best broker

[nayagam]

which is the best broker to open a forex account in india.
analyse by brokerage, tips ,online software, lowest margin.

senior member can share their ideas.
it will be userful for begineers like me. so , please spend your valuable time.thank u.

 

[nayagam]

can i see the live rates . any free online software available.

 

[voramihird]

Hi Nayagam,

I have posted my view in this regard in the thread "Good Foreign Brokers". However, for your reference I am pasting the thread again -

You can try opening accounts with companies like
anand rathi they have a tie up a company called Spread co to offer currency trading in India.
You can also open account with Alpari (india) www.alpari.co.in - They are the only market maker (FSA regulated) to set up an office in India to service clients.
If you want to trade only in INR USD you can open accounts with any Indian brokerage house like angel broking, religare, sushil finance etc

Alpri offers one of the tighest spead (foreing currency brokers do not charge brokerages) they earn their revenue through pips and yes you can see live currency rates when you will download Meta Trader 4 from Alpari.co.in and open a demo account with them. You can also learn about currency trading through their training portal called alpari.academy. (I have also learned currency through alpari.academy only). Meta Trader 4 is a free software for download.

Hey Nayagam

Thanks for d info... Just wanted to know if you are aware about the remittance limit or turnover limits if any.. coz forex trading will involve forex transfers for margin money and thus involve RBI regulations..

Mihir V...

 

[duster]

Hi Mohir,

The remittance limit for Indian residents in a financial year is USD 200,000.00. There is no turnover limits as such. RBI doesnot permit to remitt money for margin trading or betting products.

Nobody stops you from trading with 1:1 leverage meaning no margins, however. In such case, Forex trading remittance is absolutely fine.

Moreover, it's only mentioned in LRS scheme. You can use debit/credit cards without any trouble - their use is not a part of LRS.

And there is a dozen more of absolutely legal and correct ways to do it.

 

[duster]

You can also open account with Alpari (india) www.alpari.co.in - They are the only market maker (FSA regulated) to set up an office in India to service clients.

That's not very true. Another Russian market maker came half a year before Alpari - Forex4you (http://www.forex4you.com). Inside Russia, they are as popular as Alpari. They also got an office in Mumbai, but in Bandra West instead of Bandra East.

 

[nayagam]

ok who is the best broker to trade usd vs inr only. name indian broking company only.

 

[duster]

ok who is the best broker to trade usd vs inr only. name indian broking company only.

There is only one exchange offering this pair and hence there is no difference which Indian broker you are using.

Also, do not forget that rupee is not a real market currency - it's highly regulated and low volatile. It's not very good for speculative trading, probably it's only fine for hedging your currency risks.

But yes, let's see - maybe in some years RBI will finally realize that there is no sense in putting such restrictions on Indian brokers.

 

[duster]

I to a certain extent disagree with you in terms of using debit / credit cards to remitt money. RBI has not stated anywhere the usage of this and hence its usage is to a certain extent is as per your interpretation. There are lot of brokers operating across the globe, will definately accpet credit / debit card payments as they are more concerned in receiving money. People should avoid trading with such brokers. My request to investors to trade with only FSA (Financial Services Authority - UK) regulated brokers i.e. market makers from UK only, because only FSA regulated brokers can gurantee safety of clients funds if anything goes wrong. FSA regulated brokers are bound to seggregate unused funds of clients and transfer it to client designated bank accounts at the end of everyday and moreover, FSA also gurantees monetary safety of funds to a tune of GBP 50,000 per account if the company goes bust or there is some irregularity and this protection is available to clients all across the globe provided they trade with brokers regulated by FSA.

Debit/credit cards is the cheapest and fastest way for clients. Traders, especially beginners, who invest small amounts - have no reason to for a bank transfer and spend a fortune for transaction fees, then waiting several days. If one wants to invest, let's say, 10,000 USD - of course bank transfer is a good option.

Regarding FSA - it's just one of around 10 existing regulating authorities on the planet, and I don't understand why are you so discriminative? Why only the UK?

Client funds are not insured anyway - whether the broker is regulated or not. Moreover, being FSA regulated (for instance) doesn't mean you are working honestly. There are many FSA brokers who do "tricks" and cheating on their clients. FSA, as well as many other regulators, only care that the company meets some of the requirements. Regulators are not going to watch how do you work with your clients.

If one invests, let's say, 500 USD in Forex trading - there is no sense in beatiful conversations about different regulators. Just open accounts at 5-10 different brokers, compare and then choose. Trust your experience, not words written in Internet.

Just my 2 cents.

 

[babytrader]

For all u FX traders ....try my broker WSD, www.wsd-fx.com

they have recently launched their retail website and offer an online trading platform with trading in 32 currency pairs, Gold, Silver and Oil. they do not charge any commissions and also are regulted by most principall exchanges in the world.

they offer 1:100 leverage and also lowest spread on EUR/USD betwen 1- 2 pips

 

[buccas13]

I've tried a few brokers. Finally I've come across a reliable broker.

Tadawul Fx

Pros:

1. good execution.
2. Price fill is good. If you trade vent based, then slippages occur like everyone else but if you have your prices stop loss and take profit defined in advance. it will be filled always. No regret email that price was not filled. and your account has gone to zero.
3. Honest, it never promises hills and frills. It will provide technical as email thru terminal. No fundamentals available. You will ahve to depend on other resources for that.
4. Excellent customer service. All queries handled till the problem is sorted.

Cons:

1. Remittance of 500USD min. If balance goes down no issues.
2. Minimum lot size 5K. No 1k like oanda.
3. 4 decimal broker, minimum spread 3 pip.

I dont mind 3 pip, atleast they dont send an email one fine day saying, the price was not filled, your accoutn has gone to zero due to loss.


Refer Forexpeaceacarmy.com for more research. I hope I'm not breaking any rules by mentioning the name of another website. It contains specialized forex related content for users which this forum lacks.