Interested in opening an account with FOREX. The broker has a low initial minimum deposit of of the selected base currency. Though it recommends that a deposit of 2, is made so that clients have more flexibility in their trading. Furthermore, FOREX. com provides dealer execution and does not rely on third parties to initiate trades.

com offers higher quality trades for this reason. Investor Warning: Please note that foreign exchange and other leveraged trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved, seeking independent advice if necessary. Pepperstone is an Australian forex broker offering a collection of CFDs too. Beyond India, Pepperstone is one of the top forex brokers in the world. Professional traders in India will gain access to a leverage of , while retail can access leverage at However, it is strongly advised to carefully consider a leverage that is suitable for your needs and goals, as trading on leverage is dangerous.

In total, Pepperstone offers a strong range of over instruments, including both CFDs and cryptocurrencies. Pepperstone offers a vast forex selection, and a standard selection of CFDs, and some cryptocurrencies including, Bitcoin, Ethereum, Litecoin, and Dash against the USD. A range of 70 currency pairs are offered, but leverage levels cannot be altered which is a drawback.

In short, the broker charges no inactivity fees or withdrawal fees. Further, Pepperstone does charge forex and non-trading fees, but these are low in comparison to competitive brokers in India. Traders should watch out for its potentially high CFD financing rates. When it comes to accounts, the two most popular accounts are the Razor and the Standard. The Razor account offers spreads starting from 0. Pepperstone provides a responsive and effective customer support team 24 hours a day.

Think Pepperstone could be the broker for you? Risk warning: Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.

Founded in and based in Ireland, AvaTrade is a CFD broker offering low spreads on over financial instruments. AvaTrade is regulated across five continents. AvaTrade offers five account types with spreads and fees varying depending on the account. The AvaTrade Account BVI provides access to 55 currency pairs with fixed spreads, plus CFDs on cryptocurrency, indices, stocks, bonds and commodities. AvaTrade does accept MetaTrader EAs, apart from ones that focus on arbitrage. Spreads with this account start at 0.

There is a leverage provided with this account of This broker offers standard trading and non-trading fees. Avatrade offers no guaranteed stop losses or volume discounts.

An AvaTrade account can be opened quite quickly and easily, and the customer support team provides helpful advice over phone, email or live chat, in several languages. OctaFX offers the standard MetaTrader and cTrader, and a range of tradable instruments but it does lack regulation beyond its European license in Cyprus, which does place it at a disadvantage when compared with the other forex brokers mentioned in this review. OctaFx offers 50 tradable instruments including 28 currency pairs, spot trading, 17 CFDs, social trading, but no cryptocurrency.

The commission charged by OctaFx varies depending on the account type chosen: MT4 Micro, MT5 Pro, or the cTrader ECN account. The cTrader account offers 28 forex pairs and two metals.

This brings the total costs to around 1 pip. OctaFx offers traders in India a mobile trading app with copy-trading features, a library of educational material, with 19 primary articles, and a standard selection of research tools. Overall, OctaFx is suitable for beginners looking to educate themselves, traders on the go, and those looking for fixed spreads. Yes, forex trading is legal in India. It is not legal to undertake forex trading through any electronic or online forex trading under any circumstances on Indian Territory, as guided by SEBI and regulated by RBI in order to minimize risk incumbent in the forex market.

However, forex trading is legal when it is done through specified foreign exchange trading platforms with Indian Rupee as the base currency. In other words, the Indian Government limits trading for Indian residents to only trade currency pairs that are bench-marked against Indian Rupee. Therefore, Indian residents can trade so long as they do so through a specified Indian brokerage that provides access to exchanges based in India such as the BSE, NSE, MCX-SX, in addition to currency derivatives, forex trading is completely legal.

Pre December , Indian residents could only legally trade USD-INR, GBP-INR, EUR-INR, JPY-INR. Post December , exchanges can offer cross-currency futures and exchange traded currency options in three or more currency pairs, such as USD-JPY, GBP-USD, EUR-USD. At this point, it must be highlighted that under the Foreign Exchange Management Act FEMA , traders could be fined or even end up in prison if illegal forex trading takes place in India.

However, it should also be noted that there is absolutely no prohibition for NRIs to forex trade in India. Learn how to buy shares in India. India has dealt with confirmed COVID cases better than originally predicted , a report by the State Bank of India SBI Ecowrap found.

