Foreign exchange trade is steadily gaining momentum in India. Although many investors still prefer to trade in other financial markets, awareness about forex and the laws governing it is picking up. In India, forex trade is only allowed in pairs that include the Indian Rupee (INR). The INR can be traded with the US Dollar (USD), Euro (EUD), Great Britain Pound (GBP) and the Japanese Yen (JPY).

One can engage in forex trade on three stock exchanges in India – the Bombay Stock Exchange (BSE), the National Stock Exchange (NSE) and the Metropolitan Stock Exchange (MSE). Binary trading, however, is prohibited by law in India.

Forex trading can be carried out using an easy forex trading app. All you need to do is this:

• Internet connection: Ensure that your device is hooked on to a stable and fast internet connection because the value of currency pairs tends to fluctuate rapidly. You must be able to track these in time and successfully. Small delays could also increase your losses since forex trades are placed on high leverages and in lots.
• Trading platform: Next, you must find a reputed, SEBI-approved broker that provides forex trading services. Other factors to consider are whether the broker offers low brokerage fees and high leverage against low margins. Novices must also ensure if they firm gas a forex trading app for beginners. A trusted name such as Motilal Oswal provides one of the best forex app for beginners.
• Sign up: Now, you must open an account on the online trading platform or app from a range of option based on your preferences. When you sign up, you may be required to make a minimum deposit.
• Transfer funds: A trader is then required to transfer funds to the account through an easy forex trading app via a bank transfer, debit or credit card, or any other payment option.
• Place a trade: You can now start trading in forex markets on the online app. It is advisable to run a few demos or trade using small amounts before you start trading in earnest. This will help you evade losses and boost your confidence.

Conclusion

Before venturing into forex trading on an online forex app for beginners, you must familiarise yourself with the various terms and strategies associated with forex trading. There are multiple techniques using which you can start forex trading including scalping, day trading and position trading. More importantly, you must be disciplined and practise forex trading with the right broker.  With Motilal Oswal, you can get high leverage for four times the exposure, secure experience, personalised advice, efficient risk management and a dedicated advisory team.

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