Is forex trading legal in Pakistan?

[wiki44]

First i will introduce myself. my name is waqas. i am newbie in forex market. i am working with icmarkets. they only allowed to withdraw using bank wire. i 5000$ in my account

Now i am going to open an account with bank. 3 banks have there own story for opening of account.

Hbl bank 1000$ for usd currency based personal account.
Abl bank 100$ for usd currency based personal account.
fasisal bank 50$ for usd currency based personal account.

i did not tell them that i will receive amount from broker but i have tell them i will receive money from a software company.
they said you will need to prove by providing documents.
i have also told that i want to send money also in usa to my friend.

now my question start.

do i need to open a foreign based currency ($) account.

do i need some prove if i receive the profit from a broker into bank using bank wire.
The most important thing is that i want to send money into usa friend bank account using bank wire.
is there any restraction from state bank of pakistan an income from forex.

you can add me at skype: wiki.freelancer.

or please let me know if you have any facebook or other address.

Thanks

[wiki44]

First i will introduce myself. my name is waqas. i am newbie in forex market. i am working with icmarkets. they only allowed to witdraw using bank wire. i 5000$ in my account

Now i am going to open an account with bank. 3 banks have there own story for opening of account.

Hbl bank 1000$ for usd currency based personal account.
Abl bank 100$ for usd currency based personal account.
fasisal bank 50$ for usd currency based personal account.

i did not tell them that i will receive amount from broker but i have tell them i will receive money from a software company.
they said you will need to prove by providing documents.
i have also told that i want to send money also in usa to my friend.

now my qustion start.

do i need to open a foreign based currency account.

do i need some prove if i receive the profit from a broker.
is there any restraction from state bank of pakistan an incoming from forex.
Important note : i also want to send money usa to my friend .

you can add me at skype: wiki.freelancer.

or please let me know if you have any facebook or other address.

Thanks

[butwhy]

First i will introduce myself. my name is waqas. i am newbie in forex market. i am working with icmarkets. they only allowed to witdraw using bank wire. i 5000$ in my account

Now i am going to open an account with bank. 3 banks have there own story for opening of account.

Hbl bank 1000$ for usd currency based personal account.
Abl bank 100$ for usd currency based personal account.
fasisal bank 50$ for usd currency based personal account.

i did not tell them that i will receive amount from broker but i have tell them i will receive money from a software company.
they said you will need to prove by providing documents.
i have also told that i want to send money also in usa to my friend.

now my qustion start.

do i need to open a foreign based currency account.

do i need some prove if i receive the profit from a broker.
is there any restraction from state bank of pakistan an incoming from forex.
Important note : i also want to send money usa to my friend .

you can add me at skype: wiki.freelancer.

or please let me know if you have any facebook or other address.

Thanks

you have nothing to hide. online forex trading is perfectly legal. you need license for currency exchanging business (the usual money exchangers). so don't confuse the two. Just tell them you want to wire money to an account abroad which a forex broker's acocunt. That's it.

As far as I know, there is no restriction from SBP. Last time I transferred funds to and from abroad, I was not asked for any proofs of anything.

Also, if possible, go open a bank account elsewhere in the world, say UAE. Will be much easier that way and no income tax.

[anambabe]

Hello everyone
It is one time decision of depositing and withdrawing money method for starting forex trading through your broker like I choose mine Exness......
Now there are many methods of depositing withdrawing money like you all know Wire transfer, Visa Mastercard, Skrill, Webmoney, perfect money......
I thought of choosing wire transfer as I have earned money as a freelancer and withdraw directly through my bank....
totally tension free
but after reading this post Now I am really worried if I earned money and the banks start calling from where did you earn or bla bla state bank objection.....
I don't have much information I have a simple PK currency account in UBL.....
Now what I want you guys to help me in.....
Is which bank to choose for a long term hassle free commitment....
the account should be in USD or PK currency.....
there rates on paying me.....
which bank is the best like some one wrote about Barclays.....
Please suggest

[mohtashimiqbal]

earn your funds , deposit them into the banks , and then re invest them into islamic equity based mutual funds .
liquidate your NAV ( net asset value) points when needed , and get them remitted back to your account as white money .

but that shall only be feasible if you are opting for principle preservation profiles and keep remmiting your funds back every now and then .

just keep your funds with a broker abroad so large that its financial strength surpasses our commercial banks and there would be no need to worry about anything. hint : GAIN CAPITAL , FXCM has the best offering in the industry , but maybe those were the reason it almost got bankrupt .

TIP : get your NTN made under " artist profile" and no one would ever give a dime ( speaking out of experience ) .

SCB offers the best international services . ( comparatively) do not go for barclays as this chain as been cursed for some unknown reasons , its keeps on changing every now and then and so are their banking policies . for ABN to RBS to Barclays to maybe some one one else down the pipeline .

plus: you do not need to create a lady profile and send us friend request by the name " ANAMBABE " to pull out an answer from us .
we are all nice people ( well most of us) and we would get more suspicious when we see a lady contacting us , rather than a guy contacting us . so be real over here if you ever want to be heard and responded .

[adilkhanghaznavi]

Hello all experts on Forex Trading... I have been reading about forex trading for last few days and it has fascinated me. i have some investment available with me which i am thinking of investing in this business. However, i dont know how to start it.. Ur expert advice will be highly appreciated. This may include how to start, accounts etc, broker details, any other resources / online courses etc...

