Top 5 Forex Broker In India
In this article
1. Forex.com
It is one of the best forex trading platform in terms of pricing. This website offers an excellent trading experience with competitive pricing. Moreover, it caters to all the requirements of a forex trader with its robust mobile app. It provides complete market research for its user. There is no doubt that it is a one-stop shopping destination for all your forex trading. But keep in mind that it is not a standard broker. You can’t open an account with tax benefits. If you are interested in the stock or bond market, this platform is a big no for you!Key highlights
- Highly Recommended for: MetaTrader 4 users, Beginner, and Active forex traders
- Indian residents: Available
- Trading assets: Foreign exchange, select CFDs, gold, and silver
- Mobile app: Available and operational
- Account minimum: 100 of base currency which is selected
- Trade size(Minimum): $1,000
- Minimum initial deposit:$50
- Average Spread: 0.2 to 1.0 pips
- Commissions: No commission. However, the Variable starts at $60 per million traded
- Account type: Both Commercial and standard
- Trust Score: 93 (Low risk)
Benefits:
- Huge currency range: You can deal with buying and selling more than 80 currencies. It provides the best comprehensive services across the globe.
- Complete list of indicators: If you are dealing with technical analysis, then you are at the right place. Forex.com provides access to more than 90 individual indicators. Moreover, the simplified procedure adds an indicator to a currency chart.
- Abundant Research and Educational tools: If you are a beginner, it offers plenty of research and education tools for trading. You can learn various technical skills through an online webinar. advanced risk management learning courses are also useful
- Easy to use navigation tools
Features:
- It provides safe and low-risk trading for CFDs and forex as regulated in four tier-1 jurisdictions.
- It is a publicly-traded platform that ensures user safety.
- It has turned out to be the best option for all traders. It accepts Indian traders. This unique feature of forex.com has made it the best forex broker in India.
- This trading platform has many accomplishments. It provides lucrative offers of Investments, Education training, and so on. This has the best customer satisfaction rate. It has also secured rank 7 in the overall category.
- You can trade in more than 90 currency pairs.
- You can start with a minimum of deposit $250
- Easy and competitive Pricing due to a tiered discount approach. In this, your total monthly trading volume is taken into consideration. Look for the best discounted brokers out there.
- It offers tight spreads in the trading of cryptocurrency and CFDs.
- One of the Largest MetaTrader broker in the world
Forex.com: Commissions & Fees
- Average Spread for Meta trader platform user: 1.3 pips on EUR/USD (Oct 2019 data)
- Average Spread for Non-MT4 trader platform user: 1 pip (Q3 2019)
- Initial deposit(Minimum): $50
- com offers five-tier pricing for high volume traders
- It offers dealer execution results in a more challenging market environment
- Active trader/VIP concession: Available
Types of Trading Platforms
- Advanced Trading: It is mainly suitable for seasonal traders. It has many outstanding features, such as drawing tools and charting. There are 139 in total technical indicators in the charting package. Other unique features are automated trading systems for advanced traders. Additional technical analysis tools scan the market for new trade ideas.
- Web trading: Web trading platform most suitable for casual trading. It is mainly helpful to conduct research and chart analysis using trading central.
- MetaTrader: com ranks 7 in this class. It offers a Meta Trade suite, including both MT4 and MT5.
Mobile Trading app
This mobile app is compatible with both iOS and Android systems. You can download it free of cost from the google app store. This mobile app holds rank 9 among various trading platforms. All thanks to its easy navigation features.Key highlights:
- Best integrated interface: It has all features of the desktop trading platform. You can do everything within a fraction of a second on your mobile screen.
- Possibility of Customization: You can Customize your mobile trading app as per your personal needs. You can choose the theme, currency notifications with which you are dealing with. Moreover, you can personalize your watchlist.
- Alert and notifications: Using this app, you will receive a push notification whenever there is an alert related to price movement. It will also notify you when your order gets notified.
- Advanced charting: While performing forex trading using this app, you can avail of advanced charting facilities. The app has easy to use charts. This app specifically uses only ten drawing tools and seven indicators.
- MetaTrader: If you prefer MetaTrader for trading, the MT4 and MT5 apps are present for your convenience.
