About Forex Trading Indian local deposits:
The brokers like FBS, Alpari ,Octafx and XM, Mtrading, Uniglobe Markets offer an Indian local bank deposit option where the client can make deposit to an Indian local bank Account(third party account officially appoint by the broker to act the intermediary body to handle and maintain the local payments of clients for the specific regions and the country (not in the company name though,but given officially by the company) and funds are credited to the trading account with no issue.
Its is obviously advantage for trader to trade Forex currency with no issue. As you know payment are depositing and withdrawing locally.
I use Hantec Markets & Octafx for higher acc sizes 25,000$+. They are FCA regulated and safest broker in India, I use Lite Forex for medium sized acc 10,000$+ operating in India since 3+ years, I use Uniglobe Markets FOR smaller sized acc 5,000$+ . this is new kid on the block .. just about 8 months.I use both cash funding and local bank deposits with these 3 brokers . I use both Cash withdrawals and withdrawals to different bank accounts. I never ever faced any problems 4 years of regular funding & withdrawals to the accounts.
PLZ NOTE THAT I GAVE BROKERS NAMES AS REQUESTED ... I'M JUST A TRADER WITH THEM AND DO NOT HAVE ANY OTHER BUSINESS ASSOCIATION. I'M NOT ADVERTISING ABOUT THEM ...
Some usually asked questions related to Forex Trading in India, which Are listed below:-
- How safe is this option to trade Forex from India and is this anyway risky? if someone is doing this? please share the opinions.
- Could you kindly mention a couple of reliable brokers having this indian local bank deposit option. How is octafx. How about withdrawal of funds from these brokers. Is there any problem with withdrawals. Please suggest a few reliable brokers.
- Can you please tell us which company that u checked told u to deposit this way and if it worked okay for you? is there a way to verify the account?
- In such local funding, you are no authority of funds and your funds are deposited on own name or third party names?
- I was checking one of the brokers mentioned in the thread. They are accepting local Indian bank deposits. However, the account they mention to transfer fund to belongs to some individual. Apart for the security of the fund, I am more concerned about the tax treatment of such transactions. Effectively I would be transferring fund to some person's account ( pay-in) and would also receive fund from him ( pay-out )... I would like to know what would be the tax implications for such transactions... can anyone throw some light on this please ?
I use Hantec Markets & Octafx for higher acc sizes 25,000$+. They are FCA regulated and safest broker in India, I use Lite Forex for medium sized acc 10,000$+ operating in India since 3+ years, I use Uniglobe Markets FOR smaller sized acc 5,000$+ . this is new kid on the block .. just about 8 months.I use both cash funding and local bank deposits with these 3 brokers . I use both Cash withdrawals and withdrawals to different bank accounts. I never ever faced any problems 4 years of regular funding & withdrawals to the accounts.
PLZ NOTE THAT I GAVE BROKERS NAMES AS REQUESTED ... I'M JUST A TRADER WITH THEM AND DO NOT HAVE ANY OTHER BUSINESS ASSOCIATION. I'M NOT ADVERTISING ABOUT THEM ...
If you wanna trade serious spot FX use direct LMAX exchange(Multilateral trading facility-balance 10000 USD) or some introducing brokers for LMAX like fxmtf.com (1000 USD)
That is the normal procedure ... Transferring to and from either an employee or a third party ... I never faced any issues ... in either the way, including cash transaction .Worry about tax implication ONLY if you are planning million dollar accounts .I have 70,000$ account spread over 5 brokers .Never ever faced any issues .Do note I'm paying tax since good 7 years ..i am new to forex and want to make sure i stay away from scammers, No FX broker (in India) has a current account in their own name.
Most of the times, its the bank account of their employees or bank account of a money merchant.
I'm using both methods and never faced any issue till now.
Yeah, you need to have a good amount of practice and that you could do it through the investments into live account with the small amount to learn about the Forex Market.
ForexTime (FXTM) is making available local transfer options for countries in the Asian region. Clients in India and Pakistan can make deposits and withdrawals using their local currency.
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That is the normal procedure ... Transferring to and from either an employee or a third party ... I never faced any issues ... in either the way, including cash transaction .Worry about tax implication ONLY if you are planning million dollar accounts .I have 70,000$ account spread over 5 brokers .Never ever faced any issues .Do note I'm paying tax since good 7 years ..i am new to forex and want to make sure i stay away from scammers, No FX broker (in India) has a current account in their own name.
Most of the times, its the bank account of their employees or bank account of a money merchant.
I'm using both methods and never faced any issue till now.
Yeah, you need to have a good amount of practice and that you could do it through the investments into live account with the small amount to learn about the Forex Market.
ForexTime (FXTM) is making available local transfer options for countries in the Asian region. Clients in India and Pakistan can make deposits and withdrawals using their local currency.
