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Currency trading, commonly known as forex trading, is the buying and selling of currency pairs in the foreign exchange market to earn profits through speculation.Presently, the currency market, or the forex market, is one of the world's largest and most liquid markets, thereby recording a daily turnover of $ 2 trillion, with quick growth projections.The primary factor that differentiates forex trading from other types of trading is its liquidity. The purchase and sale of one currency for another to take place simultaneously. This kind of trading is also known as 'Speculative forex trading.'

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Currency trading is the process of buying and selling currencies such as the US Dollar, the Euro, and the British Pound. Often called foreign exchange (forex) trading, it involves purchasing one currency while simultaneously selling another, with the aim of generating profits from currency movements. The International currency market involves participants from around the world. They buy and sell different currencies. Currency trading participants comprise banks, corporations, central banks (like RBI in India), investment management firms, hedge funds, retail forex brokers, and investors like you.

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Steps to open an Account

Capital Markets is one of the ideal platforms to make long term investments. Peerless allows you to trade in equities at your fingertips with best in className technology & unbeatable research calls. Invest in Capital Markets with smart insights & recommendations from our research desk to get returns in multifolds.

Begin by visiting the official website of Peerless Securities Limited www.peerlesssec.co.in. On the homepage, you'll find the "Open an Account" option. Input your email address and mobile number as requested. This information will be used to generate a One-Time Password (OTP) that will be sent to your provided mobile number.

After receiving the OTP on your mobile, proceed to verify your Permanent Account Number (PAN). Enter your PAN number and date of birth as per your PAN card details. Additionally, you'll receive an email verification mail from Peerless Securities Limited (PSL).

You can choose the KYC verification method that suits you best. Options include fetching KYC data from the KYC Registration Agency (KRA), offline Aadhaar XML-based eKYC, sharing KYC documents via Digilocker, or opting for Video KYC, and access a pre-filled registration form. You'll need to provide the remaining details required to finalize your account registration.

Fill in your bank account number, along with the corresponding IFSC code and any other essential bank details. Additionally, you'll have the opportunity to select the specific trading segments you're interested in. In the same section, you can indicate if you already have an existing demat account that you'd like to use. If you choose this option, provide your existing client ID and DPID or otherwise proceed with new demat account procedure.

Prepare and upload the necessary documents as part of the account opening process. The documents typically include your signature, a selfie photo with your PAN card, a scanned copy of your PAN card, a cancelled cheque or bank statement, and any other relevant documents. Be sure to adhere to the specified size and format guidelines for smooth processing. Additionally, this is the stage where you can choose to nominate a beneficiary for your account.

Carefully read and agree to the provided terms, review all the information you've provided, and choose to e-sign using Aadhaar OTP. Await confirmation regarding your account opening status from Peerless Securities Limited.

Pricing and Charges Details

Capital Markets is one of the ideal platforms to make long term investments. Peerless allows you to trade in equities at your fingertips with best in className technology & unbeatable research calls. Invest in Capital Markets with smart insights & recommendations from our research desk to get returns in multifolds.

Charges Equity Intraday Equity Delivery Equity Futures Equity Options
Brokerage 0.02% 0.2% 0.02% ₹ 25 per Lot.
STT 0.025% on the sell side 0.1% on buy & sell 0.0125% on sell side 0.0625% on sell side (on premium). In case of Options Exercise 0.125% on (Settlement Price * Quantity) to be paid by Buyer
Transaction charges NSE/BSE: 0.00325% NSE/BSE: 0.00325% NSE: Exchange transaction charge: 0.0019% Clearing charge: 0.0005% NSE: Exchange transaction charge: 0.05% Clearing charge: 0.002%
GST 18% on (Brokerage + Transaction Charges) 18% on (Brokerage + Transaction Charges) 18% on (Brokerage + Transaction Charges + Clearing Charges) 18% on (Brokerage + Transaction Charges + Clearing Charges)
SEBI charges ₹ 10 / crore ₹ 10 / crore ₹ 10 / crore ₹ 10 / crore
NSE IPFT Charges ₹ 10 / crore ₹ 10 / crore ₹ 10 / crore ₹ 50 / crore (On Premium)
Condition Applied* : Above charges are applicable for clients who have registered online. These charges will vary for our offline clients (who can avail extended facilities such as a higher margin and a dedicated RM/Dealer).

Charges Currency Futures Currency Options
Brokerage 0.02% ₹ 20 per Lot
STT No STT No STT
Transaction charges NSE Trans. Chgs.: 0.0009% Clearing charge: 0.0005% NSE Trans. Chgs.: 0.035% Clearing charge: 0.002%
GST 18% on (Brokerage + Transaction Charges + Clearing Charges) 18% on (Brokerage + Transaction Charges + Clearing Charges)
SEBI charges ₹ 10 / crore ₹ 10 / crore
Condition Applied* : Above charges are applicable for clients who have registered online. These charges will vary for our offline clients (who can avail extended facilities such as a higher margin and a dedicated RM/Dealer).

