers. Modi ji ko aur unki office ko ye fyers ka page or comments dikaye aur mehsus karaye ke bhai log frustrated hai! TEjas Khoday, like you said, I have traded with those scamsters before. Good that you are increasing awareness about this subject.
This article is just completely informative. Many new facts and information which I have not seen before. There are always new things coming up but I promise you one thing that our cfd platforms have always existed in india and will continue to exist even after NSE forex trading starts!! Because you brokers cannot give as much leverage. So the actual truth is that excessive leverage is an obvious disadvantage.
Too many people get lured into it too easily. I encourage people to look beyond leverage. Things are changing fast. Sir is metatrader 4 and metatrader5 platform is legal in india? Abhi, forex platforms basically run on Metatrader 4 and metatrader 5. It is the business of CFD trading in forex. Moreover, in comparison our trading platforms shine brighter. Suggest you try using Fyers One to see the real difference. A demo forex contest as in Virtual trading in forex?
Why will RBI penalize trading which is not a real exchange of currencies? Wasim, CFD forex trading platforms are illegal in India. Yeah due to the lack of law enforcement, this menace has survived many years. They provide massive leverage like 1: That means that even if the contract moves by 0. In that sense, it is like a casino. So effectively, they are betting against you. They have several tricks under their sleeves to fleece your hard earned capital.
Suggest you wait for NSE to launch it officially and trade in a legitimate manner. Sirji yeh NSE waale nautanki baaz tho nahi kar rahe hai? Kya pataa aise hi maze le rahe honge sabki.. Govt walo pe koi vishwas nahi.. Yeh story bhi aise hi lag raha hai. End of year is about 90 days away. Since we have not received any official communication from them yet, I doubt it.
No hope no worry. By the time nse introduces this, all the opportunities will be over I think. Fyers is too much ahead of the curve. Please announce when it will be possible. Financial markets are abound with opportunities. Thx, we hope so too. If you trade with an ECN broker then they are not taking a trade against you and are simply providing you an oppurtinity to trade with different banks. To trade forex we should be looking for an ECN broker which is requlated by financial authorities in countries like america,Australia and England.
What you are talking about is a broker who is a market maker. Unrealistic leverage is dangerous either way. To know what ECN Broker is, click here. In India they always take time to launch something new. Always afraid and slow to adapt. U guys should write a request letter to the govt. Hi Arun, yeah its true that this has been pending for a while. I will trade more and give you more transaction charges lol. What do you think will be the risk for forex platforms when NSE launches this?
Also I heard your trading platform is the best in India… Contratulations to your team for achieving it as a young company.
What we are We are an established foreign exchange company providing remittances and funds in a smooth manner, making travelling easier for all.
Hence, when NSE launches Cross-currency pairs, we will offer it too. When it comes to hassle free inter-country currency exchange and transfer there are many companies and banks which talk about competitive rate and fast service, but Bookmyforex is the one which actually fulfills both these criteria.