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is lexatrade legal in india

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 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.

Currency Trading in India—Pros & Cons

For instance, Indians cannot trade in the most common or minor currency pairs. Since very few brokers fulfill the regulatory criteria, they impose high fees on transactions. Lexatrade is an appealing option for traders looking for a comprehensive platform that covers a wide range of financial instruments. While the lack of regulation may be a concern for some, the features and educational resources provided can enhance the trading journey for both novice and seasoned traders.

is lexatrade legal in india

How to verify a broker’s credibility?

As you can see, the is lexatrade legal in india US dollar is the dominant currency in the forex market, accounting for almost 90% of all transactions. The euro and the Japanese yen are the second and third most traded currencies, respectively, followed by the British pound and the Australian dollar. The foreign exchange market is the world’s largest decentralized marketplace for buying and selling currencies. Millions of people around the world put in their money to make positions in different currencies, aiming to gain some profits from their fluctuating value. LexaTrade is a newly launched, regulated broker that offers CFD trading on currencies, cryptocurrencies, indices, and commodities.

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.

What are the Best Forex Trading Platforms in India?

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.

The forex market is the largest and most liquid financial market in the world, with an average daily turnover of over $6 trillion. Forex trading can be done for various purposes, such as hedging, speculation, arbitrage, or diversification. The main regulator of the country’s securities (such as stock, bonds, and derivatives) market, SEBI, aims to protect investors’ interests and develop/regulate the securities market through fair and transparent practices. The organization mandates that brokers providing forex trading services should be registered. The central bank has added QFX Markets, 2WinTrade, Guru Trade7 Limited, Bric Trade, Rubik Trade, Dream Trade, Mini Trade and Trust Trade to the Alert List of unauthorised forex trading platforms. SEBI, or the Securities and Exchange Board of India, is the country’s main securities regulator.

  1. The full list of authorised persons and ETPs for forex transactions are available on the RBI website.
  2. Organization and company which provides financial services need to obey various policies and get approval from regulators in every jurisdiction.
  3. I’ve been navigating the investment world since 2005, from stocks to gold, and I’m here to share what I’ve learned.
  4. For instance, the base currency being traded upon has to be the Indian Rupee (INR).

Overall, Lexatrade stands out as a competitive choice in the online brokerage market. Before beginning, customers need to activate the Currency trading segment in their Zerodha trading account. Forex trading is the act of buying and selling currencies in the global foreign exchange market.

There is no mention of an inactivity fee but we cannot guarantee that you won’t be charged one. Live chat support was available at the time of our visit but a bit slow to answer. The Gold account comes with the web version of MT4, while Platinum and VIP accounts give you access to the full MT4 client.

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