If you are interested in the trading of currency exchange then make sure you are buying or selling through a reliable and reputed platform. With the rapid growth in the sector of forex trading in India, many companies are now investing in the currency exchange market. You will find plenty of currency exchange portals online. However, it is best to check certain factors for choosing the best foreign currency exchange in India.
1. Check the authorization - The first step for choosing the best platform for online currency exchange in India is to check authorization. A forex company should be authorized by any national bank that deals with the foreign currency market of India. It is preferable to go for an RBI authorized forex broker since the Reserve Bank of India regulates and mandates norms of this market in the country. Along with the authorization, make sure to check whether the company adheres to the rules and regulations set by FEMA (Foreign Exchange Management Act) or not. These two are the most important details to check before trading through a company’s platform.
2. The most competent rate for online currency exchange in India - The second important aspect of choosing the best forex company is the exchange rate. Compare exchange rates provided by different dealers. Check what is the ongoing rate of exchange and then compare that with the offered rate price of different companies. It is less likely that a company would offer the real-time exchange rate, which is the actual conversion rate. Considering the profit margin, brokers offer different rates. Hence, select accordingly.
3. Experience and reputation in the market - After you have done checking registration/authorization and exchange rates provided by a company, check their experience in the field of currency exchange. Check whether customer care is available round the clock or not. Read reviews and check online ratings. A company’s goodwill in the market strongly matters when you are going to invest your hard-earned money through their portals. Many have fallen prey to hidden scams and frauds in the name of currency exchange. Hence, avoid them by judging every aspect.
4. Avoid banks and airports - These two places should be avoided because the charges offered by both of these places are pretty steep. Since currency exchange is not their fundamental business aspect, they keep high charges for their service.
Follow these basic four steps to find the best platform for forex trading in India. Make sure to rely on a trusted hand and avoid random selection.
May 06 2022
Apr 09 2022