2. IG forex broker
It is one of the most Regulated and trusted trading platforms for foreign exchange across the globe. IG is a UK based public trading company. It has achieved a four-star customer rating. There is no doubt that it is one of the best forex brokers in India. It has gained huge popularity among the traders because of its comprehensive trading benefits. IG forex broker is known for its outstanding competitive rates and research tools. Apart from this, it offers more than 17,000 products access to its users. It majorly deals in CFDs on shares, commodities, bonds, cryptocurrencies, and so on. It has been reported that until May 2019, IG has 130,000 active users all over the world.Key Highlights
- It is named as the Best Overall Broker of the year 2020
- Indian residents: Acceptable
- Average Spread EUR/USD – Standard: 0.700
- Minimum initial deposit: £250
- Overall trust score: 99
- Mobile app: Available
Features and benefits:
- With a trust score of 99, IG is regarded as the best overall broker of 2020
- IG forex broker in India is known for its low-risk trading
- This publicly-traded company is regulated through six tier-1 jurisdictions. This is the safest broker for CFDs and forex trading.
- IG ended up being the best among the ten categories. This trading platform holds the best ranking in terms of investments offers (17000= product access). It provides top-grade facilities in research, Commissions & Fees, and mobile trading.
- IG Forex broker in India offers MetaTraderplus premium MT4
- If you are dealing with Retail forex and CFDs, then IG forex is the perfect fit for you.
IG: Investments Products
Ig forex broker holds 2nd Rank in terms of investment product. It mainly deals with the following investment products:- Forex: Spot Trading
- Total Forex pairs: 93
- CFDs: 17535 ( Total Offered)
- Copy-Trading
- Cryptocurrency traded as CFD
IG: Commissions & Fees
- Minimum Initial Deposit: £250.00
- Average Spread EUR/USD: – 7
- All-in Cost EUR/USD – Active 363
- Active Trader or VIP Discounts Yes
IG: Trading Platforms and tools
IG forex broker mainly offers the following platforms and tools to its user- Flagship platform: It is a web-based platform mainly famous for its usability. The IG’s web-based platform is empty, and the user has to customize the workspace template as per requirement.
- Advanced Charting: The trading platform already has charts with advanced functionality. By using this facility, you can add an alert or indicator.
- Other platforms: Additional platform that IG offers are the MetaTrader4 (MT4) platform and the L2 Dealer platform. In L2 Dealer Forex Direct and Direct Market, Access trading occurs.
- ProRealTime charts: IG’s ProRealTime premium charting contains nearly 100 indicators. This premium charting facility is available as a Java application. You have to pay £30 per month to avail of this advanced charting; otherwise, you should make at least four trades in that calendar period.
IG: Research
As an IG trader, you can access quality market research conducted by the IG and the third-party. IG offers the following features to its user Content: IG forex broker provides news and video streaming. Trading signals: IG aids the traders to view trading signals. These signals are produced by technical analysis and automatic pattern recognition software. This has become possible because of the integration of AutoChartist and PIA. On IG platform Special blog: IG has collaborated with DailyFX, a blog cum news website. It provides support to IG clients with its relevant news article and educational updates. Moreover, it also offers research tools that are beneficial in forex trading.IG: Mobile Trading
IG’s mobile app outstanding features satisfy the requirements of beginners and advanced traders.- Features: This mobile app offers features such as an economic calendar, watchlist, alerts, etc.
- Charting: IG’s mobile app has 28 indicators and tools essential for drawing charts.
- Research: In the IG Mobile app, you can access news content and notifications from AutoChartist. This autoChartist is well integrated for a better user experience.
- MetaTrader:MetaTrader is also present.
