FOREX Trading in Sri Lanka

Here’s the transcript of a chat I had with an operator of a website promoting FOREX Trading.  Please excuse the multiple spelling mistakes, as I have taken the chat transcript exactly as it is.  For those of you that are interested in FOREX trading, the key point to know is that FOREX trading in Sri Lanka is legally limited to licensed operators only.  If you are trading in FOREX it is a violation of the law.  Further, you have to deposit money into a foreign account via your credit card.  This is also a violation due to unauthorised foreign remittances.  Also, your Credit Card has been issued for personal use only, and not for trading purposes.  If you have an internationally issued Credit card, then that would be OK, but if you residing in Sri Lanka, you still cannot get away from my first point regarding unlicensed trading.

Read on…

  • * Admin is online!
  • guest355747: Hello
  • Admin: hi
  • guest355747: I have a question
  • Admin: yes
  • guest355747: For FOREX trading, I need to put money into an account?
  • Admin: k
  • guest355747: How do I do that? With my credit card?
  • Admin: u can
  • guest355747: But isn’t that illegal?
  • Admin: r u think, is it Illegal, leave this site
  • guest355747: I’m asking a valid question. Isn’t it illegal to pay with the credit card for something like that?
  • Admin: How you know is this Illegal ?
  • guest355747: Central Bank Rule, from what I have heard.  Cannot do foreign remittances of that sort. Isn’t that so?
  • Admin: i’m From Uk in Past 7 year, i don’t Know Sri lanka Situation ath this Moment, if you think, this is Illegal , I told to you leave this Site,
  • Admin: but, Forex Is World trusted Earnign System
  • Admin:
  • Admin: Forex handle In World Largest Central Bank, is this Illegal, Why World Largest Central Bank Handle this ? Can U Find Answer ?
  • guest355747: That’s interesting. Your site is in Sinhalese, and you’re encouraging Sri Lankans to invest in this scheme, but you are not in Sri Lanka and you do not know that what you are promoting is illegal.  World Central Banks do not matter. There are laws in Sri Lanka prohibiting FOREX trading for anyone other than licensed organisations and banks
  • guest355747: Violations are: Central Bank rules regarding FOREX trading, and Credit Card issuing bank rules regarding valid use of Credit Cards
  • Admin: More than Out Side Of Sri lankan Using this Site, For Learning Somthing About Forex, this is a free education, if don’t Like Forex,Why are you Not Leaving this
  • Admin: ex : Korea , Saudi arabiaya, Uk, USA, Japana, i have a More than Sri lankan Member with Lakforex
  • guest355747: Free Education? Isn’t it misleading education when you don’t say or show the illegal side of it?  Your domain is so you are specifically targeting Sri Lankans and enticing them to break the law.  Your site should have a clear statement about the risks as well as the legal status.
  • guest355747: Authorities would be very interested in what you are saying through this site.
  • Admin: yes, i warning For All, read First Article
  • guest355747: Warning that it illegal?
  • Admin: r u mean, Forex trading is Completely Illegal In World
  • Admin: ?
  • guest355747: Nope. Illegal for Sri Lankan Citizens to do it
  • Admin: what r u think Srilankan People in Out side of Sri lanka ?
  • guest355747: They can do it
  • Admin: i can’t block this Site to Sri lanka , this site visible to all Country
  • Admin: you can visit My English site
  • Admin: it’s Now Under Maintain
  • Admin:
  • guest355747: Yes you can. You can restrict it based on IP address, or put a notification about the legal status. The fact that this site is in Sinhala shows that you are targeting locals
  • Admin: i’m give to answer for you recent, More than Sri lankan leave it Out side of Sri lanka
  • Admin: i’m Not a Web developer
  • Admin: i Don;t have good website building Knolage
  • Admin: i’ Using , Free Blog for Create this
  • guest355747: Be very careful in that case.  The authorities would initiate legal action against you.
  • Admin: ok,
  • Admin: it’s ok
  • Admin: i request for block lakforex to Srilanka,
  • Admin: From, Your Side
  • Admin: you can Do it
  • guest355747: I’m not the site operator. You are. Bye
  • Admin: k

Here’s a press release from the Central Bank of Sri Lanka about illegal Forex Trading:

Also please be aware that trading in FOREX trading may be a risky gamble if you don’t know what you’re doing.  It requires deep insight to know how the market will turn and you have to stay at it.  Having a good night sleep and then coming back, you may find that the market has gone completely in the other direction.

Ultimately, look around, and make the right decision for yourself

3 thoughts on “FOREX Trading in Sri Lanka

  1. dhushaker

    great news. note i asked from central bank of srilanka they have said same thing. but ever i note SL government mainly theirs restriction on money note fx trading. like its not possible sending money to other countries from srilanka,its totally illegal. but there is a possible way to do trading here without any problem. u should open a trading account by giving ur srilanka bank details. and make funding from other country! some brokers allows to fund other people behalf of you. and PLEASE BE MIND THAT FOREX IS NOT GAMBLE ! ITS KIND OF A BUSINESS. U SHOULD TO HOW TO READ THE MARKET. i can teach u to read the market , will ‘l knw where price l go!

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