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 ). 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)).