Your question: Where can I trade forex in India?

How can I legally trade forex in India?

You need to open a forex trading account with a broker to do trading in the live currency market. You may not need to open a demat account. Nirmal Bang is an authorized broker for currency trading on NSE, BSE, and MCX.

Is forex trading available in India?

In India currency futures can be traded in popular exchanges like NSE, BSE and MCX. The trader here needs to open a forex trading account with the broker, and trading is done between 9 am and 5 pm. The trades do not involve any physical delivery and are cash-settled.

Which app is best for forex trading in India?

Best Forex App in India – Find the List of Top 10 Forex Trading Apps

Rank Best Forex Apps
1 IQ Option App
2 XM App
3 iForex App
4 Alpari App

What is the punishment for forex trading in India?

Hi, there is no punishment for doing forex trading in india. There is punishment for misusing USDOLLERS from RBI Reserves ( if you think you deposit USDOLLERS from your INR bank account, RBI have to pay USDOLLERS behalf of you) and also It is our responsibility to save our foreign reserves.

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Is forex banned in India?

By virtue of RBIs circular issued in 2013, forex trading through electronic or internet trading portals has been prohibited. However, forex trading is held legal when one does it through specified foreign exchange trading platforms and the base currency is INR (Indian Rupees).

Is forex trading legal in India Zerodha?

Yes, Zerodha offers trading in forex (currency). You can trade in currency derivatives at BSE and NSE exchanges using the Zerodha trading account. The customer has to enable the Currency trading segment before start trading in the currency.

Is Olymp trade legal in India?

According to various sources, Olymp Trade is not technically illegal in India but it is in no way monitored or controlled by SEBI or RBI. This means if a trader faces any issues with regards to the app’s transactions or collections then Indian authorities will not be able to help.

Is Octafx registered in India?

OCTAFX INDIA PRIVATE LIMITED is a Private incorporated on 04-10-2019. It is classified as a Non-Govt and is registered at RoC-Mumbai. Their state of registration is Maharashtra.

Is MT4 legal in India?

1] 1:1000 leverage on trading. 2] Possibility to trade on MT4 which is free and is the best Charting platform to run Algos/Robots. … Forex trading is not completely illegal in India, but it is restricted to certain currencies, which are paired against the INR as well as some of the ‘cross currencies’.

Is XM broker legal in India?

Forex trading in India is illegal where there is no involvement of Indian Rupee. You can trade with involvement of Indian Rupees like USDINR, EURINR, GBPINR or JPYINR. The reason for sharing this information with you all is, in future you may be under such trap.

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Is Octafx regulated in India?

No, the company doesn’t hold regulations from India’s Securities and Exchange Board (SEBI).

Which forex broker is regulated in India?

SEBI stands for Securities and Exchange Board for India (SEBI) which regulates companies and the shares held by them. SEBI is also responsible for issuing licenses to forex brokers.

Indian Forex Brokers Detailed Comparison.

Forex Broker Name Minimum Initial Deposit Bonus
FXTM ₹725.59 ₹2176.77
FBS ₹72.56 100%

Does RBI allow forex trading?

RBI has also liberalised forex trading by allowing banks to trade in offshore markets.

Does forex have an app?

You can access the software on Windows, Mac, iOS, and Android devices, and the company states that it covers 100% of your deposits up to $1,000. FXTM is also known for offering a wide range of trading instruments users can use to learn how to trade, start trading, and investing.

Can I trade currency in Zerodha?

You can trade BSE currency derivatives in Zerodha by adding the BCD (BSE Currency Derivatives) contract on Kite Marketwatch as shown below: Your BSE Currency derivatives(BCD) position will show up in NSE Currency Derivatives Segment(CDS) by default on the next day.