How to Open a Forex Trading Account?
The first step for maximising profit in currency trading is to open a forex trading account with the best forex broker.
Forex trading is an act of buying and selling currency pairs like USD/INR, GBP/INR and others to make profits or hedge businesses.
In India, currency trading is allowed via registered brokers only, like Samco and trading takes place on NSE, BSE and MCX-SX platforms.
[Suggested Reading: Which is the best forex trading platform in India?]
The global forex market has a daily turnover of 6.6 Trillion US Dollars, making it the most liquid and opportunity-rich market to create wealth.
However, in India, forex trading is still in the nascent stage, but is slowly getting popular as more and more individuals discover the potential for wealth creation in forex trading.
Before we elaborate on how to open a forex trading account with the best forex broker in India, let us first understand:
» What is the difference between a forex trading account and a forex demat account?
» Why do you need a forex trading account?
» What are the benefits of opening a forex account with the best forex broker in India?
» How to open a forex trading account with Samco?
What is the difference between a Forex trading account and a Forex demat account?
Let’s say you bought 1 share of Reliance Industries at Rs 2,000/share. Now two things can happen:
- You can sell the 1 share by the close of the trading hour (3.30 pm) in profit or loss, or
- You can hold the share for the long-term (1 month / 1 year / 5 year etc.)
If you choose option (a) you are doing intraday trading i.e. buying and selling on the same day and therefore you only need a trading account. You do not need a demat account.
On the other hand, if you want to get a ‘delivery’ of the 1 reliance share, then you will need to compulsorily have a demat account.
|Intraday Trading (Buy today - Sell today)||Only Trading account is required|
|Delivery Trading (Buy for long-term)||Trading + Demat account is required|
In case of forex trading, since you are trading in futures and options contracts and are not allowed to take delivery, you only need a forex trading account.
Why do you need a Forex trading account?
You need a forex trading account to buy and sell currency futures and options contracts on NSE, BSE or MCX-SX. Without a forex trading account from a registered forex broker like Samco , you cannot participate or become rich in the 6.6 trillion US Dollar forex market.
What are the benefits of opening a Forex account with the best forex broker in India?
Samco Securities is India’s fastest growing discount broker, with more than two decades of experience in wealth creation through its products in the stock market, currency or forex market and commodities market.
With an experience of more than two decades, Samco truly provides the best forex trading account in India with benefits such as:
The most critical aspect of profit maximisation in currency trading is leverage. While many brokers shy away from providing high leverages to their clients, Samco provides leverage as high as 100x in intraday.
So, if you only have Rs 10,000 in your trading account, Samco will allow you to trade in currency contracts up to Rs 10 Lakhs!
[Suggested Reading: How Does Leverage Work in Forex Trading?]
Margin is the minimum amount of money that a client needs to maintain as a safety deposit with the broker to trade in the desired currency contracts. Samco provides high leverage on low margins. You can check the margin requirement here.
Samco’s mantra is simple:
High Leverage + Low Margins = Profit Maximisation.
Low transaction costs:
In forex trading, low transaction costs are critical. Most traditional brokers charge huge brokerages between 3-20 pips, but Samco charges a flat fee of Rs 20/trade irrespective of the trade size.
Transactions at a lightning speed:
Samco understands the value of split second decisions when it comes to currency trading and therefore it offers currency transactions at lightning speed.
Trade 24/7 from even the most remote location:
With Samco’s best forex trading account, you can trade 24/7, on the go, from the comfort of your home,or the discomfort of the Mumbai local!
Call and trade facility:
Apart from the 24/7 on the go transaction facility at a lightning speed, we also provide a call and trade facility wherein the clients can call and place their orders.
Standard lots for ease:
Samco provides access to all currency contracts, in standard lot sizes to ensure a one-stop-solution for its valued clients.
|USD/INR||1 lot size = 1,000 units|
|EUR/INR||1 lot size = 1,000 units|
|GBP/INR||1 lot size = 1,000 units|
|JPY/INR||1 lot size = 1,00,000 units|
With access to a 6.6 Trillion US Dollars market, there is ample liquidity in the forex market for wealth creation.
How to open a Forex trading account with Samco?
One of the reasons why Samco is considered to be the best forex broker in India, is because it provides a truly online-no-paper-5-minute account opening facility. And we mean track-us-on-a-stop-watch-5-minutes!
Step 1: Visit https://www.samco.in/register
Step 2: Fill in the below details and click on sign up for free!
- Your Name
- Your Email id
- Your Mobile number
Step 3: In the next screen, you will see the option to set your id and password. Select a secured password and click “submit and proceed”
Step 4: Fill in your PAN number, and date of birth and click next
Step 5: Mention your annual income and occupation detail and click “Next”
Step 6: In the next window, verify using OTP or google socials as per your preference
Step 7: In the next window, enter the below details and click “submit”
- Bank account number
- IFSC Code
- Bank Name
- Branch Address (will be generated automatically)
- Account Type
Step 8: Samco will transfer a small token amount in your account. Check your bank statement and then in the next window mention the token amount received and click “Submit”.
Step 9: In the next screen, select the segments you wish to trade in (we would recommend to select all the segments, as you never know where the next million dollar opportunity arises from! So, be ready) and click “next”
Step 10: Upload your income proof and signature and click “submit” (simply take a picture from your phone and upload!)
Income Proof: You can provide any one of the following:
- 6 months bank statement
- 3 months salary slip
- Last financial year ITR
- Last financial year form 16
- Demat statement of existing demat account
Step 11: In the next screen, verify the following and click on “E-Sign using Aadhaar OTP”
- Your Name
- Date of Birth
Step 12: On the next screen, click on “I Agree”. If you want to review your application, click on “view” and download the pdf of your application and ensure that all details are correct and then click “I Agree”.
Step 13: On the next screen, enter your aadhar number and tick mark the checkbox for “ I hereby authorize NSDL e-Governance Infrastructure Limited (NSDL e-Gov)” and click on “Send OTP”
Step 14: On the next screen, input the OTP received from NSDL and click on “Verify OTP”
Step 15: After successfully inputting the OTP, you will be the proud owner of the best forex trading account in India.
As a final step, you will receive a power of attorney on your email, which you can sign digitally and send on firstname.lastname@example.org.
You can also connect with our skilled customer service team on 022-2222-7777 and get your questions answered.
With the best forex trading account in India and the most skilled customer service team, currency trading cannot get any easier than this.
You can now start trading and making big bucks in the forex market using our top forex trading
Within 5 minutes you can open a truly non-paper hassle-free forex trading account with Samco - the best forex broker in India and start creating wealth.