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What is currency trading account?

A forex account is one that holds deposits in one or more currencies for trading. These trades are based on the movement of the foreign exchange market. With this type of account, you can now unlock vast and potentially significant returns from global markets. These and other factors draw investors to forex trading.

What are the benefits of opening a forex trading account with Angel Broking?

  • Low Commission: A large brokerage house like Angel Broking offers moderately lower commissions. These allow investors to trade in forex markets if they have a currency account
  • No Middlemen: There are no middlemen involved when you are trading with Angel Broking, which facilitates seamless transactions
  • Standardised Lot Size: Angel Broking gives standardised lot sizes for ease of trading. These range from 1000-100,000 units of currency
  • Low Transaction Costs: Transaction Costs tend to be as low as 0.07%
  • High Liquidity: A forex account tends to cater to a highly liquid market. This enables trades with full price discovery
  • Instant Transactions: Transactions online are instantaneous
  • Low Margin, High Leverage: Given that the margins are nominal, you can afford to take higher calculated risks when trading through your currency account
  • Online Access: Angel Broking provides 24/7 web-enabled back-end service
  • Interbank Market: Access to the interbank market, a global network of institutional currency traders, makes sure there is sufficient liquidity at all times
  • No insider trading
  • Limited regulation
  • No account maintenance charges for the first year

how you can benefit from forex

  • - Low Commission
  • - No Middlemen
  • - Standardized Lot Size
  • - Low Margin, High Leverage
  • - Online Access
  • - Interbank Market
  • - Transaction Costs as low as 0.07%
  • - High Liquidity
  • - Instant Transactions
  • - Self-regulatory
  • - No Insider Trading
  • - Limited Regulation
    CURRENCY AND FOREX TRADING

How to open forex trading account in India?

Angel Broking allows you to open a currency account online. When you buy and sell foreign currencies, you tend to benefit from exchange rate fluctuations. These trades generally get executed in pairs, e.g. EUR/USD, AUD/USD, USD/CHF, USD/CAD, NZD/USD. Here’s an easy guide on how to open a forex trading account:

Application

Brokerage houses often provide the comfort of having the documentation completed at your home. A representative carries the Account Opening, and the Know Your Client (KYC) forms with him or her

Along with submitting the completed account opening form, you will also need to provide additional documents. These documents serve as identity, address and financial proofs. This is an extensive list of documents you will need:

Identity and Address Proofs

  • Account Opening Form
  • Photo ID proof: PAN card / Voter's ID / Passport / Driving license / Aadhaar card
  • Address proof: Telephone bill / Electricity bill / Bank statement / Ration card/ Passport / Voter's ID / Registered lease or sale agreement / Driving license
  • Financial Proof:
  • Apart from a six-month bank statement, you can also submit any of the following documents as valid financial proof

    1. Current copy of ITR acknowledgement
    2. Current copy of annual accounts
    3. Current copy of Form 16 (in case you earn salary income)
    4. Copy of Current Net worth certificate
    5. Current 1-month salary slip
    6. Copy of current or recent demat account holding statement (not more than three months old)

Verification

Verification takes place via call or visit (by the brokerage house representative)

Application acknowledgement

After your verification is successful, you’ll get your forex trading account login details. You can then begin trading after successfully setting it up

Why open a forex account online?

  • Transactions take place in real-time
  • Quick execution and settlement of the trades
  • Easy access to your account, carry out intra-day trades from anywhere
  • Trading with your currency account does not involve intermediaries
  • Low transaction costs and with 0 insider trading

With all these benefits and seamless processes, it makes sense to open forex trading account with Angel Broking today!

product specification

Contract Specification →
Underlying Rate of exchange between 1 USD & INR
Pair USD/INR, EUR/INR, GBP/INR, JPY/INR
Contract Months 12 consecutive calendar months i.e. a view up to 1 year in future can be taken
Expiration date and time / Last trading day & time At 12:30 noon, two working days prior to the last Mumbai Interbank Settlement day of the month
Min Price fluctuation / Tick size 0.25 paise or INR 0.0025
Settlement Daily Interim MTM settlement Final settlement Cash settled in INR Based on daily closing price of the contract Based on LTDs RBI reference rate
Margin required for 1 lot USD/INR 1.75% on the first day & 1% thereafter
Market timings 9:00 AM to 5:00 PM
Events likely to impact USDINR rate → General trend for demand/supply of USD Impact on USD Impact on INR
Increase in exports of India Excess inflow of USD in the country Depreciates Appreciates
RBI is selling USD to meet demand for the dollar Supply of USD increases Depreciates Appreciates
NRI Forex remittance is increasing Increase in USD inflow Depreciates Appreciates
Positive trade balance Increase in USD inflow Depreciates Appreciates
Increase in exports of India Demand for USD increases Depreciates Appreciates
Rise in global prices of commodities Demand for USD rises due to costlier imports Depreciates Appreciates
FIIs buying back USD Excessive USD outflow Depreciates Appreciates
RBI is buying USD to absorb excess USD due to Forex inflows Absorption of excess USD liquidity Depreciates Appreciates

Currency Trading FAQs

What are the pairs in currencies?

Foreign exchange or Forex is the simultaneous buying of one currency and selling of another. Currencies are traded through a broker or dealer and are executed in currency pairs. For example: the Euro and the US Dollar (EUR/USD) or the British Pound and the Japanese Yen (GBP/JPY). The Foreign Exchange Market (Forex) is the largest financial market in the world, with a daily volume of over $4 trillion. This is more than three times the total amount of the stocks and futures markets combined. Unlike other financial markets, the Forex spot market has neither a physical location nor a central exchange. It operates through an electronic network of banks, corporations, and individuals trading one currency for another. The lack of a physical exchange enables the Forex market to operate on a 24-hour basis, spanning from one time zone to another across the major financial centers. This fact – that there is no centralized exchange – is important to keep in mind as it permeates all aspects of the Forex experience.

What are the lot sizes?

USD-INR – 1000 Dollars, EUR-INR – 1000 Euros, GBP-INR 1000 GBP, JPY-INR – 1,00,000 JPY

When is the contract expiry in currencies?

2 working days prior to the last business day of the month

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