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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 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:
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
- Current copy of ITR acknowledgement
- Current copy of annual accounts
- Current copy of Form 16 (in case you earn salary income)
- Copy of Current Net worth certificate
- Current 1-month salary slip
- Copy of current or recent demat account holding statement (not more than three months old)
Verification takes place via call or visit (by the brokerage house representative)
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!