Top Rated Forex Sites
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Forex Sites in India
Across the world, traders use either a local broker, based in their home country or international ones that offer a good, reliable experience. The difference between both types can be negligible, and in some cases, it's just a matter of where they are licensed. If you are looking to open an account with a Forex broker here are some of the things that you should be looking for:
Mobile Trading Experience
With so much technology at your disposal, you will more than likely live most of your life on your phone or tablet. From checking your online banking to ordering your shopping, we rely even more on being able to do things on the move. This is the same with Forex trading. As long as you have an internet connection and a mobile device you should be able to trade. Look for a broker that allows you to do so, either with a mobile app or a mobile-friendly website.
In the main, there are two types of bonus; the no deposit variety and the deposit bonus. As the names suggest, one requires you to deposit funds, and the other doesn't. If you are new to trading you may want to be able to practise a few trades before you commit any of your own money. The no deposit bonus allows you to do this. Deposit bonuses tend to be larger but require an upfront commitment.
When you sign up with a broker, you should be given access to a Forex demo account. Some brokers require an email address in return for access. This simulated version of the live platform allows you to get familiar with the site and find your way around before you open a live account. You will be given a certain amount of virtual funds to use within a deadline before you are then invited to open a trading account.
For those that are new to Forex trading, excellent customer support is paramount. You need to ascertain that you can get hold of someone at the company, should the need arise. Look out for a live chat assistant and check their "contact us" page to make sure there are various ways to get hold of someone.
Broker Fees And Tax
Forex trading profits are classed as income which, in India, is subject to tax. Therefore, you will need to pay tax on your earnings. You will need to consult a professional and make sure that your trading is all above board due to the strict regulations. You should be able to download a transaction history from the broker so that you can give this information to your accountant or submit it with your self-assessment.
When it comes to fees, there are a few to consider. They are not hefty fees, but they will add up. First of all, you will pay a fee for each successful trade. This will be deducted from your winning trade so you won't need to do anything. Then there are the smaller fees to consider.
Withdrawal fees, transaction fees and currency fees are those that you are more likely to encounter. A withdrawal fee is charged by some brokers to process your transaction. Your credit card company, or another payment provider, may also charge a fee. In addition to this there are currency fees to consider, however, as you can only legally trade with local brokers, this may not allow.
In India, the rules and regulation surrounding Forex trading are a little more blurred than in most countries. Trying to find an exact answer can be tricky, but here is what we have gleaned:
There are stiff penalties for those that are caught however many do choose to ignore the rules. We cannot offer any guidelines or assurances; only that offshore trading is carried out at the risk of the trader. If in any doubt, you need to check the local laws.
Forex trading in India is a great way to make a substantial additional income.
How we Recommend Brokers
We recommend brokers based on several criteria. We look at everything from the welcome bonuses to the customer service. Several criteria are essential when selecting the best Forex broker.
Can you trade on the move and is the platform easy to use? Do they offer help to new traders to establish themselves as good traders and support when it's needed and is the site available in several languages, should you wish to translate? Now some points are more critical than others, but it's about the overall experience and how they score against the others offering the same service.
We take our time to thoroughly investigate every broker wherever they are in your home country, or abroad. We look at the licensing and regulation and make sure that you are investing with a reliable and trustworthy company.
Our team of experienced traders use their years of successful trading experience to ensure that they test every aspect from their trading perspective and a new trader's perspective. We then rate each broker and share our findings in the form of a detailed, comprehensive review. Our job is to ensure that your trading experience is the best it can be.
Our Review Rating System (More Info)
- Account Types
- Banking & Payouts
- Bonuses & Promotions
- Mobile Trading
- Trade Types
- Special Features
- Customer Support
Is Forex trading in India legal and safe?
There are stringent regulations set by the RBI regarding Forex trading. It is so restrictive that you can only trade in a certain number of currency pairs.
Do I need to pay fees and taxes on my profits?
Yes, all income is subject to the tax laws of India. If you earn money through trading, then you need to declare it as part of your self-assessment.
Can I test brokers before trading with real money?
The best way to test them is to open an account with a broker that offers a demo account. This allows you to trade with virtual funds on a simulated version of the trading platform.
Is it easy to make deposits and withdrawals?
You use a method to fund your account like a debit card or online payment provider. Once you wish to make a withdrawal, funds are sent back to the account that they were debited from.
Can I trade using my mobile or tablet device?
As long as you have an internet connection and have selected a good broker, then there is no reason that you shouldn't be able to trade on a mobile device.
Ben’s contributions as a freelancer to the site since 2013 are highly valued. He has a real talent particularly within short-term speculation, making many successful trades on the directions of the global financial markets.