Stock Markets

NSE introducing Forex Trading in Cross Currency Pairs

As we all know that traders in India have not been able to do forex trading in cross currency pairs legitimately due to RBI regulations. So far, all currency pairs are bench-marked against the Indian Rupee (INR). This has an inherent disadvantage if you want to trade international pairs. The US Dollar is on one side of 87% of global forex trading around the world. More than 50% of global forex volumes consist of the 3 big global currency pairs which will soon be launched in India.

Recently, NSE has announced that it will launch cross currency pairs. They will be launching 3 global currency pairs:
1. (EUR/USD) Euro-US Dollar
2. (GBP/USD) British Pound – US Dollar
3. (USD/JPY) US Dollar – Japanese Yen

Points to note about the new forex pairs:

• They will be listing both futures and options contracts.
• The contract size will continue to be 1000 for all the new forex contracts.
• The tick size will be as follows:
– EUR/USD = 0.0001
– GBP/USD = 0.0001
– USD/JPY = 0.01
So for example, if the last traded price (LTP) of EUR/USD is 1.0914, the next minimum price change can be: 1.0915 or 1.0913.

cross currency blog image 1

Contract Cycle:

Futures contracts will have 12 months contracts available in addition to monthly contracts. Whereas options contracts will have:
– 3 monthly expiry
– 3 quarterly expiry
The new contracts will be introduced after the expiry of near month contract.
This is an illustration so you can understand better.

cross currency blog image 2

Options Strike Price:

cross currency blog image 3

The Strike price intervals will differ for USD/JPY but the number of strikes will be the same for all these new forex pairs.

Market Time:

The market hours can actually be a disadvantage as these pairs are traded 24/7 around the world. It starts in the land of the rising sun and during their day hours is when USD/JPY is most active. The second major activity happens during the evening when the American markets open. EUR/USD and GBP/USD are mainly active during European and American hours. Overnight positions can pose a risk management threat during times of great volatility and strong trends.

• These forex contracts shall trade from 9:00 AM to 7:30 PM, Monday to Friday.
• They shall expire 2 days prior to last working day at 12:30 PM.

The existing forex contracts which are benchmarked with the INR (USDINR, GBPINR etc.) will close at 5:00 PM every day. The time extension for the new forex trading pairs are to accommodate for the actively traded hours of the day. However, in spite of this time extension till 7:30 PM, it will not include the American trading hours.

cross currency blog image 4

Settlement:

• These forex contracts will be quoted and traded in foreign currency.
• Settlement will be done in Indian Rupees (INR).
• Profit/Loss in foreign currency will be converted using applicable RBI rate for the day.
• RBI rate will be available after 12:30 PM
• Daily Settlement: t+1 day, Final Settlement: T+2 days.

Take a look at the table below for more clarity.

cross currency blog image 5

Example 1 – Futures MTM Settlement:

• On April 20 2016 a participant buys & sells 1 contract
• Daily MTM shall be converted to INR
– For EUR/USD & GBP/USD, using USD/INR RBI reference rate.
– For USD/JPY using JPY/INR RBI exchange rate.

Checkout examples of how futures trades will be settled in all 3 forex pairs.

cross currency blog image 6

Example 2 – Futures MTM Settlement:

• On April 20, 2016 a trader buys and sells 1 contract and holds till expiry.
• Daily MTM shall be computed in US dollar but settlement shall be in INR.
• Conversion to INR shall be using daily USD-INR RBI Reference rate of 12:30 PM.

cross currency blog image 7

#4.9 = (1.0950 – 1.0901) * 1 (No. of contracts) * 1000 (Contract size)

Since the profits are settled in INR, it will be important to track USD/INR pair especially during times when the currency trend is strong in one direction.

Example 3 – Options Premium Settlement:

• Let’s say you trade 2 call option contracts of different strikes in GBP/USD.
• Net premium shall be payable/receivable on T+1 day.

cross currency blog image 8

Example 4- Options Final Settlement:

• Let’s say you have 1 call option contract in USD/JPY, which is in the money (ITM).
• Conversion to INR shall be using JPY/INR RBI exchange rate of 12:30 PM.

cross currency blog image 9

#830 = (112.83 – 112.0) * 1 (No. of contracts) * 1000 (Contract size).

Daily Settlement Price:

• Open futures positions are marked-to-market (MTM) at daily settlement price.
• Daily Settlement Price = Last Half Hour Weighted Average Price.
• In the absence of the last half hour trading, the theoretical price shall be considered.

Final Settlement Price:

• EUR/USD, GBP/USD and USD/YEN are cross currency rates for India.
• Cross rate is calculated by dividing one of the pairs by the other.
• Final settlement price shall be computed using RBI rate at 12:30 PM on last trading day.

Here is an example of computation of final settlement price:

cross currency blog image 10

Value of a Tick:
Value of 1 tick = Tick Size * Contract Size * INR conversion rate

cross currency blog image 11

We are very positive about this new initiative and will provide the necessary facilities to our clients to trade in this these new global pairs when NSE officially launches. Hope this post has answered all your potential queries.

Tejas Khoday

Tejas Khoday

Tejas is the Co-Founder & CEO at FYERS, the youngest team to get NSE’s broker license. He has a specialization in finance and has over 10 years of work experience spanning across proprietary trading, risk management, and broking. Tejas & his team started FYERS, a technology-focused brokerage as a mission to transform the trading/investment landscape in India.

270 Comments

  • Alok Pujary says:

    I think still FYERS has not started provided the cross currencies. Yes true then by when will it be started?

  • Rakesh Jumle says:

    That’s great, now I can trade in cross currencies.

  • Lalkumar singh says:

    What is the closing timing for the cross currencies at Fyers?

  • Harshal Patil says:

    Cross currencies is very risky in India because I think the market is not developed and there might be the chances of illiquidity and our positions might not be squared off within time.

  • David D'cruze says:

    I am still not very familiar with the concept of cross currencies. What is the significance of introducing the cross currencies in India?

  • Promod Patel says:

    is it possible to trade in cross-currency without opening demat account?

  • Ayaz Ahmad says:

    Does Fyers provide cross-currency pair tradings as it is allowed by RBI now?

  • Raju_777 says:

    @Tejas Khoday, I am a fan of you and have been following you on the blog, quora and linkedin. I very much appreciate that you are going against all the standard practices in the industry and innovating on all angles. I really want to know why sometimes there is a delay at your end. For example, why is cross-currency so delayed? Exchange launched it long back but still big brokers like Fyers, Zerodha and others have not launched it on their platforms. why is this?

    One more thing, your 30 day challenge is amazing! Please make sure you get cross currency just like how you have been waiting for mcx and launched yesterday. I got your mail about this.

    • Tejas Khoday Tejas Khoday says:

      Hi Raju_777, Thanks for appreciating us. The biggest issue with launching forex cross currency is that both the back-end and front-end need to be integrated seamlessly. The product also had some teething issues with regards to the daily settlement which is based on the RBI reference rate. We intend to launch this in the near future after Bracket Order Phase 2 is done.

  • Kamal Srivastava says:

    Good news!

  • Vinod Kumar says:

    is it possible to do forex trading using fyers platforms?

  • Trade_Mahajan says:

    It will be a pleasure to trade EURUSD on Fyers Web platform. Do it soon..

  • Ayaan_Jha says:

    Hi please introduce EURUSD soon

    • Tejas Khoday Tejas Khoday says:

      We’ll do this soon. We have learnt that despite a lot of activity on this blog, there is no real demand for trading cross currency pairs on NSE yet.

  • Prakash Arvind says:

    How do you feel about the cryptocurrency trading Tejas? Is there any growth in the near future?

