Forex trading in India

Know the top Forex and Binary options brokers in India for 2021, their trading conditions and bonus offers

In the last two decades Forex trading in the world has became very popular and today trillions of people across the globe trade Forex with a view to earn profits from this highly potential market. In the last decade Forex trading in India has also witnessed a huge growth and now people in India are becoming more and more aware of this Trillion Dollars market. Here we will focus on two very important topics

1. Is Forex trading in India legal or illegal?

2. Top Forex and binary option brokers in India offering local bank deposits and withdrawals.

Is Forex trading in India legal or illegal?

Introduction

Well we will not elaborate on the subject and keep it concise as far as possible and to the point. At the same time we will try to be as clear as possible in clarifying our Indian traders as to whether Forex trading is legal or illegal in India. Further we will not go into topics like what is Forex, what is a currency pair and all, we expect our readers are well acquainted with the Forex trading basics.

Forex presents a good opportunity to earn money to skilled and disciplined traders. But whether Indians can participate in the powerful Multi Trillion Dollar currency market to make profits or not, is the main question. However we want to clarify that Forex isn't the place where anyone can make money easily, only those who have actually gathered the trading skills and have discipline can earn in Forex. 

The Law

Many people simply say that Forex trading is illegal in India but that's not true. We will put it best this way, " Forex trading in India is not illegal but it’s not that straightforward either". RBI doesn't hold Forex trading as entirely illegal rather it allows Forex trading but there are certain limitations which all the citizens of India are expected to follow. So to simply put it, Forex trading is legal in India when one does it 

1. Through SEBI registered and approved brokers that allow access to Exchanges based in India such as the NSE, BSE, MCX-SX.  

2. In Forex pairs with base currency as INR I.E. EURINR, GBPINR, JPYINR, and USDINR. The Reserve Bank of India further, from 10th December 2015 onwards allowed exchanges to offer cross-currency futures contracts and exchange-traded currency options in three more currency pairs namely, EUR-USD, GBP-USD, and USD-JPY. So the following currency pairs can be traded in India -

1. USDINR - Rupee-dollar

2. GBPINR - Rupee-pound

3. JPYINR - Rupee-yen 

4. EURINR - Rupee-euro

5. EURUSD - Euro-dollar

6. GBPUSD - Pound-dolla

7. USDJPY - Yen-dollar

Notes : 

 

1. Trading in Forex market with international brokers, not approved by RBI is illegal.

2. An Indian citizen cannot send directly or indirectly fund outside India to Overseas forex Brokers. for trading in Forex or binary options. Debit and credit cards, bank wire remittances to/from a Foreign bank to make deposits and withdrawals with a Forex broker is not legal.

3. It should be noted that under the Foreign Exchange Management Act (FEMA), 1999 or FEMA Act, one can face imprisonment or be imposed with a fine for Forex trading done illegally in India. However, there is no restrictions for NRI's to do Forex trading in India.

4. Forex is a powerful de-centralized market and a good opportunity for earning money, at least for those equipped with good trading skills and discipline. So we hope RBI further get more liberal in allowing and facilitating Forex trading in India.

Why RBI is not so liberal on Forex trading in India.

RBI claims that the logic behind the restrictions it imposed on Forex trading in India is to prevent Indians from severe losses. It's a known fact that majority of Forex traders lose money and if traders in India loses money trading with a non approved Forex broker, then that money goes out of India. This is also the reason why RBI strictly cracks down on bank and debit/credit remittances made outside India with a view of trading in Forex. 

Forex brokers offering local bank deposits and withdrawals in India are a better option

Due to Indian laws regarding Forex trading it is advisable to avoid using debit and credit cards, bank wire remittances to/from a Foreign bank to make deposits and withdrawals with a Forex broker. So the other methods available for Indian traders to make deposits or withdrawals are the Ecurrency wallets like Skrill, Webmoney, perfectmoney etc or to chose a Forex broker that offers deposits and withdrawals via local banks in India. The costs of using the Ecurrency wallets like Skrill, Webmoney, perfectmoney etc can be high and these highs costs can have a negative impact on your profitability. So choosing Forex brokers offering local bank deposits and withdrawals in India can be more economical and convenient for Indian traders. 

Calculate your costs of making deposits and withdrawals

Usually the charges levied by a Forex broker for making deposits and withdrawals are not so high, but for Indian traders the costs of deposits and withdrawals become much high, want to know how? Please read on...

