Hi. I am planning to open my first Paypal account to fund my forex trading account. I recently heard about the Paypal fiasco in India. So can you please tell me 2 things 1. Will I able to send payments to my forex broker in US or I wont be allowed ? 2. Will i able to recieve funds from my broker and withdraw it from banks? Thanks guys.
I am wondering the same thing with regards to funding a Forex account using PayPal. I have in the past funded my eToro account using PayPal and had no problems depositing or making withdrawals to and from PayPal. But that's history now. I don't know what the stance would be now. I am guessing we shouldn't have any problems funding our accounts using PayPal but when it comes to withdrawing, I have a strong feeling PayPal is going to ask us to justify how we earned that money and I am not sure what they'll do when we tell them that we made that money using Forex trading. If you find something, do share it with me. Regards.
if you are from india, Forex is illegal . Only very less pairs are allowded like USDINR .. euro etc ...
I dont think there should be problem , because if you browse the different FX trading forums , you will know there are many FX traders from India. Anyways , so naif , you are telling that Funding wont be a problem , right? So I guess I can also buy things like RS/MU accounts from India now using paypal or that will be a problem ?
Be careful with this, I guess paypal won't like it that their service is going to be used for any Forex Trading activity, if you are doing personal investments I can't see any problems with it but even then I would send a ticket to the PayPal staff to get this confirmed before I would risk my money. Look at the many Forex traders out there not many are using PayPal.
Can you please back up your statement with any proofs? As far as I am aware, people have been using Paypal for their forex trading activities and many forex dealers do indeed offer to transact using Paypal! Regards, RightMan
Paypal is used as a funding option by Leading FX brokers. The prob does not lie there , its the issue with India, the simple query which I wanted to know if I can send/recieve personal payments or not ? Someone told me that personal payments are still not accepted so I got confused.So for example lets say i wanna send you 1$ or you want to send me 1$, I can both send/recieve now , right?
As of this time personal payments can not be sent to or from India. This is what Paypal says on https://www.paypal.com/helpcenter/m...=solutionPanels&solutionId=1204740&isSrch=Yes
If it is not wrong, i see that if you fund your forex with paypal, you will only be able to withdraw that money only by paypal. better deal, why dont you use libertyreserve? i think it is perfect and it has recommended you the trusted forex account there!
jinguman, I don't know what RS or MU accounts are so I can't help you there. You have asked if whether funding an account using PayPal would be a problem or not. The thing is that, maybe funding might not be a problem but withdrawing might be. If you check you'll notice most if not all Forex brokers require that you use the same method to withdraw funds which you had used to deposit. So if you deposit using PayPal, you'll need to withdraw using PayPal. And that's where your problem might arise.
I would suggest using a credit card,wire transfer etc if you need to use paypal get a trusted friend from the us or other countries which paypal don't have a problem with.
@online-tutor How do i deposit/withdraw from Libertyreserve , heard its cumbersome ? Can i fund by Creditcards ?
Yes ofcourse, you may buy or sell your Liberty Reserve in India with Credit/debit card. or even for Indian Rupees. http://libertyreservemart.blogspot.com/