How to Open an Online Forex Trading account in India

One of the largest financial markets in the world, in fact probably the largest, the foreign exchange market is booming. It attracts new investors every day looking to cash in on this very fast paced and dynamic trading market. The forex market attracts the hard core finance guys, the seasoned traders, big banks and corporations, public bodies and private individuals, the novices and the risk takers from all across the globe, making it a bustling ever changing space to be in. With the immense growth of the online foreign exchange trading industry, the market has opened up to a humongous number of people who love the ease, speed and personal accountability of conducting their investment activities with their own hands at their own time.

If you are an absolute beginner to forex trading it would be wise to first brush up on the basics first. There are many a forex guide, tutorials on currency trading and other such educational information available online, especially on the many online foreign exchange trading platforms you find nowadays. If you are based in India and looking to dabble in the world of currency trading, there are few things you need to keep in mind, when trying to open an online forex trading account –

• Firstly, and it is imperative that you find out what the legalities of foreign exchange trading in your country are. The Reserve Bank of India (RBI) has banned certain online trading activities and the incoming resulting remittances from those activities. There are however, exclusions and solutions under the Liberalized Remittance Scheme (LRS) offerred by the RBI itself. Many traders also choose to hold bank accounts in other countries to conduct foreign exchange trading with. Find out the exact rules and regulations before you begin on this journey.

• When it comes to opening a online forex trading account, there are many online forex brokerages nowadays that offer comprehensive packages and trading options to their customers as well as access to the international forex market and large banks. Some offer unique software that lets you chart price fluctuation and trends in real time making them super useful.

• You will find different accounts and products that differ in deposits, spreads, currency activities, leverages, currency pairings and more. Opting for a brokerage and software that has a diverse range of products is useful when picking out what you are comfortable with and what meets your trading needs. Some even allow you to open a free demo account, which is advisable when you want to ascertain if this is something you truly want to get into.  Provision for online support and forex guide is also a big bonus.

• On most reputable platforms registration is usually a quick process and involves accepting some sort of online agreement. Make sure you read the fine print. Once you open an actual account you will receive your won unique login and password and will have to download the website software onto your PC.

• You will then have to transfer sufficient funds to your trading account trough credit card, bank transfers and the like. And soon you will be able to begin trading in the huge global foreign exchange market!

Remember, as with any financial activity make sure you find out what the risks involved are. Many new investors get in too deep with amounts they can scarcely afford losing. Assessing your risk tolerance is always advised. Also find reliable online platforms to trade with, so that you can avoid being duped like hapless traders who wait for their remittances with no avail.

Bio – Jacob Mathers is a private stock broker and foreign exchange investor. He has written many a forex guide and other articles on the same for investors around the world.  He also writes for http://www.admiralmarkets.in/

 

Tags: forex exchange, forex factory, forex magnates, forex rate, forex rates, forex trading, gcm forex

Category: Forex