Forex trading is legal in India and is regulated by RBI and Sebi. A well-experienced person can easily tell. The exchange was inaugurated by the Sebi chairman and RBI by the governor on 20th Sept 2010.
Trading is permitted in currency derivatives futures and options in four pairs USD INR, Euro INR, JPY INR, and GBP INR, and any Indian can take exposure in USD INR for as minimum as 1000 $ or as maximum as 15 mils the US $.
The margin on exposure is also very less and you can take exposure 25 to 40 times of your deposit. There are securities transactions tax on shares, futures, commodities but no securities transaction tax alloted on the currency.
Sebi is considering permits for international pairs like USD/ euro etc soon.
You have to go find a broker compulsorily or another way is to become a broker yourself.
First, you need to choose a reliable broker outside India.
Second, the only method for transferring money from India is Neteller or Skrill, and for that, you again need credible dealers who offer this way of trading but always make sure you get enough knowledge and experience before opening a live account because otherwise you will be wiped out of your account very soon.
Best Forex Trading Platform in India
Are you looking for the Best Forex Trading Platform in India? If yes, then this article will guide you. Here I have posted 10 Forex Platforms.
1. XM
The first question that arises in a person’s mind- is XM reliable? Yes XM is a reliable forex broker. The regulation of XM is done by CySEC based in Cyprus, IFSC in Belize, and ASIC in Australia.
Brokers under the regulation of CySEC are compelled to keep a client’s fund in a separate account which ensures the safety of a client’s fund. So, even if the broker goes Bankrupt the client’s money is still safe in other banks and can get their money back.
XM is a low-cost broker with a minimum deposit requirement fixed at $5. Although the spreads are comparatively higher, for instance, 1.6 pips for eurusd, its analytical tools are good.
2. FOREX.com
In forex.com all of the client’s money is kept in separation from their funds and kept in top-notch banks. They use their funds for fencing and never get involved in any kind of proprietary trading.
It offers multiple features and is very user-friendly and customizable. Overall, it’s the perfect option for both beginners and high-volume traders. If you’re new to Forex trading and want to become a professional, it’ll behoove you to take a Forex trading course.
FOREX.com is an integral part of stone Group Inc, which is a NASDAQ-listed company with a strongly managed team. They have clients in over 140 countries worldwide.
3. PEPPERSTONE
Pepperstone was founded back in 2010 in Melbourne, Australia. They have over 300,000 traders worldwide. Pepperstone is regulated by CySEC, CMA, SCB, FCA, BaFin, ASIC, and DFSA which again gives the surety of segregation of client’s funds.
Pepperstone is a good broker especially for the reason it supports ECN accounts and the commissions are cheaper compared to other ECN brokers in Australia.
For people using scalping and for scalping a person has to open multiple trades and keep opening based on opportunities.
While comparing which broker to prefer, Pepperstone has a low spread and low commission compared to others.
4. OLYMP TRADE
Olymp Trade is a good opportunity for people that want to make extra money in the financial market.
The company offers you the opportunity of Forex trading and digital options on an amazing platform, with a very low deposit and transaction amount.
You don’t need much money to start trading with Olymp trade, you can start trading with just 10 dollars.
They also offer many materials and webinars for studies and are worried about their traders. The free demo account is a good example of the offer.
5. IQ OPTIONS
IQoption is a source of income. When you know trading well. You can count on them to pay you when you request payouts.
One of the good things about IQoption is the fact that even though they have your card details saved, you will never receive a message about them taking money from your card for some silly thing or that.
It is an easy and affordable way to enter into the investment world.
6. OCTAFX
OctaFx is a forex broker company under the regulation of the British Financial Conduct Authority (FCA).
They are a pretty good broker for Forex trading. The only downside is that they don’t offer a good crypto trading experience.
OctaFX is not publicly traded and does not operate a bank. OctaFX is authorized by zero tier-1 regulators which are high on trust, one tier-2 regulator which can be averagely trusted, and zero tier-3 regulators which have low credibility.
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7. FXTM
It is well-regulated by several financial authorities including FCA and CySEC and offers great trading platforms.
As options, you can also consider Avatrade, Go markets, and Fxview for diversifying your portfolio. You can start with one broker but with time, it is recommended to bring diversity in your portfolio and invest with different brokers. This can also help you in managing the risk level.
8. eToro
They offer stock, crypto, and forex on one platform. They also allow you to trade, ETFs 14 commodities like Oil, Silver, Gold, Platinum, Cocoa, Wheat
All the best stocks (Apple, Google, Tesla, Twitter, Beyond Meat, etc.)
So, you can trade almost anything on eToro. They are also monitored and regulated by FCA and CySEC. If you are new to forex trading, eToro rocks.
9. Blackbull
It was founded in Auckland, it is a technology-prioritized financial capital of New Zealand. They serve over 180 plus countries.
They offer access to more than 300 trading instruments on MetaTrader 4 and MetaTrader5 and also web traders.
It serves thousands of traders from 180 plus countries worldwide. Their trading conditions start from a spread of 0.0 pips, quick execution speed, 300 plus tradable assets, and leverage up to 500:1.
10. Exness
Exness broker is a regulated broker that has gained great credibility in the forex market and it is entirely a safe broker for trading purposes. Exness is an online forex broker founded in 2008 that offers robust platforms like the MetaTrader 4, MetaTrader 5, MT4 web terminals, and mobile forex trading.
There are also 120 forex currency pairs available to the traders to choose from and oil, gold, silver, Bitcoin, and other cryptocurrencies for both personal investment and trading.
Clients can also enjoy access to free VPS hosting, along with the updated financial market analysis and Dow Jones news and features like a trader’s currency converter and calculator.
HOW TO FIND A GOOD FOREX BROKER?
In the forex trading market, the broker is the middleman between the liquidity provider and the trader. Whoever provides the most feasible and trader-friendly platform to the forex trader, that broker should be given the title of the decent broker. The brokers that are trading against the trader are called the B-Book broker, they follow the opposite approach from the approach of the trader which is not only unethical but also against the desire of the trader. They might have some constraints for the trader but do a great job in being ethical in the forex market.
A good broker is like the ‘life blood’ for the trading experience and it is extremely important to find one.
A good broker has the following features
- Tight spreads
- Easy deposits and withdrawals.
- Low commission structure.
- High leverages.
- Great customer support.
- No price manipulations.
- A wide range of trading instruments.
- No trading strategy restriction.
- Quick trade execution.
- User-friendly Trading platforms.
- Safety of funds.
These are the important aspects for any broker to be considered while trading.
CONCLUSION
The forex trading market is highly competitive and complex. What works is the real thing to figure out.
Not only forex trading but any kind of trading that you do from the start is difficult since you have very little idea about those trades too. From the movement we get hold of anything new, we start getting habitual of it. The same is the case with forex trading. Trading is not difficult once you start practicing on your own, open a demo account with a broker. It is like any other skill that we wish to master.