hi!! i am from INDIA,
i have just completed my course on babypips and am just finding a broker…
so,my coutry the brokers are approved by SEBI so should i go for them but as those brokers only allow me to trade only on pairs consisting of INR which is not so liquid so i just dont want to go into them…so can i use a broker like IG which are approved by U.S. govt…
will it be safe and reliable???
Before choosing a broker for you, need to research more. Because there are so many fake brokers in the market. You can take help from those websites which give broker reviews.
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i have done my research…i am just asking should i use a U.S. approved broker in india or i can only use indian authorized brokers…
Yes, it is reliable choice. I think you need to expand the list of potential candidates and include, for example, IB, Hotforex, Tickmill. It is crucial to make comparisons of trading platforms if you want to take informed decision.
Yes mate to be honest you are far better doing that. Personally I would only be putting my money with brokers who are regulated in countries with little to no corruption etc. Off the bat I would suggest US, Australia, UK.
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okk mate thanks u mean like…
i earn with an international broker with some risks and then put that money in my countries approved brokers account to keep them safe for long-term…
Earn and trade with a regulated international broker and keep it in a safe bank in your country when you withdraw. You wouldn’t need to put it into a broker in your country unless you were trading with them would you?
Hi and welcome to the forum. I recommend that you make sure first that as a resident of India, you are actually allowed by the Indian government authorities to open a trading account outside India (example currency controls). Seems like a stupid question for anyone to ask, but if you follow just anyone’s advice, they are not the ones going to jail in India for inadvertently advising you to open an external broker account without first asking this question.
It’s like - are you allowed to buy physical gold outside India? I recall recently Modi has put some pretty drastic laws in place regarding flow of funds (eg declaring all the old Fiat currency notes useless unless swapped at banks, and the banks not having enough new Fiat to exchange for customers). Better to be safe than sorry
so that basically means i cant trade forex in india as indian govt wants us to trade with only pairs with INR in it.and it won’t give me much opportunities to trade…
Sadly that may very well be the case, but if it is, it’s better to know and avoid doing anything illegal, than not to know, and end up on the wrong side of the law. The world is unfair, that is for sure. I spent 12 years living in Syria in the 1980s/1990s. For me it was a wonderful place (as an expat subject to different laws) but for a national it was extremely oppressive.
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actually you’re right, better safe than sorry
hey,i need just one more suggestion.
what if i deposit and withdraw using BTC as they are legal in india and there would be no records what am i doing with my bitcoins and would be paying my taxes on the gains.would it be legal then…
Hi,
If I were you, I would ask a lawyer in India about whether anything is legal, not a group of international traders.
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thanks man,u gave me the best advices i can ever get thank u so muchh…
Keep us posted on what you end up doing! Good luck! 