Zerodha: Fastest Growing Forex Trading Platform

Forex is basically the currency trading which is also known as foreign exchange or FX. It is a decentralized platform for global market which is used to trade the entire world’s currency. This market is the world’s largest liquid market where on average above $5 trillion is traded each day. Forex can be an enticing investment platform, especially due to the ease and accessibility of it. This guide will help you understanding about the Indian trading platform that is on the top and how it works. New investors will definitely find it enticing, interesting and a kick start for their trading enthusiasm. 

What is Forex Transaction?

The forex exchange rate between different currencies is primarily based on supply and demand which is the basic factor determining the amount of money you get one you exchange currency of one nation from other. For instance, if you travel from India to America and make a forex transaction and exchange Indian rupees to American dollars, then the current forex exchange rate will determine how many dollars you will be entitled to receive against your rupees. Since these rates constantly fluctuate due to several factors, you never get the same amount of dollars in exchange for your rupees.

Benefits of Forex Trading

It is one of the highest accessible markets to individuals and an online forex trading account can be set up within one to three days at a low price.
Trading through this platform can be done online in real time with latest market price, news tools, and charts at your disposal.
Forex market remains open 24 hours a day and 5 days a week.
Forex market moves fast and has a deep liquidity, making it provides faster returns
Forex market is the largest market globally in terms of volume as there is ample liquidity for trading, especially in currencies. Open Forex Practice Account With FXCM
Forex market frequently obtain profits using technical analysis of price charts available in real time
There is much less possibility of insider price manipulation in forex trading
Forex trading is pretty affordable and requires lot less investment and a person is supposed to pay a lot less commission; it also falls under tax rules which are simple

What are the cons of Forex Trading?

Just like any other trading platform, forex is highly volatile which can cause high profits or even extreme losses
Small Traders May Face Some Disadvantages
The forex market is primarily dominated by big traders whose actions and transactions control most of the trade and profits, in midst of this, small traders usually have a disadvantage.
There are no strict laws that may monitor these platforms and if a trader is cheated then he may face a tough time getting justice or compensation. So, before registering with any company, make sure you find out more about it.

Zerodha Forex Trading Platform in India

Forex is a popular platform to make an investment with great returns and this has prompted several individuals and companies to start their own booking services, making it difficult for the potential investors to choose one right option. But if you do a little research, then you will surely come across a company called Zerodha. This is a discount brokers company in India which is frequently listed among the top investment companies owing to its large trading volumes, increasing number of customers and a massive growth at a fast rate.

Zerodha: Fastest Growing Forex Trading Platform

Zerodha was established in the year 2010 by Mr Nitin Kamath, a trader with an experience of over a decade. Mr Kamath’s aim was to resolve or minimize the issues and impediments that the investors and traders face in India. Therefore, he started this firm that gave a new direction to the Indian broking. The company’s headquarters are in Bangalore with several other offices in the major cities of India. Zerodha also holds the distinction of being the first company to go online.

Opening an Account in Zerodha

To begin your journey of investing in forex, you can easily open an account with Zerodha, which is one of the top forex trading platforms in India. After you open an account, you will be able to trade in multiple share markets; buy and sell stocks, equity, etc. Zerodha provides the electronic trading platforms for free. Some of the services are –
Brokerage and Margin calculators which are available on the website
‘Q’, a tool that provides information on trades, capital management, positions, tax ready P&L statements
Quant, a tool that gives statistical information based on the client’s trading style
Informative blogs like ‘Z-Connect’, ‘Trading Q&A’ and ‘Pulse’.

How to create Trade Account with Zerodha?

To open an online account with Zerodha, you will be required the following documents –
PAN card
Address proof
2 passport size photos
2 cheques – 1 cancelled and another favouring Zerodha amounting to account opening fee
For trade derivatives, 1 copy of the following documents is required –
Payslip (latest)
Form 16 / IT Returns (latest)
6-month bank statement (latest)

The forms then have to be filled and signed along with Rs. 350 which is the fee for opening the account

You will have to fill out the form to open the account and mail/courier it along with the documents that have been mentioned above to the head office at Bangalore. When the company receives your application, a period of 2 to 3 business days will be taken for processing and create the trading account. You will be then informed by Zerodha about the creation of your trading account via email and you will be provided with the username and password to access the online.

Zerodha: Fastest Growing Forex Trading Platform Zerodha: Fastest Growing Forex Trading Platform Reviewed by Sujit on January 12, 2018 Rating: 5

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