    • Tejas Khoday Tejas Khoday says:

      Hi Prakash, No I don’t think it’s a good idea to trade in cryptocurrencies. First of all, I believe it’s a hype train which has been blown way out of proportion by the younger influencers. I don’t think their arguments in favor of the currencies hold any water. Secondly, the term currency is not suitable to these tokens. Why? Because currencies are used as a medium of exchange but not many use Bitcoin/Altcoins as currency because they are going up in value. Only a fool would exchange it for food. The sellers of goods and services were happily accepting them because they can profit from the rising prices. It’s not the same anymore.

      More importantly, all 3 major agencies of the government are against the use of cryptocurrencies in India namely, the Reserve Bank of India, Finance Ministry of India and the Securities & Exchange Board of India. They are concerned about the potential scams in these markets, the lack of data protection and wildfire-like adoption by innocent people who have no clue about what they are getting into. I suggest you look at the regulated financial markets as there are enough and more opportunities to make money in a legitimate and sensible way.

  • Suchit Kumar says:

    What kind of forex trading strategy should I use?

  • tinku says:

    Dear Tejas why cross currency banned by all broker not allow trading in EURUSD

  • Tinku says:

    I am utterly shocked International Pair like EURUSD, USDJPY Launched by NSE, I have no knowledge about that. I loss my two years ,

  • Vivaan says:

    Dear Tejas, I just saw on Youtube that you have launched pivot points. https://www.youtube.com/watch?v=WvacbDCuG9M. Can we now expect Cross currency launch too? It has been ages since this topic has started and ur post was the no.1 post I remember for this before nse had announced that they will launch.. but NSE has already launched now. Why is there a delay from FYERS?

    • Tejas Khoday Tejas Khoday says:

      Hi Vivan, Be rest assured that we will launch Cross currency trading in the near future. We’ll try and achieve it this month itself. A lot of things came up in the meanwhile and our attention got diverted to those. Here are a few examples just to give you a perspective:

      1. NSE announced it in a hurry before we could tweak our trading platform to suit the product (It’s not as simple as Indian pairs in the back-end).
      2. MCX license acquisition and the complications involved in setting up the infrastructure. There was a delay from the service providers.
      3. Bracket Orders testing has been in the mix. We shall be launching this in the near future.
      4. We’re working on the order placement functionality on Fyers Web. We’ve made great progress in this area. Will be releasing an update soon.
      5. We introduced pre-defined watchlists (The highest variety in India. This includes Fixed income indices as well).

  • Arjun_09 says:

    What is the guarantee you will not postpone again?

    • Tejas Khoday Tejas Khoday says:

      We’re not postponing really. We’ve been working on it diligently but unfortunately, accurate deadlines don’t work with these things. Hence, I tend to give tentative deadlines only.

  • Manish says:

    One of the biggest fans of you.. 30 Day challenge of yours and ur other big breakthroughs should surely make fyers rock and surpass Zerodha. You are an inspiration for college students.. keep it up sur.

  • Arjun_09 says:

    When can I expect fyers to start bracket orders.

  • Neemit Jain says:

    They should increase timings for cross currency.

  • Bhupathi says:

    Hi Bhupathi, It will be done soon. I will write a post regarding this.

  • Musadik says:

    Tejas yeh Kab ayega bhai?

    • Tejas Khoday Tejas Khoday says:

      Hi Musadik, we are fully prepared to launch it on Fyers Web and our mobile app. Fyers One taking a bit of time. We’ll sort this out by this weekend mostly and introduce it next week.

  • Harshit says:

    can I take delivery of USD if i don’t square off?

  • Mathhew says:

    Manoj Narang, when all customers had put plenty of pressure on zerodha, their platforms started failing badly because they did everything in hurry. Please try to understand and give them some time. I think they are stuck with MCX issues now.

  • Manoj Narang says:

    @Sumeet, what is the reason they have given to you?

    • Sumeet Pandey says:

      Hey Manoj. They are testing it in their back office – it’s in beta. Like Matthew says, we do not want a buggy software. IMHO there is nothing complicated about this. The appropriate RBI reference rate needs to be used while calculating the P/L for the trades in a given day. They are working on this part Manoj.

      I was waiting for Zerodha to start it but their Kite 3.0 platform has been very buggy – some because of the transition from Kite 2.0 and some because of circumstances beyond their control apparently. You should see their QnA blog though. Guys go crazy if something isn’t working properly. Most of them have this notion that things should be PERFECT. That is never going to happen. I have used computers since the early nineties – from MS-DOS/3.1 to Win 95/98/XP/ME. Skipped Vista-got lucky :). But even Win 10 now has some crazy updates which destabilize the platform.

      FYERS was going to start it in April. Tejas replied to me on this blog and said that they would definitely start it before the end of April. But unfortunately, that did not happen. I am fine with them taking the time to make a smooth transition. That is good for all of us.

      But he failed to start by April end. I opened an account nonetheless and got acquainted with the FYERS platform. I have shared my experience in a blog post below. Last week I withdrew most of my money from FYERS. I heard that UPSTOX – another discount broker in Mumbai – have started cross-currency trading. They are providing it via the NEST trader platform. I opened an account with them on Friday, June 8. It took a couple of hours to open the account – everything online. I transferred the money before the end of day Friday at around 7:15 pm. Put on a EURUSD test trade. Squared it up at 7:28. Got the Contract note at around 10 pm. Analyzed it on Saturday – everything (all calculations) is proper. Good experience.

      My suggestion to Tejas and the FYERS team is to honor their word. There is nothing wrong in saying that “We are unable to start in April. We said we would and we apologize for the delay. We have reason to believe that this could take another month…” I don’t even need a ‘why’ – could be any reason. As a client, I feel that my trust is betrayed when you keep saying “Soon. We will do it soon.” They kept me in the dark for more than a month. I took my business elsewhere.

      My account is still open here. Look forward to them starting the segment. Will use it as backup if I encounter bugs in UPSTOX or Zerodha in the future. The FYERS web platform is based on Trading View and is probably the best in the industry here. Kudos to Tejas and the FYERS team for that.

      Hope this post helped you Manoj. Cheers!

      • Tejas Khoday Tejas Khoday says:

        Hi Sumeeet, Yes I had said that we will start cross-currency segment in April but then there were some issues which were yet to be ironed out. We have made all the required updates to the system to properly enable cross currency segment. Please note that it involves the back-office vendor too. They had to give us an update which took some time. This was beyond our control. Nevertheless, the latest update is that we will be launching soon. I won’t give you a deadline but rather send you a pleasant mail in the near future. I understand your expectations from your perspective but things can sometimes get delayed due to unexpected surprises. In our business, it’s definitely better to be safe than sorry. That’s all for now.

        Good to read your long post though. Good stuff on the way.

  • Mathhew says:

    Guys, not just FYERS there are so many brokers who have not even launched this despite NSE launch is already complete. I have heard from their customer support that there are some issues with regards to integration or something.. Some complicated stuffs. I think we should give them time. Better to use it when it is proper rather than being in a hurry and screwing it all up like their competitors.

  • Sumeet says:

    Hi Tejas. Again requesting a time estimate for the cross-currency futures trading. April was supposed to be the month when FYERS started it. What’s the holdup?

  • Ajay says:

    When will FYERS launch this?

  • Umesh says:

    Why is govermnet blocking crypto currency and not forex platforms? They are ruining everybody in country. One side there is heavy regulation and other side they re turning a blind eye to the real crimes by these kind of fake foreign platforms like IC markets etc.

  • Vaswani says:

    Nothing will happen till nse will make it 24/7 market. Indian traders are not fools…

  • ExpressTrading says:

    Hello Mr. Tejas please start cross currency it is much more interesting than trading USDINR. Waiting for FYERS to start this soon.