1. Suppose you want to deposit $500 to a Forex broker using Skrill. As already said bank wire remittances to/from a Foreign bank, using debit or credit cards for making deposits or withdrawals for margin trading in Forex market is not advisable in India. So to deposit $500 to a Forex broker using skrill, first of all you need to buy $500 in your skrill from an Indian exchanger and the charges of these exchangers are quite high. Suppose if 1USD = Rs 70, then the exchanger charges his fees and suppose if the exchanger charges Rs 73 per dollar. To buy $500 you need to pay 500*73 which is Rs 36500.

2. Now you pay Rs 36500, buy skrill and deposit it and start trading. You make a profit of $200 and so now your balance is $700 which you decide to withdraw. Usually you can only withdraw your money to the same payment system which you used for making the deposit. So you withdraw your $700 to your skrill ac. 

3. Obviously you either need the money in your bank or in your hands so that you can use the money, you cannot use Skrill much in India. So you again approach an exchanger which again charges its fees for converting the Skrill Dollars into Indian rupees. Suppose the exchanger Pays Rs 67 per Dollar, then the amount you get for $700 will be Rs 46900. 

4. So from the above example, though you make a profit of $200, the actual profits that you get into your hand or bank will be Rs 46900 - Rs 36500, that is Rs 10400 instead of Rs 14000. You can see that Rs 3600, a massive 25.7% of your profits is devoured by the Exchangers for doing the conversions, which we call Conversion charges. Further we have not taken into account the charges levied by the Skrill and the Forex broker which also impacts your actual profitability. Some Exchangers in India are charging even more than that considered in the above example. 

How local bank deposits and withdrawals help you to cut down your costs?

Some reputed Forex broker (listed below), that offer local bank deposits and withdrawals in India, helps you to cut down your conversion charges or totally get rid of it. Usually these Forex brokers have an arrangement where you can make a deposit by transferring funds to an Indian bank account from your own bank account. When you make a withdrawal, funds are transferred again from an Indian bank account to your own bank account. What we are trying to put forth is that, neither for deposits nor for withdrawal, your funds move into a Foreign bank account or come from a Foreign bank account, which is good  considering the RBI strict laws on Forex trading in India.

Top Forex brokers in India offering local bank deposits and withdrawals

1.

Binomo

Min deposit

Withdrawal time

Payment methods

$10

Withdrawals are normally processed within 24 hours but sometimes it may take up to 3 days. Withdrawals for VIP clients are normally processed within 4 hours.

Credit card, Debit card, Neteller, Webmoney, Perfectmoney, Jeton wallet, Astropay, Globepay, Advcash, Internet banking, UPI, Paytm.

Binomo deposits/withdrawals through Netbanking and paytm in India -How it works


1. Binomo offers local bank deposits and withdrawals in India at 0% charges. Indian traders can easily and instantly make a deposit to their Binomo account using their bank account or paytm,. The process is simply and instant as you would use your Paytm or Netbanking to make online purchases in India. Indian traders can also reqeust a withdrawal from Binomo to their bank account or Paytm and the money reaches within 24 hours. 


Deposits/ withdrawals through Binomo Netbanking/ Paytm has the following specifications


Deposit time : Instant

Withdrawal time : 24 hours

Min deposit: 350 INR

Min withdrawal: 350 INR

Deposit fee: 0%

Withdrawal fee : 0%


2. So now Indian traders trading with Binomo can make deposits and withdrawals using their bank accounts and Paytm. There is no remittance of funds to/from a Foreign bank involved.


3. Binomo offers a High-end user friendly trading platform with a wide range of financial assets and has some of the most advantageous trading terms in the market. Further, payout of up to 90% and low minimum trade size, makes Binomo a healthy choice for both experienced and novice traders.

2.

Deriv

Min deposit

Withdrawal time

Payment methods

$5

Withdrawals are processed within 1 working day.

Bank Wire, Credit card, Debit card, Skrill, Neteller, Webmoney, Fasapay, Perfect Money, Qiwi, Paysafe, Jeton Wallet, Sticpay, Airtm, Deriv payment agents, bitcoin.

Deriv deposits/withdrawals through their Payment agents in India-How it works


1. Deriv offers Local bank deposits and withdrawals in India through it's local payment agents, a small fee is charged for every deposit and withdrawal. There are a lot of local Deriv payment agents you can find in your Deriv account page, you can choose any of them and easily make a deposit to your Deriv account or request a withdrawal from your Deriv account to your bank account.


