E-wallet and Retail Forex Are Becoming Trendy in India

We know that the Central Bank of India always emphasizes that it will intervene in the foreign exchange market to curb any inappropriate fluctuations. However, the enthusiasm of investors and brokers for the Indian foreign exchange market has never diminished. Many brokers such as FXTM, FXPRO and XM have expanded their businesses in India in order to grasp the huge opportunity in retail forex brokerage.

What are the restrictions on trading forex in India？

The Reserve Bank of India (RBI) stipulates that residents are allowed to open accounts for forex futures and options on stock exchanges under the supervision of SEBI, such as NSE, BSE and MCX-SX. However, the above-mentioned exchanges only offer futures and options on a few common currency pairs (USD/INR, JPY/INR, GBP/INR and EUR/INR) and popular cross currency pairs (EUR/USD, GBP/USD, USD/JPY).

How to break the trading limit？

Although forex trading in India faces multiple restrictions, it can't stop the pace of traders. It's not uncommon for investors to try to bypass the ban and use electronic wallets such as Neteller or Skrill to complete transactions with international forex brokers. These e-wallets are funded by credit cards or Indian bank accounts.

A few tips on electronic wallet transactions

Electronic wallets are favored by Indian investors because of their advantages in transaction speed and security. But despite the convenience in trading, investors should still remain alert. Whether it's an Indian broker or international one, remember to carefully verify its compliance before making the investment.

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