Currency Exchange in Chennai Money Exchange in Chennai

We let you book at live and transparent rates unlike other platforms and process the transfers in the fastest time possible. Our forex card offers a convenient and hassle-free way to manage your forex needs. With access to the latest interbank rates, paperless and digitized booking, and same-day doorstep delivery, you can start using your card in no time. Plus, with global acceptance and easy management through our app, it’s the perfect choice for anyone on the go.

• However, the app gets fairly low ratings from both Android and iOS users.
• Yes, forex trading is legal in India – albeit with strict limitations and restrictions.
• Are you looking to speculate that the Euro (EUR) currency will go up in value against the U.S.
• Check out our Forex Broker Compare Tool to compare dozens of the biggest forex brokers in the industry and analyze their top tools and features.
• Should you decide to open an account, you will be redirected to the account application for your region.
• Forex trading in India is highly regulated when it comes to the physical exchange of one currency for another (where actual, physical delivery of the currency takes place) and is legal when done so with a SEBI-regulated broker.
• If you’re a casual investor, it’s hard to beat the free trades you’ll enjoy with IBKR Lite.

Beginner forex traders might start trading forex with as little as $100, while it’s not uncommon for professional day traders to have six or even seven-figure trading accounts. If you are a beginner, you’ll first need to determine if forex trading is suitable for you. Are you looking to speculate that the Euro (EUR) currency will go up in value against the U.S. To do so, you would trade (or place a spread bet on) the EUR/USD currency pair, which is a forex investment.

Podium finisher: Interactive Brokers

The new mouse-over description reflects your selection and the clock icon shows a yellow warning triangle to notify you that the order is eligible to fill or trigger outside its regular hours. When you open & fund a new account with $5K on Chase.com or the Chase Mobile® app. We are redirecting you to the Interactive Brokers LLC (U.S.) Website. Should you decide to open an account, you will be redirected to the account application for your region. You can also find the website of the IBKR entity for your region at the bottom of this page. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Choosing a regulated broker is crucial for avoiding forex scams, and the country where your broker is regulated is equally important. Traders should always consider all licenses a broker may hold across its various global entities and brands. In addition to our top picks above, we’ve reviewed and rated several more brokers introducing broker list who accept residents of India as clients, included below. Trading forex is increasingly popular in India, but it’s also heavily regulated, and the path to trading forex in India isn’t always straightforward. In 2012, IB began offering money manager accounts and opened the fully electronic Money Manager Marketplace.

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As such, most Indian residents will be limited to using exchange-traded products. In addition to competitive spreads and low commission-based pricing for forex, Interactive Brokers provides more third-party research than any other broker. A forex broker may offer you the underlying currency, or a non-deliverable spot contract or derivative such as a contract for difference, or CFD, depending on any relevant country-specific regulatory restrictions. It’s important to only use brokers that are properly regulated to reduce your risk of being scammed. Interactive Brokers stands out for its trading platforms, which include its flagship desktop software and web trading app – both of which provide access to advanced trading tools and global financial markets (including forex and CFDs). Interactive Brokers’ web-based platform is geared towards everyday retail traders, whereas the desktop platform is complex, and challenging to use and customize – even for professionals.

CMC Market’s Next Generation platform comes with a massive selection of nearly 10,000 tradeable instruments. It delivers a terrific user experience, as well as advanced tools, comprehensive market research, and an excellent mobile app. Hands down, the CMC Markets Next Generation trading platform is a market leader that will impress even the pickiest of traders. The new Dynamic Trading tool allows you to place multiple trades simultaneously, which was a nice innovation by CMC Markets this year. IG took first place for our 2023 Annual Awards as the best overall forex broker, with 100 available currency pairs and the ability to trade CFDs and forex options, traders have plenty of choices. IG is the only broker that is regulated in both Switzerland and the U.S., in addition to nearly a dozen global licenses — making IG one of the most trusted brokers.

India’s first True Zero Markup Travel Card – Interbank Rate Forex Card for currency conversion in Chennai

The company is headquartered in Greenwich, Connecticut and has offices in four cities. It is the largest subsidiary of the brokerage group Interactive Brokers Group, Inc., which was founded by Chairman Thomas Peterffy, an early innovator in computer-assisted trading. The company is a provider of fully disclosed, omnibus, and non-disclosed broker accounts[nb 1] and provides correspondent clearing services to 200 introducing brokers worldwide, as of 2014. As of February 2022[update], the company serves 1.76 million customers, with US$348.5 billion in customer equity. Interactive Brokers Group owned 40 percent of the now-closed futures exchange OneChicago,[3] and it is an equity partner and founder of the Boston Options Exchange.

Let’s say you wanted to open a position for a EUR/INR forex futures contract on the NSE through your broker. With a July 2023 contract priced at 90.35 INR per euro, you’d need 2,845 INR (roughly 30 euros, https://www.xcritical.com/ as of June 2023) for the margin requirement to open one lot. Compare forex and CFD brokers that are authorised in India, side by side, using the forex broker comparison tool or the summary table below.