  • Govind says:

    Is this possible on BSE also?

  • Ayaan says:

    Thank you for telling truth about CFD. I had no idea. WHy are they not banned and punished then? They are openly advertising on youtube for us. What is SEBI do ing about this.

  • Gary Slomer says:

    Keep up the great work guyz.

  • Madhav says:

    How many days does it take to open an account with FYERS?

    • Tejas Khoday Tejas Khoday says:

      Hi, Currently it takes 2-5 days due to logistics of forms (If you have submitted all the required documents & signed everywhere).

  • This site is absolutely fabulous!

  • yusuf says:

    Tejas Khoday I am waiting for you to start this segment soon.

  • Sumeet says:

    Hi Tejas. I have successfully opened an account with Fyers. Carried out a test trade today. Need to give some feedback.
    We know that the INR pairs (currency derivatives) have 4 places after the decimal point.

    Example – 65.5250

    The Fyers web (based on the trading view platform) rounds off the 65.5250 to 65.53 while the trade is on.
    So the mtm of a long position initiated at 65.5250 at a cmp of 65.5350 is shown as Rs. 50 (for 10 lots), when it should ideally be Rs. 100.
    The mtm P/L calculation has this bug. The funds (realized P/L) in the dashboard shows the correct P/L after we square off the trade.

    I am getting used to the platform this week. Caught this bug today on a test trade. Please have the team take a look at it.

    Rest assured the account opening procedure was smooth and quick. Fund transfer was smooth.
    The web platform is actually quite amazing and responsive. The DOM is great. Getting used to it now.
    I love the smooth performance of the web platform. It is quite intuitive. I like the functionality and the efficiency it offers. Reminds me of the MT4 platform while creating and modifying trade orders.

    Looking forward to the cross-currency derivatives 🙂

    • Sumeet says:

      Hi Tejas. Any update on the above-mentioned bug? And are we ready to start trading in cross-currency futures?
      Thanks, Regards

  • Sangamesh says:

    Your platform is just fantastic @Tejas khoday. I got demo today but got to know that cross-currency is not yet launched. Please start it and I will immediately open an account with you. I am sick and tired of going from one broker to the next.. Each time my experince was very bad.. I heard good reviews about Fyers platforms. Hope you will do justice to me.

    • Tejas Khoday Tejas Khoday says:

      Hi Sangamesh, Thank you! Cross currency is not yet enabled because it’s a new product and we’re testing it on our systems in the back-end. It will be introduced next week or so.. Weill keep you posted. Yeah, brokers tend to be a different breed for whatever reasons. We’ll do our best to address all your concerns so you can have a great experience with us.

      • Amit says:

        Any update about crosscurrency??

      • Tejas Khoday Tejas Khoday says:

        Hi Amit, We will be introducing this soon. Will be writing a separate blog about this soon as well. Thanks for asking!

  • Govind says:

    Is there enough liquidity in these contracts?

    • Tejas Khoday Tejas Khoday says:

      Not yet, it takes time as the product was launched only recently. I am confident that if the exchange extends trading hours to match global market movements, then international pairs will be a big hit among traders. Else, it will remain on the sidelines and CFD platforms will continue to prevail.

  • Sabastian says:

    Tejas you had started speaking about this long long back it was introduced. Kudos for being ahead of others.. Very informative article by you. I am currently with Zerodha but want to shift to FYERS. I think I will do by April End.

    • Tejas Khoday Tejas Khoday says:

      Thanks for appreciating us Sabastian. Sure, you’re welcome to open an account with us at any time. All the best!

  • Sach says:

    Is forex trading through online broker leagal in india.??
    If yes, do you have any such platform??

    • Tejas Khoday Tejas Khoday says:

      Yeah, NSE has finally introduced cross currency trading. You can trade these futures contracts with us.

      • Sumeet says:

        Hi Tejas. I have been in touch with the account opening staff at Fyers. I hope to have my trading account opened by tomorrow. I look forward to trading cross-currency futures.

        Do you have any resources/literature which will help me understand the trading platforms at Fyers? I could use the time to get to know them better. Any pdf manual/ videos will be quite helpful.

        Thanks and regards

      • Tejas Khoday Tejas Khoday says:

        Hi Sumeet, please ask the account opening team as I am not exactly aware of your account status. Yes, we are testing cross currency futures at our end and will be introduced next week. Yes, we do have material on our trading platform. Recently, we made a video series in both English and Hindi on Youtube. Here’s the link to our channel. – https://www.youtube.com/channel/UCCOTK4jjJp97YUFfPzKAfbA

  • Venkata Rao says:

    Does SEBI have any plans of extending the normal Currency Derivatives trading till 7.30 PM?

  • Rasheesh says:

    Nice explanation. Please introduce this soon on your platform. I will open account immediately and close my account with joker brokers who I never knew were brokers in the first place.

    • Tejas Khoday Tejas Khoday says:

      We will, As Sumeet mentioned, there’s an issue which has been resolved. In the next week we will introduce cross currency trading on our platform.

  • Sumeet says:

    Thank you for this article on the mechanics of cross-currency derivatives. You mentioned in a reply that Fyers will be starting trading of cross-currency derivatives this week (3rd April, 2018 onwards). Is it finally open to clients? What was/is the reason for the delay?

    • Tejas Khoday Tejas Khoday says:

      Hi Sumeet, The real reason for delay is because NSE launched the cross-currency segment without much prior notice. Hence, it did not allow us enough time to update our systems and test it beforehand. For your information, the Mark to Market is calculated as per the USD settlement rate which is not as straightforward as it comes across. We had to make some developments in the back-end to ensure that the settlement rates are incorporated to ensure proper calculations. We will make it available next week after we have fully tested the updates.

      • Sumeet says:

        Thank you for taking the time to answer. I may be wrong but it does seem that the confusion might be from the RBI and the exchanges. I guess the afternoon RBI reference rate must be one input AND a weighted closing for the day can be another input used as the settlement rate. So it would seem that the morning and afternoon trades could have different rates. In fact, RBI should probably come out with a reference rate at 8 pm or something – some specific time after market hours. I might be totally wrong on this, but is this the main issue? Thanks anyways. Regards

      • Tejas Khoday Tejas Khoday says:

        Yes, you’re right Sumeet. Looks like you follow this topic with a microscope 🙂

  • Venkata Rao says:

    Hello Tejas,
    Thank you very much for the information provided in the blog. I started traded the cross-currency and made good profits form it.I have a strategy which is giving good returns.

    • Tejas Khoday Tejas Khoday says:

      You’re welcome Venkata Rao. I will write another post with regards to cross currencies soon. We have been in touch with NSE officials throughout the launch of this product and will provide additional details. We had blocked it for some until the exchange irons out the finer details this month.

    • Manish says:

      Hi Venkata,
      How can i trade cross currency on NSE?
      Please let me know how can i start?

      • Tejas Khoday Tejas Khoday says:

        Hi Manish, we will be enabling cross currencies tomorrow onwards. Just add the contracts of your choice to the watchlist and trade like any other contract.

  • Karthikeyan says:

    Do u host, Commodity F&O Trading?

    • Tejas Khoday Tejas Khoday says:

      Hello Karthikeyan,

      1. Yes, we do offer F&O trading in equities & currencies.
      2. Not yet in commodities. We have applied for MCX license and it will soon be offered too.

  • Tejas Khoday Tejas Khoday says:

    Surprise! SEBI has finally given an approval for Cross Currency trading to NSE and BSE. This was a much-awaited move and we were the first ones to give out a full detailed report on how it will function in the year 2016 based on our personal interactions with the NSE officials who were working on the product. It has taken a long time but for all we know, the wat was worth it. Here’s the latest news item for your reference: https://economictimes.indiatimes.com/markets/stocks/policy/sebi-allows-nse-bse-to-trade-in-cross-currencies-derivatives/articleshow/63003721.cms

    Stay tuned, I will post more updates as they happen.

