Currency trading also know as Forex trading is legal in India for the following currency pairs. USD:INR, GBP:INR, EUR:INR and YEN:INR. These pairs are provided by major stock exchange in India including NSE and MCX-SX. Lately the liquidity for these pairs have increased in India. But globally the currency trading takes place in USD:EUR and other major world currencies.(INR IS NOT ONE OF THEM) .There are some global currency trading companies which are providing services under the radar to Indian traders to trade in world major currencies but as per the RBI policies, an individual cannot trade in global currency pair from India.
For trading in Indian currency pairs, you can open a currency trading account with most of the major brokers(ICICI direct, Angel Broking, HDFC or RKSV). With more and more brokers providing these services, the rates has reduced drastically. To just give you an example of USD:INR currency pair, the lot size is $1000 dollars, so if you are buying one lot you are trading for about Rs 60,000 and brokerage could be anywhere from Rs 15 to Rs 100 depending on the brokers. Currency options are also available if you want to trade but the liquidity for currency options is thin and you can get struck with some options and they could be difficult to sell. All the major brokers are providing currency trading associated with Indian currency. You can find details about major currency broker in India here.
Angel Broking is India’s leading broking firm which operates revolutionary trading platforms and expertise to a diversified client base on all segments. In the forexsegment, the company offers top quality research reports and technical calls that arms clients on a daily basis with key information that can shape the markets. The research report gives investors a fundamental view along with technical edge. There are event specific write-up like the recent US Presidential Elections, Brexit and outcome of Monetary Policies of major central banks of the world. Benefit from Angel Broking’s robust and indept advisory and research reports on Forex Trading by opening an account now.
On the other hand, if you open currency trading account with some of the major global currency trading account, you will be able to trade in world’s major currencies. But transferring and pay in of the funds are not very simple with them. As these brokers are mostly based outside of Indian territories, they will take money from you through a paypal account or wire transfer to a foreign or Indian based account. Even when you have to withdrawn some money, there can be some issues. For a list of brokers proving trading in global currency, please visit here.
Research well before selecting the currency brokers.