Of course, it’s 100% legit.
But some countries have own regulation to maintaining forex trading. India has a crisis with retail forex trading. There is a limitation to do trading.
Many international Forex brokers allow Indians to open accounts. Additionally, some of these brokers even try to have training academies in big Indian cities. However, if you are an Indian inhabitant and wish to trade Forex, you cannot trade all trading implements by law.
So, the government has not forbidden Indians to trade Forex. They have limited trading for Indian residents to only trade currency pairs bench-marked against INR(Indian Rupee). As an Indian resident, as long as you are trading through an Indian Brokerage, which allows access to Indian Exchanges such as the NSE, BSE, MCX-XE, and providing access to currency derivatives is entirely legal. Also, these brokers are providing their clients as much as other International Brokers. Like deposit bonus, no-deposit bonus, etc. The following is the list of Indian INR Forex pairs:
- EUR/INR;
- GBP/INR;
- JPY/INR;
- USD/INR;
So, now you can see that forex trading is not really a scam. It has granted by all countries. But, some of them are following different rules. That’s it.