3. XM Forex broker
XM group, founded in 2009, is an online broker platform regulated by SEBI. XM provides a complete MetaTrader suite with more than 1300 tradeable instruments. However, it cannot meet the competitive standard established by its counter-part, such as IG. XM group regulation is made by double tier-1 and single tier-2 jurisdiction. You should know that XM group pricing varies with the account type. XM Group is a SEBI regulated forex broker in India.Key highlights
Overall trust score: 80- Minimum Initial Deposit: $5-100
- Average Spread EUR/USD – Standard:6 (as of Jan 18)
- All-in Cost EUR/USD – Active 80
- Indian residents: Acceptable
- Metatrader: Metatrader 4 & Metatrader 5
- Mobile Platform: Available (MT4 and MT5 Mobile App)
- Trading Account types: Zero, Micro, Standard, XM Ultra-Low Account
Benefits:
- XM trading platform holds a decent reputation
- Approximately 56 currency pairs are present for trading
- The lower limit of spreads starting from 0 pips for EUR/USD
- Trading is quick
- Provide customer support in 25 languages
- User-friendly interface
- Attractive bonuses
- Metatrader platform available, i.e., MT4 / MT5 or Webtrader
- User can make a selection from 11 basic currencies
Features:
- This trading platform offers Low trading costs (Lower limit is 0 pips for EUR/USD)
- Simplified process without any sneaky tricks, and there is no option of price requotes
- Faster trade execution speed
- XM forex India protects your account from a negative balance.
- XM Group offers lucrative offers and bonus schemes for the loyal trader as well as a new user.
- This trading platform is regulated under CySEC 120/10, ASIC, and IFSC.
- One of XM forex India’s best features is that it enables you to open a demo account free of cost. If you are a beginner, then this might help you to learn trading strategies without any chance of money loss.
XM: Trading Accounts
XM Group mainly offers four different types of trading accounts to its user. These are:- MICRO: In this, the user operates with micro-lots, and chances of risk are also low. The minimum deposit required is $5
- STANDARD: In this, you have to operate with standard lots. The minimum deposit required is $5
- ZERO: You have to operate with standard lots. The spreading starts at 0 pips. For activation of this account, the minimum deposit required is $100. Zero account commission rate is $3.5 per $1,00,000 trading
- ULTRA LOW: You can trade by using micro or standard lot. The minimum initial deposit required is $50. This account is not valid in all countries
XM group bonus policy
You can claim a signup bonus within the stipulated time. As a newcomer, you are eligible for the following bonuses:- Trading bonus: You can get up to $ 30 as a bonus to the new users. This will be credited automatically to your account. No initial deposit is required.
- Deposit bonus: 50% deposit bonus (Not above) $ 500
- Additionally, more 20% deposit bonus (Not above $ 4500) bonus
XM: Investment Products
XM forex provides various investment offers to traders. You can avail of the following investment products:- Spot Trading (Forex): Available
- Total Forex currency pairs 57
- CFDs Offered Over 1000
- Copy-Trading Available
XM: Commissions & Fees
Commissions and fees depend on the type of account you are operating on the trading platform.- Micro and Standard accounts: commission-free
- XM Zero Account: Commission based
- For XM Zero account: average spreads stand at 0.1 pips (EUR/USD)
- Standard and Micro account: average spreads of 1.7 pips (EUR/USD)
- Commissions: XM Zero account provide the most competitive price offers
- Execution method: It offers no re-quoting across all its account
- Minimum Initial Deposit $5-100
- Average Spread Standard 6 (as of Jan 18)
- All-in Cost (EUR/USD)- Active 80
- Active Trader No
XM: Trading platforms & tools
XM forex India offers outstanding services such as MT4 and MT5. It also provides web trader services. Webtrader works faster and has ensured stability. Webtrader platform is based upon a popular HTML Sirix platform. It offers superfast trading operations. You can choose between Webtrader, smartphone trading apps, or MT4/MT5. The services that you can avail of through this trading platform are listed below: Services offered by the XM trading platform- Market Live updates daily
- Forex News
- Weekly Webinars
- AutoChartist
- Trading Central
- Currency Pairs
- Economic Calendar
Mobile Trading
XM Group is a MetaTrader broker. Its mobile app is compatible with both Android and iOS mobiles. You can download this app from google play or apple iTunes store. The features offered by the mobile trading platform are forex and CFDs trading. It also offers charting indicators, charting multiple time frames, and so on.4. Hotforex
Hotforex India is meant for traders who deal with Meta trader-only broker. In the current year, Hotforex has achieved top ranking in MetaTrader and social copy trading categories. Hotforex India is one of the SEBI regulated forex brokers in India. Hotforex was established in 2010. The hot forex trading platform has single-tier -1 jurisdictions and three tier-2 jurisdictions. It has an average risk for forex and CFDs trading.Key highlights:
Overall trust score: 83- Minimum Initial Deposit: $50
- Average Spread EUR/USD – Standard:20
- All-in Cost EUR/USD – Active 90
- Indian residents: Acceptable
- Active trader: No
- Metatrader: Metatrader 4 & Metatrader 5
- Mobile Platform: Available (MT4 and MT5 Mobile App)
- Six trading accounts
Benefits
- Multiple regulations regulate the hot forex trading platform.