Deposits/ Withdrawals through Deriv payment agents has the following specifications


Deposit time : within 2 hrs

Withdrawal time : Within 4 hours

Min deposit: 10 USD

Min withdrawal : 10 USD

Deposit fee: 6% to 10%, depending on the payment agent you chose.

Withdrawal fee : 4% to 8% depending on the payment agent you chose


2. So now Indian traders trading with Deriv can make deposits and withdrawals using their bank accounts with the help of Deriv's payment agents and there is no remittance of funds to/from a Foreign bank involved.


3. Marked by 20 years of innovation and growth,  in 2020 binary.com has been re-branded as Deriv.com to provide traders a place where they can trade whatever they want and whatever they like, diverse variety of trading instruments and both binary options and Forex trading.  Deriv is a preferable and beneficial Forex broker for Indian traders as well as for traders worldwide.

3.

Exness

Min deposit

Withdrawal time

Payment methods

$1

Withdrawals are usually processed instantly by Exness, if a withdrawal is not subject to instant execution, it will be processed within 24 hours.

Bank Wire, Credit card, Debit card, Skrill, Neteller, Webmoney, Perfect Money, Jeton Wallet, Jeton go, Sticpay, online bank transfer, Netbanking, bitcoin.

Exness deposits/withdrawals through Online bank transfer in India -How it works


1. Exness offers local bank deposits and withdrawals in India at 0% charges. Indian traders can easily and instantly make a deposit to their exness account using their bank through Online bank trasnsfer/ Netbanking, the process is similar as you would replenish your Paytm or Amazon account through netbanking. Indian traders can also reqeust a withdrawal from exness to their bank account and the money reaches to the bank account within one working day. 


Deposits/ withdrawals through Exness Online bank transfer has the following specifications


Deposit time : Instant

Withdrawal time : Within 24 hours

Min deposit: 600INR

Min withdrawal: 1100 INR

Deposit fee: 0%

Withdrawal fee : 0%


2. So now Indian traders trading with Exness can make deposits and withdrawals using their bank accounts  and there is no remittance of funds to/from a Foreign bank involved.


3. With automatic withdrawals and low spreads Exness is a preferable and beneficial Forex broker for Indian traders as well as for traders worldwide.

4.

FBS

Min deposit

Withdrawal time

Payment methods

$1

Not instant, but withdrawals are super fast and are usually processed in 15-20 minutes. However in some cases withdrawals may take up to 48 hours.

Bank Wire, Credit card, Debit card, Skrill, Neteller, Webmoney, Perfect Money, Sticpay, Globe pay, FBS Exchangers, Google pay, bitcoin.

FBS deposits/withdrawals through their Exchangers in India-How it works


1. FBS offers Local bank deposits and withdrawals in India through their local exchangers, a small fee is charged for every deposit and withdrawal. There are a 3-4 local exchangers for FBS, you can find in your FBS account page, you can choose any of them and easily make a deposit to your FBS account or request a withdrawal from your FBS account to your bank account.


Deposits/ withdrawals through FBS exchangers has the following specifications


Deposit time : within 2 hrs

Withdrawal time : Within 4 hours

Min deposit: 10 USD

Min withdrawal : 10 USD

Deposit fee: 6% to 10%, depending on the Exchanger you chose.

Withdrawal fee : 6% to 8% depending on the Exchanger you chose



2. So now Indian traders trading with FBS can make deposits and withdrawals using their bank accounts with the help of FBS Exchangers and there is no remittance of funds to/from a Foreign bank involved.


3. FBS is a regulated, trusted, continuously developing broker. With lots of ongoing bonus offers, contests and promotions FBS is a great choice for Indian traders as well as traders worldwide.

5.

Forex4you

Min deposit

Withdrawal time

Payment methods

$1

Withdrawals are usually instant via Webmoney and perfectmoney while withdrawals via bank wire and Visa or Master cards may take 1-3 days. Forex4you have an excellent track record for processing withdrawals and their average withdrawal processing time is 287 mins, that is the average time taken for processing withdrawals is 4 hours 47 mins.

Bank Wire, Credit card, Debit card, Skrill, Neteller, Webmoney, Perfect Money, Netbanking, bitcoin.

Forex4you deposits/withdrawals through  Online bank transfer in India -How it works


1. Forex4you offers local bank deposits and withdrawals in India at 0% charges. Indian traders can easily and instantly make a deposit to their Forex4you account using their bank through Online bank transfer/ Netbanking, the process is similar as you would replenish your Paytm or Amazon account through netbanking. Indian traders can also reqeust a withdrawal from Forex4you to their bank account and the money reaches to the bank account within one working day. 


