In order to be able to do forex trading you need to have a forex trading account. Having a forex trading accounts enables you to be able to trade in currencies or foreign exchange at any time you want. Having a forex trading accounts also means that you conform to the regulations and the terms and conditions related to forex trading which have been laid down by the Securities and exchange board of India.
Forex trading as a concept is pretty similar to that of stock trading except in this case you are trading in currencies rather than shares of a company. Also you can trade in foreign exchange 24 hours as opposed to the stock exchange which is open for till the market is open in the afternoon. You will have to do forex trading through a forex trading broker. You need to first ensure that the broker or the brokerage that you are using is indeed registered with the securities and exchange board of India and also is not charging too high a brokerage.
In order to get yourself a forex trading account in your name you need to have a PAN card. A PAN card is the personal account number card and is essential for all trading accounts. Once you have a forex trading account in place you can easily begin trading in foreign exchange and trade in a currency of your choice. From the american dollar to the chinese yuan or the British pound, all the foreign currencies are open to you and can be traded using your forex trading account.
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