Top forex company in india
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We help you in setting up your successful Online Forex Trading Business. Toggle navigation Forex veda. Managed Account With Capital Protection There are many individuals and fly by night companies offering assured returns. Not only for its ability to regulate such a huge financial market India has three stock exchanges , but also for the level of scrutiny it places on those it oversees. This fact makes SEBI regulated Forex brokers very trustworthy to deal with since the regulatory body itself adequately protects the traders.
In fact, it is not uncommon for SEBI to conduct routine audits on the various financial institutions around India. Additionally, those found in the wrong have usually faced tough penalties including huge fines and even a revoking of their license. Suffice it to say, the regulations that SEBI were working under were very strict, and this had curtailed the growth of the Forex market.
For example, traders were not allowed to trade in any other currency pairs except those based on the Indian rupee. Furthermore, only the major currencies could be traded, including the US dollar, Sterling pound, Japanese yen, and the euro. Trading any other currencies in the Forex market was considered illegal and could have even led to severe legal action.
Besides, all the trading could only be done through major financial institutions like the Reserve Bank of India, major banks and a few financial institutions. Even the would be best Indian Forex brokers could not sign up clients from the country.
It quickly became clear that FERA was doing more harm than good. Even Coca-Cola had to leave India due to these regulations that required the company hand over their secret formula. Then in , the country adopted a liberalization policy that eventually led to the repeal of FERA. Not only did FEMA give room for the top Indian FX brokers, but it also maintained the high ethical standards from the previous legislation.
SEBI plays a huge role in keeping traders safe and away from any scams since it serves multiple functions. Other than that, SEBI has the authority to investigate any complaints raised by a trader and impose any legal action they deem necessary. Just like in many other countries, India too has not been left behind when it comes to fraud. Over the years, there have been several headlines to do with Forex scams in India, some of which had lost investors millions of dollars.
One case was that of Rochester Investment Consulting Pvt. The company had been in operation since when the Forex markets were volatile following the economic crisis and investors were eager to make some profits from the moves.
Rochester claimed to be the best Indian FX broker, providing even trading platforms for individuals. Later on, it became clear that the Forex trading platforms were just duds, and that the company was just a pyramid scheme where there was no actual Forex trading. None of the funds were recovered since the money had been funnelled to offshore banks accounts in the British Virgin Islands.
While this was a huge blow to the investors, it is also a testament as to why the best Indian Forex broker is only that who has been licensed by the SEBI. There was a lot of public outcry when the government only imposed a fine of Rs 1.
We now know that it is paramount to have a SEBI licensed broker in order to keep your investment safe, but there are other factors to keep in mind too. One key factor is the number of trading instruments available to you, most importantly those going beyond Forex pairs.
The best Indian CFD brokers will provide other instruments like stocks, bonds, indices and even cryptocurrencies for trade. Not only do these provide additional investment options, but some of them, especially cryptocurrencies, have a high volatility that could mean huge profits to you.
So far, India has been one of the leading countries when it comes to cryptocurrencies. The government itself has been looking into blockchain technology as a way to improve financial transfers. Nevertheless, you may want to find an offshore broker who will provide this option just to increase your own profits. Finally, you have to check reputable India Forex broker reviews to learn what other traders have to say about the various companies.