Trading forex in India can be restrictive, as it’s not legal to trade currency pairs that do not involve the Indian rupee (INR), in keeping with the legal frameworks from the Reserve Bank of India (RBI), the Foreign Exchange Management Act (FEMA) of 1999 and the Securities and Exchange Board (SEBI). Indian traders who want to avoid these limitations and legal issues can use international regulated brokers that accept Indian clients.
Being one of the most liquid and popular markets in the world, traders can take advantage of the Forex market around the clock. However, in today’s busy world, it is sometimes tough to fit Forex trading into a packed schedule. Mobile phones are therefore a great tool for making money on the Forex market, as it gives traders the freedom to trade on the go.
Mobile Forex trading is increasingly popular in India because of affordable smartphones and relatively cheap internet plans. While smartphone users have been growing in India over the years, there are a few things to look for in a smartphone to best take advantage of Forex trading on mobile apps, as not all phones are created equal.
The two most important factors to take into consideration when choosing a smartphone are 1) the size of the screen, and 2) the battery life of the phone. The display, the internal storage and the processor speed are also important aspects to consider.
While nearly all Forex brokers offer mobile apps, you need to choose the right broker for your trading needs (all the features you might need to start trading Forex and other markets on your smartphone are available here).
A regulated broker
You first need to select a regulated broker that is overseen by a reputable regulator, such as the ASIC, the FCA or the CySEC, so you can be certain that you’re trading in a safe environment. Moreover, regulated brokers usually offer additional protections for retail traders, such as investor compensation schemes. You should also check out the reputation of the broker you want to use and be sure that it keeps client funds in segregated accounts in top-tier banks.
Advantageous trading conditions
When choosing a broker, you should also have a look at the type of trading accounts offered, the minimum deposit required, the available assets and financial products, the leverage, the spreads and the trading fees, as well as deposit/withdrawal options. It’s also important to be sure that the customer support is knowledgeable and available in your time zone.
Compatible trading platforms
Finally, you need to be sure that the trading platform and software offered are compatible with your operating system. It is also important that you have access to the trading tools you need to implement yourtrading strategy.
“With an increasing number of people doing everything from shopping to booking taxis on the smartphone, it is a natural progression for mobile users to start trading on their hand-held device,” said Raghu Kumar - Co-founder of RKSV onThe Economic Times India.
Technology advancements are improving charts and trading tools to offer sophisticated and advanced trading environments. Forex mobile apps allow you to trade on the go in an easy and powerful way. But you need to be careful not to overtrade. Just because trading is available at your fingertips doesn’t mean that you should trade all the time…