Want to buy forex online? Follow these 5 simple steps.

Gone are the days when buying foreign currency meant running to the bank with a bunch of documents & filling out numerous forms or being at the mercy of forex vendors and their marked-up exchange rates. 

Nowadays, you can simply go online and get your currency exchange needs sorted with a couple of clicks on your mouse and a few taps on your keyboard. Not only  that, you can even avail great exchange rates and save money every time you money exchange online. So if you are thinking of going online for your next foreign exchange transaction, then you are making a wise decision.

Below 5 simple steps will help you to get your online forex transaction carried out smoothly.

Step 1:Compare online forex portals.

The first step to buy forex online would be to compare the various online portals. Compare their exchange rates, commission fees, transfer times and charges. Make sure all the portals you are considering are RBI authorized and operate as per RBI guidelines.


Step 2: Sign up!

Once you’ve found a service provider which is RBI authorized, providing you good rates and quick service, the next step would be to sign-up. On most of the online portals, this is as easy as creating an email address or making a profile on one of your favorite social media networking sites. Just put in all your personal, address & login details and hit enter!


Step 3: Get verified.

Some portals verify just your mobile number by sending you an OTP and some service providers go for a more secured verification and will send a relationship manager to your house to pick copies up of your ID & Address proof for Know Your Customer (KYC) process. Once this is done, your account will be verified and you can start placing orders to buy forex online.


Step 4: Place the order & transfer funds.

Once your account/profile is verified, you have to simply login, select the currency you want to buy, the amount you want to buy and hit enter. You will be shown the amount of native currency needed and if you choose to continue, you will be redirected to the payment gateway or you will be asked to do NEFT/RTGS. Once you make the payment you will receive a confirmation and the time of delivery.


Step 5: Wait for your currency to arrive. 

Now all you have to do is sit back and relax! The service provider will deliver the currency to your doorstep. No need to go out and waste time standing in a queue.

You can use above 5 simple steps to buy forex online with complete ease. We hope this article has been a good read and has provided you with the information you need to carry out a hassle-free foreign exchange transaction.

Good luck and keep travelling!