The Best Forex Broker in India 2021
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Nomads Fx, is the best forex broker in India.
Forex trading in India.
With 24 percent of financial literacy among 1.3 Billion population, India is currently in the lowest financial literacy rank compared with other developed countries.
Forex trading is very popular in India, and traders have two options to choose forex brokers. Forex brokers registered with Indian regulators and forex brokers with overseas regulators and licenses.
Forex trading in India is Legal or Not?
The forex market in India is regulated and monitored under Foreign Exchange Management Act (FEMA) by the Reserve Bank of India(RBI) and Forex trading in India is partially legal and partially not, With a regulated broker under the FEMA act trades can only with INR based currency pairs.
Like USDINR, GBPINR, EURINR, JPYINR, and three cross country currency pairs EURUSD, GBPUSD & USDJPY listed on the National Stock Exchange(NSE) & Bombay Stock Exchange(BSE).
Trading in other country currency pairs is barred according to the Foreign Exchange Management Act, set forth by the Reserve Bank of India. Forex is the world’s largest decentralized financial market and by following individual country rules and regulation traders may lose the benefits of all the advantage in trading in fx market
If a trader chooses to trade other foreign currency it is possible to open an account with growing technology and digital wallet services like bitcoin, USDT, Neteller, Skrill. It does not take much time to open an account with overseas regulated forex brokers.
Always keep in mind that do not wire transfer or use debit and credit cards to fund your trading account.
Here is our recommendation for the best forex broker in India and why.
Why Nomads Fx.
Nomads Fx is a brand created by successful Forex Nomads with the MetaTrader 5 platform and with the vision of providing uninterpreted services and easy withdrawals, Nomads Fx is a leading and fast-growing forex broker in India and Asia.
Nomads Fx also provides demo trading accounts with a virtual currency of 10,000 USD, an aspiring trader can open a demo account to practice before opening a live account, and experienced traders can also open a demo account to check all the trading symbols.
Forex broker for Indian clients.
Nomads Fx accepts Indian clients, as the company is incorporated from St vincent and grenadine and operating according to international standards and accepts clients around the world except United States, Canada, Sudan, Syria, and North Korea.
How many trading symbols/pairs we can trade with Nomads Fx.
Nomads Fx provides 116 trading symbols like Currencies, Indices, Cryptocurrency, Commodity, Metal, and Energy.
- 40 Currency.
- 23 Indices.
- 13 Spot Indices.
- 13 Commodity
- 14 Cryptos.
- 10 Metals.
- 3 Energy
Nomads Fx is the best forex broker in India 2021
Nomads fx provides leverage up to 1:500 and have three different account types,namely Rover, Vagabond and Go Pro the best and least spread and commission account type is GO PRO spread starts from 0.2 and commission is just 1USD
Best Forex Trading platform and App.
Nomads Fx provides Metatrader 5 the latest and most advanced trading platform, app, and web trading, The platform supports all trading strategy and all auto trading robots(EA)
This forex broker also runs many contests like Demo trading contest, Real Trading Contest, No Deposit Bonus trading contest.
To know more details about Nomads Fx Please visit their Official Website
Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all. Before deciding to trade foreign exchange, you should carefully consider your trading/investment objectives, level of experience, and risk appetite.