Indian Online Forex Broker
If you're looking for an Indian Online Forex broker, Forex Control is one that you'll want to take a look at. So what's the deal with Forex Control? Are they worth investing your hard-earned money into?
If you're from India, you might notice that you have a limited number of options to consider when it comes to working with Indian brokers. Because of this, I'd say that Forex Control is definitely one that you should consider. They are one of the better online brokers available in India.
Overall Rating: 8/10
Safety of Funds: 9/10
Customer Service: 9/10
Minimum Account Size $250
Forex Broker Review
Forex Control is one of the few online Forex brokers that you can even gain access to in India. As we've chronicled in other articles here on the site, currency trading in India is not exactly like it is in other parts of the world. Because of this, you need a broker who understands what you need and what regulations are present in that area. Forex control understands this as it is situated in Bangalore India and is very familiar with the rules.
I give this broker decent marks for convenience because of the number of deposit and withdrawal methods that they provide to consumers. You can put money into your account through sources like a Visa or Mastercard, as well as third-party merchants like Money Bookers and Western Union. The one thing that I don't really like about this broker is that they don't offer support for PayPal and a lot of traders use that regularly.
One of the cool things about this broker is that they offer leverage of up to 500:1. This means that you can risk less of your own money when placing trades. Another advantage of working with this broker is that you can get pretty decent spreads. Most pairs have spread of somewhere between one and three pips.
The downside to working with this broker is that they are not regulated by any big regulating agencies. If you are familiar with the Forex market, you know that traders feel more comfortable with brokers who are regulated by somebody. With that being said, regulation doesn't always make that much of a difference. In some cases, I'd actually prefer to trade with a broker that wasn't regulated (hint, hint National Futures Association). When trying to decide whether you want to work with this broker, you have to make a personal decision about whether you're comfortable with trading with an unregulated broker.
One of the things I like about this broker is that they give you a lot of choices in the underlying investments that they offer. You not only get access to the Forex market, but you also get to trade other things like gold, silver, sugar, copper and other commodity futures contracts. You can also trade futures contracts on major stocks and other underlying investments. If you like variety, this is a good broker to work with.
If you need an Indian online Forex broker and you live in Asia, this is one to check out. They have been around for a while and they are a quality outfit to work with. They allow small investments to get started and they've been very steady since they opened. Give them a look and see for yourself.
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