It has often been thought that Forex trading in India is illegal, however much like some other countries of the world what you will find is that it is possible to trade any currencies if you do live or reside in India, however it will be at Forex brokers that are licensed and regulated in other countries that you will be able to place such trade at.
Some countries have in place a licensing and regulatory infrastructure that allows the government bodies that are charged with overseeing Forex brokers and any other financial service providers, but India does not have a system in place that allows them to regulate or Binary Options brokers.
Whilst it has been suggested that some form of infrastructure could be put into place, which will also cover trading in cryptocurrencies as well as other fiat currencies, that does appear to be something that is a long way away and isn’t going to happen any time soon.
As such and with that in mind if you are of the mind that you would like to dip your toes into the Forex trading environment that you should ensure that the Forex brokers you do select are going to be giving you a first class and fully rounded trading experience.
Below you will find a few pointers as to how you can make that a reality, for the only risks you will want to have when trading Forex online is the stake you place on your chosen Forex trades and whether they will be winning ones or not and nothing else!
Increased Interest in Trading Cryptocurrencies in India
Whilst it has been for a number of years now the much more traded Forex parings involving fiat currencies that most traders in India have been most attracted to placing, there is a growing interest in cryptocurrency pairings from those traders.
So much so I have personally seen a very sharp increase regarding the number of Forex Brokers that are now offer a plethora of different cryptocurrency trading opportunities on both their online and mobile trading platforms.
What does tend to appeal to Forex traders about cryptocurrencies is that they are very volatile market places at the best of times, and as such there is a large amount of cash to be made if you do correctly predict the way in which your pairings move.
I should also point out that if you do fancy trading on the values of cryptocurrencies’ then there will be no major differences in the types of trade you can place when compared to trading fiat currencies.
Plus, you are also going to be able to pair up two different cryptocurrencies in one single trade, or if you much prefer you are also going to be able to pair up a cryptocurrency with most other major fiat currencies too, so you will never be making any comprises when using them as the basis for any trades you do fancy placing.
More India Forex Trader Friendly Payment Options Available
What has enabled many more Indian based Forex traders to actively get involved with both the online and mobile Forex trading environments is an increase in payment options available to such traders!
There was a time and not that long ago when anybody in India wishing to start trading Forex using either an online trading platform or a mobile trading app would be faced with just a small number of payment options that they could make use of to deposit funds into their trading accounts, and also make a withdrawal of their profits too.
However, over the last couple of years there has been a sharp and very noticeable increase in thenumber of payment option that all India based Forex traders can choose to make use of to fund their trading accounts and cash out their profits quickly and speedily.
That has meant such traders are now fortunately faced with plenty of cost effective payment options, rather than just being forced to have to pay some fairly hefty fees when deposits or cash sign out from a trading account, which means their deposits and withdrawals are not reduced in value as much as they once were.
That is something by the way that you will need to keep in mind if and when you do make the leap of faith in becoming a real money Forex trader, for you will not want your hard earn investment funds being reduced in value simply due to money processing and transfer rate fees and charges!
Advanced Forex Trading Apps in India
Another aspect as to why the future does look bright for Forex traders over in India is that there has been a sharp increase regarding the number of mobile trading apps that are available, all of which are very easy to utilize and offer a wide range of trading options.
It has been suggested that more people in India now use their mobile phones than use computers and as such that does of course mean that with more trading apps becoming available, as long as you have a mobile phone, a signal and a connection via that device to the internet you are going to be able to start placing Forex related trades of any type when you download a trading app.
As for just which trading apps you should be utilizing, well you should spent as much time as you possibly can do comparing any additional features and options settings available on trading apps, for there can be a number of differences between apps.
But one thing that you should certainly always be making the effort of checking is whether a trading app is going to allow you to set your account to use the Indian Rupee as your account currency of choice, as that way you are not going to have to pay any fees and charges when topping up your account or when you have made a withdrawal for it!
