In this guide, you will find the prevailing policies regarding online forex trading in Nepal and how to trade forex from Nepal without actually breaching the rules and regulations of NRB. Additionally, you will also get insights on digital wallets, brokerage accounts, deposit, and withdrawal processes.
- NRB Rules & Regulations.
- Alternative options to start forex trade from Nepal.
- Best Forex Brokers for Nepalese
- And so on…
What is Forex Trading?
Forex (foreign exchange) market is the largest market in the world with an average daily turnover of $6.6 trillion US dollar as per the 2019 Triennial Central Bank Survey. Forex trading is quite popular among retail traders for several reasons.
Easy access to the market, high leverage, volatility, and 24-hour market are some of the contributing factors for being so popular. However, high leverage provided by brokers and volatility of the market is good things only if you can use it in your favor. It can go against the trader if not used properly.
Leverage is the mechanism where a broker lends you the money to trade. Some broker offers the leverage as high as 500:1 which means you can trade currencies worth 500 times of what you have in your trading account.
For example, if you have 1,000 USD in your trading account, you can buy and sell currencies worth 500,000 USD. Isn’t that very interesting? Because you don’t get such kind of leverage in other kinds of markets.
In this case, you borrowed $499,000 from the broker but your maximum possible loss is limited to your investment amount only. Which means your maximum loss is $1,000. From this example, it is clear that if you can trade properly, the forex market has a lot to offer.
Forex Trading in Nepal
There are provisions from NRB which forbid Nepalese people to trade the forex market. We should respect and follow the law and order of the country, period. Still, there are several ways you can access the forex market without falling under illegal activities ;).
In this article, we will guide you to trade the forex market from Nepal.
1) If You Are A Freelancer
If you are a freelancer on international freelancing platforms and earn foreign income, then it shouldn’t be difficult for you to trade the market. The government of Nepal has the provision that if you earn the foreign income you can deploy the capital in a foreign land for investments.
So, now, you need a digital wallet like Skrill, Neteller, etc. to fund your trading account. Unfortunately, these digital wallets stopped accepting Nepali users since 2019.
If you have already opened Skrill and Neteller accounts before that then you can use it. You can withdraw your freelancing income to your wallet and then upload funds to your trading account.
Forex brokers, unlike digital wallets, accept users from Nepal so you will not have any problem to signup for a forex trading brokerage account. Please bear in mind that your skrill email id and broker email id have to be the same in order to make a successful deposit and withdrawal.
So, if you are a freelancer and have an international digital wallet, it won’t be a problem to trade the forex market from Nepal.
2) If You Have A Relative/Friend Abroad
While the policies from Nepal Rastra Bank restrict Nepalese to trade in the forex market, foreign countries are flexible with Fx trading.
So if you have your relatives/friends abroad whom you can count on, you can ask them to open everything for you, from digital wallets to trading accounts.
Or they can even directly load funds to their trading account from their bank cards. And you can easily trade from their account once your relative/friend gives you the login credentials.
3) Still Unable to Trade?
If the above two methods are not viable for you, we do have a solution for that too, that too without breaching the law of the country.
For this method to work, we request you to contact us at email@example.com so that we can guide you. This method is actually the fastest one.
As of writing, these three methods are only the option to trade the forex market from Nepal, without breaking the law. Should you have any queries regarding trading forex from Nepal, do not hesitate to contact us. We will be happy to guide you.
Information on Brokers and General Process To Start Forex Trading
Steps to Trade Forex from Nepal
1. Ready your Wallet
If you already have digital wallets like Skrill and Neteller, you are ready to go. Deposit money in your wallet. These wallets do not accept new users from Nepal anymore. It’s for those who already have one. You can tell your relative/friend who is abroad to open a Skrill account.
2. Signup into the Forex Broker
The second step is to signup either with Exness or Roboforex. Please bear in mind that if you have your own digital wallet account, you can signup for Exness or Roboforex using your own name and details. If not, you can ask your relative/friend to signup for you.
3. Verify your KYC Form
You need to verify your identity and address. Identity can be verified using citizenship, passport, driving license while the address can be verified using recent bank statements and utility bills.
4. Deposit Funds to your Broker Account
Once you have a verified trading account with Exness or Roboforex, you can log in and deposit money using Skrill, Neteller, or other wallets. If your relative/friend opened an account for you, they can directly deposit funds using their cards as well. With Skrill and other digital wallets, the deposit is usually instant while with bank cards, it may take 2-5 business days.
5. Get the Credentials
If your relative/friend opened an account for you, you should ask for a trading account number and password which can be seen after logging into the broker’s website. Important things to note are
i) Trading account number,
ii) Trading password, and
You should note down these details because you will need it in the future to access the trading account.
6. Download MetaTrader 4 And Start Trading
From the respective broker’s website download MetaTrader 4 software, install it, and enter the credentials, and you are ready to trade. For mobile users, download the MetaTrader app from Play Store and App Store, enter the login credentials, you are now ready to trade.
Best Forex Broker for Forex Trading from Nepal
Choosing a broker for forex trading from Nepal can be tough because there aren’t any brokers from this country. You have to rely on International brokers but here we are going to mention the best one.
I hope you will find this list helpful. And you can also check our available review page for different brokers and start trading from Nepal.
Exness is one of the best brokers in the World and especially it is an award-winning broker. Personally, I have traded many lots with Exness and I can call it the best Asian broker.
If you are in the Forex market from Nepal or new to it and want to make a trade then it’s my personal pick for you. Read our Exness Review to get an in-depth insight about it.
Exness: Reliable Forex Broker
Based on our in-depth research, we’ve found Exness quite balanced in developing the features which are effective for the traders.
The broker offers some unique features like instant withdrawals, high leverage, low trading commission, and raw/zero spreads which makes trading more comfortable for investors.
If you are from Nepal for forex trading then you can give it a try. First signup, verify KYC and get started with RoboForex.
RoboForex: Broker with Bonus
If you are completely new then RoboForex offers a 30 USD free Bonus where newbie traders can start their trading career.
It is a broker where it has as many deposits and withdraws option.
Recommended Reading: Withdraw Funds from RoboForex for free
Is it possible to start Trade from $10?
Yes, but it’s not practical. How much do you expect to make by investing $10? For beginners, $100 is a decent amount. For a Nepali, $1,000 is a good amount to start which can generate decent pocket money.
Can I withdraw Forex Trading Funds in Nepali Bank?
Generally, the deposit and withdrawal channels should be the same in most forex brokers. So deposit from Nepali banks is not possible so withdrawal is also not possible. However, you can withdraw your funds to your digital wallets like Skrill, from where you can withdraw to e-Sewa and Nepali banks.
Can I deposit or withdraw funds to/from Skrill, Neteller, Perfect Money?
Yes, most of the broker has an option to deposit or withdraw from Skrill, Neteller or Perfect Money. Also, brokers have other options to deposit or withdraw in the form of Bitcoin, Tether, etc.
At the End
We have listed some of the best brokers for forex trading from Nepal. Also, these mentioned sites are award-winning brokers and you can fully trust them. We have been trading using these brokers for a long time.
Investment Guru Warren Buffett has two rules on investing “Rule Number One: Never Lose Money. Rule Number Two: Never Forget Rule Number One”.
Hence, to Start Forex Trading from Nepal or from anywhere, you need to learn some basics about Foreign Exchange Market. So invest wisely.
If you have any queries related to this blog post then please leave a comment below. We will try to reply your comment ASAP.