how to start FOREX BROKERAGE firm in INDIA
i just need to know how to start forex brokerage firm in india. Only one company IFOREX.COM, whcih orginated from in india itself.
*everything that we should know to start forex brokerage
Forex transactions are routed through the Forex Dealers. These dealers charge a commission. The trading is done similarly to Stock market.
Its easy to become a stock broker but not forex Delaer.
A license has to obtained from Reserve Bank of India.
Foreign Exchange Management Act (FEMA) stipulates that all foreign exchange transactions are required to be routed only through the entities that are licenced by the Reserve Bank to undertake such transactions. Such entities are defined as Authorised persons in Section 10 of the Act. Under current dispensation, such authorised person may be :
a. A Commercial bank (AD), or
b. A Money changer (FFMC), or
c. Any financial institution authorised for limited kind of transactions, depending on their activity, or
d. Any other entity authorised by the Reserve Bank.
Mostly RBI have authorised the Banks and Co-op Banks to deal in foreign transactions.
You can not become a Forex broker unless you are own a Bank, Financial institure of other entity which got approved from RBI.
Iforex is not a broker firm, they are fraud. They do transaction on your behalf through dealers. A company like Iforex can never become Forex Dealer.
Its adviced that you dont get trapped in IForex, they are fraud and found a good post here Iforex is fraud and scam
I do forex trading only with ECB(european central bank) registered forex dealers & there are some good brokers worldwide. Thank you stock guru for clarifying me to not own A BANK for Forex delearship.
I had some good trading experience in forex. It's very fine for me , Put all this away. I want start my own bussiness in this FINACIAL BUSSINESS like sub-broker just give me an advice how to start that bussiness
i just read an article writeen by Pulkit Sharma in TIKSHARE how to start SUB - BROKERAGE very nice article but clarify me
How brokerage charges are taken( i don't have an idea in stocks but i know Forex brokerage charges)
how much a sub-broker can with 'x' numbers of clients
Do's and Donot's a sub-broker should
Just give me example of earning
tell me what ever you want tell me, is it best idea according you to start Sub-brokerage
Business is Business. Whether you work in service or become a sub-broker, success will depend on your business methods and contacts.
You have to market yourself and your services. Its adviceable to beocme a sub-broker or broker if you have good number of potential clients.
How brokerage charges are taken( i don't have an idea in stocks but i know Forex brokerage charges)?
Brokerage charges are based on the volume of transaction, suppose you trade for 100Rs., brokerage may be 1% or .1%. Its simillar to Forex brokerage.
How much a sub-broker can with 'x' numbers of clients?
It all depends on the number of trasanction your clients do. Suppose you have 10 clients who trade 10 Crore each for each month, you will earn high brokerage than from 100 clients doing 1 lakh each per month.
Do's and Donot's a sub-broker should Just give me example of earning tell me what ever you want tell me, is it best idea according you to start Sub-brokerage?
Read the article by Pulkit Sharma, thats the ultimate. You can ask the specific querries, i think even Pulkit will be happy to help you.
It was nice to discuss with you.
Hope you invite your other friends and share as much knowledge as possible on this site.
Lets help each other to get the knowledge.