Hi all !
I am new to FOREX trading and want to open a real account ( have been practicing with demo for last 06 months). However, i am not sure which broker to choose for real account. I want to open a NDD account and will prefer to transfer funds via paypal. I am from India, Any suggestions??
Take a look through the babypips page How to Choose a Forex Broker - BabyPips.com
Not sure which ones can be used in India.
Also why wait 6 months to ask this question?
India banned Forex trading. It’s illegal for Indian resident. If you transfer money via Bank wire, Government will monitor your transaction. No major and reputable Forex brokers working India. Only Alpari UK. Even they not allowed to trade Interbank Forex. They only offer USD/RS, EUR/RS Derivative (Futures and options) (I don’t know what is the derivative and futures and options)
In my knowledge reputable brokers not received paypal, liberty reserve and some kind of money transfers via money exchanges. They will ask your identity and only receive money from your name.
So you need to get a PAN card to transfer money abroad via bank wire. New generation banks will send money on behalf of you. (so income tax behind you)
Do your search and analysis about brokers. I suggest Oanda or FXCM. They are big and reputable.
If you like to avoid trouble with Income tax department then deposit money via paypal or any other kind of transfer to any broker that receives money as same.
Good luck
Hi
Thanks for the valuable inputs. But as far as FOREX trading brokers are concerned they also offer Future and options in Commodities and stocks. Oversees trading in stock markets is allowed in india. My point is, in bank statements firms name are shown and not the type of trade you do therefore income tax department can be told that money has been transferred for stocks/commodities and not for FOREX.
Just a guess. What do you think about it?
No matter for what you transfer money to abroad, you need a PAN card to send money (even for your mentioned overseas stock market trading also). If you have a PAN card and it connect with your bank account then Tax department will monitor your account transaction automatically.
No problem there to send money. Problem is If you receive money from abroad then they will ask you from where you get money? If you make reasonable income a year then they will impose income tax.
Do you know Forex trading Illegal for India citizen. If they know you are doing Illegal, what is the consequences? Even some people trading Forex from India.
If you are living out side India LIKE ME. Then they do nothing against you. You can make as much as money, trade Forex and whatever… They can’t even move their small finger against you.
I don’t care about Indian Tax laws. I am an Non Resident Indian. So I have limited knowledge about it.
PS: Once I tried to send money from my Indian bank accounts (SBT, FEDERAL, CANARA, HDFC) all the stupid branch managers told me to get a NOC from Reserve bank of India to send money broad.
I am not going to discourage you to trade Forex. I am just saying the factors. Leave the Tax problems. We can consider it later, after making some profit. 
Again there are lot of people doing the business from India. I didn’t noticed any case.
Trade first with a small amount then add money to your account after consistently making profits…
Good luck.