Forex trading in India
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. We want to ensure that our Indian traders as well as traders across the globe earn Forex cashback or rebates on each and every trade they execute.
Deposits and withdrawal options available in India
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 now usually the options that are available for Indian traders to make deposits or withdrawals are the Ecurrency wallets like Skrill, Webmoney, perfectmoney etc but the costs of using these payment systems are high.
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.
Check out 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 I am trying to say is that, neither for deposits nor for withdrawal, your funds move into a Foreign bank account or come from a Foreign bank account.
Get cashback for top Forex brokers in India offering local bank deposits and withdrawals
1. Exness offers Local bank deposits and withdrawals in India at 0% charges. So now Indian traders trading with Exness can make deposits and withdrawals with Exness using their bank accounts without any fees, this helps them to totally eliminate their conversion charges.
2. With automatic withdrawals and low spreads Exness is a preferable and beneficial Forex broker for Indian traders as well as for traders worldwide.
3. To know more about Exness, it's trading conditions and the cashback rebates you receive from us please click here.
4. Click the button below to open an account with Exness. After you open a trading account, please do not forget to add it in your personal area to receive Cashback rebates on your trades.
1. Octafx also offers Local bank deposits and withdrawals in India at 0% charges. So now Indian traders trading with Octafx can make deposits and withdrawals using their bank accounts without any fees, this helps them to totally eliminate their conversion charges.
2. With Fast withdrawals and Ultra-low spreads Octafx is a preferable and beneficial Forex broker for Indian traders as well as for traders worldwide.
3. To know more about Octafx, it's trading conditions and the cashback rebates you receive from us please click here.
4. Click the button below to open an account with Octafx. After you open a trading account, please do not forget to add it in your personal area to receive Cashback rebates on your trades.