Welcome to Forex-TSD!, one of the largest Forex forums worldwide, where you will be able to find the most complete and reliable Forex information imaginable.
From the list below, select the forum that you want to visit and register to post, as many times you want. It’s absolutely free. Click here for registering on Forex-TSD.
Exclusive Forum
The Exclusive Forum is the only paid section. Once you subscribe, you will get free access to real cutting-edge Trading Systems (automated and not), Indicators, Signals, Articles, etc., that will help and guide you, in ways that you could only imagine, with your Forex trading.
Elite Section
Get access to private discussions, specialized support, indicators and trading systems reported every week.
Advanced Elite Section
For professional traders, trading system developers and any other member who may need to use and/or convert, the most cutting-edge exclusive indicators and trading systems for MT4 and MT5.
Thx for the answer. I was expecting that to be time consuming but was it worth it in the end ?
I am currently wondering with which broker I should go live and the one i am demoing with (Alpari) is FSA regulated. Think FSA/FSCS help is going to be one my criteria, you never know what could happen.
Thx for the answer. I was expecting that to be time consuming but was it worth it in the end ?
I am currently wondering with which broker I should go live and the one i am demoing with (Alpari) is FSA regulated. Think FSA/FSCS help is going to be one my criteria, you never know what could happen.
From my experience (Revco and others), NFA, FSA, etc... regulations are worthless. If the broker goes under, your screwed and if you have a complaint, they won't help. It's best to make sure that your broker is well funded with plenty of excess net capital and that they have a decent rep with other retail forex traders. There are only a few brokers worth using (in my opinion). I've used a ton in the past. ECN's are the only brokers that seem to allow you to earn profits consistantly without causing problems. I would definately stay away from the big market makers.
In order to trade in Forex one has to convert currency first because there are no interesting pairs with rupees (in fact, there are pairs with rupees appearing now but they are not going to be very popular among Forex traders due to a number of factors), but in India there is no free conversion of the national currency! Luckily, RBI has been softening foreign exchange rules in recent years and now every Indian is allowed to exchange rupees for up to 200,000 USD per year without giving any justification. So one can say - voila, any Indian can trade in Forex for this amount now.
But RBI guidelines say that Indian citizens cannot use this 200,000 allowance for margin calls. What is a margin call? Margin call is the amount you put on your balance at the Forex broker! So basically, you cannot transfer money for Forex trading, even though you can make transfers in general.
So what are the options?
Semi-legal option is to specify other reason of transfer - instead of margin call, you call it "investment in futures" or whatever. I call it semi-legal because you're going to lie, but on another side - it's not going to be possible, at least not that easy, to verify.
Another, absolutely legal option is to ask a friend of yours who is either a NRI or a foreigner to transfer money for you, because they don't have these limitations.
There is also a "grey" option - to use online currencies like e-gold. They are not regulated by any government, legally speaking - they don't exist. So you can use them without breaking any laws, but your government is not going to help you in case of problems with broker - you simply won't be able to prove that you had any money on account.
In order to trade in Forex one has to convert currency first because there are no interesting pairs with rupees (in fact, there are pairs with rupees appearing now but they are not going to be very popular among Forex traders due to a number of factors), but in India there is no free conversion of the national currency! Luckily, RBI has been softening foreign exchange rules in recent years and now every Indian is allowed to exchange rupees for up to 200,000 USD per year without giving any justification. So one can say - voila, any Indian can trade in Forex for this amount now.
But RBI guidelines say that Indian citizens cannot use this 200,000 allowance for margin calls. What is a margin call? Margin call is the amount you put on your balance at the Forex broker! So basically, you cannot transfer money for Forex trading, even though you can make transfers in general.
So what are the options?
Semi-legal option is to specify other reason of transfer - instead of margin call, you call it "investment in futures" or whatever. I call it semi-legal because you're going to lie, but on another side - it's not going to be possible, at least not that easy, to verify.
Another, absolutely legal option is to ask a friend of yours who is either a NRI or a foreigner to transfer money for you, because they don't have these limitations.
There is also a "grey" option - to use online currencies like e-gold. They are not regulated by any government, legally speaking - they don't exist. So you can use them without breaking any laws, but your government is not going to help you in case of problems with broker - you simply won't be able to prove that you had any money on account.
E-gold having alot of problem and it was banned in my country.
In order to trade in Forex one has to convert currency first because there are no interesting pairs with rupees (in fact, there are pairs with rupees appearing now but they are not going to be very popular among Forex traders due to a number of factors), but in India there is no free conversion of the national currency! Luckily, RBI has been softening foreign exchange rules in recent years and now every Indian is allowed to exchange rupees for up to 200,000 USD per year without giving any justification. So one can say - voila, any Indian can trade in Forex for this amount now.
But RBI guidelines say that Indian citizens cannot use this 200,000 allowance for margin calls. What is a margin call? Margin call is the amount you put on your balance at the Forex broker! So basically, you cannot transfer money for Forex trading, even though you can make transfers in general.
So what are the options?
Semi-legal option is to specify other reason of transfer - instead of margin call, you call it "investment in futures" or whatever. I call it semi-legal because you're going to lie, but on another side - it's not going to be possible, at least not that easy, to verify.
Another, absolutely legal option is to ask a friend of yours who is either a NRI or a foreigner to transfer money for you, because they don't have these limitations.
There is also a "grey" option - to use online currencies like e-gold. They are not regulated by any government, legally speaking - they don't exist. So you can use them without breaking any laws, but your government is not going to help you in case of problems with broker - you simply won't be able to prove that you had any money on account.
Actually, I have an India friend and successful trader. He convertered currency to fund a swiss bank account. Then after the deposit was credited, the transferred the swiss bank account balance to his broker (dukascopy). Not sure the legality of it, but I know it works, lol...
Guys please help me to find a decent broker. I am really struggling in this matter. I open account with FXopen and I do not mention negative facts of fxopen it a well known for scam and I was also victim of it.
I need Advice for good Broker and honest. My main requirement is
1) hedge capabilities
2) No FIFO
3) Fixed spreads
4) EUR/CHF 3 spread MAX 4
5) No re quotes specially during Asian session
I am trying tdfx and give of re quotes and delay. I am not happy with them. Looking for a new broker so this time I decided to take help from your guys
Oh, and BTW my generic "any country" answer would be....
"Any broker that does NOT use Metatrader"
So, you might look at MBT, or Oanda, or some others with proprietary platforms. Yes, you'll have to learn their platform to place trades. But that's the price you pay to trade without the broker knowing EVERYTHING you are doing.
My 1.667 cents worth (dollar's worth less than before, sob)
__________________
The greatest power is often simple patience.
Oh, and BTW my generic "any country" answer would be....
"Any broker that does NOT use Metatrader"
So, you might look at MBT, or Oanda, or some others with proprietary platforms. Yes, you'll have to learn their platform to place trades. But that's the price you pay to trade without the broker knowing EVERYTHING you are doing.
My 1.667 cents worth (dollar's worth less than before, sob)
Well, how do we know that our information is safe with other trading platforms? We don't. At least with MT4 we understand the risk present. Most back office plugins for trading software have "issues". They are designed to favor the broker. I can't imagine why they (the brokers or software designers) would change the functionality.
Please help to find a decent broker
Linear Mode
