DislikedWhat about if we transfer money from CC to entropay to skrill and then into our forex broker? just curious to know. YudiIgnored
One fine day your paypal or skrill account will be closed just like your credit card.
Like i said there is no legal way to trade forex from india.
Until FEMA act changes , there is nothing we can do.
if you have any friends or relative outside India or move outside india to US/EU , that is the only way you can trade FOREX.
Even Interactive Brokers(IB) has a office in india and i asked them if i can trade US futures / commodities by opening a margin account and they said it is up to the customer to take the risk of trading a margin account from India. They really don't care about the laws even after i told them specifically about FEMA and asked them if it is legal to open a margin account. They were acting dumb about it and said its up to the customer. That's how the FOREX brokers are operating in India and now RBI will come down hard on them and they will all shut down retail business because of the penalties they will have to pay.
If you are a broker and you want to do business in any country you must know the laws of that country which the legal dept will do , but these idiot brokers act dumb just to get your money and trade with them so they can get some commission. Fucking idiots i tell you.