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Retd Govt Officer Lands In Web Of Trading Fraud, Loses 2 5cr Noida News

August 24, 2021 0 Comments, on Cryptocurrency service, by dummy_store_1

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is lexatrade legal in india

It offers signals and pattern recognition and is generally regarded as a reliable tool but of course there are no guarantees that it will be profitable. The minimum deposit is $250 and the available methods are Visa, CryptoWallet and e-Payouts; the processing time is not specified. Information about withdrawals is missing and this should is lexatrade legal in india be addressed by LexaTrade. All we could find is that withdrawal processing takes up to 24 business hours and that a representative will contact the client in order to complete the processing of the withdrawal. Forex trading is legal in India, and Indian residents can engage in currency trading, but they must adhere to the specific terms and regulations set by the authorities.

Once you have identified that, it will be much easier to take decisions in a dynamic manner in line with market movements. Once you begin trading, like every other investment, it is necessary to take informed decisions and wise choices. Finally, you will need to request the necessary access credentials that your broker will be able to provide you with. It is registered in Saint Vincent and the Grenadines (A small country in the Caribbean), a kingdom of thousands of shell companies. At a glance, it seems amazing platform and opportunity to earn trading profit with LexaTrade experts.

Is Lexatrade a legal broker?

As per the whois data, the domain Lexatrade.com was registered in September 2018, and according to similar web data it has around 13k monthly traffic from Kenya (60%) and India (26%). Her 15-year business and finance journalism stint has led her to report, write, edit and lead teams covering public investing, private investing and personal investing both in India and overseas. She has previously worked at CNBC-TV18, Thomson Reuters, The Economic Times and Entrepreneur. When investing in a fixed deposit, the amount you deposit earns interest as per the prevailing… This financial tool allows one to resolve their queries related to Public Provident Fund account. Unfortunately LexaTrade doesn’t offer a lot of information about withdrawals but according to the website, a representative will contact you to complete the processing, which takes up to 24 working hours.

An entity not appearing in the Alert List should not be assumed to be authorised by the RBI to deal in foreign exchange or operate electronic trading platforms for forex transactions. The authorisation status of any person/ETP can be ascertained from the list of authorised persons and authorised ETPs available in the RBI’s website,” RBI said. While you cannot directly trade in the foreign exchange market, you can still trade in currencies through the stock exchange.

There are some tips listed below that could help you if you have just begun investing with foreign exchange trading platforms. The trades are settled by cash, since it involves simultaneous buying and selling of currencies. While this is a feature wherein currency trading differs from trading in stocks or other instruments, another major difference is that you don’t require opening a DEMAT account to trade in currencies. It’s crucial for traders to be aware that the RBI keeps a vigilant eye on unauthorized Forex trading platforms. Engaging with these platforms could result in legal complications or exposure to fraud and scams.

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This does seem like a friendly broker, but I am not sure it’s the best choice for a total beginner, simply because the lowest deposit to open an account is $250. Many regulated brokers allow $50 and even $10 as minimum deposits, so maybe you should pick one of those. On the other hand, if you are confident in your abilities and $250 is not a lot for you, then LexaTrade may be a good choice. No, forex trading in India is not illegal, as long as it’s with a SEBI-registered broker. While participating in forex trading in India, knowing these tips may help you reap successful returns that help you meet your investment goals comfortably.

How can I legally start Forex trading in India?

All early signs show that LexaTrade is not a scam but keep in mind this is a very new CFD broker. The general online opinion is favourable and this is always a good thing because as soon as something goes terribly wrong with a broker, people flock to online forums, chat rooms, and social media to bash the said broker. This is not the case with LexaTrade and thus far we consider this CFD broker a reliable partner for your trading needs. For instance, the base currency being traded upon has to be the Indian Rupee (INR). There are only 4 currencies that can be paired with the INR and these include the US Dollar (USD), Euro (EUR), Great Britain Pound (GBP), and Japanese Yen (JPY).

