If currency pair trading is illegal, why are the brokers not banned yet?

I assume that all of us here know that in India trading in currency pairs that does not have INR is illegal. Forex trading is illegal (like USD EUR etc), in fact this tends to bring rupee value down. That’s why its not legal here.
However we can trade in currency pairs that has INR by NSE/BSE

Also you might have come across ads in the internet/youtube for forex trading brokers like Octa FX, IQ option, olymp trade etc. Their marketing strategy is like showing $$$ of profits that a person has made (I’m not offending the broker, but I’ve seen ads like these). Some people actually do believe it as well. Like I came across a youtube ad for one such broker, where an Indian guy said he bought this car by trading and make $$ every day etc. They are literally fooling everyone by showing this. Newbies might fall for this.
They also mentioned in those ads that they traded in USD EUR etc (the ones that doesn’t have INR). Also there are other websites where people make trading look easy just like clicking some buttons etc and even some brokers claim that you’ll get profit only and no loss if you trade with them. What is this nonsense ? Who is that stupid to believe this.

Obviously these guys (brokers) will know that this is illegal to do in India, but why are they advertising and attracting Indians to do that ? Isn’t it illegal ?
They also claim to have millions of Indian clients. (I dont think this is true)

My question is, Why is it not banned yet ? Where are the authorities? Is there any Indian actually trading with these guys ? Can SEBI regulate these ? (I think its limited to only stock maket which itself is a big problem for them :rofl:). As far as I know, especially for us, forex and crypto is an un regulated world.
My opinion is to stay away from these and especially the guys who show up in a video and say that I make $$$ daily etc. If trading was easy, then everyone will be rich and no one will be poor.

“Trading is the hardest way to make easy money”. If you acknowledge this quote you are mature enough in the markets. Do not fall for these.

Anyone is welcome to share your views about this. (apologies for long post and also correct me if I was wrong in something)

(I do not have any intention to try these, I’m happy with well regulated Indian stock market (read the above question)).

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same with binary trading, binamo and other apps

Needless to say dubva trading also

God only knows

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This is the problem with digital media, anyone can put in any video about how to make money. Why go for currency, there are so many you tubers who mention openly that they are investing 50 lacks in Banking stocks, or XX amount they made by doing this and that.

All these are marketing gimo. The moment you see a you tube headlines saying “I made 50 lacks…”, people tend to go and watch what he has to say and how he made this 50 lacks. I wonder why Ambani do not say, He made 50 lacks in one second… This is the difference…

Do whatevery you wish to do provided you understand what the product does inside out and you understant it fully.

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Yes, recently I got across a video in which I got to know that the youtuber got everything from the company (like user ID/ password with 1 lakh funded account). All he had to do was to show to his viewers that he bought this with that platform. Like he will make us think that “Ohh… he invested 1 lakh in this, let me try to”. More surprising thing is that it was crypto market not stock market. He is like “Hey! I just bought bitcoin and other altcoins through this platform with my own money of 1 lakh and you try too”. But in reality he has not invested a single rupee, all he did was a sponsorship video. This is really getting out of hand. People blindly believe them. The way they talk itself will convince a newbie. They don’t care about laws etc.

there is a more serious issue with so called trainers or those who provides ‘calls’.
Youtube / social media guys post screen shot / video of them making lakhs / crores and he or she will say that I share all the trades that I take in a premium group. The subscription will be like only 9999 rupees. Or like, I will teach you how to trade for 2 days and it’ll cost you 70,000 rs. This is totally getting out of hand and the thing they will be teaching you will already be available for free or for low cost like books or in other sources. I came across a person who attended 10k worth seminar and said the trainer knew nothing. He was better knowledgeable abt the markets than the trainer.

Just because companies pay a lot of money for sponsorship especially crypto related platforms, a lot of Youtubers promote them. This is horrible!

Btw, is there any authority that can take action on forex brokers who mislead us?

I think that no one will be watching that video because all of us know that he owns a big company and it’s not easy. But the same people when they see a normal youtuber who says that I made 50 lakhs cause they think they can make it easily as well. But that is wrong. They do not know the real intention of the youtubers.

Initially when I was a newbie, I learnt some stuff from youtube. but soon I realized that a lot of people were not loyal. I’m not telling that making money from youtube is wrong, but I noticed a lot of people who used unfair means to make money. Thats when I stopped watching those meaningless / illogical videos and shifted to better sources like books / articles (from trusted source) etc. It was really a good decision I made instead of watching time consuming meaningless videos.

all are welcome to share your views/opinion/experience etc.

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To the people who think trading based on calls/signals is a good/nice/imp thing.

  • If some one knows how to make money, they will not tell you.

+They will make decent money just by trading, they are not god to be generous to tell everything that they do.

  • It’s better to be independent in the markets. Than depending on some one to know what you have to do. Take full responsibility, you are responsible for everything you do in the markets.

  • Making money is not easy. So just because that person made $$ money doesn’t mean you will make it too. (Those screenshot/videos can be fake too).

  • Market is supreme, no one can tell exactly what it’ll do the next day with 100% confidence. Most ppl make more money by giving calls/selling webinars than trading. It might be lucrative to see big profits but remember that making money in trading is not easy. If it was easy then no one will be poor.

  • Do what you understand. You are basically stuck inside, if you do not know what exactly you are doing. It’s not easy to get out but it’s easy to get in. Ex: you do not know anything about derivatives market but those guys tell you to buy 200 CE with a big target. Within a few days you are in a loss, you do not know what to do. After some time, You are struck with a negative balance in your account.

Its always a wise decision to be independent and fully responsible for everything that you do in the markets.

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Agreed.

This is how my charts look tho😂

It looks professional.
Market is respecting your levels :laughing:

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I wrote to rbi fx department on this. .

Again realised we live in india(pun intended)…

As long as they are getting their share. No one bothers.

Haven’t heard of single case of any person getting arrested under fema.

I suggest if you’re good at fx. exploit the loopholes and trade.

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This is the failures of Indian authorities. They don’t target which is the most important instead they mostly target which is beneficial to retailers.

For example: Tips selling with guarantees is illegal and in India. It happens openly and authorities outlook this. As per my knowledge if they want they can easily arrest them and destroy them, but they never do this.

@Aznad_Shaikh hey, I just checked out his channel.
I did see him trade in forex market but is he in India ? I don’t think so, he is in some other country. May be a NRI or even a citizen of that country.
However his viewers are all Indians so he should have a disclaimer saying that this should not be done in india.
I don’t follow his channel , so Idk if he gives warning/ disclaimer in his videos.

He lives in Delhi. It is also proved by some people that he is involved in a scam of more than 100cr. He also charges 20000 to 25000 for his course where he recommends options trading to the newbie . well i dont give a fuck about him, but recommend people to stay away from such channels . The previous chat was deleted by a misCLICK . so here i will mention his channel again ‘BOOMINGBULLS’…

Oh. Sorry, I didn’t know that he lives in Delhi. I thought of some other country. I don’t have much knowledge about him or his channel.

Scam worth more than 100 cr ? What kind of scam is that ?

My advice is to stay away from youtube / twitter.
The people will be good at first but will definitely mislead you later.

Also there are some videos that I saw that was like exposing him kind of. You’ll get it If you search it up.