If you're looking for a tutorial on how to start forex trading in India then you have landed on the right page. Make yourself comfortable, because you're in for one hell of a ride!
Forex trading in India has been gaining lots of interest of late, and for good reason. You're about to get most, if not all the answers to your questions answered with regards to forex trading in India.
A few of the topics that will be covered on this page include, but not limited to;
How to open a forex trading account in India
Best forex trading platform/broker for Indians
How to trade forex (and binary options) in India
So, without further ado, let's get started, shall we?
You'll be glad to know that opening a forex trading account in India is FREE with a platform called IQ Option. On top of that, your new account comes with a $10,000 demo account for you to practice with. Are you viewing this on an Android device, an iPhone, or a laptop/P.C? Please select whichever applies to you below.
RISK WARNING: YOUR CAPITAL MAY BE AT RISK
By now I'm assuming that you have downloaded the platform already. Don't forget to register your new account. It shouldn't take too long. This will become your broker account for your forex and binary trading in India.
OK, once you're all set you should see a screen similar to the following (if you're on a mobile phone).
If you're on a laptop/P.C, then your screen may resemble the following.
Yours might look a lot different to the image above, and may not even display the USD/INR pair. Don't worry about all those lines and dots. We'll get into those in a bit.
Once you have downloaded and registered for your IQ Option account, it's time to start trading. Like most novices, you probably don't know where to start. There's currency trading, stock trading, forex trading (which is the trading of currencies too), and cryptocurrency trading (have you heard of bitcoin yet?). How do you trade these?
Let's get started, shall we? Open up your platform, and look for the Indicators.
If you tap/click on that symbol (circled), you will be presented with a list of indicators. Traders use indicators to help them be more successful in trading, and IQ Option has 15 of these.
Let's go through each of them so that you get better acquainted. Before we get into those, take a look at this short introductory video on trading with IQ Option.
Now, after watching that video, do you think trading just involves guessing which direction a certain asset will end up in 3 or 5 minutes? We all wish it were that simple. Fortunately, the indicators can help us be more successful with our trades. Without further ado, here they are.
By now you must have already downloaded IQ Option and registered for your broker account. This is where all your forex and binary (as well as cryptocurrency) trading will be taking place. If not, you can do so by clicking on the appropriate buttons below. If you use a mobile phone, and you have already registered, you'll then be able to download the IQ Option app for your laptop/P.C. On this is where you'll be able to trade binary options (in india).
The question on the legality of binary options trading in India is on many people's minds. Binary (and forex) trading is legal in India. There was a restriction on certain currency pairs, but you can trade INR pairs (as well as plenty more).
If you haven't yet downloaded the best trading platform for India, you can go ahead and do that now.