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How to do Forex Trading in India, legally?

Trading in foreign currency is known as Forex Trading. You might have noticed that the value of the dollar is going up
How to do Forex Trading in India?
How to do Forex Trading in India?
and down every day. Dollar exchange rate was Rs. 70 before few days and now it is Rs.71. Investors/Trader willing to take advantage of this appreciation in short term and medium term and long term can participate in currency trading.

Yes, We have come to know that Forex Trading/Currency Trading is legal and allowed to trade forex withing within Indian Exchanges like BSE, NSE, MCX-SX. As per RBI guideline, all Indian resident including banks and financial institutions can do Forex trading in currency pairs. The main currency pairs are USDINR, EURINR, GBPINR and JPYINR. So, if you are trading with brokers who have membership in mention exchange it is absolutely legal.

How actually Forex Trading Works?

Forex Trading is same as that of equity trading or stock markets. In equity trading rate of share matters while in forex trading exchange rate matters. You can buy or sell currency pair as per your expectation of movement in currencies.
Forex Trading can be done with register Indian brokers. Most commonly used exchanges are MCX-SX – Multi Commodity Exchange and NSE – National Stock Exchange. At the international level exchange, COMEX is used as regulators. The currency market is regulated by RBI and SEBI. Best Brokers offering Forex Trading services in India are –
  • SBI FX Trade
  • OctaFX
  • ForexTime
  • Avatrade
  • FBS
  • Mtrading
Please note that Forex Trading or Currency Trading is highly Risky trading  and not all trader.
Trading in forex carries a high level of risk and it may not suits everyone. Before deciding to do forex trading you should consider your investment objectives, risk carrying capacity and level of experience.

If you have any queries related to Forex trading it is advisable to take advice from an independent financial adviser.

Do you deal in forex trading if yes; Do share your experience!
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