    • praveen says:

      hi tejas,
      i have a query , suppose i take a position in eur/usd at the begning of the month and close it on the expiry date, how will be the p&l calculated ?
      will it be settled on the reference rate of the last date or it will calculted on the daily reference rate basis(summation of daily mtm till the expiry date).

      • Tejas Khoday Tejas Khoday says:

        Hello Praveen, apologies for the late response, I was away last weekend. Suppose you take any position at the start of the month and close it at the end of the month, P&L will be calculated the same way. That is Sale price – Purchase price. However, since these are futures positions, the original entry price will not show on a daily basis in your positions window. Every day, the buy price will show based on the previous day’s closing price. This is because of Mark to Market settlement process.

  • Mohit says:

    SEBI has given permission. Abhi khade hoke naachna padega! Forex platforms walon ki wat lagne wali hai.

    • Tejas Khoday Tejas Khoday says:

      Yeah, after a long wait. Will need to wait and see the launch date and the circulars from the exchange. WIll keep you all posted on further developments.

  • Ram says:

    Dear Tejas,
    Found your site helpful, Recentlly I have invested in forex from perfectcapitalmarket.com they are claiming to be UK based company but operate from Mumbai, thing is that I have lost my Money becoz of in experience Advisors dealing my account. Kindly tell me how to, where to raise a complaint of such illlegal companies.

    • Tejas Khoday Tejas Khoday says:

      Hi Ram, thanks! Well, I don’t know and haven’t heard about them before. Please double check if they are registered with SEBI (Confirm the SEBI registration number online on the SEBI website). This is quintessential if you are serious about your trading. Usually, forex platforms (CFD platforms) are packaged in such a way. If you are able to trade in international currency pairs, then be wary of the website because currently it is not made legal by SEBI. You much rather trade in INR pairs which are available on Indian exchanges such as NSE and BSE. You can do that through us.

  • sk says:

    Hi Tejas,
    The RBI circular i.e. the infamous 2013 one that made life hard for resident Indians to trade forex via their Indian banks seems to be focused on making sure that RBI does not loose its reserves (USD, AUD,GBP etc via remittances by Resident Indian forex trading). Obviously this can be a problem from the RBI’s perspective considering that in spot forex retail traders loose majority of the time.

    My questions is –
    -If I am an NRI till 2017 or during 2018 and was trading forex while being an NRI i.e. trading with a broker in Australia while I was residing in Australia.
    I am a consistent and profitable forex trader and have a sizeable deposit (including profits made via trading) with my Australian broker
    -Now, in 2019 I decide to come back to India and no longer go back to Australia. But decide to continue trading with my Australian Broker and withdraw profits to my bank account in India.

    To be clear – I am not sending any INR out of india for forex trading, I am only receiving INR as profits from my foreign australian spot fx broker (RBI/my indian bank gets my profits in AUD or USD after converting it to INR).

    According to your knowledge – Does the RBI have a problem with this scenario? or can you provide any advice in this case.
    To be clear – no remittance from my Indian Bank account is made for forex trading abroad, only the profits are withdrawn from my foreign broker to my Indian Bank account.

    • Tejas Khoday Tejas Khoday says:

      Hello sk, Thanks for all the details in your query. Yes, the Reserve Bank of India does not want its residents to trade forex because it wants to control the reserves. Well yeah, but the RBI doesn’t look at it that way. They’re not taking a bet on people’s P&L statements. But you’re assumption makes sense.

      As an NRI, you will be taxed based on the Income-tax rules under short-term capital gains and speculative income. If you want a consultation, we can put you in touch with our partner ClearTax: https://cleartax.in/business/partner-fyers. The matter of fact is this, SEBI and RBI have not regulated the international forex pair trading much for retail traders and hence, since you traded outside the country and are remitting foreign currency back to India, it shouldn’t be a problem in my opinion. Also, since you’re paying taxes on your income it’s all good. Of course, this is a preliminary assessment and I recommend you get in touch with our taxation experts to help you get through with it.

  • Ashok says:

    Thank you for this post. Looks like no news article has written as much detailed as you. Also thank you for 30 Day challenge. I will close my account with zerodha and open with Fyers.

  • Raghunath Bhola says:

    Fyers, you people are doing a great job.. kudos.

  • Raghav says:

    Only if SEBI can understand the importance of it it will happen fast. They are dealing with other things also so maybe this is in backseat.

    • Tejas Khoday Tejas Khoday says:

      SEBI has mammoth tasks at hand. Not surprised, this has taken a back seat. It’s not that important in comparison I guess.

  • Neha says:

    Tejas thank you for launching 30 Day challenge. It proves that you are truly deidcated to traders.

    • Tejas Khoday Tejas Khoday says:

      We’ve been doing stuff that traders will appreciate right from the word go. Thanks for appreciating our efforts.

  • Ricky Chawla says:

    Agreed 30 day challange is much better than zerodha 60 day challenge in many ways.. Please introduce BO orders, MCX and BSE, you will become no.1 broker

  • Harbajan says:

    Truth exposed. Great, thanks for sharing your info.

  • Riju_Sax says:

    Thank you Fyers for launching 30 Day challenge. It’s a truly great offer for traders.

  • Harindar_Pal says:

    How will Fyers make money in 30 Day challenge?

    • Tejas Khoday Tejas Khoday says:

      Hello Harindar, We don’t intend to make money via 30 Day Challenge. What we’re really looking for is for you to spread the word and tell you friends about it too 🙂

  • Guru says:

    Please introduce pivot points for Fyers Web. Apart from that that I love Fyers Web and your new 30 Day challenge. Hope I can link my other demat account with Fyers.

  • Reversal Pivots says:

    Is 30 Day challenge applicable to currency trading?

    • Tejas Khoday Tejas Khoday says:

      Yes, it is appliable to all segments – Equity, Equity F&O, Currency F&O and commodity F&O (in the near future).

  • Sameer_Guwahati says:

    Will I get 100% brokerage refund up to any limit after winning 30 Day challenge?

  • Varun Rao says:

    I believe by the time NSe launches this, the world will revolve around the sun one more time.

  • AVINASH says:

    Which is the right platform for trading currency, commodities in India?

    I registered with Iforex.in platform, is it right place for trading in India?

    • Tejas Khoday Tejas Khoday says:

      No, it is not! I suggest you trade with us. You can trade all the currency pairs available on NSE with us. We’ll be live with MCX for commodities trading really soon.

  • Mustafa says:

    Dear Tejas it looks like your post was way ahead of time. NSE will take another 3 years to launch.

    • Tejas Khoday Tejas Khoday says:

      Well, currently currencies are traded in the interbank market and RBI is wanting to deepen the market by allowing outside participants to participate as well. Talk has been ongoing since 2015 about a mechanism to introduce not just INR pairs but also cross currency pairs first on the interbank market or simultaneously on the exchanges. But progress has not been at the same pace as expected.

  • HARSH says:

    RBI WAS GOING TO LAUNCH TRADING IN 3 CROSS CURRENCY PAIRS , ANY UPDATES REGARDING THE SAME ?

  • ram das says:

    Thank you for the information as we know Currency markets being the largest market in the world. This includes all aspects of buying, selling and exchanging currencies at current or determined prices. Currency markets is a global decentralized or over-the-counter (OTC) market for the trading of currencies. Foreign Institutional Investors (FIIs) to participate in Indian Currency Exchange platform to trade and/or hedge with lower costs and higher leverage in an organized regulated environment as compared to the OTC market.

