Working with the best forex broker in India is going to be the ideal way to enter the forex trading market; whether you decide to use the forex trading app, or the online trading platform, you will want to do this with the best there is!
Forex Trading In India Is Growing
Forex trading in India is becoming increasingly popular, as more and more investors look to capitalize on the potential profits that can be made by trading currencies. However, it is important to choose the best forex broker in India in order to maximize your chances of success.
There are a number of factors to consider when choosing a forex broker, as well as regulatory questions regarding trading forex in India that you may want to clarify first.
In this guide, we have run through the basics you will need to know about forex trading in India, as well as how to decide on who is going to be the best forex broker in India for your particular trading needs.
All the forex brokers in India we have listed will provide you with all you need to start trading forex locally, from the trading app, to the online trading platform, and the broker themselves. You can choose to use as much or as little of those features as you wish.
Best Forex Broker In India – Our List Of The Top 5
In our search to find the best forex broker in India, we have stumbled across many unregulated brands who will not make this list.
The full criteria for finding the brokers and best trading apps India has to offer are listed below, but one thing we wanted to emphasise here is also we are focusing on the best forex brokers in India with low spreads.
There are many forex brokers in India, but some still charge high spreads, which can eat into your profit potential and in fact turn a good broker, into one that is harder to profit with.
Here is our best forex brokers in India with low spreads:
1. FXTM India Review Coming Out Great With Low Spreads
MINIMUM DEPOSIT – $50
REGULATION – FCA, CySEC, FSCA, FSC
INSTRUMENTS – FOREX, CFDs
FXTM is a forex broker in India that offers low spreads starting from 0.1 pips. It also offers high leverage of up to 1:1000. Regulation is provided by FCA in UK, CySEC for Europe and FSC for India forex traders and other international users.
You will find a very wide range of deposit options in order to get your account started with FXTM, and MT4 trading platform with a variety of trading tools and resources. In addition, there are no deposit or withdrawal fees for Indian residents. The FXTM India minimum deposit is $50 for a real account, but you also have the option to trade on demo with the same great platform.
For customer support, you have the usual online options available, alongside a local toll free telephone number of 000800 100 4352. This is a global broker that is part of a larger company with a strong reputation for regulation, and an emphasis on providing account management services to users outside of Europe.
Consistently deserving of a place in the list of best forex brokers in India.
2. FBS forex broker in India with low minimum deposit
MINIMUM DEPOSIT – $5
REGULATION – CySEC, FSC
INSTRUMENTS – FOREX, CFDs, COMMODITIES
FBS is another forex broker that offers low spreads. It offers a floating spread starting from 0.2 pips. It also has high leverage of up to 1:3000 and no deposit or withdrawal fees for Indian residents.
As one of the top forex brokers in India, FBS offer a wide range of forex products and services to their clients. Their platform is user-friendly and they provide excellent customer support.
FBS also offers one of the best forex trading apps in India which is very convenient for traders on the go.
3. Exness Is A fast Growing Forex Trading Platform In India
MINIMUM DEPOSIT – $5
REGULATION – CySEC, FSC, FCA
INSTRUMENTS – FOREX, CFDs, COMMODITIES
Exness India user numbers are growing steadily, and this is a forex broker that offers both excellent service, and low spreads starting from 0.1 pips. Global trading volume for Exness continues to increase, a sign that reviews of Exness amongst its’ users are favourable.
You will find that this forex trading app in India offers high leverage of up to 1:2000 and no deposit or withdrawal fees. All around, this is a top broker to consider.
4. XM Broker India Offers No Deposit Bonus of $30
MINIMUM DEPOSIT – $5
REGULATION – CySEC, FSC, FSCA
INSTRUMENTS – FOREX, CFDs, COMMODITIES
Visit Broker
XM is a forex broker that offers low spreads starting from 0.1 pips and is available in India. It also offers high leverage of up to 1:888 and no deposit or withdrawal fees for Indian residents. With a $5 minimum deposit XM have one of the lowest barriers to entry across the globe, and even offer bonuses.
You will often find $30 no deposit bonuses available with XM that allow you to begin trading with no deposit.
