The specialists at Traders Union have investigated the terms and quality of service offered by forex brokers in India who cater to traders based in India. Many brokerage firms have been verified in accordance with 107 criteria, and only the top forex brokers in India were included in the Best Indian Brokers list.
Companies with a good reputation, trustworthy regulation, and optimal trading terms are among the top forex brokers in India. Positive reviews outnumber negative reviews, which is one of the key criteria for selecting the best brokers list.
#1. GoDoFX: Best Fx Brokers in India
GoDoFX provides eight different types of accounts, each with its own set of amazing trading conditions that are designed to fulfil the demands of all traders. If you have no prior trading experience, we strongly advise you to start with a demo account to gain some practice. Once you’ve mastered the basics, you’ll be able to open a genuine trading account.
With us, you can trade in a wide selection of currency pairs, equities, oil indexes, and metals, among other things. GoDoFX provides them at affordable pricing without the need for re-quotes or order rejections.
[ Don’t forget to read: Is Forex Trading Legal in India? ]
#2. XM Global
XM Global is a subsidiary of Trading Point Holdings and is regulated by the Securities and Exchange Board of India (SEBI) and the International Financial Services Commission. On the other hand, XM does business with over 200 nations and has approximately 2.5 million traders from all over the world.
It has a variety of appropriate trading products, including currency pairs, equities, commodities, metals, indexes, and even energy futures and options.
With the XM trading platform, you can trade in various platforms, including MetaTrader 4 and 5, which run on various operating systems and on the web, respectively.
To get started, you can sign up for a micro account that requires a $5 deposit and offers leverage at a 1:89 leverage ratio. You’ll also receive a sample account with a virtual balance of $10,000.
Although iForex is not well-known, it has received positive feedback from traders and financial organisations. It is, of course, regulated and registered by SEBI and the British Virgin Islands Financial Services Commission, and it trades currency pairings, cryptocurrency, indices, commodities, ETFs, and shares.
There are over 800 instruments to trade in on this web and mobile-based platform. It works in a one-click trading deal to make a lot of money. Yes, newbies should not be concerned; it includes techniques, markets, and charts used while trading. The minimum deposit is $100, with Skrill, Neteller, MasterCard, Visa, and wire transfers as payment alternatives. It supports a variety of customer service languages, including several of our Indian languages.
#4. Olymp Trade
Next among the top forex brokers in India is Olymp Trade. This newly established trading broker has quickly attracted the attention of audiences and users all over the world, thanks to its innovative framework. Olymp Trade is a registered company with the Securities and Exchange Board of India (SEBI) and a member of the International Financial Commission. It is simple to trade with Olymp because they provide a user-friendly interface that is comprehended even by those new to the world of cryptocurrency trading.
It features a practice account that you may use to learn the methods and tactics to help you become a better trader. Leverage of up to 500 times is available for trading equities, indices, commodities, exchange-traded funds (ETFs), crypto assets, and currencies. FTT (also known as Fixed Time Trading) is another feature available on this platform, which allows you to predict exchange rates easily and earn up to 90 percent of your order amount.
This is another popular and widely utilised forex trading platform in India, and it is similar to the previous one. Etoro is regulated by the Financial Conduct Authority, which also oversees the Cyprus Securities Exchange Commission and the Australian Securities and Investments Commission. There are numerous trading alternatives available in this platform, including more than 2000 different instruments and themes, such as CFDs, exchange-traded funds (ETFs), stock market indexes, commodities, and currency pairs.
To learn real-time techniques, beginners can start a virtual account with a deposit of $100,000 and use all of the real-time strategies available to them. Not to worry, you are not required to make any deposits into your virtual account because it is only intended to be used for practice purposes.
Depending on your region’s requirements, you must only make deposits into the original account, with a minimum deposit of $50 or more.
When it comes to trading securities, there is a significant amount of risk involved. There is significant risk associated with margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, including, but not limited to, leverage, creditworthiness, a lack of regulatory protections, and market volatility, all of which can have a significant impact on the price and liquidity of a currency or related instrument. If the methods, strategies, or indicators offered in these items are profitable, or if they do not result in losses, this should not be assumed.
[ Don’t forget to read: How to Make Profits in Forex Trading? ]