Forex Trading In India Is Legal Or Illegal! Some Possible Reasons
The legality of Forex trading in India is a big concern for many young Forex traders in India including myself. Back in the year 2009 I ran across Forex auto-money which was my first introduction to Forex trading but due to my regular job I was not able to invest much time to know about Forex trading in India.
Then I happened to stumble upon a website called Top Option Forex broker.
Since I was new to Forex trading opportunity, I thought to take a closer look on how Forex trading in India works. The moment I hit Top option official site it demonstrated on the demo video like how Forex signals works and the earning potentials for playing with the software I was enticed by such offer.
Even though I was not exposed to Forex trading in India yet I knew how Forex trading work theoretically just like clicking “buy and sell button”. (LOL)
Later I found Top option is not a reliable forex broker to work with. I spent around 6 months hoping to find one reliable Forex trader so I can invest money and see how it goes for me. None appeared for a while. Finally, I got hit by 24option.com which appeared in one of the blogs. After extensive research, I finally settled on 24option.com.
During my research about 24option.com, I found a link in Google where it said that Forex trading in India is illegal. Excuse me! Yes, it was mentioned in the first place that any forex traders found trading on Forex will be put behind bars with no bail option. This was really shocking news for me…
Who want to land in jail!
Then instead of focusing on investing money on forex trading in India I wanted to explore more about the legality of Forex business in India so that I can save myself before landing in jail.
When you search keyword in Google about “Forex legal or illegal in India”, you’ll notice a lot of blogs that will tell you trading is illegal in India and some blogs will guide you indeed is legal to do it. I was confused with their mixed responses. Then another shocking news for me…
What Govt And 24options Say About Forex Trading In India!
As I was being a novice to Forex market, I thought to find the truth as why the Indian government is not legalizing forex trading in India or RBI (Reserve Bank Of India) for that matter. Indeed when you go back to those review blogs all they refer RBI website and say doing Forex trading in India is illegal even today. At the same time, the other group of people will redirect you the same RBI website tells you indeed is legal do by posting some piece of content.
This drove me crazy indeed…
If you haven’t exposed on Forex trading in India and if by chance happened to read the statements published in RBI, it will confuse you without a doubt. I also went through all the statements mentioned in the site which really confused me. I don’t understand their statements clearly. There are so many people under the impression of “not clear” of the RBI statements. The RBI statements seems like you can but you should not.
Since the RBI statement was not clear, I thought let’s give up. You know if we aren’t sure about on something it’s better not to touch it.
Besides just about few months back I got a call from 24options.com which I think one of the reliable brokers I would say. Why because they told me that it is still not legalized for Indian brokers to do Forex.
One of the representatives who called me from 24options for Forex investment. I asked whether Forex trading in India is allowed or it’s illegal to do. She replied that Forex trading in India is illegal, but traders can do with a small margin. But I didn’t want to put myself in a situation where jail is certain.
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Critics On Indian Government And RBI
This is not a surprise for me to notice a lot of critics on Government for not letting traders invest money on forex. Most traders bash the government telling that politicians want people of India remain poor and not rich.
I am sorry to negate this idea because why any politician wants to curb your freedom! The politicians becoming rich in every election that we all know very well at the same time there are good politicians too in the hut who wants to save people by not allowing new traders to do.
This is my personal opinions only…
As we all know RBI and Government do not want innocent people to fall prey to such ideas like start forex, invest with big money, do trade and become a rich. As many people experienced traders predicts that“99% of people fail in Forex trading” within six months period.
Since 2008, I am working with few online work at home programs, during my journey I ran across so many fake gets rich quick schemes on the internet. Yet, those concepts of getting rich overnight never seem to be stopping. Even you see today on the internet there are so many scams online.
Be it data entry job, online paid survey, push button software, MLM, get paid click programs or whatever programs available. Even today many innocent people being banged by con artists taking $50-$100 from them. Yet people falling prey to such ideas and getting cheated on a regular basis. One thing is clear that even if people get cheated by those offers it doesn’t affect much because the invested amount is tiny. Isn’t it!
If you ask me then why the government is not stopping all these! It is because they have no control on work at home programs as these opportunities are not regulated by the Indian government or RBI. Therefore, it is up to the individual to decide whether or not the program is suitable for them.
If Government Opens The Door For Forex Trading In India!
Look guys, even I was very frustrated when I read the reviews like RBI or Government is not letting people do forex but when I looked deep inside then I found something which I believe everyone should think about to save the people.
You’re good in trading and know ins and outs of it but what about others! Don’t you want to save them!
Though forex trading business is not legalized in India, yet you see numerous fake brokers getting away with people’s money in a second who have had thousands of dollars in their accounts. Yeah, their earned money has been wiped out in sec. Mind it, this is still happening all over the world.
If you Google search you’ll find thousands of experienced forex traders have become a victim of fraud forex brokers.
Just imagine what new forex traders will go through if Forex trading in India allowed!
There is uncountable number of scam forex companies still operating in India and abroad. Yeah, you name it.
When I was new to forex I immediately fell prey to such ideas because it’s so addicting, enticing offer in the form of ads and amazing video presentation with get rich quick schemes.
If government legalizes Forex trading in India there is no doubt the scam artists would start new offers with get rich quick schemes with bombarded advertisements that fly everywhere online. When people search for a job or online opportunity might think those claims are true.
You know Forex require some big investment and those fake ads entice people to invest more money for trading. If you had been in the Forex market you might know the callers entice traders to reinvest more and more. Just imagine the new traders who are absolutely novice to Forex trading in India!
Eventually people who are new to Forex trading in India will get scammed. For common people $500-$1000 is a big money and when they lose $50 for on online job offers it doesn’t affect much but when innocent people get cheated with the big amount it really affects him financially.
On account of government restriction still there are some fake companies operating somewhere in the streets but when government approves for Forex trading in India the scam artists come out openly to loot people’s money in the middle of the light.
Don’t ever assume Government does not know what is happening in the Forex trading market in India. Government even know that people still doing Forex trading in India using foreign Forex brokers. All government wants is that if you’re good at trading and doing with some regulated Forex trader they are OK. (My personal opinion only)
Our government is keep getting updates on Forex trading in India and abroad. Indeed there are so many scams that really impacting common people. In order to protect you and me from getting scammed; Govt is blocking all possible ways to invest money on foreign brokers. By doing so at least they can protect your hard-earned money being wasted.
Even though the government is not very aggressive to traders who does forest trading in India but when things goes out of hand there is no way that government should step in to resolve the issues.
I am not a Forex trader or a legal adviser though I found some of the possible blocking factors which causing our government not to legalize Forex trading in India. I am sure there might be many things which should be taken into consideration as government points of view.
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You don’t need to criticize government for not letting you to do Forex trading in India or in abroad. There might be many more reasons for it. Yet we don’t know that.
Have something in mind to share about legality of Forex trading in India! Please share it.