  • Tara says:

    Very detailed compared to news articles Mr. Tejas Khoday! You are becoming an influencer.

  • Harsh Vardhan Singh says:

    Atleast they could increase the timing of current INR pairs till 21:30 untill they introduce cross currency, we are unable to cut/take any position if a major move happens in US session. I dont think anything is happening soon with this notification.

  • Dinesh Kumar says:

    Hello Tejas and Group Members,

    I have just entered in this domain of Forex Trading. I opened a demo account with 20,000 USD on 14-Sep-2017 and in the week from 14-Sep-2017 to 18-Sep-2017, I made a profit of 726 USD by trading only in EURUSD pair.
    Since as on date, it is illegal in India to do actual trading, eagerly waiting if it is being started by NSE.
    Please keep updating in the forum.

  • Avinash Jaiprakash says:

    First things first, SeBI needs to publicly announce that forex platforms are banned otherwise how will people know? Even on money control they are advertaising openly.

  • Forex Kalparaj says:

    How should I open an account with Fyers?

  • Ravindra Patil says:

    Fyers is next big brokerage after zero DHA in near future! Very informative article Mr. Tejas

  • Saurabh Jha says:

    Arrey kaun aake hamko pakdega? Illegal hai tho bahut pehle rokna chahiye tha! Ham kisise nahi darthe..

  • Raju_Dubai says:

    I am NRI in dubai. Can I trade in forex?

  • Sri says:

    Hi Sir,
    I just wan to know if Forex trading through a broker is legal in India? If yes how do we know that the broker is licensed in India?
    If it is not legal what is the way out to get back the money and avoid any legal implications later.
    Regards
    Sridhar

    • Tejas Khoday Tejas Khoday says:

      Hello Sri,

      As I have mentioned before, Only INR pairs are allowed so far. Cross currency forex trading is not legal and CFD brokers who are doing it might come under the radar. I believe it is a matter of time. It’s best to avoid it and stick to trading on NSE currency segment. I suggest you just request a payout and stay away from it altogether in the future.

  • Khan says:

    I agree with Vashisht and I can feel confident you guys But please introduce bracket order soon. You must surpass Zerodha in near future.

  • Vashisht says:

    Tejas Khoday, Love your Fyers Web.. Keep rocking it. Many broker were struggling but you people are proving to a lot of good things to us. I am proud to see such a young team changing the consensus with your technology.

  • Vijay_fromsouth says:

    Why will I want to shift from IC markets or other brokers will you give enough leverage? I am currently getting 1:500.

    • Tejas Khoday Tejas Khoday says:

      Vijay, leverage shouldn’t be your sole criteria to join or trade with a brokerage. CFD platfrorms which you mentioned are illegal in India. Secondly, these platfroms are new age bucket shops because they are the counter party. It works like a casino. Their vested interests lie in making you lose!That’s how their money is made. Hence, by giving you unrealistic leverage in forex markets it is a sure shot income stream for them.. Be wise.

  • Trade_Genie says:

    You have taken a lot of time and effort to write this blog sir. Very much appreciated.

  • Rahul says:

    First time I heard of Fyers from friend. Now I read this.. good post and thanks for that.

  • pirmalam4 says:

    FXB Trading has earned the trust of hundreds of brokers and traders as a result of its vast range of analytical tools. In addition, it supplies various types of trading platforms which allow traders to have full control of their trades.

  • Bhaskar says:

    Tejas Bhai NSE walo ko bolo ki USDINR move hi nahi karega tho trade kaise karenge? Kam se kam EURUSD mein to kar sakte hain.. Ek product launch karne mein saal bhar lagaenge tho hamaari wat lag jayegi.

    • Tejas Khoday Tejas Khoday says:

      After my recent interaction with NSE officials, we have learned that there is an issue with settlements upper cap on dollar-denominated investments. NSE awaits the new boss to take over & IPO is on the horizon so I guess the priorities have shifted.

  • Charan says:

    Think so NSE has forgot about it and is planning to make money in IPO first.

  • Rahul says:

    Hi Guys,
    Any update on this. I heard NSE will is planning to launch these instruments after increasing their trading time upto 11:30 pm.

    • Tejas Khoday Tejas Khoday says:

      Hey Rahul, after our interactions with NSE officials, we have come to know that the matter is pending with SEBI & RBI. There are some issues that concern these bodies and hence, the implementation is stalled. The trading time was initially planned till 7:30 PM IST. The stuff that’s on everyone’s mind is NSE IPO as of now.

  • Forex_Swing says:

    Has NSE forgotten what the hell is this why are they taking so much time? Been waiting since ur blog.

  • RAMPAGE says:

    Hello all,
    I am been following this post since official one year and above.
    The cross currency trading in India is probably mummified issue!
    Better trade something liquid like currency as well..
    So, guys which stuff giving you good liquidity? Crude oil, gold? Nse futures?

  • Forex Trading Academy says:

    The Indian government and securities regulator is very conservative and restricts you Indians from transacting in global markets. Full of restrictions, forex trading is globally recognized and accepted but dealing in India is a big issue as there is a lack of willingness and awareness from your citizens. Lots to learn and advance.

    • Tejas Khoday Tejas Khoday says:

      I believe its a good thing that SEBI & RBI have disallowed this. CFDs are not known for the best reasons. You are wrong about financial awareness. A lot of people know about CFDs being illegal. Thanks for your concern 🙂

  • Sujay says:

    Hey tejas,
    You seem to really know what you are talking about, my question is about binary trading, is it okay if i do binary trading from india ?
    1. No forex
    2. No leverage

    Also what about the tax on the profits from binary options, what should be shown as the income source ?

    Thanks In Advance, Please Respond !

    • Tejas Khoday Tejas Khoday says:

      To my knowledge is illegal as it does not happen through Indian exchanges. Besides, there is a crackdown on Binary options in several countries. It is best avoided. Please understand that there are better and legitimate ways of doing things.. Why trade binary options? It’s a gambling den to begin with. If you’re a raging speculator, then you rather buy options on NSE. That’s my take.

    • Chetan says:

      Hello,
      I am doing binary options trading for the past 2 months and earning $10-$15 daily

      Is it legal ?

      or i have to close it
      Following is the rbi notification in which no comments made on the binary options:

      Overseas forex trading through electronic / internet trading portals

      RBI/2013-14/265
      A.P. (DIR Series) Circular No. 46

      September 17, 2013

      To

      All Category – I Authorised Dealer Banks

      Madam/ Sir,

      Overseas forex trading through electronic / internet trading portals

      Attention of the Authorised Dealer Category – I (AD Category – I) banks is invited to A.P. (DIR Series) Circular No. 53 dated April 07, 2011 and A.P. (DIR Series) Circular No. 46 dated November 17, 2011 wherein AD Category I banks were advised to exercise due caution and be extra vigilant in respect of the margin payments being made by the public for online forex trading transactions through credit cards / deposits in various accounts maintained with banks in India. Further, AD Category-I banks were also advised to exercise due caution in respect of the accounts being opened in the name of individuals or proprietary concerns at different bank branches for collecting the margin money, investment money, etc. in connection with such transactions.

      2. However, it has been observed that some banking customers continue to undertake online trading in foreign exchange on portals / websites offering such schemes wherein they initially remit funds from Indian bank accounts using credit cards or other electronic channels to overseas websites / entities and subsequently receive cash refunds from the same overseas entities into their credit card or bank accounts.

