Forex trading in india with local bank deposits

Forex trading in india with local bank deposits

Difficulties of Forex Trading in India: As a Forex Trader, I have experience various difficult while Forex trading in deposit and withdrawals as you know there is no regulatory bodies in India .RBI is disallowed the Forex trading in India. instead of this If you are currency trader you can trade pairs such as EUR/INR, GBP/INR, JPY/INR with Indian brokers like Zerodha, SASOnline and more which is regulated by SEBI.

In the beginning, I was started with Avatrade with little amount $100 using Nettler .com , Also tried various broker such as Forextime, XM, OpenFX, but I left trading such broker who only allow to trade with depositing via credit card/debit card and wallets so I was looking for A Forex Broker who provide lowest spread for Forex pairs and commodities and quick withdrawals and deposits option. Finally, find this broker with all this facility(local bank deposits) and I start trading with this broker(OctaFX) with no issue.

So, my recommendation for you to trade only with this type broker who provide at least deposit and withdrawals option quickly and faster.

Recommended Broker: OctFX

Post by

Victor, Research Analyst & Forex Trader (2013-present) at quora.com

Legality of the Forex Market:- Literally, Trading in Currencies and other financial derivatives like Commodities(Crude Oil), Crypto Currencies(Bitcoins) etc is not legal in India as Reserve Bank of India doesn’t allow or will never regulate any such sort of un-regulated markets in the country and in fact, India would never like to let her nation’s money or wealth to go out of the country.

Since independence, this great country’s rulers and governments has had kept a policy of keeping people’s money in the banks. In the 1980-90’s, during the rule of Indira, banks used to give a massive 13–14% interest on deposits in the savings account. However, this scenario and performance of the banks has been retrograded in the current period with NPA’s or Non Performing Assets of more than 2–3 lac crores on the government banks of the country offering a minute interest rate of 4%, ultimately making people to think and invest their money in some other options.

Share Market vs Forex Market:- Investing money in the share markets is good option that’s been considered and found suitable by most of the Indians. However, Forex Market with nearly everyday transactions of $4 trillion when compared with Share Markets, the latter one doesn’t even stand against the giant Forex as you can earn quite big profits comparative to Equity Market. Therefore, its one of the best markets to earn massive profits with your investments.

Searching for a Broker:- With abundance of brokers providing services across the globe, there is always a tough competition between the top contenders in the forex market. It’s just like the two best beverage companies Pepsi and Cola fighting for their hegemony in the market. Brokerage firms are registered under international regulations and laws and therefore become eligible to provide services all over the world.

Getting Started:- In India, you can find good brokers like Uniglobe Markets. You can open a trading account with a minimum 50-100$ and can even avail offers like No Deposit, Credit Bonus, Cash Back and so on.

You are required to deposit funds in Indian Rupee(INR) using e-wallets or Visa Cards etc and your broker will put an equivalent funds(in US Dollars) in your trading account enabling you to enter in the forex market. For more information on account types, spreads and products you can visit:-

For forex basics, you can visit my previous article at:-

Post by

Victor, Research Analyst & Forex Trader (2013-present)

Answered Jul 1, 2018