Another SBI report referencing the economy stated that it began accelerating in September. The report added that the state-wide number and economic performance does vary across states like Karnataka, Maharashtra, Kerala, Andhra, Delhi, West Bengal, Chhattisgarh, and Tamil nadu which are not doing so well in terms of managing COVID It goes on to state that Bihar, Attar Pradesh, and Jharkhand, along with some others, have managed the situation well with model cases estimated to be higher than actual cases.

Currently, the central bankers in India are being challenged with how to maintain monetary policy independence while allowing a steady stream of foreign capital and holding a stable currency.

The recent inflation spike in India resulted in the RBI holding back from lowering interest rates, despite the economic forecast predicting a shrinking economy. So price follows a neutral trend moving to and fro within a certain range. You have seen a trading chart in the stock market where different candles form some patterns.

Whether you do forex, stock, or even crypto trading chart patterns use the same terminology. A continuation pattern is formed when the currency price starts moving in a certain direction either upward or downward for a long time. If the forex pair price shows a sharp growth and then falls down, giving you a triangle-like structure while keeps on going in the upward direction as shown below.

That is called the Bullish symmetrical triangle. In Bullish Symmetrical Triangle, the seller is ready to sell at a lower price than before, see the resistance levels in the above snapshot , and the buyer is ready to buy the asset at a higher price see support level.

That gives us a hint that the price of the asset will move higher, however, it may slightly fall down but ultimately it will rise further.

You understood where to take the entry, but you have to keep two things in mind further — stop loss and target price to exit the trade. In a bullish symmetrical triangle chart pattern, you can take stop loss where both resistance and support lines meet and the target should be equal to the height of the triangle which is around The Bearish Symmetrical Triangle is the opposite pattern of the above one that helps you sell first at a higher price and buy later on at a lower price to book the profit.

This strategy is called Short in trading. Coming back to the Bearish symmetrical triangle pattern, if the currency pair price shows a sharp decline, then rises back but again falls down forming a triangle, that shows a further decline in the price. That is called the Bearish symmetrical triangle.

For example, the price has a sharp decline and then it gets some support from buyers, ultimately both resistance and support trend lines are making a bearish triangle, then you can make an entry after breakout when the red candle starts forming again at 1. You can set stop loss at 1. Again similar to the previous example, we will set the target price equivalent to the height of the triangle that moves down to 1.

Similarly, you can learn different other charting patterns to understand the market movements and improve your trading skills.

But before you start trading on a live platform, just keep in mind the next point which is the psychology of trading. That would help you avoid losses in real-time trading scenarios. Also read — Best forex trading app in India. You can learn technical stuff like the use of technical indicators, entry-exit points, and catching the market trends but still, there are high chances that you lose money in forex trading. Beginners sometimes keep on trading small trades very consciously and they get profit out of that, at that time, they assume that now they should try a big trade to encash bigger profit, and they lose their money.

Because their big trade is more based on assumptions or emotions rather than factual information. For example, the price of your trading currency pair is going down and you heard some positive news or you made a wild guess that now the price would jump back. You bet a heavy amount of money but what happens is the price drops further and you lose the money. For instance, if you are trading Rs.

However, chances could be you can wait further for more profit but you get satisfied at small wins. Which is not bad at all. But observe, if you are trading the same Rs. Some beginner traders start trading with a predefined notion in mind that this currency pair would go above bullish mindset or below the present position bearish mindset , and that predefined focus results in losses because the market behaves completely differently.

However, it is advised to consult a lawyer having expertise in forex matters before starting forex trading. Check out — What is swap in forex. I tried to discuss everything you must know about forex trading in a practical manner. But remember forex market is high volatility and high leverage availability makes it even riskier.

Then start with small amounts to avoid big losses whenever you start trading with real money. I have done B. com and MBA in finance, so have a keen interest in personal finance. The way you start this journey defines your future as a trader.

Forex trading is already a new reality for Indians. Here are the reasons you should consider when joining the team of traders:. Forex equals liquidity. It means that you can easily invest and withdraw huge sums of money without any problems.

Cash is the most liquid asset. Compared to other markets, this one is easy to start with. Beginners can start with a demo account and learn to analyze a real market situation without any deposit. Plus, there are a lot of materials available for boosting your knowledge and skills.

Low transaction costs. The cost of a transaction is measured in spreads , which, in their turn, are measured in points. A point goes the fifth one after the decimal point for example, if the bid price is 1. So, a broker will take those 2 points as a payment for their services. Traders can conduct trading operations with significant amounts of leverage. That simply means that brokers are ready to support traders with money if there is such a request.

