Im a newbie from India. Hope all is well.
i have a question relate to Forex trading.
Recently RBI warns of forex trading through foreign portals.
here is the link for the same
RBI warns of forex trading through foreign portals - Livemint
is forex trading illegal in india?
am i(indian resident) allowed to Open accounts with foreign broker? eg. like FXPRO,FXCM,IC market,Axitrader etc
i did chat with few foreign broker Customer care online. they are not sure about the law in india. They asked me to check with local authorities.
Please help me with the answer
Are you moslem??
If you moslem, forex is legal guys…
I do not know for other religions.
Last time I read it somewhere that the rule is defined as “legal” for INR as base but “illegal” for anything else. This fatwa is not released by islamic clerics, but by Reserve Bank of India, so muslim or not its application is the same.
The government in India is preparing a ban on all cryptocurrencies. In the past, there have been other talks of doing this, but it seems that the country never was able to come to an understanding, and so the question has been lingering ever since. Reports claim that this time things will be different, since rumours are claiming that a new law is about to be introduced.
I think I read there’s a way around it - all pairs you trade are going to be using INR as the base currency? Something like that or unless they changed it to make it look more like spread betting? I can’t remember. But what I do remember is that you have to select a broker that your finance regulation body has approved.