Trading is one of the lucrative professions, if someone pursue it properly then no other profession can beat the life trading have, especially forex trading.
Forex trading is over 7 trillion USD per day market as of today, and making money is so easy with following proper trading system, rules along with profitable strategy. But most of the time, people from India have this doubt if forex trading legal or illegal? If they can do forex trading from India or not, if forex trading legal in India.
So let us decode this in detail
Forex trading legal in India?
In India, according to FEMA Act 1999, sending money outside to India for trading, betting or gabling like things aren’t legal & action will be taken for people who are involved in these activities. And this is because almost 95% people losses money in trading and government never want to lose their forex reserve with sending money outside to India. Because losing our foreign reserve will impact Indian economy directly or indirectly.
For detail information of FEMA Act 1999, please refer to the below RBI link- https://www.rbi.org.in/SCRIPTs/BS_FemaNotifications.aspx?Id=183
But if you are doing forex trading with Indian registered broker like Zerodha, angel broking, upstox then forex trading isn’t illegal in this case as you are sending money to Indian brokers only and your money is still in india. So forex trading is legal in india in this case.
But volatility on these platform aren’t much and moreover we can’t trade 24*5 here as like we can do on full-fledged forex broker like octafx, exness, xm and all other.
How can we do forex trading from India?
If you are from india, and still want to trade in forex trading, then broadly you have 2 options-
1- If any of your friend or relative stays abroad and they are willing to invest on your behalf, then you can trade on their account, as in this case you are just using your skills without sending money to anywhere.
2- Second is you can move outside to India then, this will be the best option. Settle in countries like Dubai, UK, Australia where forex trading has proper regulation and you can trade full time forex trading there and no need to worry if forex trading legal or illegal there as they have proper regulations & system. And more over you will get additional step of security of your fund as there you have complete regulations.
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Most of the information in this article are from internet & best of our knowledge, and these regulations might change with time. so we request you to do your own research before taking any actions or trading in forex. And for more details, please refer to RBI policies, guidelines & FEMA act 1999.