Pretty cool, right? This is a very important stage since your trading experience strongly depends on the broker's level of professionalism. You should do your homework and prioritize quality over quantity. Yes, it takes time, but a reliable broker is what can support you in case of any troubles.

We strongly recommend taking the following steps:. Everything depends on the broker you cooperate with. Yes, that's not enough for great returns, but that's how everyone starts.

A step-by-step approach is a foundation of success that can't be ignored. You don't know enough about trading to risk your deposit, so it's a good opportunity to practice and learn from your mistakes. Expertise always comes with experience, so you'll come to the stage where you will be comfortable increasing the sum of your deposit.

An important thing to remember is that you shouldn't risk more than you can afford to lose. You don't know enough about trading to risk your deposit, so it's a good opportunity to just practice and learn from your mistakes.

That attracts people to make money out of it. If you are also interested in how to do forex trading, then this article is for you. Forex trading is basically buying one currency while selling another. This means that the currencies are traded in pairs. For instance, the U. In India, you can trade only INR-based currency pairs on NSE and BSE through Indian brokers like Zerodha or Upstox. However, if you want to trade in other forex pairs like Swiss Franc CHF , Canadian dollars CAD , or any other pairs, then you need a forex account with an international forex broker.

You can open an international forex trading account and trade in different currencies, indexes, commodities, and some brokers also allow trading in cryptocurrencies.

Disclaimer — This article is only for educational purposes. Always follow SEBI guidelines. According to SEBI, you can trade only INR-based currency pairs in India. You must acquire deep technical knowledge of the forex market before starting forex trading.

Forex trading is based on the demand-supply of buyers and sellers just like stock trading which fluctuates the price movement of a particular currency pair. Currency is traded on the forex market, which is open for buying and selling currencies 24 hours, five days a week Mon-Fri.

The best time for forex trading is when the market is super-active which is usually when two different exchange sessions overlap because the number of traders buying and selling each currency increases at that time. You can also read our precise article on the best time for forex trading in India for further guidance.

After knowing the best time for trading. Scalping aims at earning quick profits on small price movements within a few seconds to a couple of minutes seeking a series of quick gains. If you hold a position for a few minutes to multiple hours that you liquidate within the same day is considered a Day Trade. You must possess strong technical analysis skills and an understanding of reading chart patterns for profitable trading. You should have a strong analysis of economic and political developments across the globe that can affect your trades.

Day trading and scalping are the most popular forex trading types but you should start your forex trading journey with swing or day trading because with expanding time horizon, you can reduce the chances of losing an open trade in the quick market fluctuations. The first two letters stand for the country or region , and the third letter stands for the currency itself. For example, USD stands for the US dollar and INR for the Indian Rupee.

Base Currency is the buying currency for which you are selling other currency. Similarly, Quote currency is the currency being sold to buy another currency. The illustration below will help you understand the currency pair. Pip and spreads are the difference between currency pair prices that we would discuss in the upcoming points.

These currency pairs typically have high liquidity and lower spreads. This means you can easily exit the trade as you get buyers easily. Secondly, you may pay less commission to the broker because of low spreads. Currencies are traded in standardized amounts called lots. Lots are basically the number of units you will buy or sell while executing a forex trade. There are 4 types of lot sizes.

A bigger lot size may either bring higher profits or bigger losses. So if you are a beginner, then start with nano or micro-lot size to avoid a huge loss. Spread is the difference between the Ask price and the Bid price of a currency. Most forex brokers do not charge a commission, they earn through spreads. The spread size is impacted by many factors such as trade size, currency demand, and market volatility. A pip is the minimum price move in four decimal points within a currency pair quoted.

One pip is equal to 0. One hundred pips are equivalent to 1 cent, and 10, pips are equal to 1 USD. The pip value can also vary depending on the standard lot size offered by your broker. Brokers also charge their commission, in the form of spreads, through pips. Margin is the money put down up-front in the trading account for currency trade. Margin money assures the broker that the trader will be able to pay the leveraged money even if he loses the trade. This extra money provided is called Leverage.

If a trader observes that a particular forex pair price will grow in near future, you can buy CFDs for that currency pair without purchasing the physical currency and vice versa. Paper trading is basically virtual trading in which you trade on a simulated platform that offers you real-life-like market trends and you learn without investing your real money. Earlier, people use to analyze market trends on paper and see if their strategy worked or not that was called paper trading but with computers, it has been replaced by virtual trading.