- One of the main advantages of this broker is that you can open Commission-free trading accounts.
- You can easily access average spreads from the comparison table streaming.
- It offers premium add-on such as MetaTrader tools and indicators.
Features:
- HotForex not only offers MetaTrader full suite but also premium trader tools to the customer. The purpose of this optional tool package is to enhance the experience of its user. However, few limitations need customer’s attention. For instance, crypto CFDs trading is not allowed on weekends.
- It offers six different accounts ranging from micro to premium, and their pricing also varies with the account.
- Moreover, it offers better pricing than other competitors.
- Hotforex has achieved a topmost ranking in MetaTrader and social copy trading categories.
Bonus
Hotforex mainly offers three bonus and promotional schemes. These are enlisted below:- Super-charged bonus (100%): You can earn a daily cash rebate of $2 on every $250 deposited in your account
- Rescue bonus (30%): You can earn a rescue bonus of $7,000 per $50 deposition in your account
- Credit bonus (100%)
Accounts
The customer gets access to six different accounts. The details about these accounts are enlisted below:- Micro: Commission free
- Premium: Commission free
- Zero Spread: Commission based
- Auto: Commission free
- PAMM (Premium) : Commission free
- HFcopy: Commission free
Hotforex: Investment products
The different investment products accessible to hotforex users are enlisted below:- Forex: Spot Trading Available
- Total Forex pairs: 49
- Total CFDs Offered: 104
- Copy-Trading Yes
- Cryptocurrency traded as CFD Yes
Hotforex: Commissions & Fees
- Minimum Initial Deposit: $50
- Average Spread EUR/USD – Standard: 20
- All-in Cost EUR/USD – Active: 90
- Active Trader: No
Hotforex: Trading Platforms
HotForex enables its users to trade on the globally recognized MetaTrader 5 and MetaTrader 4 trading platform. MetaTrader 5 and MetaTrader 4 are compatible with Windows, Mac, and Web. The users of the hotforex have the chance to trade on a globally recognized trading platform such as MetaTrader 4 and MetaTrader 5. Metatrader platforms are compatible with all the three platforms, i.e., Windows, Desktop, and Web. MetaTrader 5 for Desktop based platform Meta trader 5 is globally recognized for forex trading. It has the following benefits for desktop users:- Easy to visualize multiple timeframes: You can view even 21 timeframes
- You can analyze up to 100 charts at a particular moment
- By using the hotforex desktop platform, you have accessibility to more than 80 indicators
- User friendly as it provides single-click trading functions
- You can perform your business activities Trade from any browser and operating system
- You can visualize 9 different timeframes simultaneously
- By using the hotforex desktop platform, you have accessibility to more than 38 indicators
- User friendly as it provides single-click trading functions
Hotforex: Mobile Trading Platforms
MetaTrader 5 mobile trading app This mobile app works for both Android and iOS operating systems. You can download this app from myHF Area, Apple App Store, or Google PlayStore. Its key features are:- It offers Real-time and highly interactive charts
- By using the hotforex desktop platform, you have accessibility to more than 30 indicators
- User friendly as it provides single-click trading functions
- You can access multiple orders
HF App for mobile trading
Its unique features and benefits are mentioned below:- It offers an advanced charting facility
- You can easily avail important functions such as Deposition and withdrawal
- You can customize your app’s watchlist
5. Avatrade
The trading platform, founded in 2006, emerged as the market leader in forex trading in Europe. You can estimate its popularity based on its execution of 2 million trades every month. Avatrade is regulated through both Australian ASIC and the Irish CBI. One of the unique features of Avatrade that makes it different and superior to others is its low spreads. It offers the lowest spread in the market.Key highlights
- It offers the lowest spread in the market.