Deposits/ withdrawals through Forex4you Netbanking has the following specifications


Deposit time : Instant

Withdrawal time : Within 24 hours

Min deposit: 13.62 USD or 1000 INR

Min withdrawal: 13.62 USD or Rs 1000 INR

Deposit fee: 0%

Withdrawal fee : 0%


2. So now Indian traders trading with Forex4you can make deposits and withdrawals using their bank accounts  and there is no remittance of funds to/from a Foreign bank.


3. By choosing Forex4you as your personal broker you will be receiving most affordable market entry with No Dealing Desk Market Execution technology by means of BBO. Forex4you is a trusted broker to trade Forex in India as well as worldwide.

6.

Hotforex

Min deposit

Withdrawal time

Payment methods

$5

Withdrawals are usually processed instantly by Hotforex, however withdrawals via bank transfers and debit/credit cards takes 1-3 working days.

Bank Wire, Credit card, Debit card, Skrill, Neteller, Webmoney, Perfect Money, online bank transfer, Bitcoin-Bitpay

Hotforex deposits/withdrawals through  Online bank transfer in India -How it works


1. Hotforex offers local bank deposits and withdrawals in India at 0% charges. Indian traders can easily and instantly make a deposit to their Hotforex account using their bank through Online bank transfer/ Netbanking, the process is similar as you would replenish your Paytm or Amazon account through netbanking. Indian traders can also reqeust a withdrawal from Hotforex to their bank account and the money reaches to the bank account within one working day. 


Deposits/ withdrawals through Hotforex Netbanking has the following specifications


Deposit time : Instant

Withdrawal time : Within 24 hours

Min deposit: 800 INR

Min withdrawal: 800 INR

Deposit fee: 0%

Withdrawal fee : 0%


2. So now Indian traders trading with Hotforex can make deposits and withdrawals using their bank accounts  and there is no remittance of funds to/from a Foreign bank.


3. Over the years Hotforex has grown to be a trusted broker for millions of traders across the world due to its excellent trading conditions, timely withdrawals and tight spreads. Save costs by using Hotforex Online bank transfers for making deposits and withdrawals  and start an excellent trading career by joining Hotforex now.

7.

Nordfx

Min deposit

Withdrawal time

Payment methods

$10

Withdrawals through online payment systems are processed within 1 business day. Bank transfers can take up to 3 days while withdrawal through bank cards can take up to 5 days.

Bank Wire, Credit card, Debit card, Skrill, Neteller, Webmoney, Perfect Money, Paytoday, Dragonpay, Local deposit/withdrawal.

Nordfx deposits/withdrawals through  local agents in India -How it works


1. Nordfx offers local bank deposits and withdrawals in India at 0% charges. Indian traders trading with Nordfx can easily make a deposit by choosing "Local deposit" on their Nordfx deposit page, they will be soon contacted by the concerned Nordfx agent. The process is simple, takes a few hours and has 0% feee.  Indian traders can also reqeust a withdrawal from Nordfx to their bank account and the money reaches to the bank account within one-two working days. 


Deposits/ withdrawals through Nordfx Local  agents has the following specifications


Deposit time : About 2-4 hours

Withdrawal time :  24 to 48 hours

Min deposit: 100 USD or aprox 7350 INR

Min withdrawal: 100 USD or aprox 7350 INR

Deposit fee: 0%

Withdrawal fee : 0%


2. So now Indian traders trading with Nordfx  can make deposits and withdrawals using their bank accounts  and there is no remittance of funds to/from a Foreign bank.


3. Over the years Hotforex has grown to be a trusted broker for millions of traders across the world due to its excellent trading conditions, timely withdrawals and tight spreads. Save costs by using Hotforex Online bank transfers for making deposits and withdrawals  and start an excellent trading career by joining Hotforex now.

8.

Octafx

Min deposit

Withdrawal time

Payment methods

$50

Withdrawals are superfast and timely, Octafx processes most of it's withdrawals within an hour or two.

Bank Wire, Credit card, Debit card, Skrill, Neteller, Netbanking, UPI,bitcoin.

