It offers signals and pattern recognition and is generally regarded as a reliable tool but of course there are no guarantees that it will be profitable. The minimum deposit is $250 and the available methods are Visa, CryptoWallet and e-Payouts; the processing time is not specified. Information about withdrawals is missing and this should is lexatrade legal in india be addressed by LexaTrade. All we could find is that withdrawal processing takes up to 24 business hours and that a representative will contact the client in order to complete the processing of the withdrawal. Forex trading is legal in India, and Indian residents can engage in currency trading, but they must adhere to the specific terms and regulations set by the authorities.
Once you have identified that, it will be much easier to take decisions in a dynamic manner in line with market movements. Once you begin trading, like every other investment, it is necessary to take informed decisions and wise choices. Finally, you will need to request the necessary access credentials that your broker will be able to provide you with. It is registered in Saint Vincent and the Grenadines (A small country in the Caribbean), a kingdom of thousands of shell companies. At a glance, it seems amazing platform and opportunity to earn trading profit with LexaTrade experts.
Is Lexatrade a legal broker?
As per the whois data, the domain Lexatrade.com was registered in September 2018, and according to similar web data it has around 13k monthly traffic from Kenya (60%) and India (26%). Her 15-year business and finance journalism stint has led her to report, write, edit and lead teams covering public investing, private investing and personal investing both in India and overseas. She has previously worked at CNBC-TV18, Thomson Reuters, The Economic Times and Entrepreneur. When investing in a fixed deposit, the amount you deposit earns interest as per the prevailing… This financial tool allows one to resolve their queries related to Public Provident Fund account. Unfortunately LexaTrade doesn’t offer a lot of information about withdrawals but according to the website, a representative will contact you to complete the processing, which takes up to 24 working hours.
An entity not appearing in the Alert List should not be assumed to be authorised by the RBI to deal in foreign exchange or operate electronic trading platforms for forex transactions. The authorisation status of any person/ETP can be ascertained from the list of authorised persons and authorised ETPs available in the RBI’s website,” RBI said. While you cannot directly trade in the foreign exchange market, you can still trade in currencies through the stock exchange.
There are some tips listed below that could help you if you have just begun investing with foreign exchange trading platforms. The trades are settled by cash, since it involves simultaneous buying and selling of currencies. While this is a feature wherein currency trading differs from trading in stocks or other instruments, another major difference is that you don’t require opening a DEMAT account to trade in currencies. It’s crucial for traders to be aware that the RBI keeps a vigilant eye on unauthorized Forex trading platforms. Engaging with these platforms could result in legal complications or exposure to fraud and scams.
LexaTrade Bonus
This does seem like a friendly broker, but I am not sure it’s the best choice for a total beginner, simply because the lowest deposit to open an account is $250. Many regulated brokers allow $50 and even $10 as minimum deposits, so maybe you should pick one of those. On the other hand, if you are confident in your abilities and $250 is not a lot for you, then LexaTrade may be a good choice. No, forex trading in India is not illegal, as long as it’s with a SEBI-registered broker. While participating in forex trading in India, knowing these tips may help you reap successful returns that help you meet your investment goals comfortably.
How can I legally start Forex trading in India?
All early signs show that LexaTrade is not a scam but keep in mind this is a very new CFD broker. The general online opinion is favourable and this is always a good thing because as soon as something goes terribly wrong with a broker, people flock to online forums, chat rooms, and social media to bash the said broker. This is not the case with LexaTrade and thus far we consider this CFD broker a reliable partner for your trading needs. For instance, the base currency being traded upon has to be the Indian Rupee (INR). There are only 4 currencies that can be paired with the INR and these include the US Dollar (USD), Euro (EUR), Great Britain Pound (GBP), and Japanese Yen (JPY).
- LexaTrade provides access to popular cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and more.
- Lexatrade charges a spread on trades, which is the difference between the buy and sell price of a financial instrument.
- For instance, while trying to meet long-term goals, you can adopt a more conservative approach than if you are trying to meet short-term goals, for which you need to be able to generate returns quickly.
- The Swiss franc, the Canadian dollar, and the Chinese yuan are also among the top ten most traded currencies, while the Swedish krona and the New Zealand dollar are the least traded currencies in the table.
- To trade forex successfully in India, you need to choose a regulated and reliable broker that offers you access to a variety of currency pairs, platforms, tools, and services.
Determining the best forex trading company in India can be subjective, but Saxo Bank is often considered a top choice due to its wide range of currency pairs. Fusion Markets is known for offering low commissions, while IC Markets boasts low FX commissions and tight spreads. Global Prime is favored for its low forex fees, and Tickmill offers low FX commissions and tight spreads. Forex trading in India is a lucrative and exciting activity that can offer many benefits for traders who are willing to learn and master it. However, forex trading also involves significant risks that require careful management and mitigation.
Risks Associated With Forex Trading in India
However, they can still trade in foreign currency derivatives on SEBI- and RBI-approved platforms or brokers via centralized stock exchanges, such as the Bombay Stock Exchange (BSE) or the National Stock Exchange (NSE). Called as foreign exchange (forex) trading, currency trading occurs on foreign exchange markets. Forex trading is most often conducted over a foreign exchange trading platform, wherein an individual trader bets on whether a certain currency will rise or fall against the domestic currency. LexaTrade is a financial trading platform that offers a range of financial instruments for traders to choose from, including contracts for difference (CFDs), foreign exchange (FX), and cryptocurrencies. Even though Indian regulations state that currency trading cannot be for speculative purposes, SEBI-registered brokers have provided services for speculative trading for some years. Indian traders responded through a broker’s association to push for a reconsideration of RBI’s non-speculative rule.
Knowing your market and instrument is important to be able to successfully navigate the trading landscape, which is why it is important to remain updated on happenings in the world that might affect currency movements. Conduct thorough research and analysis to assess the different investment strategies that traders have successfully employed to gain high returns in currency trading. It also helps to compare the different strategies and construct your own personalised strategy that is able to align with your own goals and requirements.
That being said, caution should be used anytime money is involved, with all brokers, old or new. On the other hand, the majority of traders don’t need Expert Advisors, scripts and the (sometimes) stuffy interface of Meta Trader. Besides, LexaTrade’s Web platform offers all the tools that can turn a skilled trader into a profitable trader. And besides, if you really want to do advanced technical analysis, LexaTrade offers Meta Trader 4 so you can have the best of both worlds. The alternative to speculative trading is hedging risk for an underlying holding. For example, if a business is exporting goods to the UK, it might open a GBP/INR trade to lock in the exchange rate for the export value.