- Overall trust score: 93
- Minimum Initial Deposit: $100
- Average Spread EUR/USD – Standard:92
- All-in Cost EUR/USD – Active 62
- Indian residents: Acceptable
- Metatrader: Metatrader 4 & Metatrader 5
- Mobile Platform: Available (MT4 and MT5 Mobile App)
Features and Benefits:
- It offers the lowest trading costs
- A trading platform is robust
- Lightning-fast trade execution
- It is a highly Regulated trading platform. Finance regulators from the U.K., South Africa, and Australia deals in its regulation
- It provides extensive training courses to the newcomers
- You can access a demo account for free to learn the basics about forex trading
- It provides customer support in 14 languages
- Avatrade mainly deals in forex cryptocurrencies, CFDs, and forex on the stock.
Bonuses
- As a new user, you will receive £50 as a bonus on your first deposit of £100.
- For a £ 300 deposit, you will get a bonus of 100 euros.
- In case of successful Referrals, you will be rewarded in the range of 50 to 150 Euros,
Investment products
The different investment products accessible to hotforex users are enlisted below:- Spot Trading: Available
- Total Forex pairs: 60
- Total CFDs Offered 681
- Copy-Trading: Available
- Cryptocurrency traded as CFD: Yes
Commissions & Fees
- Minimum Initial Deposit: $100.00
- Average Spread EUR/USD – Standard:92
- All-in Cost EUR/USD – Active 62
Avatrade Trading Platforms
For copy trading, AvaTrade takes the s service of third-party trading platforms.- ZuluTrade
- Tradency
- MetaTrader 4 (MT4)
Avatrade Mobile Trading
Apart from MT4, the AvaTradeGO app is much popular among Avatrade users. It has recently launched AvaOptions, specially designed for forex trading AvaTradeGo: It has all its desktop platform features. Apart from this, it also offers a customized watchlist and a protection feature called AvaProtect. This feature reduces the risk Charting option with 93 technical indicators are available in this mobile app.Forex Trading Indian Regulation
In India, the Forex market is regulated by the Securities and Exchange Board of India(SEBI). SEBI performs numerous roles. It issues licenses to brokers, auditing and inspection, and developing rules and regulation for forex trading. Such as issuing a license to brokers, auditing and inspection, and developing rules and regulations for forex trading. You should always understand that forex trading is not fully legalized in India. You can only trade currency pairs with INR in the pair. The currency pair trading legalized in India are:- USD/INR
- EUR/INR
- GBP/INR
- JPY/INR.
SEBI Regulated Forex Brokers
SEBI is the official agency that looks after all kinds of forex trading in this nation. It serves with a lot of services, such as license issuing to the forex broker. SEBI approval is the paramount requirement for forex trading in India. SEBI registered three stock exchanges that act deals in forex brokerage are::- The National Stock Exchange(NSE)
- MCX-SX
- United Stock Exchange(USE)
Features of Good Forex Broker in India:
- It should have a decent reputation among forex traders across the globe
- As an Indian national, you should be allowed to deal with micro-lots
- The minimum deposit required for forex trading should be affordable
- You can use local deposit methods
- A strong financial regulator should additionally regulate these trading platforms
- MT4/MT5 is necessary only in case you plan to use Expert Advisor automated trading
- You should be provided insurance for the negative balance
- While trading, you should be at low risk, and your money should be safe.
FAQs
Q. What do you mean by SEBI?
A SEBI stands for the Securities and Exchange Board of India. SEBI is the official agency that looks after all kinds of forex trading in India.
Q How to Verify SEBI Authorisation of the forex broker?
A: Always check the broker’s registration number from the disclosure text at the bottom of the broker’s homepage.
Q. Is Forex trading legal in India?
A: Not completely. Forex trading is half in India. Currently, RBI deals in legal forex trading in India.
Q. Is there any method to find a Trusted Forex Broker in India?
You should always opt for legal traders that have been authorized under SEBI. Does this reduce the risk of any money loss?
Q Which forex broker is suitable for India’s forex trading?
There is a long list of the most suitable forex broker in our country. In my opinion, the IG forex trading platform is the perfect fit for the Indian market. Moreover, its overall trust score is 99 out of 100
Q. Is forex trading is a profitable business in India?
Forex trading involves its own risk, and it remains the same across the globe. The chance to earn a profit is equivalent to the chance of loss. You should be technically sound to invest your money in this trading business.
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