Is forex trading legal in Pakistan?

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noorulain910 (Noor) 2017-09-10 02:12:06 +0500 #105

Why would i need a passport??

pwuser150499038823 (Pakwheels User) 2017-09-10 02:15:04 +0500 #106

I said in some cases.

theboss (theboss) 2017-09-26 19:05:21 +0500 #108

Open a USD account with any good bank in Pakistan...some banks like AL Baraka and Meezan will open USD current account from $100 deposit..and use that account to withdraw your funds. As long as you have all record and receipts of trading activity your bank or Pakistani law will have no objection. Made sure once the funds have arrived you go meet the AML officer at your bank and voluntarily submit your tax filing and receipts of trading. There is no tax on overseas income but being a tax filers will keep you in good books with your bank. Also volunteer AML filing means the bank will not have suspicion about you in the future.

hammads3 (hammads3) 2017-09-26 19:46:53 +0500 #109

Anyone here who manages trades in forex and manages other peoples funds?

pwuser150499038823 (Pakwheels User) 2017-09-26 21:25:54 +0500 #110

Yes I do manage but with certain terms and conditions.

hammads3 (hammads3) 2017-09-27 00:20:46 +0500 #111

Can you email or inbox me those terms and conditions?

pwuser150499038823 (Pakwheels User) 2017-09-27 00:56:00 +0500 #112

Your email ?

hammads3 (hammads3) 2017-09-27 08:19:24 +0500 #113

Check inbox.

shado_007 (M Shahid Salar) 2017-09-28 20:37:08 +0500 #114

Anybody here using urdubit.com???

shado_007 (M Shahid Salar) 2017-09-28 20:40:23 +0500 #115

I want to start forex trading but don't know anything about it... should i start or no? I dont want to loose my investment

shirazmahmood521 (Shiraz ) 2017-09-28 23:09:29 +0500 #116

Sir I tried to open foreign exchange account and contacted HBL and told them clearly that I will do forex trading but they refused as it is prohibited by state bank, according to them.

shirazmahmood521 (Shiraz ) 2017-09-28 23:10:56 +0500 #117

Please tell me if I can trade in CME from Pakistan or not ? as CME brokers only accept bank wire transfer.

pwuser150499038823 (Pakwheels User) 2017-09-28 23:38:09 +0500 #118

Dear friend, If it's banned then what the heck http://www.pmex.co/ and http://www.hgmarkets.pk/ companies like these doing in Pakistan? It's simple if I don't like something I will ban it either in the name of Govt or in the name of Religion. Good luck

darkfort (Zippy Guitarist) 2017-09-29 00:10:06 +0500 #119

@pwuser150499038823 its not about your liking and disliking... the point is its illegal activity in Pakistan and ppl who are misguiding here are mostly part of the scams like fake fund managers, trading on others money or taking money from others and not even investing it but just living on it... LET ME TELL YOU VERY CLEARLY HERE THAT, in any and every case forex is illegal in Pakistan and you can ask any fiqah or mufti about it and all will say it haram according to islamic laws.. now don't be a mufti yourself go and ask your aalim yourself...

pwuser150499038823 (Pakwheels User) 2017-09-29 00:31:32 +0500 #120

Guitar se Forex ? Bhai music me raho ap wohi acha hai debate karne ke mood me nahi hun coz me nahi chahta you loose in the debate.

darkfort (Zippy Guitarist) 2017-09-29 01:25:11 +0500 #121

kia guitar say forex? tu tou aisay keh raha hai jaisay tu paida hee forex market mein hua hai aur forex kay ilawa kuch karta hee nahn...tu debate kar hee nahn sakta bhai... kiunkay teray paass koi daleel bi nahn hai aur education bi nhn ... education say awareness aati hai bhai... jo law is mulk ka hai wo follow karo nahn tou waro

pwuser150499038823 (Pakwheels User) 2017-10-01 21:22:09 +0500 #122

First go and clear your facts then come back for debate. Forex illegal hai lol Did you ever go to any college ?

darkfort (Zippy Guitarist) 2017-10-01 23:40:55 +0500 #123

Brother its not about going to college, its about following the state bank instructions.. i suggest you not to go to college but just read the state bank of pakistan guidelines and it states clearly that a pakistani resident cannot hold a foreign account , its completely illegal. Also you cannot trade in forex market until you have a license from secp.. And secp do not offer any licence for trading forex that is why there is no forex broker in pakistan like exness, fxcm etc.. I know many ppl in pakistan trade in forex a lot with brokers all around the world and they use prepaid cards like payoneer, skrill etc. , but its illegal... just visit any lawyers office and he will tell you the detail or ask me i will give you more details how forex trading is illegal in pakistan and india..

darkfort (Zippy Guitarist) 2017-10-02 00:59:04 +0500 #124

check this link please... http://nation.com.pk/business/15-Apr-2017/secp-initiates-crackdown-against-illegal-trading-operations

pwuser150499038823 (Pakwheels User) 2017-10-02 16:57:14 +0500 #125

It's alright man. They are just pissed off because they can't take tax from people doing this business if it's international broker. All they need is money that's why they ban it. Anyway