      3. With a view to further strengthening the restrictions on such online activities which are in violation of FEMA, 1999, AD Category I banks are hereby directed as follows:

      (i) All AD Category I banks who offer credit cards or online banking facilities to their customers should advise their customers that any person resident in India collecting and effecting / remitting payments directly /indirectly outside India in any form towards overseas foreign exchange trading through electronic/internet trading portals would make himself/ herself / themselves liable to be proceeded against with for contravention of the Foreign Exchange Management Act (FEMA), 1999 besides being liable for violation of regulations relating to Know Your Customer (KYC) norms / Anti Money Laundering (AML) standards.

      (ii) As and when any AD category I bank comes across any prohibited transaction undertaken by its credit card or online banking customer the bank will immediately close the card or account of the defaulting customer and report the same to Chief General Manager-in-Charge, Forex Markets Division, Foreign Exchange Department, Reserve Bank of India, Central Office, 5th Floor, Amar Building, P.M. Road, Mumbai – 400001 in the format provided in the Annex to this circular.

      4. If it is observed that the concerned AD category I bank has failed to carry out the measures as outlined above, Reserve Bank of India may proceed against the defaulting bank under section 11(3) of FEMA, 1999 and take any action as may be deemed necessary.

      5. AD Category – I banks may bring the contents of this circular to the notice of their constituents and customers concerned. The instructions contained in this circular may also be brought to the attention of the card issuing companies who may also be advised to remain alert against permitting payments for such unauthorized transactions.

      6. The directions contained in this circular have been issued under sections 10(4) and 11 (1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.

      Yours faithfully,

      (Rudra Narayan Kar)
      Chief General Manager-In-Charge

  • Ranjith says:

    Hey…
    How you doing Mr. Tejas.
    Am a forex trader here..Good to see you. I have some large fund in Dukascopy Bank. If i give withdrawal request to my Indian bank account is there any issue i might be end up facing. And how about taxing. Plz guide me if you can. Thanx in advance. Good to hear that you worked for zerodha. Am a neighbour of Mr. Nithin from Shimoga, Karnataka.

  • Ranjit says:

    I think NSE is waiting for IPO before they launch this

  • Jamal says:

    Dear Khoday Sir

    I was reading all the coments and your so good infometive response and reply to them. I am really thankfull to you. Sir i want to open online forex trading account with global broker like fxtm or etoro and want fund deposit through neteller as per the justification given by Mr Simon dated 11 Dec 2016. Is it will be permissible as an Indian trader. Please reply sir.

    • Tejas Khoday Tejas Khoday says:

      Hi Jamal. Thx for appreciating me. It is not legal to trade with CFD based foreign brokers from India. The very concept of cross currency trading is illegal and is prohibited. Keep in mind that these entities that you referred to are not regulated by SEBI in India. I strongly recommend you stay away from cross currency trading unless one of our exchanges launch it. In the meanwhile, you can trade Indian pairs like USDINR and others.

      • Jamal says:

        Khoday sir thanks a lot for your so quick response to my post. It is really highly appreciable. Could you kindly suggest me any usd inr pair broker who provide market timing 24 hours. I will be thankfull to you

      • Tejas Khoday Tejas Khoday says:

        Thx Jamal, the currency markets in India (Futures & options) are open from 9:00 AM to 5:00 PM. The physical currencies market is open 24/7 but is not ideal for speculation. I suggest you open a trading account with us for free and trade on our platforms.

  • Ram says:

    Any updates on the currency pairs other than INR. Is it implemented?

    • Tejas Khoday Tejas Khoday says:

      Nope, not yet. Will take an update from the concerned person and update you’ll tomorrow.

  • Stalin Johnson says:

    Great info.

  • Sandy says:

    Looks like NSE has gone to sleep after making big announcement.

  • Mayank says:

    Hello Tejas,

    It is really a great post, I need your advice if I could start with any of these following as I hope all of them are regulated by SEBI.

    nord fx, Zerodha

    Please Suggest which platform would be great for online forex trading is good and legal in india and I hope leave of 1:100 would be good.

    Regards,
    Mayank

    • Tejas Khoday Tejas Khoday says:

      Hello Mayank, Thanks. I am not sure if Nord FX is regulated. You should ask for a SEBI registration no. and certificate to be sure. With regards to Zerodha, they have the same license that we have. Hence, when NSE launches Cross-currency pairs, we will offer it too. Yes, we will workout a leverage that makes sense to traders of course.

  • Vivek Singh says:

    This is the best-written article so far on forex trading in india. Finally got info. Thanks & good luck.

  • Brijesh says:

    Superbly written article by you sir. When NSE launches only god can tell.

  • SEFARD says:

    Hello Tejas, Actually one person contacted to me by saying that he is trading in foreign currency platform EURUSD GBPUSD through liteforex company. he offered me by making my money approx double in a year. he showed me liteforex software with MT4 terminal. should i look forward to it.

    • Tejas Khoday Tejas Khoday says:

      As I said earlier, please ignore them. Do not fall prey to such schemes. Trading via CFD platforms through MT4 is not the right way to invest your money. Instead, invest your money in stocks or trade in currency segment on NSE. It makes much more sense..

  • SEFARD says:

    Actually one person has contacted to me by saying that we trade in a forex currency,if you invest with us we will return you approx double in a year and that is on monthly basis returns. He is giving 12 PDC of PSU bank. should i look forward to it.

    • Tejas Khoday Tejas Khoday says:

      No you should not. The promise of doubling your money in a year is not new. Stay away as far as possible 🙂

  • SEFARD says:

    Dear Tejas some peoples in India already trading in this these cross currency pair with platform of MT4 terminal trough foreign company’s like liteforex.com. my point is-it is legal to trade with these type of platform.

  • RAJ says:

    Right now brokers in mumbai are calling the persons for cross currency trading by saying that the person will deposit money in rupees and recieve profit in rupees thru them.So there is no legal problem in this, is this right

    • Tejas Khoday Tejas Khoday says:

      Yes, the profits will be settled in INR. I don’t know what else the brokers told you 🙂

  • Dear Tejas Khoday
    Please inform me when it starts
    My E-Mail -nakshathris@yahoo.com Mobile no-9535092113
    Regards
    Shrikanth.Nakshathri

  • Manish FX says:

    Finally someone is discussing sensible things here.. In my guess they will launch Forex after NSE IPO.

  • Akhilesh says:

    Hi Tejas,
    Read your stuff which is very informative. Let me know when NSE starts with Cross currency futures. Thanx

  • Joshua says:

    Very useful info. Tejas.. I have been coming across your site often on google. Let me know when NSE starts it. I have pinged my number in ur registration page.

  • Girish says:

    Very nicely explained hope it starts soon…

  • RAMPAGE says:

    Dear khode sir,
    Long time, what is inx? Can you tell us what kind of trading instruments it is going to give? And can Indian citizens trade in it? I meant non nri…

    • Tejas Khoday Tejas Khoday says:

      Hello again. It was communicated that they will start with futures. Of course Indian citizens will be able to trade in it. That’s the whole point. Yes non NRIs.

  • Manish Paul Simon says:

    Great article and I’m hoping SEBI starts cross-currency trading in India in the wake of demonetisation. Could you provide us with any sources and links that will help up us get a headstart in cross-currency trading like learning the cypher pattern, etc.? And when the cross-currency market open!! bang!! Money!!!!. .. Guys, please use your money wisely, 10% for the poor, 40% for FDs, and 50% for cross-currency trading(hopefully) or our useless equity market.

    It’s time for the forex Jhunjhunwalas to rise.

    • Tejas Khoday Tejas Khoday says:

      Hi Manish, you will be notified when it happens. It’s time for the Forex JhunJhunwalas to rise huh 🙂 🙂

  • Raghu says:

    If forex trading was illegal for so many years why was SEBI not arresting them? Everywhere I go there are ads of some young boy telling “I made some $1000 in one week”. Now just because NSE is launching, they are taking their illegal competition seriously? In India, only the big stuff matters. I lost in lacs that too in 1 month through IC markets. They use to charge me for carrying forward position which I got to know was a scam after trading in Nifty and other futures through stock exchange.

