Hey guys, so I researched a bit about forex trading in India.
It’s illegal cus of the RBI policy, the act where we’re not allowed to send money to foreign brokers by converting rupee into dollar.
But brokers like Octa FX and Xm have the option to make deposits through “Local bank” so we’re sending money to an Indian bank itself. Thus, no conversion.
What do you think about this?
In India, the authorities so decided to fight Forex? …
I had no idea that it was illegal there…
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You are legally allowed to trade certain pairs. Search the forum for my post on it.
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Yes I know the three major pairs right.
But I’m just wondering about all plus gold. I’m making great profits in them.
I’m not sure about gold but I don’t see a problem with trading gold since it has no foreign exchange connotations. FEMA should have no issues with it, I would presume.
I would contact an educator in India and ask them.