Stock markets are based at a single location and public records are kept of buyers and sellers. Forex trading has a low cost of entry. To make serious profits, stock traders use large amounts of money, which is not an option for traders with limited incomes.

Forex trading is not investing. Forex traders never take ownership of the asset being transacted. With Forex trading, the trader is speculating on the future value of a currency pair and to call it an investment would be incorrect. Can I really become a forex trader in my home? Yes, you need some basic IT equipment and you need to open an account with a forex broker. You can teach yourself the basics of forex using the myriad of information available on broker websites and the internet generally or from lessons posted on the likes of youtube.

It is wise to open a forex demo account where you can practice trading forex with virtual funds. How do I trade Forex in India? Forex trading is accessible to everyone with an internet connection. But just because everyone can do it, does not mean that everyone should do it. Serious Forex traders know that education, discipline, and strategy are essential elements of a profitable trading career. If you start trading Forex without these skills, you may profit from a few trades, but you will eventually lose.

If you prepare properly and you are ready to learn, Forex trading can be a great way to create a steady income. But, before we look at the more complex aspects of trading, let us look at the essential things you are going to need: A fast and stable internet connection The Forex markets move fast, very fast, and if your connection is slow or drops out you are going to lose money. Winning trades can become losing trades in the blink of an eye. Many Indians trade on their mobile phones, but this should be used as a backup or to check on open trades when on the move and not as a primary trading platform.

A Forex broker Finding a good Forex broker is of the utmost importance. We maintain an updated list of the best Forex brokers in India and a complete Forex broker directory which includes all brokers including those we do not trust or recommend, for educational purposes only. If you have heard of a broker and want to know if you can trust them, the directory is a good place to start. FX India only recommends the best Forex brokers in India, reviewed using a transparent review process.

A Forex Trading platform This is the software that you are going to use for trading and will be provided by your Forex broker. Some brokers have their own platforms, but most support third-party apps like MetaTrader 4 , MetaTrader 5 and cTrader. The best Forex trading platform is the one that you find the most comfortable to use.

Many brokers will offer more than one type of platform, so a demo account to check out the different platforms at different brokers. A demo account Beginners should learn to trade using a demo account , before depositing money into a real trading account, so you learn how the market works and trading platform works without losing any of your own money.

They are also a more comfortable way to try out different strategies or trade different currencies without taking any risk. We have a guide full of practical advice to get you started , and more on how to place your first trade. It will take some time to learn how to trade Forex successfully, as traders need to understand the many components and strategies to be profitable. What do I need to open an account with a forex broker? You may also have to respond to an email or text message to verify your details.

You should be able to open an account online but if this is not possible you may have to send proof of identity in the post. You will also be required to deposit money into the account before you can begin trading. How much do I need to start trading Forex in India? But how much should you start trading with? The answer depends on how much you can afford and how much risk you are willing to take.

Beginner traders should start with a minimum account balance between — USD. This allows traders to make small profits, while still maintaining a sensible approach to risk. Which currencies pairs can I trade? Clients can trade in a vast number of permutations of freely floating currencies, but keep in mind the legal restrictions by the FEMI Act.

Note that most internationally regulated brokers will not enforce these restrictions. That said, traders should choose to focus on one or two major currency pairs so they build a good level of expertise and knowledge of those currencies, their trading patterns and successful strategies. Examples of major currency pairs include the pound and the dollar, the euro and the dollar or the dollar and the yen.

These are called majors because they account for the bulk of trading. Because demand for and the supply of these currencies is so vast it is easy to buy and sell positions. What is the best time for trading Forex? The more traders are active in the market, the more volatile the market is — and the more volatile the market is, the easier it is to make profits.

The two cities with the largest financial markets in the world are New York and London, so the best time for Indians to trade Forex is the crossover period when both the London and New York financial markets are open. The two other major markets are the Sydney market and the Tokyo market and trading when these markets are open is also a good approach, though you will have to stay up very late, or get up very early.

For more detail on the best times for trading and how daylight savings time affects the major markets, read our piece on the best times for trading Forex in India. A Forex Trading strategy There are many different Forex trading strategies, in fact, traders keep coming up with new ones all the time.

Profitable traders will use many strategies and they will know exactly when to use each one. Forex trading strategies will rely on either fundamental analysis analysing economic trends and news events or technical analysis analysing historical price action on charts.

The most popular trading strategies are: Price Action Trading: This is the study of historical changes in currency prices to predict which way the price is going to move next. If you love studying charts and looking for patterns, then price action trading is for you. It relies almost entirely on technical analysis and there are many methods of trading using price action.

Range Trading: Range trading relies on figuring out at what point other traders are going to buy or sell a currency. Like price action trading, range trading relies on technical analysis but also needs a good understanding of the currency pair you are trading. A question in the support section reveals several supported e-wallets.

Summary iForex has over 24 years of market experience, almost seven as a BVIFSC-regulated entity, which is its biggest asset, together with an excellent educational section for new traders. Over assets are available for trading, but the proprietary web-traders resembles a below-average terminal and lacks support for automated trading solutions.

Spreads are excessive, countering the absence of commissions at this market maker. While iForex aims to be transparent about its cost structure, it is opaque about its account structure, minimum deposit, and maximum leverage, requiring interested traders to contact customer support. New retail traders may find iForex suitable if they can overlook the absence of essential information, which customer support may be able to provide.

More committed and experienced traders will find that the over-priced trading environment, from a sub-standard trading platform no less, places them at a distinct disadvantage. FAQs Is iForex safe? The company has been in operation since Each trader needs to determine if that is enough.

Is iForex legal in India? The company caters to Indian Forex traders, but the situation in India for retail Forex traders is complicated. The bottom line is that iForex is not an authorized broker by the RBI, which makes it illegal for retail traders in India to trade there.

How do I withdraw money from iForex? Traders can request withdrawals from inside their trading platform by selecting Withdrawal from My Account. Where is iForex regulated? Does iForex offer a demo account? About the Author The DailyForex.

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