Hello,
I opened an online Forex trading account with iForex few years back, picked up its reference from some website add, lost all my money I invested and the outcome was very marginal. At that time I did some online research and found iForex is not regulated so I stopped trading completely.
Then recently I was contacted by someone at ufxmarkets, same kind of thing as iForex but seems like regulated by some international body, I decided to invest some money in it, I tried to send $500 but my Credit Card was kind of not allowing it. Then I received one communication from Citibank which said Forex trading is not legal in India or for Indian residents through any online portal. Citibank suggested the following links to read.
https://www.online.citibank.co.in/portal/pdf/CIRAPDI.pdf
http://rbi.org.in/scripts/NotificationUser.aspx?Id=6336&Mode=0
http://rbi.org.in/scripts/NotificationUser.aspx?Id=6819&Mode=0
Realising what's going on I researched a bit more on the net and following are my findings.
I opened an online Forex trading account with iForex few years back, picked up its reference from some website add, lost all my money I invested and the outcome was very marginal. At that time I did some online research and found iForex is not regulated so I stopped trading completely.
Then recently I was contacted by someone at ufxmarkets, same kind of thing as iForex but seems like regulated by some international body, I decided to invest some money in it, I tried to send $500 but my Credit Card was kind of not allowing it. Then I received one communication from Citibank which said Forex trading is not legal in India or for Indian residents through any online portal. Citibank suggested the following links to read.
https://www.online.citibank.co.in/portal/pdf/CIRAPDI.pdf
http://rbi.org.in/scripts/NotificationUser.aspx?Id=6336&Mode=0
http://rbi.org.in/scripts/NotificationUser.aspx?Id=6819&Mode=0
Realising what's going on I researched a bit more on the net and following are my findings.
- As per RBI it is Illegal to trade in Forex through any online portal.
- A small amount can be invested but there is no way of being sure that you are safe or you will be ignored of the legal action.
- You can trade through following, which are legal, uses only INR and few other currencies, like USD, GBP, YEN etc
- There is a lot of information on Illegal aspect of online portals and Forex trade that one should not go this way till RBI announces it is legal to do so in India.
- A lot of people believe iForex is a hoax / dabba company and they work like a casino, do not invest with them.
- Excellent link to read more about it.
Thanx
Anshumaan Bakshi
