Hello Indians,
We know that trading forex instruments in India is not allowed as per the RBI's "RULES".
But I see many Indians trading here and getting their money out without any problem.
Can you tell me about the tricks you use to withdraw the money?
Yeah I know that, but my friends's bank account got sealed as the bank came to know about his source of income which was from forex trading.
He received a letter from the bank about the RBI's rules.
No jail or anything like that.
Should I trade here?
I am very confused... :(
From what i know you can withdraw in any bank account in the world as long that bank account is your , in your name.
Usually I advise people not to trade when they ask this question. However my bank accounts are in United States So I see no issue with that.
It is considered illegal in Serbia under certain rules. Meaning that you need to trade through a broker (which we are doing, but explain it to someone every time). Lately some legal note has been issued that this form of trading is legal, but is subject to certain fees like a regular salary. And I'm still a victim of banks' staff, so I'm checking the level of education before entering into conversation.
You can try to open a bank account outside of India, have a money transfer to an account in India via internet services. And check that legal thing, it may have the same condition as in my country, so it is legal, only your broker is a medium of your direct orders.
I am not from India, but am in the U.S. where it is illegal to use a broker which is not a U.S. registered company. This is what we had with Alpari US and FXDD US until recently when both of them left the retail business, leaving us with NO WAY to trade our Dukascopy accounts. This is such a serious problem that I am considering an offshore entity which I would control, with which I would contract to trade and bring the money into the U.S. as legally declared income. Maybe you in India could do this, but it is not for the casual trader. HyperScalper
hello topic starter you need to tell more about ban of your friend account i.e is he banned for winnings withdraw from trading
or else he used indian rupee for deposit
please be specific and dont fear us
The original poster's last visit was more than a year ago... Is it still banned in India? I see a lot of people from India here in the community.