Forex exchange in india

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can anybody tell me wether IFOREX and XFOREX brokers are fraud or reliable????? because i opened my account with both these brokers 7 months back. and till now i lost 755 $. but suddenly i read all the reviews about these brokers on google wherein people shared their bad experience with these brokers. now i am really scared wether to continue with trading or not?????

-Currency Exchange Rates

As I understand, in India, if you are a big shot with big money, you can get away with murder, not just violation of FEMA. Rajasthan Royals is big money and they can bribe RBI, but small traders like us can 8767 t afford to bribe RBI. So, I stay away from FOREX. Till it gets legalised in India. It is still in the grey zone.

Sell Foreign Exchange (Forex) in India – Thomas Cook India

. Everybody, there is no point abusing the RBI and arguing why they have this rule. The fact is that they have it. Lets live with it and try to find a solution. All the best!

You may file RTI for your question , things which are illegal are illegal if you want to do something which is not allowed in India then go overseas or wait or for govt to make it legal and the last option try your luck and do whatever you want to do.
These are the options we have right now

Mr. Ram u wrote so many things about rbi ,govt, this and that, but u did not reply the main question asked ?If u r trading successfully kindly mention the deposit and withdrawl method u did u first deposited the funds to the broker and after u started making big profits ( i m talking of more than 8-9555$ per month and not 7-855$ per month) how did u withdraw the money to ur bank ???If u will guide ppl here in that thing only this disccussion will be over and ppl will come to know a way of depositing and withdrawing the money without being caught by the rbi.
I and i m sure others will also be very grateful to u if u can do this

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kunal says
what if someone is not sending money outside india to the forex broker, instead he is recieving them, what if i manage my friend to deposit it for me who is usa and i then trade on the account and wont deposit any and only widrawing assuming that i am earning profits, so that will break the RBI law, would love to know that, explain me the scenario, i am wondering if rbi or goverment of india has problem with me sending money outside or even me brining money inside, what if i pay tax on all that is earnd through EEFC account, and all the money will be brought in india when thr is no transaction that is making me send money overseas, tell me ur view on this

There are lot many indian brokers providing for currency segment in NSE, MCX-SX. It is perfectly legal to trade with SEBI registered Indian Stock Brokers.

was born out of the need to create a hassle free experience in availing Foreign exchange for overseas travel. Hence, the customer experience and convenience is paramount in our 'mission statement' also We provide Forex Cards for individual travelers going overseas for leisure, students traveling for education, patients and their attendants traveling for medical treatment, airline crew and staff, business travelers and people migrating overseas and emigrating to India Buyforex com provides a seamless way of buying and selling Foreign Currencies, Travelers Cheques, Prepaid Forex Cards and also remit funds overseas over a compliant and secure network

Forex trading is not a walk in the park to make quick money. It is a professional system in which the whole world 8767 s Import, Exports and all trade set ups are based upon.

All our discussions are really not leading anywhere. Given the bad economic situation, we need to learn and do legal Forex.

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