Starting a business was a difficult job a decade ago but nowadays it has become quite easy with the help of Internet and your skills, today I will let you know another niche of starting an online business, whatsoever I’m sharing today is a process followed by myself so everything shared here is my own experience.
Now I’ll discuss some steps to be followed to start your own online business in Indian Currency Market with low investment, as I have discussed in previous post that what is Indian currency or Forex market? So, I ll recommend you to read that post first before reading further.
NSE was the First to launch Forex Trading in India
How to Start Business with Low Investment?
1. Investment Required: As I have listed that how to start business with low investment so obviously the investment required will be as low as possible, to start your online business in Indian currency market you need minimum of 15,000-20,000 INR (Indian Rupees).
2. Selecting A Broker: In my previous post I have written that what currencies are traded in Indian currency/forex market and where these are traded so you can read that post here What is Indian FOREX or Currency Market?. Therefore, you need to select a broker first who will open your demat a/c for your online trading and will help you to trade currencies.
3. Documents Needed: To open a Demat A/c with your broker you need some important documents as per SEBI guidelines to execute trades on your behalf. The documents needed are as follows:
- PAN Card
- Bank Statement
- Driving Licence/Voter Card/Passport
- Passport Size Photographs
4. Online Trading: After successfully opening of your Demat A/c, your broker will provide a trading platform (i.e. Odin Masters) to be installed on your laptop or personal computer through which you can trade yourself but for this an Internet connection is compulsory.
5. Offline Trading: If you don’t have a personal computer or laptop or even an Internet connection then nothing is to worry about, you still can start your business in currency market. In this case, you can execute your trade with the help of your broker all you have to do is just call your broker tell him your client code and then he will place order on your behalf as per your instructions.
In above steps you can easily understand that how you can start your business in Indian currency market with low investment and what essential documents you need, but still the point comes up is profit, as you all know that the main motive of every business is Profit, so how to earn that? It’s all what we will discuss in our next post so stay tuned!
PART-1: What is Indian Foreign Exchange or Currency Market?
PART-2: How to Start Business in Indian Currency Market?
PART-3: How to Earn Money from Indian Currency/Forex Market?