Hi guys
I want to trade in forex but looking for best broker
I know about zerodha, samco, relience money
But they are giving 1:100 leverage
Please let me know indian forex brokers who are giving 1:500 leverage.
Hi,
I am sure you know this, but the scope for an Indian trading forex is limited because we are allowed to deal with just 4 currency pairs. And while the Rupee is seeing movement, it is still not the best option out there. Regarding leverage, Indian brokers usually max out at 1:100, and since you are starting out, it is a reasonable deal. You could look into Zerodha/RKSV, as the associated charges are minimum with them.
The brokers that do offer all the trading pairs are not following the guidelines set by RBI and therefore there will be compliance issues later on. And in all likelihood they will pack operations at the first sight of trouble. So it is a safer option to go with the Indian brokers that have their Headquarters here.
And lastly, most of these foreign brokers make it seem like an easy deal, but once you open an account, you will find their customer services to be beyond ridiculous.