Forex trading is illegal in india. Here it is the reason why forex trading is illegal in india.
To start trading forex legally in india follow the below steps:
Step 1 Selecting Someone
· Find a Friend/Sibling/Relative/Someone trusted in foreign country with citizenship and that country should allow Forex trading
· Here is the list of countries banned forex trading, select the country that stays out of the below list
Bosnia & Herzegovina
Bulgaria
Canada
Cuba
India
Indonesia
Ivory Coast
Iran
Liberia
Lithuania
Macedonia
Malaysia
Montenegro
Myanmar
Nigeria
North Korea
Pakistan
Romania
South Korea
Sri Lanka
St. Helena
Sudan
Syria
Ukraine
Zimbabwe
China (several rules and regulations)
Step 2 Creating accounts
· After finding someone with who helps you out in that country
· Using his citizenship he can open any kind of bank Account and any kind of trading accounts, money transfer accounts
· Ask him/her to open a neteller/skrill account in that country using their proofs. Why Neteller/Skrill because all most all top brokers accept them for Deposit and withdrawal
· Next select the broker and open an account with their proofs or your proofs. It is better to open with your proofs so that account will be in you control. Money transferring account like neteller/skrill will be created with their proof and trading account with broker will be created with your proof
Step 3 Deposit
· After creating all required accounts start money transfer
· Through western union transfer the money you wish to deposit to your friend/someone. Western union takes some processing fee
· Ask your friend to deposit that money into their neteller/skrill account
· Now using their neteller/skrill account make deposit to you forex account
· That’s it start trading through your preferred forex trading platform
Step 4 withdrawal
· Whenever you want to withdraw simple give the neteller/skrill account to broker
· Brokers confirms you withdraw request by verifying two things first thing enough funds in your account and second thing same method used for deposit, if you use skrill for deposit then you have to use skrill only for withdraw.
· From neteller/skrill ask your friend to withdraw that amount to his/her bank account and pay the required tax amount.
· Simply transfer that amount to you in india through western union
So it looks lengthy and tough on paper, but if you find good friend/relative in foreign country then it is a simple one day process.
Only thing you need to worry is that the selected friend is trustworthy or not, off course friend means trustworthy.
