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Mar 11, · In India, forex trading is legal only when it is done through registered Indian brokers. The National Stock Exchange (NSE) and Metropolitan Stock Exchange of India (MSE) are most commonly used stock exchanges in India. The Reserve Bank of India and Securities Exchange Board of India regulate the forex trading in India. Forex Brokers in India Forex OTC trading has been illegal in India since , when the Foreign Exchange Management Act (FEMA) came into effect, but traders have found ways to circumvent the law and trade financial markets anyway.
The Indian government is considering the closure of the local cryptocurrency exchanges in an attempt to curb money laundering, reports the Indian news outlet The Economic Times. Alpari, an offshore based forex broker, today announced that clients using Neteller electronic wallet to fund their forex trading accounts now can make deposit in two new currencies: Indian fans of Forex trading have suffered another blow earlier this week, as the Reserve Bank of India RBI on September 17th issued a notification that orders banks to act tough on anyone involved in online Forex trading.
Forex trading carries a high level of risk and may not be suitable for all investors. Before you engage in trading foreign exchange, please make yourself acquainted with its specifics and all the risks associated with it. All information on ForexBrokerz. We do not present any guarantees for the accuracy and reliability of this information. All textual content on ForexBrokerz. As a child, I remember collecting coins and bank notes from my father, every time he would return from one of his trips abroad.
The colors, the pictures, the name and sign of the currency — it would transport me to a different world — a place where I saw myself traveling to different countries around the world. As I grew, I did travel to many different countries and my collection of coins and bank notes of different currencies kept growing. This interest in collecting different currencies soon developed into studying the connection between one currency with another and very soon into the world of trading foreign currency or FOREX as it is called.
My interest led me to www. Last week, as I was sorting through my collection of coins; my daughter asked me to explain to her what Forex Trading was all about. I have absolutely no idea about this but would like to know and understand why it fascinates you so much.
What is Forex Trading? Forex trading in simple terms is the trading in currencies from different countries against each other; for example the US Dollar against the Euro. Anyone who deals with a foreign country — be it a holiday there, or wanting to purchase something from that country or pay for a service, generally requires the currency of that country to do so.
Of course, I could pay in US Dollars too, as it is accepted almost everywhere, but that is a different story. One of the most fascinating things about this market — there is no brick and mortar marketplace for Forex trading. Every transaction is done electronically over-the-counter. Unlike the stock exchange, the Forex market remains open round the clock with currencies traded across every time zone, five days every week.
I selected one from ForexSQ and have been trading since then. However, Forex trading is different from exchanging money at the Foreign Exchange outlets. There is much more to Forex trading than just exchanging one currency for another. The two currencies that have the highest trading volume on the Forex market are the US Dollar and the Euro — but, other currencies are traded as well.
Unlike the stock market or the futures market, where my broker offers me a leverage of 2: Now, a leverage of The price of any currency is always versus anther currency — for example the US Dollar versus the Euro.
So buying and selling a currency pair is based on whether you think the base currency will appreciate or depreciate against the counter currency. Added to that, Indian exports have increased.
Now the Rupee is sought by many countries across the world to buy Indian products. And hence the demand for forex currency. How to start forex trading. NRIs are entering the forex trading scene in India by the numbers.
They have understood the potential India has very early. To begin trading in forex, you should have in-depth insights, knowledge and wisdom of the Indian forex market. You can get all this information by reading books, or simply by joining an online course that teaches you about Indian forex trading. The course, apart from providing you basic and advanced information about the Indian forex market, will also acquaint you with the relationship between the Indian Rupee and the American Dollar.
Another option is to approach a broker. You cannot initially do forex trading on your own without assistance. It is slightly tricky and also very risky. When approaching brokers, do so only with credible brokers.
The profit you make in forex trading depends on the global economy. The Gross Domestic Product of India plays a major part in the determination of forex trading profits.
The GDP influences the face value of the Rupee, inflation among other things. The strength of the Rupee influences the influx of foreign exchange capital. A strong domestic economy creates international interest. International investors want to invest in India and get profits.
This is an excellent time to make forex trading profits. How to open a forex trading account in India. Opening a forex trading account in India is easy. You can do it in simple and easy steps. You select an account type, register yourself, and activate your account. A broker can help you in this regard. There are two types of accounts. A personal account and a business account, also called a corporate account. Certain brokers have a managed account in the application form.
If you want your broker to do the forex trading on your behalf, you select this option. But you would not want to do this, since you'd be better off learning the ropes of this yourself rather than rely on a broker.
Trade forex, gold, oil, etc.
That's because forex trading provides more than adequate return on investments.