Charges Commodity Futures Commodity Options
Brokerage 0.02% ₹ 50 per Lot.
CTT 0.01% on sell side 0.05% on sell side. In case of Options Exercise 0.125% on (Settlement Price * Quantity) to be paid by Buyer
Transaction charges Exchange txn charge: 0.0026%
Clearing charge: 0.0003% ,
RMS Charge 0.005% (Only NCDEX)
Exchange txn charge: 0.05% Clearing charge : 0.002%
GST 18% on (Brokerage + Transaction Charges + Clearing Charges) 18% on (Brokerage + Transaction Charges + Clearing Charges)
SEBI charges ₹ 10 / crore ₹ 10 / crore
Condition Applied* : Above charges are applicable for clients who have registered online. These charges will vary for our offline clients (who can avail extended facilities such as a higher margin and a dedicated RM/Dealer).


Securities/Commodities Transaction Tax

Tax levied by the government while transacting on the exchanges. Charged as above on both buy and sell sides when trading equity delivery. Charged only on selling side when trading either intraday or in F&O.

Transaction/Turnover Charges

Exchange transaction charges + Clearing charges. Charged by exchanges (NSE,BSE,MCX) and clearing member.

BSE: Flat Rate per Trade Rs 1.50 & Clearing Charges Rs 0.01 per Trade.

Stamp Charges

Charged as per Stamp Duty Act 1899 levied for transacting in Securities on exchanges or depositories

DP (Depository participant) Charges

Please refer DP Section for details

Minimum Contract Note Charges

Peerless Securities Doesn’t Charge any Minimum Contract Note Charges

GST

Tax levied by the government on the services rendered. 18% of ( brokerage + transaction charges)

SEBI Charges

SEBI fees Rs. 5 per cr for cash & Non agri-commodities and Rs. 1/- per crore for Agri-Commodities


*In case no scheme is selected by you then by default AMC as per annual plan will be charged at the end of the first year. For a Corporate Account, the AMC charges applicable from the 1st year are - 1000/- + GST per Annum Plan

Buyback, OFS and NFO Order Charges

No Extra Charges for participating in Buyback, OFS & NFO Orders.

Request for Physical CMR, Contract Note, Ledger, etc.

No Charges for Physical CMR, Contract Note or Ledger Etc.

Disclaimer

Brokerage will not exceed the rates specified by SEBI and the exchanges. All statutory and regulatory charges will be levied at actuals. No Brokerage is charged on expired, exercised, and assigned options contracts.

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Frequently Asked Questions

Currency derivatives are financial contracts between the buyer and seller involving the exchange of two currencies at a future date, and at a stipulated rate. Currency Derivatives Trading is suitable for those interested in reducing their foreign exchange rate risk. Currency Derivatives in India provide a bundle of opportunities for a number of players. Take this opportunity to effectively manage your international exchange rate risk with currency trading in India.

Currency Derivatives are futures and options contract where you can buy or sell specific quantities of a particular currency pair at a pre-determined future date.
Currency Derivative Trading is similar to Stock Futures and Options trading. However, the underlying asset are currency pairs (such as USDINR or EURINR) instead of Stocks. Currency Options and Currency Futures trading is done in the Foreign Exchange markets. Forex rates are the value of a foreign currency relative to domestic currency. The major participants of Currency Trading in India are banks, corporations, exporters and importers.

  • Offers diversification to your investments--
  • Hedging opportunities to Importers & exporters, for their future payables and receivables.
  • Gives trading opportunities because of volatility in currency
  • Provides transparent rates to traders as it is exchange-traded

Forex Trading is done in currency pairs such as.

  • US Dollar –Indian Rupee Contract (USD-INR)
  • British Pound –Indian Rupee Contract (GBP –INR)
  • Japanese Yen –Indian Rupee Contract (JPY-INR)
  • Euro –Indian Rupee Contract (EUR-INR)

World over, there are two main types of currency market. The first one is the spot market or cash market. The second one is the futures market where currency futures are traded. In the Indian currency market, futures is the preferred way of doing trades

The first thing to remember is that in currency trading, the trade is always between a pair of currencies. Unlike in equity or stock market where you buy a share of one company, currency trading in India will involve taking a position on a currency pair.
For instance, the EUR/USD rate represents the number of US dollar one Euro can buy. If you think the Euro will increase in value against the US dollar, you buy Euros with US dollars. When the exchange rate rises, you sell the Euros back, and you cash in your profit.

Please keep in mind that forex trading involves a high risk of loss. Since you are dealing with a currency pair, there are more variables. But, risks are involved in any financial trade or investment.
When you do currency market trading, limit the risks by never doing trading based on borrowed funds and never stretch yourself. These are the only two major risks.
Like in any form of trading, there will be days when you will have more winner trades and there will be some days when you lose more. Learn from your mistakes and use them for your success. A good way would be to keep a notebook about your trades and see where you went wrong.

All currency futures & options contracts on exchange are net settled in cash in Indian Rupee. The final settlement price is the RBI Reference rate for each currency pair published on the last trading day for the expiry month.

The size of each contract for different currency pairs on the exchange are as follows:

  • USDINR - USD 1000
  • EURINR - EUR 1000
  • GBPINR - GBP 1000
  • JPYINR - JPY 100,000
  • EURUSD (Cross-Currency Pair) - EUR 1000
  • GBPUSD (Cross-Currency Pair) - GBP 1000
  • USDJPY (Cross-Currency Pair) - USD 1000

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