Octafx deposits/withdrawals through Netbanking in India -How it works


1. Octafx offers local bank deposits and withdrawals in India at 0% charges. Indian traders can easily and instantly make a deposit to their Octafx account using their bank through Netbanking/ Online bank trasnsfer, the process is similar as you would replenish your Paytm or Amazon account through netbanking. Indian traders can also reqeust a withdrawal from Octafx to their bank account and the money reaches to the bank account within a few hours. 


Deposits/ withdrawals through Octafx Netbanking has the following specifications


Deposit time : Instant

Withdrawal time : Few hours

Min deposit: 1500INR

Min withdrawal: 1500 INR

Deposit fee: 0%

Withdrawal fee : 0%


2. So now Indian traders trading with Octafx can make deposits and withdrawals using their bank accounts  and there is no remittance of funds to/from a Foreign bank involved.


3. Because of their Ultra low spreads and no commission trading, professional traders across the globe trust them and are making excellent income through trading. Octafx offers 0 cost deposits and withdrawals through local banks in India, you can also use UPI. Join Octafx and start earning with the help of their excellent bonuses and promotions.

9.

Roboforex

Min deposit

Withdrawal time

Payment methods

$5

Withdrawals by electronic payment systems are usually processed instantly by Roboforex. If a withdrawal is not executed instantly, it will be processed within 24 hours. Bank payments are processed within 3 working days.

Bank Wire, Credit card, Debit card, Skrill, Neteller, Webmoney, Perfectmoney, Astropay, Fasapay, Advcash, Local bank transfer, UPI, Bitcoin.

Roboforex deposits/withdrawals through Netbanking/ UPI in India -How it works


1. Roboforex offers local bank deposits and withdrawals in India at 0% charges via Astropay. Indian traders who have an account at Astropay can easily and instantly make a deposit to their Roboforex account using their bank through Netbanking or using UPI or Googlepay or Freecharge or Airtel money etc, Even Indian traders who dont have an account at Astropay can make a deposit easily by Netbanking/ UPI, they just need to verify their identiy on their first transaction. However Indian traders cannot reqeust a withdrawal from Roboforex to their bank account but they can withdraw to their Astropay account, from where they can easily get the money to their bank account. 


Deposits/ withdrawals through RoboforexNetbanking has the following specifications


Deposit time : Instant

Withdrawal time : To Astropay account within 24 hrs

Min deposit: 10 USD or 740INR Approximately

Min withdrawal: To Astropay account 10 USD

Deposit fee: 0%

Withdrawal fee : 0%


2. So now Indian traders trading with Roboforex can make deposits and withdrawals using their bank accounts via Astropay and there is no remittance of funds to/from a Foreign bank involved.


3. Roboforex being a member of the Financial commission, it's traders are entitled to protection of upto €20000. Fast withdrawals, negative balance protection, low spreads and great bonus offers are some more reasons to start trading with Roboforex.

10.

XM Group

Min deposit

Withdrawal time

Payment methods

$5

XM group is trusted by traders across the globe for safe and hassle free withdrawals. Withdrawals are processed by Xm within 24 hours, usually in a few hours.

Bank Wire, Credit card, Debit card, Skrill, Neteller, Webmoney, Online bank transfer.

XM deposits/withdrawals through Online bank transfer in India -How it works


1. XM offers local bank deposits and withdrawals in India, a small fee of about 4% is levied by Indian banks for converting USD to INR because all payments in XM are in USD. Indian traders can easily and instantly make a deposit to their XM account using their bank through Online bank trasnsfer/ Netbanking, the process is similar as you would replenish your Paytm or Amazon account through netbanking. Indian traders can also reqeust a withdrawal from XM to their bank account and the money reaches to the bank account within one working day. 


Deposits/ withdrawals through XM Online bank transfer has the following specifications


Deposit time : Instant

Withdrawal time : Within 24 hours

Min deposit: 3600INR

Min withdrawal: 3600 INR

Deposit fee: 4%

Withdrawal fee : 4%


XM actually does not charge any commisson on deposits/withdrawals through Online bank transfers but Indian banks charge about 4% for converting USD to INR or INR to USD becasue for converting USD to INR because all payments initiated to/from your XM trading accounts are in USD.


2. So now Indian traders trading with XM can make deposits and withdrawals using their bank accounts  and there is no remittance of funds to/from a Foreign bank involved.


3. XM provides a fair and trustworthy trading experience by pioneering a strict no re-quotes and no rejection of trades policy. Additionally, it's Online bank transfer options makes it convenient for traders in India as well as traders across the world, to trade with XM.

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