Insider Trading, also known as insider Dealing, is an act associated with the financial market in which individuals with access to private information use that information to make personal gains, either illegally or ethically. This practice may have grave legal and ethical implications. We will look at the different forms insider trading, as well potential market effects as legal ramifications of individuals involved in these practices. In this article, all of the above components are explored in detail. These include its different forms as well potential impacts on markets as well any legal penalties faced by individuals who engage in such practices.