Hey as far as I know, GBP-USD, EUR-USD and USD-JPY are now allowed to be traded from India. I mean the restricition on all cross currency trading is still there but these pairs are now allowed to be traded from India and it is legal. Although only a very few brokers are allowing this facility in INDIA. Correct me if I am wrong.
muhd_nihal
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@SagarKapoor, Can you site any references regarding this, I cant find any
@SagarKapoor, Yeah, I know this one. I am a sub-broker of a near dozen brokerage firm. Out of them, only Angel Broking allows this; that to if you are a having more than 5L margin!
Here is what Nitin said, "We haven’t yet enabled trading in cross currency. There are some settlement issues around this. MTM is done based on RBI daily reference rate for USDINR which is announced at 12 noon. But market trades till 7pm, when USDINR could have changed. Risk for us as a brokerage firm. Also there are trade process issues. Currently only prop trading firms are taking part. Hopefully exchange clarifies on the working and we will be able to offer this."
So, it is NO NO for retailers.
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The way I trade using XM and 1:500 leverage is still under FMCA Act and will be a non-bailable offence.
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Even if you managed to buy GBPUSD futures in prop firm, You will be prone to huge COC in cross-currency derivatives! Sell USDINR and Buy GBPINR will always have an arbitration profit.
SagarKapoor
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@Amit_Ghosh, Ohhkaayyy.. Now I have the FUll view of what's going on and why not every broker firm is offering it. Thanks for your Effort Mr. Amit. I really appreciate it.
Amit_Ghosh
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@SagarKapoor, As a gossip payment (read donation), like my all ideas lol. I am in need of oxytocin!
SagarKapoor
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@Amit_Ghosh, Hahaha it's a two way route brother. Do that for me as well.
Amit_Ghosh
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@SagarKapoor, I have a crap javascript for this purpose lol. Daily quota exhausted.
SagarKapoor
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@Amit_Ghosh, Ohh hell no buddy? A java script for this ? I woke up to 25 likes. Woohooo..