[pathan812]

sounds interesting never thought that forex trading could be done on small scale its my first time came to know about it how to get started

[handecand]

Yes Forex trading is legal in Pakistan and you can make good money if you have good platform to trade like Binoptrading.

http://www.binoptrading.org/

[Feisal3]

This is a pretty old post. Can you please give me an update? efar52@gmail.com

[Feisal3]

Shahid 777This is a pretty old post. Can you please give me an update? efar52@gmail.com

[theboss]

It is not illegal as long as you properly declare and show proof of income as legitimate..and use a proper bank..now pakistan is linked with IBAN system which means almost all banks can transfer from Europe easily..

[rizwan_rzzq1]

Aslam o alikum.skr kiya ap mujy koi aesi web site forex ki bta sakty hain jahan mai acount bna k trade kr sakiun ta k maeri invest kisi fake site ki naAr na ho saky thanks reply me this wtsapp nb pls 0034 63w 987 314

[mohtashimiqbal]

I opened an $1500 account with exness broker based in nz & now aftr 1 months i have profit of $5400 .,, MY total equity is 5400 profit + 1500 invest amount.total equity now $6900...now i wld like to withdraw my profits & and keep the original invested amount so i want to withdraw $5400 via bank transfer.The question is shud i expect a call or visit frm a government department asking me any details? wht if they say its illegal...will i be able to cash my profits.I am planing to quit my job andd focus on trading seriously now.So i want answers frm experienced traders...if thy face any problem in this business.

it wouldnt matter and you shall not recieve any call untill unless your transactions get big enough and go above million mark ,
but they would go for sure in future if you keep trading like this ..

to be on the safe side , get your NTN made , and then file the regular tax applicable on income , and keep its record , get help with a tax consultant about declation of your assets and income , and how to mantain your books for filing , it is adviseable to register a company , open a company account , and then remit to that account , and then if you want to save tax , you can always show losses ,

but do that before its too late , because IF they come after you , and find any loop holes , it would be expensive if you are guilty ,
get NTN made , and play it smart and start building your foreground to deal with and prevent future mishaps .

[earnasia7]

bai impossible bate mat kero nai tu ban lag jave gi
Because people will stop using pak wheels and will start using forex web sites..........

It is possibble

[shafaqahmad69]

earn your funds , deposit them into the banks , and then re invest them into islamic equity based mutual funds .
liquidate your NAV ( net asset value) points when needed , and get them remitted back to your account as white money .

but that shall only be feasible if you are opting for principle preservation profiles and keep remmiting your funds back every now and then .

just keep your funds with a broker abroad so large that its financial strength surpasses our commercial banks and there would be no need to worry about anything. hint : GAIN CAPITAL , FXCM has the best offering in the industry , but maybe those were the reason it almost got bankrupt .

TIP : get your NTN made under " artist profile" and no one would ever give a dime ( speaking out of experience ) .

SCB offers the best international services . ( comparatively) do not go for barclays as this chain as been cursed for some unknown reasons , its keeps on changing every now and then and so are their banking policies . for ABN to RBS to Barclays to maybe some one one else down the pipeline .

plus: you do not need to create a lady profile and send us friend request by the name " ANAMBABE " to pull out an answer from us .
we are all nice people ( well most of us) and we would get more suspicious when we see a lady contacting us , rather than a guy contacting us . so be real over here if you ever want to be heard and responded .

i have to deposit uk based forex broker but i cant find the way to do so, plz guide.

[omermalik85]

Dear all ,

Kindly advise were to open my account of forex trading,?

were to open my bank account ,?

how can i deposit the minimum amount,?

what is the minimum deposit,?

How can i withdraw minimum deposit,?

Your corporation and guidence would be very helpfull, you could also contact me wia email I.E omer_malik85@yahoo.com

Regards,
Omer

[mohtashimiqbal]

1. I would prefer an international giant to invest in like gain capital or fxcm to assure the sevurity of my money . Any international company which is strong and the chances of its collapse or bakruptcy are minimal .

2. Any bank which supports internation wire transfer to your account , and every popular bank that offers a credit card can handle such matters easily .

3. You can deposit minimal amount via your credit/debit card or international remittance / wire transfer .

4. The minimum deposit varies with the company , strong company have higher , and new enterants offer lower minimum deposits and better spreads and packages , but if you can compromise the security of your investment by investing in a new enterant , they probability of their collapse is higher than an old and well established market leader . So you can do your math .

5. From your account on the company you will need to innitiate and internal wire transfer request to your account , and it shall fall in your account in 2-3 days .

Thank you.

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[hammads3]

Can someone please tell me how to do forex trading? Does the broker company tell you what to buy or sell?

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[mohtashimiqbal]

You can invest and leave it to them and they do the black and white for you and mostly give you huge losses in the end as they mostly use you money to support their lossy positions and cut down their own losses , this is a malpractice used by many local companies in every sector including stock exchange brokerages .

As an alternative if you know what you are doing and how to do it you can and definitely should keep the power within your own hands . And take your own decisions , even if you suffer a loss you shall be at releif that it is done at your own hands.

Besides i would never ever advise investing in a local company here in pakistan , its all scammy here with no proper governing bodies to regulate , i would not mention names due to the recent cyber crime laws , but there are companies here in pakistan who let you trade on their own dummy platforms which is never linked to the international real market . So you think you are trading real time in the international market but actually you are systematically directed towards their own inner servers which make you suffer losses and they eat up your money . While the real market situation is different .

So anyone here who is thinking of going local because it is easy and offers better CSR and spreads and margins or leverage i would say backoff . Go towards an international market leader in a properly regulated and governed economy . Just an advice .

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[salmanshah1]

Do international firms gives good profit? How much investment required minimum? Can you please give me an idea of profit/investment scene?