Ask Your Forex Question Here

[4xpipcounter]

Ricky, nice to meet you!
Even though I don't live in India, it is hard for me to phathom how trading could be illegal when so many Indians are doing it, and there are so many brokers available for Indians.
I have a demo account with XTB that I use for forecasting Nifty on.

Hi,
I want to create an account on trading platforms like 4XP or XTB that provide spot trading with high margins. But I have doubts about a few things. Is this legal in India? If not, how does this work for other traders? Are there any other instrument to trade on enjoy the margins and liquidity in forex spot markets.
Thanks a lot for your help

 

[Piratetrader]

Hi,
I want to create an account on trading platforms like 4XP or XTB that provide spot trading with high margins. But I have doubts about a few things. Is this legal in India? If not, how does this work for other traders? Are there any other instrument to trade on enjoy the margins and liquidity in forex spot markets.
Thanks a lot for your help

as far as I know XTB also provides you with a fake invoice to show that as an income proof .

 

[ricky.hbk]

Thanks so much for the answers ...I request some India based traders to tell me how they are trading on the spot markets, how you handle the remittances from the account, etc. It will be of great help.

 

[vivekaloor]

hi
the online site i use for api trading charges me 2 pips on eurusd....is that a reasonable rate?

 

[4xpipcounter]

The spreads are listed on most web sites, but that is about par for the course.

hi
the online site i use for api trading charges me 2 pips on eurusd....is that a reasonable rate?

 

[timepass]

hi
the online site i use for api trading charges me 2 pips on eurusd....is that a reasonable rate?

The spreads are listed on most web sites, but that is about par for the course.

One sec. Let me understand the concept of spread first. Does this "2 pips spread" mean that if I buy at 1.3450, my expense is 2 pips, making my purchase at 1.3452 ?? is that it ?

spread = cost of trade (buy + sell) ??

 

[4xpipcounter]

Notice in the upper left with the red rectangle. That is the bid and ask price of the EUR/USD. The difference is 4.1 pips, which is the spread. You buy or go long at the bid price and sell or go short at the ask price.

image upload

One sec. Let me understand the concept of spread first. Does this "2 pips spread" mean that if I buy at 1.3450, my expense is 2 pips, making my purchase at 1.3452 ?? is that it ?

spread = cost of trade (buy + sell) ??

 

[timepass]

Notice in the upper left with the red rectangle. That is the bid and ask price of the EUR/USD. The difference is 4.1 pips, which is the spread. You buy or go long at the bid price and sell or go short at the ask price.

So, suppose I buy at 1.34453 and sell at 1.34494, how much money do I make ??

 

[SavantGarde]

1 Pip on EUR/USD is $10

1.3123 buy
1.3124 sell
Profit 1 Pip = $10

So, suppose I buy at 1.34453 and sell at 1.34494, how much money do I make ??

 

[4xpipcounter]

Let me add to your comment, Savant in response to Timepass.

It's $10 per pip only on the currency pairs when the USD is the secondary currency. OTT, it varies.
I wasn't thinking when I left my personal information, but now I might as well use it as the example. The trade on the EUR/JPY is up 159.8 pips. Profit is $2,827.32. That's $17.69 per pip.

1 Pip on EUR/USD is $10

1.3123 buy
1.3124 sell
Profit 1 Pip = $10