Hi, Forex trading is banned in my country, How can I trade forex without getting in to trouble?
Find the guy responsible for baning forex in your country and kill him, or move to another country.
Please share your country name where Forex trading is banned. Because Forex trading is allow all over the world.
Iām from India, I wanted to try forex as it is open 24*7 but havenāt found a legal and safe way to start.
Maybe get someone else to open an account for you who is in a country that allows trading.
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Are you 100% sure itās illegal? Maybe margin trading is illegal, and 1:1 leverage, meaning youāre only trading what you have, is legal. Read that link below. I think it includes some options.
Quora - Why is forex trading illegal in India?
https://qr.ae/TDAm0q
I tthink @tradeforex077 suggestion is the most likely to be useful to you.
However, the person you choose will be acting as your intermediary in āBona fideā (good faith) ONLY !
No matter how much you trust them, keep the account small and withdraw any profits at short intervals - However - that in itself brings in a whole āNother problemā !
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May be that broker has been banned for your location etc.
No need to worryā¦
There is huge list of brokers offers trading service for India. Yes, all of them are not trustworthy due to multiple reasons. thatās why I want to share the name of Brokerage firm Baazex - Best Forex Broker; offers trading service with more than 80+ financial instruments and most powerful trading tool; MT5.
"ā¦
_ Is Baazex.com regulated?_
Baazex International Limited is incorporated in Saint Vincent & the Grenadines as an International Business with the registration number 24553 IBC 2018ā¦"
"ā¦
_ What is Baazexās anti-money laundering policy?_
Baazex.com actively complies with all anti-money laundering and anti-terrorism laws and regulations to the fullest extent that it can, under the applicable laws.
In order to be fully compliant with applicable laws requirements, Baazex may occasionally reach out for additional information and/or documentation from clients.
Please read our procedure in the AML document available on the websiteā¦"
IF (and from what Iāve heard it does) - the Indian Govt bans Forex trading by small investors - using them would, I contend fall foul of India,s āMoney laundering Regsā¦ā and lead them to ask for āAdditional Documentationā¦ā?
Best Peron to scam is someone who is not in a position to make a complaint - donāt you think ?
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Excellent point. I dont trust anything to do with India. They change laws when it suits them or when someone pays them. Be very careful.
There are still many sites which have indian traders like octafx, fxtm, forex.com, XM etc. Iām just afraid coz if I get scammed, I might not be able to do anything and only margin trading is blocked, I can still trade only if I trade with no margin. Anything thatās hard to tax and RBI canāt understand is banned in India, Itās like fools are ruling India.
Well, I started Forex trading journey with Baazex a couple of months ago. Iām satisfied with all solid trading terms offers by this brokerage firm. All transaction are successfully executed without any restrictions or hidden charges.
Of those 4, forex.com has the best overall reputation. Whatās your fear about getting scammed? The broker not letting you withdraw? Trading against you? Spread?
Iāll look in to them, just want to trade and not to withdraw for atleast 1-2 years so asking, balance might buildup and I might not be able to withdraw later so asked how to trade without that fear.