Foreign exchange or Forex is the simultaneous buying of one currency and selling of another. Currencies are traded through a broker or dealer and are executed in currency pairs. For example: the Euro and the US Dollar (EUR/USD) or the British Pound and the Japanese Yen (GBP/JPY). The Foreign Exchange Market (Forex) is the largest financial market in the world, with a daily volume of over $4 trillion. This is more than three times the total amount of the stocks and futures markets combined. Unlike other financial markets, the Forex spot market has neither a physical location nor a central exchange. It operates through an electronic network of banks, corporations, and individuals trading one currency for another. The lack of a physical exchange enables the Forex market to operate on a 24-hour basis, spanning from one time zone to another across the major financial centers. This fact – that there is no centralized exchange – is important to keep in mind as it permeates all aspects of the Forex experience.
9AM – 5PM
USD-INR – 1000 Dollars, EUR-INR – 1000 Euros, GBP-INR 1000 GBP, JPY-INR – 1,00,000 JPY
2 working days prior to the last business day of the month
You can start with as little as 10 dollars. The Forex market is highly leveraged, and the broker’s margin can be as high as 50:1 to 300:1, which means that both profit and loss potentials get magnified.
To trade in Forex, you will need only a currency trading account and a bank account. DEMAT account is not mandatory since there is no delivery of currency. Also, Forex traders directly deal with the market, meaning there is no brokerage involved.
You can now open a Forex account instantly by applying online. With the online process, if you have all your documents correct, it shouldn’t take more than five minutes to get the account activated.
You can receive the money from Forex trading directly in your bank account.
Select the withdraw request from the broker’s website and add your bank account details. The money will get credited to the source of payment.
To automate the withdrawal process, establish an ACH link between your bank and trading account. Withdraw funds using ACH and receive directly in your bank account.
You can load your forex trading account using a credit card, debit card or by wire transfer. Login to your Angel Broking page and select the option to add funds.
It makes a lot more sense to have a bank account for Forex trading.
For Forex trading having a forex trading account is mandatory and so is a bank account. You can link the bank account to your trading account for faster fund transfers.
Unless you are trading in bulk, retail investors don’t need a license to trade in foreign exchange. However, in India, forex trading is highly restricted and heavily monitored. You are allowed to sell only in currency pairs approved by RBI through a SEBI listed broker.
DEMAT account isn’t mandatory for Forex trading since there is no delivery of currency like equities. Instead, you would need to open a Forex trading account. You can now open a Forex trading account in India with SEBI registered brokers.
You can place a withdraw request from your broker’s website and receive the amount directly in your bank account. The Internet has made the withdrawal process smooth and quick.
The FX market is the largest in the world in terms of volume. It remains open 24 hours a day, opening at a different time in different parts of the world, from Monday to Friday. On Saturdays and Sundays, the market remains closed.