The word ‘Forex’ is made up of two words in which the first word is Foreign and the second word is Exchange. Foreign Exchange means changing one currency into another currency, which can be for many reasons like commerce, trading or tourism. Foreign exchange takes place in the Foreign Exchange Market, which is a global market where currencies can be exchanged. Because prices keep fluctuating in this market, good money can be earned by trading in it, but for this, you need to know about ‘RBI Approved Forex Broker in India‘ so that you can do Forex Trading legally.
Is Forex Trading Legal in India?
Many people in India have a misconception about Forex Trading that Forex Trading is illegal, due to which many people avoid it, but in reality, it is not so at all.
Actually, there are 4 pairs legal for Forex Trading in India which include USDINR, EURINR, GBPINR and JPYINR. If you are an Indian citizen and you want to earn money by Forex Trading, then you can earn money by trading in these 4 pairs, which are also completely legal.
If we talk in simple words, there are many restrictions in Forex Trading in India, but people can transact in foreign currency. Using Indian currency as a trading currency, it can be paired with US Dollar (USD), Euro (EUR), Great Britain Pound (GBP) and Japanese Yen. That means trading can be done legally in India in 4 pairs which are USDINR, EURINR, GBPINR and JPYINR. By trading in these 4 pairs you can do Forex Trading legally in India.
RBI Approved Forex Broker in India
Binary trading is illegal in India according to the Foreign Exchange Management Act (FEMA) but you can easily trade in USDINR, EURINR, GBPINR and JPYINR pairs, which are completely legal. That is if you can legally trade in foreign currencies by trading in these pairs and earning profits. You will need RBI Approved Forex Broker in India and there are only a few Forex Brokers with RBI approval in India.
If you want to do Forex Trading in India, then some of the best RBI-approved Forex brokers are as follows:
By choosing any of these Forex Brokers you can start Forex Trading and earn profits from it. But if we talk about the best Forex Broker, then according to our personal experience it is Angel One! It has been working in the field of Forex Trading for a long time and offers its clients the opportunity to trade in all four legal Forex trading pairs i.e. USDINR, EURINR, GBPINR, JPYINR.
Why RBI Approved Forex Broker instead of International Forex Brokers?
Many Indians choose International Forex Brokers for Forex Trading, but this is not right. Many International Forex Brokers do not have authorization for Forex trading in India and operate illegally in this area. Apart from this, such brokers also charge very high charges from the customers which reduces their profits considerably. In such a situation, it is better that you choose RBI Approved Forex Broker instead of International Forex Brokers.
Why Angel One is best RBI Approved Forex Broker in India?
Although apart from Angel One, other Brokers are also present in India but most of the people choose Angel One for Forex Trading, but why so? There are not just one but many reasons for this, the most important of which is that trading can be done in all four legal pairs of Forex Trading: USDINR, EURINR, GBPINR and JPYINR. Angel One also provides a real easy-to-use platform to its customers.
Angel One Forex Trading Fees and Charges
If you are thinking of doing Forex Trading on Angel One, then it is common that you need to know about Angel One Forex Trading Fees and Charges. So if you trade in currency on Angel One, you will not have to pay any brokerage charges up to 500 rupees for the first 30 days. After this, you will have to pay trading charges of Rs 20 per executed order or 0.25% (whichever is lower). Angel One is one of the Forex Brokers charging the lowest brokerage right now.
Now if we talk about Regulatory & Statutory Charges, then in Currency Trading, NSE charges 0.0009% on Futures Turnover Value and BSE charges 0.00022%. On the other hand, NSE has charged 0.035% and BSE has charged 0.001% on Options Premium Value. Apart from this, 18% GST, ₹10/Crore SEBI Charges have to be paid. Also, 0.0001% Stamp Duty Charges are levied on Futures Turnover Value and 0.003% on Options Premium Value.
|Brokerage||Zero for the first 30 days till 500 rupees, 20 rupees per Executed Order Or 0.25% (Whichever Is Lower)||Zero for the first 30 days till 500 rupees, 20 per Executed Order Or
0.25% (Whichever Is Lower)
|Transaction Charges||NSE: 0.0009% On Futures Turnover Value
BSE: 0.00022% On Futures Turnover Value
|NSE: 0.035% On Options Premium Value
BSE: 0.001% On Options Premium Value
|STT (Securities Transaction Tax)||Zero||Zero|
|SEBI Charges||10 rupee/Crore||10 rupee/Crore|
|Stamp Duty Charges||0.0001%||0.003%|
FAQ to RBI-approved Forex Brokers
Question: What is Forex Trading and how does it work?
Answer: In Forex trading, currencies are bought and sold in the worldwide market. It involves traders purchasing one currency against another in the hope of making a profit as the exchange rates between the two currencies constantly fluctuate. Like the stock market, people also earn good money by trading in it.
Question: Is Forex Trading Legal in India?
Answer: Many people think that they are illegal in India but it is not so because in India you can trade in 4 pairs which are USDINR, EURINR, GBPINR, and JPYINR and earn money. Trading in all these pairs can be done very easily through Angel One.
Question: Which is the best RBI-approved Forex Broker in India?
Answer: If you are an Indian citizen and want to do Forex trading then you should know which is the best RBI Approved Forex Broker in India. So let us tell you that there are many RBI Approved Forex Brokers available for Forex trading but Angel One is considered to be the best among them.
Question: Why Angel Broking is better than other Forex Brokers?
Answer: If you do not know why Angel One is better than other Forex brokers, then let us tell you that Angel One charges less brokerage than most of the Forex brokers and offers much better Forex broking facilities to the people. Apart from this, Angel One’s Forex trading platform is quite easy to use.