Is Forex trading legal in India?
No it’s not legal in India, RBI has clearly stated with many notifications http://rbi.org.in/Scripts/NotificationUser.aspx?Id=6336&Mode=0 However Indian nationals can trade Forex INR pairs Futures & Options at NSE and MCXSX.
Why you are teaching forex if it is not legal in India?
Learning forex gives you an advantage to understand the global markets and technical analysis can be applied to trade Indian market Equities, Mcx Commodity and forex INR pairs, However NRI’s and export importers who have permission from RBI can trade forex overseas
If Forex is not legal then how do many brokers have offices in India?
Many office claim it has only back offices in India but they do fulltime business with Indian clients, many claim they are regulated but none of them are apply to India
As banks do not allow wire transfer to abroad for forex, money is collected in other means like cash, cheque in favor of thirty party companies credited to trading account are not genuine brokers, there is no difference between demo and live account, 90% are market makers, Whatever you invest will be there with the company, none of the orders are executed with the Banks and platform is just a live market feeds behind the screen nothing happens.