Introduction:
This is an introduction to "Forex trading in Inida'. Is it legal? The answer is NO. Then what about tons of advertisements, apps and trading platforms?
'Forex trading' is legit for trading from India to do only-INR pairs not legal to do non INR pairs. This also is illegal to do marigin trading with companies that are not registered with SEBI. However lakhs of traders are trading from India. How? None can question you to send money through any methods like Paypal, Neteller, Skrill, Cryptocurrencies etc to other countries in other country pairs except directly from your bank account. Then you will be in trouble legally.
Then how could you trade from India and others are also doing?
Plenty of Forex trading companies are providing many types of accounts starting from free demo account, deposits of $5. $10, $25, $50, $100, $500, $1000 and so on. You can start any account type and verify KYC with your uploaded documets. You must be carefully choose from welcoming Indians and Indian friendly Forex traders. Once verified you can send the required dollars money through their local Indian counterparts or agents converted in INR with some commission through NEFT, RTGS or IMPS. Using thirdparty trasfer companies like we said before Paypal, Netteller, Skrill and others could be expensive and more technical and I suggest them if you are doing in more than $10K.
Plenty of Forex trading companies are providing many types of accounts starting from free demo account, deposits of $5. $10, $25, $50, $100, $500, $1000 and so on. You can start any account type and verify KYC with your uploaded documets. You must be carefully choose from welcoming Indians and Indian friendly Forex traders. Once verified you can send the required dollars money through their local Indian counterparts or agents converted in INR with some commission through NEFT, RTGS or IMPS. Using thirdparty trasfer companies like we said before Paypal, Netteller, Skrill and others could be expensive and more technical and I suggest them if you are doing in more than $10K.
How do they make money?
For both depositing and withdrawing the companies charge some fees and it depends. Primarily they make money through spreads it varies from 0-4 pips, commission and swaps charges. When they say no commission, they manage in spread, and if they say no spraed, they do it in commission and high volumes etc.
How to select the best trader suuits you?
You need to read carefully the terms and conditions and choose the type of account suits your requirement. Is it not easy? Yes, But waht is difficult? Choosing the Trading company? Doing an analysis in google is always there to help to identify a good trader? I tried for 10 years and changed 10 companies.
Finally I enquired with the friends and spoken to the company representatives with their terms and conditions for each. Reading is not giving me enough clarity.
My first priority was to having a dedicated indian account manager to support me and to be always in touch through chat and call. That company must be available in India, 'Indian firendly Fx trader' with Indian staffs for minimum 10 years. I was wondering that might be possible.
How is it possible to trade samrtly?
'NORDFx' was the answer to me that didnt lure like other brokers nd I suspected the management could be not cpmetitive enough but is 12 years old, existing in 16 countries and very reliable. NordFx is registered with UFSC, and eysec having headquaters in Russia. They save much of the money of giving high class advertisements and paying bloggers to put them on top 10 forex traders or top 5 whatever, they give away to the customers as withdrawable bonuses, only a company with minimum achievable terms and conditions and I did it in few days.
'25% Deposit Bonus', Faster local withdrawal to Indian account, (3 hours to max 10 hours) True ECN Broker, Zero Commission Account, Cryptocurrency Deposits, More than 14 Payment options, zero to low spreads, Smooth Trading Execution, Leverage is 1:1000
1. People always fail with trading have tendency of complaining
2. People who have not fulfilled the trading of minimum 3 lots to withdraw the deposit, winning alongwith bonus. If you want you can choose no bonus and withdraw the money at any point of time and no conditions at all. Thats it.
I am trading successfully for the past 7 years with occasional losses (very carefully and any trading leads to loss if not careful). You can click the link and start the trading immediately without any worries and if you have any genuine problem unaddressed, please drop a word in comments, I will resolve because I am familiar with them. Please remind I can help only if you register using the following link, otherwise I can't help you and I am not the sataff. Just sharing my 'success story in Fx trading'. Good Luck!
Link: https://nordfx.com/trading_
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