LexaTrade provides access to popular cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and more.
Lexatrade charges a spread on trades, which is the difference between the buy and sell price of a financial instrument.
For instance, while trying to meet long-term goals, you can adopt a more conservative approach than if you are trying to meet short-term goals, for which you need to be able to generate returns quickly.
The Swiss franc, the Canadian dollar, and the Chinese yuan are also among the top ten most traded currencies, while the Swedish krona and the New Zealand dollar are the least traded currencies in the table.
To trade forex successfully in India, you need to choose a regulated and reliable broker that offers you access to a variety of currency pairs, platforms, tools, and services.

Determining the best forex trading company in India can be subjective, but Saxo Bank is often considered a top choice due to its wide range of currency pairs. Fusion Markets is known for offering low commissions, while IC Markets boasts low FX commissions and tight spreads. Global Prime is favored for its low forex fees, and Tickmill offers low FX commissions and tight spreads. Forex trading in India is a lucrative and exciting activity that can offer many benefits for traders who are willing to learn and master it. However, forex trading also involves significant risks that require careful management and mitigation.

is lexatrade legal in india

Risks Associated With Forex Trading in India

However, they can still trade in foreign currency derivatives on SEBI- and RBI-approved platforms or brokers via centralized stock exchanges, such as the Bombay Stock Exchange (BSE) or the National Stock Exchange (NSE). Called as foreign exchange (forex) trading, currency trading occurs on foreign exchange markets. Forex trading is most often conducted over a foreign exchange trading platform, wherein an individual trader bets on whether a certain currency will rise or fall against the domestic currency. LexaTrade is a financial trading platform that offers a range of financial instruments for traders to choose from, including contracts for difference (CFDs), foreign exchange (FX), and cryptocurrencies. Even though Indian regulations state that currency trading cannot be for speculative purposes, SEBI-registered brokers have provided services for speculative trading for some years. Indian traders responded through a broker’s association to push for a reconsideration of RBI’s non-speculative rule.

Knowing your market and instrument is important to be able to successfully navigate the trading landscape, which is why it is important to remain updated on happenings in the world that might affect currency movements. Conduct thorough research and analysis to assess the different investment strategies that traders have successfully employed to gain high returns in currency trading. It also helps to compare the different strategies and construct your own personalised strategy that is able to align with your own goals and requirements.

That being said, caution should be used anytime money is involved, with all brokers, old or new. On the other hand, the majority of traders don’t need Expert Advisors, scripts and the (sometimes) stuffy interface of Meta Trader. Besides, LexaTrade’s Web platform offers all the tools that can turn a skilled trader into a profitable trader. And besides, if you really want to do advanced technical analysis, LexaTrade offers Meta Trader 4 so you can have the best of both worlds. The alternative to speculative trading is hedging risk for an underlying holding. For example, if a business is exporting goods to the UK, it might open a GBP/INR trade to lock in the exchange rate for the export value.

How to Perform a Cash Reconciliation: A Step-By-Step Guide for Accountants

August 6, 2021 0 Comments, on Bookkeeping, by dummy_store_1

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cash reconciliation

Consistency in this process is key to early detection of errors and ensuring that your financial records always reflect the true state of your finances. Petty cash reconciliation and cash reconciliation are related but distinct processes within the broader scope of financial management. Mid-sized businesses often deal with a higher volume of transactions and might use specialised software to track cash flow, making reconciliation a more complex but equally vital task. Imagine having a financial guardian angel that ensures every penny in your business is right where it should be. That’s cash reconciliation for you – not a tedious task, but a powerful ally keeping your business safe from those sneaky financial discrepancies that can lead to trouble. The function of account reconciliation is typically carried out by accountants or finance professionals within an organisation.

