10 Best Forex Companies In India in 2021

By | January 13, 2021

About Forex Review :

What is forex?

Forex is a currency exchange system where foreign exchange or currency is traded in the global market. The market is decentralised in nature where different economies are bought and sold. This is the largest and the highly liquid market in the world, the global stock market doesn’t even come close to it. You can simply sell or purchase the currencies in the forex just as you do with shares in the stock market.

It is a highly volatile as well as highly flexible market. Here you can easily find sellers for your holdings and vice-versa. The market movement is monitored by the Central Bank of India(RBI), which can intervene in the workings of the market as per the government regulations. These currencies are traded for the purpose of foreign trade, commerce or tourism.

As per the citizens of India, one can easily trade in the forex market with NSE, BSE, MCX-SX as head institutes in the trading market. These institutes are regulated by the SEBI(Securities and Exchange Board of India). Initially the only traded currencies were, EUR, GBP, JPY, USD. However, the RBI further expanded the cross currency exchange in 2015.

It is also important to note that NRIs are not prohibited to do foreign exchange trading in India.

Forex brokers are not required to take license from SEBI to perform broking functions for the citizens of the country.

Forex Companies in IndiaMinimum initial investment 
IG£250.00
Saxo BankInteractive brokers$10000.00$0
City Inder£50.00
eToro$200.00
Swissquote$1000.00
AvaTrade$100.00
EP markets 100AUD
IC Markets$200.00
Octa FX$5.00

There are three types of market :

Types of forex market

Spot market :

Spot market is a place where currencies are bought and sold according to the real time market price of the currency. 

Future market :

These deals in contracts that represent claims in any future date.

Forward market :

Same as futures market, forward market deal in contracts which are bought or sold for settlement on any future date. 

Any individual, organization, corporation can easily trade in forex with these markets.

Components such as interest rates, tax rates, economic conditions, tourism, geo-political situation and political relationships affect demand and supply for the currency which makes the forex market more volatile. Hence, in order to make a good amount of profit, one should do smart work and should constantly keep an eye on news and events taking place in world economics.

Forex trading risk 

As we know trade markets are highly volatile, trading currency is also a complex and risky task. The reason being is that banks of different countries have different regulations, different sets of workings and different tax slabs. Even in some parts of the world the forex market is completely ir-regulated which makes it more difficult to trade in. All the tradings are done under the bank regulations, so they establish the internal process which keeps them as safe as possible. And manier times it happens with the new traders that they don’t about the trader with whom they are dealing. And in such cases semi regulated or unregulated brokers re-quote the prices and trade against their own customers. Where there are no government regulations in such a market, it is difficult to safeguard the trader.

Top Forex trading app:

1. NetDania Stock and Forex Trader

2. Trade Interceptor

3. Bloomberg Business Mobile App

4. Thinkorswim Mobile

5. Nadex

Forex trading strategy :

  1. Price Action Strategy : This technique involves study of historical pricing for the preparation of future trading techniques.
  2. Range Trading Strategy : This involves identifying resistance points in which we can place trades which revolve around these points.
  3. Trend Trading Strategy : This technique is completely based on trends in the market which is used by traders of all experience.
  4. Day Trading Strategy : This strategy is designed to trade financial instruments on the same day.
  5. Carry Trade Strategy : This includes borrowing one currency at a lower rate, and at the same time another currency at higher rate. So, that will ultimately lead to high results.

What is a forex signal ?

Forex signals are the tremendous innovation by the financial industry which helps to identify the right trading opportunity at the right time. It provides ideas and recommendations to specific assets, so that the right asset is chosen at the right time. Irrespective of the level of experience, it helps traders to enhance trading activities.

Forex signals help new traders to trade in proper assets with the traders being learning about the market and how to make profitable trade. Even with the help of signals it becomes easy for the traders to learn how to operate in the market. 

Who provides forex signals?

Signals are manual as well as automated. Manual signals are provided by professional traders, research analysts, strategy providers and brokers. They provide results on the basis of their knowledge, experience and technical knowledge, by doing regular analysis of data, charts and graphs.

Brokers offering Forex signals :

XM.com

Types of forex market

MQL5

Types of forex market

Forex Signal Factory

Types of forex market

AXI

type of forex market

Markets.com

1000 Pip Builder

type of  forex market

FXTM, etc

Forex live trading 

Live forex trading provides real time information to traders based on real time charts and graphs. It is an interactive platform which helps traders to connect with their  brokers on-line at the same time when they are trading. Live forex brokers act as intermediaries between traders and forex markets.

Live forex broking helps beginner traders a lot as it becomes easy for the traders to connect with their traders and ask for the things which are ambiguous for them. Brokers charge small commissions for the services provided by them. In live trading, brokerage firms also provide live news-streams so that fundamental analysis can be made.

Live trading services are provided by all the brokers mentioned above in the list, along with that there are many more platforms who provide similar services. But keep one thing in mind, choose a broker by doing all the fact checks about the firm you’re choosing and broker you’re going to deal with.

Forex Books :

Forex Trading : The basic explained in simple terms 

                                                                      –  Jim Brown

Currency trading for Beginners – Kathleen Brooks & Brian Dolan

What You Need To Know To Get Started And Everything In Between

                                                                               – Anna Coulling

The Black Book Of Forex Trading: A Proven Method To Become A Profitable Trader In Four Months And Reach Your Financial Freedom By Doing It  – Paul Langer

Forex For Ambitious Beginners: A Guide To Successful Currency Trading  – Jelle Peters

IN FOREX SUCCESS COMES OVERNIGHT, BUT AFTER SEVERAL YEARS OF HARD WORK.

                                              – MARIO URLIC 

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