Foreign exchange trade is steadily gaining momentum in India. Although many investors still prefer to trade in other financial markets, awareness about forex and the laws governing it is picking up. In India, forex trade is only allowed in pairs that include the Indian Rupee (INR). The INR can be traded with the US Dollar (USD), Euro (EUD), Great Britain Pound (GBP) and the Japanese Yen (JPY).
One can engage in forex trade on three stock exchanges in India – the Bombay Stock Exchange (BSE), the National Stock Exchange (NSE) and the Metropolitan Stock Exchange (MSE). Binary trading, however, is prohibited by law in India.
Forex trading can be carried out using an easy forex trading app. All you need to do is this:
Before venturing into forex trading on an online forex app for beginners, you must familiarise yourself with the various terms and strategies associated with forex trading. There are multiple techniques using which you can start forex trading including scalping, day trading and position trading. More importantly, you must be disciplined and practise forex trading with the right broker. With Motilal Oswal, you can get high leverage for four times the exposure, secure experience, personalised advice, efficient risk management and a dedicated advisory team.
Related Articles: How to Open a Demat Account Without a Broker | Factors to Keep in Mind While Opening a Demat account | Factors to Consider When Opening a Demat Account | 10 Points to Remember When Operating your Demat Account | Types Of Demat Account & Trading Account | 5 Advantages of using MO Trader App | 7 Benefits of Trading through an Online App