As part of your financial close process, you’ll need to record every transaction that occurred in your general ledger. This way, you can ensure that your financial statements will be correct and up-to-date. Petty cash reconciliation should be performed at regular intervals to help keep track of the petty cash. Under this method of reconciliation of cash, the business compares the cash usage and inflow with the previous period. This method may not be as reliable in the reconciliation of short-term cash transactions as it compares the data of the present period to a previous one. Generally, there are two major ways of conducting cash reconciliation in any business.

Beyond: How Vistair are modernising their finance function with Pleo

When producing annual accounts, it is vital to reconcile accounts regularly, at least at year-end. Before you start, ensure you have all the relevant documentation to hand in for the reconciliation process; you will need credit card statements, bank statements or supplier statements. If you’re a small business owner, reconciling your bank accounts is vital to keeping accurate records and ensuring that your books are balanced. By matching your bank statement with your internal bookkeeping, you can spot any discrepancies and correct them accordingly. The process of account reconciliation provides businesses with the opportunity to notify the bank (or other external source of statements) of errors and have them corrected. This is critical because any discrepancies left unaddressed could distort a company’s understanding of its financial health.

This ensures the business that it gets the true cash position within the organization. To help with bank statement reconciliation, we also created a free Excel template for download for bank statements and cash accounts. You will need to complete a reconciliation for each credit card you have for the business. It is so that you can check that the transactions on the credit card statement match the transactions in the accounting system. The size of your business will depend on the number of reconciliations you will need to complete.

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The charges have already been recorded by the bank, but the company does not know about them until the bank statement has been received. It is possible to have certain transactions that have been recorded http://www.chinzadopeness.com/2020/01/ as paid in the internal cash register but that do not appear as paid in the bank statement. An example of such a transaction is a check that has been issued but has yet to be cleared by the bank.

You can figure out if there is any cash theft and also hold the person who is indulged in the fraud, accountable.
The IVP Reconciliation Solution also provides a transparent view of data so fund managers can see exactly where and how breaks happen.
You’ll no longer require any manual work when it comes to matching statements to the ledger.
Keeping cash accounts accurate and eliminating bookkeeping errors is much easier with cash reconciliation.
It aids in informed decision-making, ensures compliance with financial regulations, and significantly contributes to the overall financial success of your organisation.

When it comes to the financial soundness of any business, the managers and senior-level executives have to take care of a lot of factors. Different businesses and managers have different sayings about the subject. Thus, petty http://www.anwiza.com/content/view/53/10/ is the process of assessing petty cash payments and making sure that company records are up to date. This process covers the matching of the closing balances per account on an entity’s books that make up the overall balance sheet. It ensures the closing balances are classified and submitted correctly so the final balance sheet’s accuracy can be confirmed via an auditable lookback. An intercompany – or intergroup – reconciliation is the validation of the parent entity general ledger with its subsidiaries.

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Account reconciliation is an important process for any business; it is the process of checking account balances in the records to other sources. It ensures that the financial account balances are accurate and up-to-date. Once you have found the errors in the reconciliation, you need to make the adjustments http://vysotskiy-lit.ru/words/1-%D0%9A%D0%9E%D0%A1%D0%9C%D0%9E%D0%A1/vysotskiy/kosmos.htm to ensure that they balance. There might be several different adjustments, but they usually involve adding missing transactions like supplier invoices, cash receipts or an adjusting journal entry. The accounts receivable reconciliation is between the customer ledger and the customer account statements.

cash reconciliation

You can also plan the cash flow budget by viewing the worksheet of your petty cash. Download this template to get the structure to structure for the worksheet. Position reconciliation is the process of confirming that an asset manager holds the same number of securities that a custodian, broker, or other counterparty says the asset manager holds. The process entails matching position balances from two or more sources, typically the custodian or broker record and the asset manager’s internal system. Position reconciliation is also known as holding positions or holding the balance.

Petty Cash Fund Reconciliation Form in PDF

And you can’t replace petty cash with corporate cards for the simple reason that not every employee has one. Because they’re seen as risky, and they’re too expensive to only use occasionally. The main challenges of the reconciliation process are related to its complex, time-consuming and tedious nature.