How to Discover the Best forex broker in India?
Although forex became available for the instructional in 1978, it is still in the introduction phase in India. However, India forex brokers are trying to get Indians to become involved in forex.
But citizens are taking time to get accustomed to it. As a result, a few numbers of the best broker for forex trading in India are getting the limelight. With that note, we have gathered some methods to discover numerous best forex broker India. Read on to know them.
Overview of Indian Financial Market
The Rupee is the local Indian currency, and it makes up roughly 1% of the daily forex turnover. However, the Indian GDP is ranked fifth in the world, which is on the rise since the 2000s. The free-market economy, along with the economic liberalization, takes the credit for the rise. Seemingly the forex market has a great value in India.
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Is Forex Trading Legal in India?
It is a controversial question! A group of people may say it is legal, and another group may pronounce it as illegal. However, the truth is forex trading in India is legal for the pairs that contain Indian Rupee. And forex trading for the cross-currency features is illegal.
So, you can trade the pairs that offer Rupee as the base currency. For example, trading USD/INR, GBP/INR, JPY/INR, and EUR/INR are legal. On the other hand, trading EUR/USD, GBP/USD, and USD/JPY via any unregulated trading platform are illegal.
However, you will have to do forex trading in India via the Security Exchange Board of India (SEBI) registered dealers. To remain on the safe side, you can check the list of the registered dealers on the SEBI website.
On another note, since 2015, the Reserve Bank of India (RBI) has allowed exchanges to offer trading other than the Indian currencies. So, you may search for the registered brokers or dealers to get forex trading platforms.
Things to Look at SEBI Regulated Top Forex Brokers in India?
India may not be the richest country in the world, but its role in global finance will certainly take the lead in the future. Besides, India is still open to many foreign investors. So, the demand for retail level forex trading will be on the rise, which will surely increase the number of top forex brokers in India.
Being said that, the sooner you find the best forex broker in India, the sooner you get involved in forex trading. But, how do you find the India forex brokers that may help you to do great trading? Well, you may check out the following standards to dig out the best forex trading platform in India.
Crosscheck with SEBI
SEBI is the only government-authorized regulation in India that oversees the India forex brokers. So, we will suggest you check the broker’s authenticity with SEBI instead of trusting the broker blindly. You can simply do that through the SEBI’s website, as they have the list of all the licensed brokers as well as top forex brokers in India.
Trading Platform
Although trading without SEBI authorized best forex broker India is illegal. And this concludes that it is not possible to trade via a third-party platform unless it offers only Indian Rupee-based pairs. So, if you find any broker that offers major currencies, that should be illegal, or they might have some loophole. We will suggest you forward with cations and search for the best forex trading platform in India.
However, there are many MT5 brokers India that offer pairs with the Indian denomination. So, you can look for the MetaTrader 5 forex brokers in India, and you should be able to find plenty of them.
Commissions and Spreads
Spreads and commissions are the prime ways to earn money for the brokers. So, brokers will always offer the commission structure and spread that favors them. But you can research forex broker reviews to find the ideal spread and commission structure of the best broker for forex trading in India. As a result, you can easily choose a broker that gets you maximum profit.
Account Type
If you trade with MT5 brokers India, you don’t need to worry about account types as you can open larger positions with the help of leverage. Usually, brokers offer multiple types of accounts. So, you should understand all the accounts offered by the broker prior to registering.
Customer Service
The best forex broker India’s customer support will offer native language along with English. However, some may offer areas-based support, too, as Indian has multiple languages in different locations. So, subscribing to a broker with your preferred language will be helpful to resolve your problem quickly.
Additional Service
Some brokers may offer additional services such as consultancy, education support, financial support, etc. Hence, you can check out if your selected broker offers these or not. Additional services are not a must thing to have, but they can help your trading activities in the future.
Things to Keep in Mind
Since forex trading rules are critical in India, you may keep some points in your mind while trading the top 10 forex brokers in India.
Trading the currency pairs that are not approved by the RBI is illegal. Under the FEMA Act, it is also a punishable offense.
Trading with only SEBI authorized brokers is legal. So, you have to be careful while choosing a broker.
You should not trade with online brokers, and it may cause serious legal consequences.
Conclusion
As you have understood that, trading forex in India has some serious barriers, which are confusing too. You should follow a guideline to have an unambiguous trading experience. Only the best forex broker India can get you that experience. Read best forex broker reviews in India.
We hope this guideline will help you to sort out the top 10 forex brokers in India and shed light on all the complications.
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