Which is the best foreign trading app in India?

Rank Best Forex Apps
1 IQ Option App
2 XM App
3 iForex App
4 Alpari App

Which app is best for foreign trading?

Top 4 Apps for Forex Traders

  • Forex Mobile Apps.
  • NetDania Stock and Forex Trader.
  • Trade Interceptor.
  • Bloomberg Business Mobile App.
  • thinkorswim Mobile.

Forex Trading Illegal In India

In India, however, forex trading platforms are banned. While you cannot directly trade in the foreign exchange market, you can still trade in currencies through the stock exchange. Under the Foreign Exchange Management Act (FEMA), binary trading is not allowed.

How can I trade in foreign exchange from India?

Forex Trading in India

  1. Step 1: Get a digital device with fast Internet connectivity.
  2. Step 2: Find an online forex broker.
  3. Step 3: Sign-up for an account.
  4. Step 4: Transfer funds to your account.
  5. Step 5: Download a forex trading platform.
  6. Step 6: Begin your forex trading journey.

Forex trading in India is illegal where there is no involvement of Indian Rupee. You can trade with involvement of Indian Rupees like USDINR, EURINR, GBPINR or JPYINR.

Which trading app is the best?

Best stock trading apps (2021)

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Brokerage Editor’s rating (out of 5) Best for
Charles Schwab 4.9 All-around trading and investing
thinkorswim 4.8 Low-cost active trading, automated investing, and interactive trading platforms
SoFi 4.8 Fee-free active trading and automated investing
Webull 4.6 Commission-free trading

Is Metatrader 4 or 5 better?

Both provide pioneering automated trading systems with expert advisors. However, they each serve a very different function and, contrary to popular belief, MT5 is not an upgrade of MT4. MT4 was specifically built for forex traders, whereas MT5 was designed to provide traders with access to CFDs, stocks and futures.

Is online trading safe in India?

Experts also state that online trading is as safe as offline trading as the financial transactions are always protected. … Trading online in capital markets can give you profits by leaps and bounds, but it is also considered as a nest of vipers.

What is punishment for forex trading in India?

Hi, there is no punishment for doing forex trading in india. There is punishment for misusing USDOLLERS from RBI Reserves ( if you think you deposit USDOLLERS from your INR bank account, RBI have to pay USDOLLERS behalf of you) and also It is our responsibility to save our foreign reserves.

If you intend trading in gold, you can buy or sell on the MCX, but as mentioned these have to be squared off. If you have no idea of trading in commodities you are better off with gold etfs, which can be bought and held.

Yes, OctaFX is legal in India. According to the broker’s website, it is fully compliant with international legislation and allowed to operate worldwide.

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Can you get rich by trading forex?

Can forex trading make you rich? … Forex trading may make you rich if you are a hedge fund with deep pockets or an unusually skilled currency trader. But for the average retail trader, rather than being an easy road to riches, forex trading can be a rocky highway to enormous losses and potential penury.

Dreams of India