  • Simon says:

    The only reason Indian government does not allow marginal trading in international currencies because USD reserves in India will get over if Indians do marginal trading through international brokers. A way around this is to open an INR account with Neteller and transfer INR abroad and deposit USD through Neteller abroad. In this way it is legal, as US dollars in India are not used. Neteller INR account is located abroad and so INR to USD is done abroad in Europe and not in India which is perfectly legal. Neteller will charge for conversion from INR to USD and deposit in broker’s acccount and same way withdrawal can be done from USD to INR which is from broker’s account to Neteller account which is perfectly legal as traders are not breaking any laws in India.

  • Ritvik says:

    Explained in great detail. Now I understood why it is not so easy to launch currency product. Overnight risk is high.. Why don’t they keep it open 24/7?

  • Mango says:

    So basically fx trading on platforms such as eToro, etc. is illegal in India?

  • Ranganathan says:

    Please in form me , when the sebi
    Announce the cross currency legal

  • Ashok N says:

    thanks for the great infdo

  • Hari says:

    Nice article Tejas.. Me too got to know about CFDs only after reading your comments.

  • ramrampage says:

    Its now official one year!
    Indian government said last year, WE are introducing cross currency pairs
    no cross nor currency has come! even the poor INR got shook up recently lol…

    Well as I said, this is INDIA, anything is possible….
    People are waiting in q at atm n banks for hours n hours LIKE us here…ROLLs

  • Raheem Forex Trader says:

    Very well written article Tejas Khoday and good initiative to explain these things in detail. I have given my details please call me so I can open an account with Fyers.

  • rampagel says:

    Khoday bhai & Aur hamare bhartiya bandhuo,

    Ham sab khoday bhai ko leader bana ke koi PM MODI ko request kare ke bhai..ye kab start hona chahiye aur itni deri kyon?

    Modi ji ko aur unki office ko ye fyers ka page or comments dikaye aur mehsus karaye ke bhai log frustrated hai!

    bhaiyo commect kare aur khoday saab ko manaye…modi ji ko connect karne ke baho sare options hai…

    Good luck

  • Kumardino says:

    TEjas Khoday, like you said, I have traded with those scamsters before. Good that you are increasing awareness about this subject. If government is so conscious about small investors, why don’t they take action against them I wonder.

  • This article is just completely informative. Many new facts and information which I have not seen before. Keep sharing.

  • Forexdemand says:

    There are always new things coming up but I promise you one thing that our cfd platforms have always existed in india and will continue to exist even after NSE forex trading starts!! Because you brokers cannot give as much leverage.

    • Tejas Khoday Tejas Khoday says:

      Well don’t know about how long CFDs will continue to exist in India but it is certainly not legit. Moreover, providing crazy leverage only destroys traders’ capital. So the actual truth is that excessive leverage is an obvious disadvantage. Too many people get lured into it too easily. I encourage people to look beyond leverage. Things are changing fast.

  • Dr. Abhi says:

    Sir is metatrader 4 and metatrader5 platform is legal in india? Which broker is using meta 4 &5 platform in india?

    • Tejas Khoday Tejas Khoday says:

      Hi Dr. Abhi, forex platforms basically run on Metatrader 4 and metatrader 5. It’s not the software that is illegal. It is the business of CFD trading in forex. Moreover, in comparison our trading platforms shine brighter. Suggest you try using Fyers One to see the real difference.

  • rohit says:

    sir, if we win a demo forex contest .then is that also illegal in india.? or bringing that cash in india is illegal

    • Tejas Khoday Tejas Khoday says:

      A demo forex contest as in Virtual trading in forex? Why will RBI penalize trading which is not a real exchange of currencies? Practically No 🙂

  • Wasim says:

    it is illegal in india…?? but there are so much forex broker in india & they have so much clients as well….. even i have done forex trading….accoordnig to my view if you know technical and fundaments than you can earn a huge return even you can double you margin within a month.

    • Tejas Khoday Tejas Khoday says:

      Wasim, CFD forex trading platforms are illegal in India. Yeah due to the lack of law enforcement, this menace has survived many years. They provide massive leverage like 1:500 or even 1:1000 on some platforms. That means that even if the contract moves by 0.1% against you, you will be wiped out. A 0.1% movement can happen in a jiffy. Basically, they’re modern day bucket shops which promote the gambling mentality. Also, just for your information, you are trading against them & they are the counterparty. In that sense, it is like a casino. So effectively, they are betting against you. They have several tricks under their sleeves to fleece your hard earned capital. Suggest you wait for NSE to launch it officially and trade in a legitimate manner.

  • Bhari Export says:

    Sirji yeh NSE waale nautanki baaz tho nahi kar rahe hai? Kya pataa aise hi maze le rahe honge sabki.. Govt walo pe koi vishwas nahi.. Jaise Jaitley ne bola tha, ki income tax 25% kar denge, sabko laga ki lal hi kar dalenge lekin wo last sentence mein batha raha hai ki 4 saal lagenge. Yeh story bhi aise hi lag raha hai.

  • nitin kumar says:

    tejas can we expect to trade in cross currencies at the end of this year or not

    • Tejas Khoday Tejas Khoday says:

      End of year is about 90 days away. Since we have not received any official communication from them yet, I doubt it.

  • Manju says:

    Sir I dine a calculation as per that may be 2800 to 3200 rs per 1k unit

  • Manju says:

    Sir if NSE starts EURUSD then how much margin , and what 1 point value , exetra in your view (just asking)

    • Tejas Khoday Tejas Khoday says:

      The value of 1 tick = Tick Size * Contract Size * INR conversion rate. For EURUSD it will be 0.0001 * 1000 * 67 (Approx.) = ₹6.7 is the value of tick. There is no clarity on the margins yet so can’t be certain.

  • Amarjeet Singh Kukreja says:

    Every single day I google two terms “Cross currency options trading india” and “Commodity futures options trading india”
    It has become my 2nd habbit
    I have left the hope now.
    No hope no worry.
    Happy man. That’s me.

  • scalping is good says:

    By the time nse introduces this, all the opportunities will be over I think. Fyers is too much ahead of the curve. :-). Please announce when it will be possible. hopefully by the end of this year.

    • Tejas Khoday Tejas Khoday says:

      Opportunities will never “disappear”. Financial markets are abound with opportunities. Thx, we hope so too.

      • Sahil Singh says:

        If you trade with an ECN broker then they are not taking a trade against you and are simply providing you an oppurtinity to trade with different banks.In addition to all that u have said about CFD’S u should also tell people about what an ECN/STP broker is.To trade forex we should be looking for an ECN broker which is requlated by financial authorities in countries like america,Australia and England.What you are talking about is a broker who is a market maker.

      • Tejas Khoday Tejas Khoday says:

        True but it’s not really legal anyways. Unrealistic leverage is dangerous either way.
        To know what ECN Broker is, click here.

  • Arun says:

    In India they always take time to launch something new. Always afraid and slow to adapt. U guys should write a request letter to the govt. to request them to launch instead of just announcing.

    • Tejas Khoday Tejas Khoday says:

      Hi Arun, yeah its true that this has been pending for a while. It makes sense to wait a bit, moreover, its not just us who’s been waiting. Will keep you’ll updated.

  • Manju says:

    When we get cross pairs trading sir

    • Tejas Khoday Tejas Khoday says:

      Manju, we are anticipating it too. Will notify our readers as soon as we get some new info.