For example, in the OctaFX demo account below, you get a virtual trading platform similar to the live one, where you can trade with virtual money without worrying about any monetary loss. You can also go through our best forex broker in India article to find a broker that suits your requirements.

When you start executing an order, you have two options — either buy an asset now and sell later long position or sell an asset first and buy later at a lower price short position. Candlesticks are the most widely used chart pattern. Candles are of two types bullish and bearish. Green candles are bullish candles that show the price going up whereas red candles are the bearish candle that depicts price fall. The thick green or red part is the body whereas thin lines above or below the body are called wicks.

The body of the candle represents the price of the currency or any underlying asset whereas the wicks show how high or low the price has gone at a particular time. Traders try to get the benefit of buying shares at a lower price expecting growth in price from that level. Resistance is the price level at which an asset may not rise above as traders start to sell around that level. If a market price is approaching a resistance level, the traders may decide to close their position and take the profit, instead of risking the price falling down.

A breakout is when the price of a currency or any asset crosses a resistance level moves up , or a support level falls down. The breakout indicates the potential for the price to start moving in a particular direction. For example, if a breakout is formed on the upside in a chart pattern that shows the price will start trending higher.

Breakout level helps you decide to enter or exit a trade because you know which direction the price would move further.

Chart trends are of 3 types —. When a price goes in an upward direction consistently. Higher Highs are always larger than previous ones in an uptrend, giving the price a consistent movement. When a price goes in the downward direction constantly.

So price follows a neutral trend moving to and fro within a certain range. You have seen a trading chart in the stock market where different candles form some patterns.

Whether you do forex, stock, or even crypto trading chart patterns use the same terminology. A continuation pattern is formed when the currency price starts moving in a certain direction either upward or downward for a long time. If the forex pair price shows a sharp growth and then falls down, giving you a triangle-like structure while keeps on going in the upward direction as shown below.

That is called the Bullish symmetrical triangle. In Bullish Symmetrical Triangle, the seller is ready to sell at a lower price than before, see the resistance levels in the above snapshot , and the buyer is ready to buy the asset at a higher price see support level. That gives us a hint that the price of the asset will move higher, however, it may slightly fall down but ultimately it will rise further. You understood where to take the entry, but you have to keep two things in mind further — stop loss and target price to exit the trade.

In a bullish symmetrical triangle chart pattern, you can take stop loss where both resistance and support lines meet and the target should be equal to the height of the triangle which is around The Bearish Symmetrical Triangle is the opposite pattern of the above one that helps you sell first at a higher price and buy later on at a lower price to book the profit. This strategy is called Short in trading. Coming back to the Bearish symmetrical triangle pattern, if the currency pair price shows a sharp decline, then rises back but again falls down forming a triangle, that shows a further decline in the price.

That is called the Bearish symmetrical triangle. For example, the price has a sharp decline and then it gets some support from buyers, ultimately both resistance and support trend lines are making a bearish triangle, then you can make an entry after breakout when the red candle starts forming again at 1. You can set stop loss at 1. Again similar to the previous example, we will set the target price equivalent to the height of the triangle that moves down to 1.

Similarly, you can learn different other charting patterns to understand the market movements and improve your trading skills. But before you start trading on a live platform, just keep in mind the next point which is the psychology of trading.

That would help you avoid losses in real-time trading scenarios. Also read — Best forex trading app in India. You can learn technical stuff like the use of technical indicators, entry-exit points, and catching the market trends but still, there are high chances that you lose money in forex trading.

Beginners sometimes keep on trading small trades very consciously and they get profit out of that, at that time, they assume that now they should try a big trade to encash bigger profit, and they lose their money. Because their big trade is more based on assumptions or emotions rather than factual information. For example, the price of your trading currency pair is going down and you heard some positive news or you made a wild guess that now the price would jump back.

You bet a heavy amount of money but what happens is the price drops further and you lose the money. For instance, if you are trading Rs. However, chances could be you can wait further for more profit but you get satisfied at small wins. Which is not bad at all. But observe, if you are trading the same Rs.

You can set stop loss at 1. You can set the entry and exit positions with smaller movements in the currencies to ensure low margins. A point goes the fifth one after the decimal point for example, if the bid price is 1. Right at the beginning, you should implement risk management techniques. Instead, we spend a lot of time in researching each broker before reviewing it and recommending it for Forex traders in India. We recommend getting started with a demo account. Traders can conduct trading operations with significant amounts of leverage.

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