A forex broker is a professional term synonymous with Forex Trader. Many forex brokers represent
only a small part of the overall size of the foreign exchange market. Forex brokers, widely distributed
around the world, can find such companies that are scams and are trying to hide their customers.
Traders are generally known to find the largest forex brokers to work with. But every region in the world
has the best brokers. Therefore, forex traders will seek for the best forex brokers in India. There is
no forex regulation, the RBI. The Reserve Bank of India regulates all forex trading activities in India.
But no broker controlled by the RBI cannot authorize Indian traders to trade 4 currency pairs:
INR / USD, INR / EUR, INR / GBP and INR / JPY. No foreign currency can be the principal currency.
Therefore, Indian traders don’t really want to opt for RBI forex brokers in India.
The most commonly used strategy for Forex trading is the price action strategy. It is entirely
dependent on increases or decreases in price action in currency trading and is generally useful in
all types of market conditions. You can legally trade forex on Indian stock exchanges such as BSE,
NSE, MCX-SX. Before choosing a good broker to start a trade check for forum reviews for the
For India, trading on other pairs rather than defined by RBI is illegal under the FEMA Act. Trading forex
in India through an online broker is a non-bailable offense in India. With many online brokers who
misguide retail investors claiming forex trading performed legally through them.
Moreover, RBI claims the restrictions are there to prevent retail investors/traders from losing big time.
However, many India citizens believe that the main reason is to stop currency outflow. I meanwhile believe
that RBI will ease in their limits in the coming period as India is going through the Financial change.