      • Dharmpal says:

        Come on NSE!!! please launch this fast. I will trade more and give you more transaction charges lol

      • Fahad Forex says:

        What do you think will be the risk for forex platforms when NSE launches this? Also I heard your trading platform is the best in India… Contratulations to your team for achieving it as a young company. I heard from one more person who is in the trading business said you are launching some web platfrom which is rocking!

      • Tejas Khoday Tejas Khoday says:

        Firstly thanks Fahad, we’re trying to improve people’s experience when it comes to trading. Far too many hassles have caused the community to become distressed about pursuing trading more seriously. Yes, Fyers web has launched today and this is the link: https://trade.fyers.in.
        I think unregulated forex platforms will face a crackdown in the future. But if there is no crackdown by SEBi they will continue to co-exist because they provide much higher leverage (Although extremely unsustainable).

  • Rampage says:

    Mr. Tejas

    You think a coin be having both sides alike?
    My friend, this kind of forex trading is higly active since ages in great britain, usa, european union, brazil, russia & very many…
    its like you are using a Nokia’s 1998 model and yet you are searching steps to maintain it well in year of 2016 :))

    • Tejas Khoday Tejas Khoday says:

      True. Our markets have been a lag in comparison. However, this time around since it will be made legit, it’s better late than never! 🙂

  • sachin G says:

    now can we trade on forex international borker even they give much leverage but we will not use the high leverage? but my question is , is it legal to trade on international platform on the basis from this RBI Circular dt on 10 dec 2016 what does it mean really?

    • Tejas Khoday Tejas Khoday says:

      Generally when there is leverage on the table, traders more often than not, make use of it. That’s where the trouble lies. Overleveraging always kills the trader. Well almost always. No it is not legal to trade with international forex platforms.

  • Rampagee says:

    Well, In India anything & everything is possible !
    Delay could go beyond your life cycle – that is India
    Hurry could be on the face before even you realized it – that is India
    There is no ‘respect’ to general mentality and its maintenance !
    Why Europe/USA/China/Japan are so unique? check their infrastructures, check their roads, check their cleanness & most importantly check how they treat mass mentality – You can’t JOKE there…
    This is not a building construction work.. what is sebi? what is nse? what is that is all nonsense.. Once a thing is on its on..I don’t know my friends … Lets eat our food and sleep we only have to worry about mentality of forefathers who aren’t even here! not who are alive..
    As one great person called osho said (even people like osho born in India! that is India)
    India is dead country, there is no present all is past..nothing is new/nothing new we have to do…become engineers/doctors/rich, who cares about gold medals.. eat sleep reproduce

  • Ravish says:

    Interesting facts. Thanks for your proactiveness sir. Only in comments section I found out why so much leverage is given by forex platforms like IC markets. Before that I didn’t know. Good work sir.

  • Bhavik_bhavik says:

    How come only you guys are writing about this? Why isn’t this big news already? Is there any dal me kala? Or is it because it is not official yet?

    • Tejas Khoday Tejas Khoday says:

      Bhavik, just making the audience proactive about future developments. Well yeah, since the date of launch hasn’t been decided yet, others are playing it low. Or maybe, we’re just excited about telling you’ll.

  • Forextime says:

    Tejash Ji any update on the same?

    • Tejas Khoday Tejas Khoday says:

      Hi there, we haven’t received an update from NSE yet. But it is going happen.
      Just about time..

  • Sanchit says:

    What do you mean by it is illegal? There is no such rule.. I have worked
    in forex company using MT4 based platform and we had many clients.

    • Navdeep Singh says:

      Dude get your facts straight.. CFD is 100% illegal. First of all it is not a real market.
      did you know that they take the opposite side of our trades?

  • Tejas Khoday Tejas Khoday says:

    Navdeep is right. Will write a post about it soon.

  • Navdeep Singh says:

    If you mean forex platforms that give 1:500 leverage. They are illegal dude.. Just not published.

  • Vaas says:

    Curious to know is it illegal to trade through existing CFD platforms. Is it a punishable offence?

  • Ashok says:

    Good one.. looks like you guys are a pro-active broker. Haven’t heard this anywhere else so far.

  • Rampage says:

    Hi there?
    Isn’t he Rampage?
    Anyway Tejas, lets make your webpage alive and breathing…becoz non in India talking about this stuff at all…laughs

    There is a circular which you might have missed on 20th july, on the day u posted above reply
    ====
    In
    accordance with exchange circular download reference no NSE/CD/32008 dated March 1 8 , 2016 issued by NSCCL and circular download reference no NSE/CD/32042 dated March 22, 2016 issued by NSE ; members are hereby advised to note that the changes of strike price (strike price upto four decimal) mentioned in the above circular shall be made effective from August 08, 2016

    Can you go thru and tell us what they mean by 8th of august? ‘
    in above both references are regarding cross currency pairs
    keep the thread alive…my friend keep it alive…

    Commodities trader
    Rampage.

    • Tejas Khoday Tejas Khoday says:

      The circulars you quoted in your msg. are operational in nature and less
      relevant to traders. They have said that the changes in Strike prices shall
      be made “effective” by August 8th. It means that this uncertainty around
      Strike prices will be resolved by that date. When we sought
      clarification, they said it is yet on SEBI’s desk waiting for some sort of
      approval and the date of launch is not yet certain.

  • Rampage says:

    Tejas,
    It’s been two months since I posted nothing has been come out. You haven’t digg into the matter either.

    Anyway what is your update?

    • Tejas Khoday Tejas Khoday says:

      Hi there, I am in touch with NSE officials. They don’t have a date as to when it will be launched.
      The matter seems to be pending with SEBI. Getting such product approvals does take time with the
      regulator. I shall keep you updated when the good news arrives.

  • Ravi says:

    Very informative information sir.. but leverage given by NSE is low. But much better for sure..

    • Tejas Khoday Tejas Khoday says:

      Thx. Leverage is lower compared to CFD platforms.. needless to mention that CFD platforms
      give a really high leverage for their own benefit. It is important to understand why.
      They don’t provide market access, basically they’re taking bets against their own clients
      and giving them a gigantic leverage so that their stop losses are hit quickly and they pocket
      your money that was on the line. Whereas NSE is a legit exchange so you have counterparties.
      In the real world of trading, NSE’s leverage is good enough.

  • Tejas Khoday Tejas Khoday says:

    🙂

  • Nimbalkar says:

    Come on Rampage ! simple hai bhai Google it , … will find the NSE circular.. will you ??? Tejas is absouletly right

  • Rampage says:

    I don’t think you are telling us a true story or just you are trying to make this useless website a eyecatcher for people like rangnath?

    They were planning since 2014, there is no statement regarding cross currencies are coming
    How you came up with such thing?

    I

    • Tejas Khoday Tejas Khoday says:

      Rampage, why would we tell you a story? If you have doubts, check out our
      post dated 10.03.2016 on https://fyers.in/circulars/
      We were in a meeting with NSE officials just before I wrote the post.
      We provide valuable information on our website.

  • Rangnath says:

    When this going to start any information on this please update me ?

    • Tejas Khoday Tejas Khoday says:

      Ragnath, we’re waiting for clarity on that. Track developments on https://fyers.in/circulars/

      • Udhayprakash says:

        i was told by an executive @ indiainx, is that these newly introduced pairs(eur-usd, gbp/usd, usd/jpy) can be traded from the starting of japan market opening till the closing of US market, which collectively comes around 22hours per day(divided in to two sessions). but iths circular mentions it can be traded only in indian market hours. Confused.

      • Tejas Khoday Tejas Khoday says:

        Based on my personal interactions with NSE officials, they have said that they want to start off in Indian hours.

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