FX-Retail
FX-Retail Platform
FX-Retail is an electronic trading platform introduced by the Reserve Bank of India and developed by the Clearing Corporation of India Ltd. (CCIL) for Bank customers enabling them to deal in the USD/INR currency pair for their genuine forex exposures. This platform came into existence on August 05, 2019 and is available at https://www.fxretail.co.in for customers to register on the platform and use thereof.
Features and Benefits
- Anonymous multi-user matching system with viewing rights of CCIL’s USDINR Interbank rate.
- Enables transactions across Individuals, Corporates, Trusts, Cooperative Banks, Foreign Portfolio Investors, Foreign Institutional Investors etc. and providing the benefit of placing the trades at the customer’s convenience & requirement. Customers can currently place orders for USD/INR currency pairs only.
- Customers can buy or sell USD against INR for Cash, Tom, Spot delivery, and forward for hedging.
- Total amount of transactions is subject to limit (amount, type and tenure) assigned by the Bank to the respective customers.
- Net rate with breakup is provided to customer after factoring exchange margin, spot and swap cost at interbank rates.
- Transaction wise audit trails and several reports are available to customers.
Tutorial Videos
Customer can access the FX–Retail Product Demo Video through the provided link- https://www.clearcorp.co.in/web/clearcorp/fx-retail-virtual-demo for the following purposes.
- FX-Retail Introduction
- FX Retail Registration Process
- Introduction to FX- Retail Trading screen
- How to Place Orders on FX – Retail.
- How to Book Forward Contracts on FX Retail.
FAQ
- The FAQ addresses common questions related to eligibility, registrations, documentation requirements, platform usage, and troubleshooting.
- FAQ Link- https://www.clearcorp.co.in/web/clearcorp/registration
- This allows customers to find answers instantly without needing to contact support.
Registration Process
| Step 1 | Customers need to apply with required details at https://www.fxretail.co.in |
| Step 2 | Customers to click on ‘Register Here button’ and complete the registration process by providing the required details including the IDBI Bank account details. |
| Step 3 | Customers to submit complete FX-Retail activation related documents and applicable for cash margin to the relationship Branch along with FX-Retail limit request. |
| Step 4 | It is to be noted that the details provided by customer on FX-Retail platform need to match with those on record with the Bank for the registration request to be processed. |
| Step 5 | After verification and placement of applicable cash margins, The Bank sets the requested limit for the customer and the exchange mark-up on the platform. |
| Step 6 | Post approval of the registration request by the customer, access credentials for the platform is shared with the customer on registered email address. |
| Step 7 | After successful registration on the portal, customer can login to the FX-Retail portal from next business day. |
Transaction Process
| Step 1 | Customer can proceed to place an order on the FX-Retail platform up to the limit defined by the Bank within the limit validity period. |
| Step 2 | FX-Retail shall send order confirmation mail to the customer on the registered email address upon successful completion of the order. |
| Step 3 | The customer needs to contact the relationship branch immediately with this order confirmation along with necessary documents required for processing of the transaction. |
| Step 4 | Customer shall ensure utilization of deals booked on the platform. |
| Step 5 | In case of non-utilisation, the booked deal shall be reversed by Bank at FX card rate published by the Bank. Loss, if any, on such reversal shall be recovered from the customer’s account whereas profit on such reversals shall not be passed on to the customer. |
Fee and Charges
This enables customers to make informed decisions and understand the cost implications before registration.
| Particulars | Fee & Charges (GST will applicable on all charges) | ||
|---|---|---|---|
| One time customer Registration charges (CCIL) | |||
| Individual | Rs.300/- | ||
| Non-Individual | Rs.1,000/- | ||
| One time customer Registration charges (IDBI BANK) | |||
| Individual/ Non-Individual | Nil | ||
| Transaction charges (CCIL) | |||
| Upto USD 50,000 in a day | No charges | ||
| Above USD 50,000 in a day | 0.0004% on the entire transaction value in INR terms | ||
| Mark Up (Exchange Margin) | As mutually agreed. | ||
| Trade Finance Charges | As applicable. (Please contact your Relationship Branch / Relation Manager for further details) | ||