Forex trading is one of the leading markets found in the world. In this market, one can trade currencies without a large investment. It is simply a nice platform to earn more money. And, a lot of people are making money from the forex trading easily. Moreover, many traders are asking “can I do forex trading in India?” The answer to this question is yes. But, in India, one can do the forex trading by involving some currency pairs such as INR.
Okay, let’s go and read this article to know more about the forex trading in a detailed manner.
Forex trading system:
Foreign Exchange is simply called as Forex and it is easy to trade foreign currency in the forex market. In the forex market, one can sell, buy, and exchange currencies at the present rate. It is the easiest way to earn more money in a short time.
How to trade forex?
Are you a novice to the forex market? Don’t know how to trade currencies in the forex market? Saying yes, then it’s not a major issue. It is easy to trade in the forex market if you understand the following,
- At first, you have to understand the basics of forex trading.
- Secondly, you need to make a contact with online forex brokers.
- After that, it is important to open an online brokerage account.
- Finally, you can start trading currencies with your account.
These are the aspects that you need to do before trading currencies in the forex market.
Can I do Forex trading in India?
Many people believe that trading in the forex market is illegal in India. But, it is not like that, anyone can trade currencies in the forex market by involving currency pairs like INR. In India, trading in the forex market is valid only if the trader trade Indian rupees. Only 4 numbers of pairs are out there to trade that includes UDSINR, JPYINR, GBPINR, and EURINR.
If the traders in India will trade with some other currency pairs, then it is considered to be illegal under the FEMA act. Furthermore, one does not trade in the forex market with the help of online brokers. If anyone starts trading with the help of online brokers, then this is a great offence in India.
Overseas forex trading – Illegal or legal:
As I already told you, forex trading is legal. But, it is illegal, if the Indian citizen sends fund to the overseas fund brokers both directly or indirectly.
Forex trading in India is legal. And, it is easy to earn money from the forex trading without investing your lot of money. So, anyone can do forex trading in India with the involvement of Indian rupee. There are plenty of online forex brokers are out there to help you in trading currencies in the forex market. So, even if you’re new to this market, you can easily earn more money without investing a lot in the forex market.