5. AvaTrade India offer the Best Forex Trading App
MINIMUM DEPOSIT – $100
REGULATION – ADGM, CBI, FSCA, ASIC, BVI, FSC, JFSA, FRSA
INSTRUMENTS – FOREX, STOCKS (CFDs), CRYPTOCURRENCIES, COMMODITIES, OPTIONS
Visit Broker
Full AvaTrade Review
AvaTrade is one of the best forex brokers in India with a real global reach in terms of regulation and oversight. As one of the brokers that offers low spreads starting from 0.4 pips, AvaTrade also offers high leverage of up to 1:500 and no deposit or withdrawal fees for Indian forex traders and residents. AvaTrade India accepts Pan cards as proof of identification, showing an understanding for local requirements from this forex trading platform above many others.
AvaTrade Go is the best forex trading app on the market for beginners in India, with a super easy to use interface, and a massive range of instruments to trade with. This is available on both iOS and Android with features you would be happy with on desktop. of the
Is forex trading in India legal?
Yes, forex trading is legal in India. The Reserve Bank of India (RBI) is the regulatory body for all financial institutions in India, and it has stated that forex trading is allowed.
However, there are some restrictions on how much foreign currency can be bought and sold, and there are also some restrictions on which currencies can be traded. These restrictions are meant to protect the Indian rupee from being devalued.
Regulation For Forex Trading In India
Forex trading is not supposed to be done in India unless it is done through a registered broker. There are several forex regulators in India, including the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI). RBI regulates the forex market in India, while SEBI regulates the securities market.
Some of the key forex regulations in India include the following:
– Foreign Exchange Management Act (FEMA)
– Reserve Bank of India Act
– Securities and Exchange Board of India Act
– Income Tax Act
These forex regulations aim to protect the Indian forex market and investors, as well as to prevent money laundering and other illegal activities.
Criteria For The Best Forex Broker In India
Choosing the best forex broker in India can be a difficult task, especially when there are so many brokers and forex trading apps in India to choose from. However, by considering a few key factors, you can narrow down your options and find the best forex broker for your needs. We have taken these steps for you in our broker rankings above, but if you would like to know more, keep on reading.
All the best forex brokers in India are regulated
The first factor to consider is regulation. It is important to choose a forex broker that is regulated by a reputable authority, such as the Securities and Exchange Board of India (SEBI) or another global Tier 1 regulator.
This will ensure that your broker is compliant with all the necessary rules and regulations, and that your investments are protected.
You will want a broker with a wide range of trading accounts to choose from
Another important factor to consider is the type of forex trading account that you need.
If you are a beginner forex trader, you may want to choose a broker that offers a demo account so that you can practice trading before putting your own money at risk. Alternatively, if you are an experienced forex trader, you may want to choose a broker that offers a managed account, which will allow you to delegate the management of your account to a professional.
Low Spreads Forex Brokers Are Highly Regarded
We always consider the fees charged by the forex broker in all Countries, from spreads to ongoing fees that may be applied. While most brokers will charge a commission on each trade, some may also charge a monthly or annual fee.
It is important to compare the fees charged by different brokers before making a decision. We think it is worth noting that the list of best forex brokers in India we have put together above only includes trading platforms that do not charge monthly, or annual fees for the account; and they are all around low fee brokers.
A good selection of currency pairs to trade is important
The best forex broker in India will offer a wide range of the best currency pairs for you to choose from.
This gives you the opportunity to trade on a variety of different markets and potentially profit from fluctuations in the value of different currencies.
Forex Leverage Flexibility
Leverage is a key feature offered by forex brokers and can be a great way to boost your profits if used correctly. However, it is important to use leverage responsibly and understand the risks involved before using it as amplifications in results can go either way.
A user-friendly platform on desktop and mobile trading app
The best forex brokers will offer a platform that is easy to use and navigate. This will make it easier for you to place trades and track your progress. Does the broker offer a trading platform that offers all the features and tools you need to trade effectively?
Furthermore, is the mobile trading platform amongst the best forex trading apps in India? We have ensured that those included above offer both a full range of easy to use platforms, as well as having some of the industry leading tech in their forex trading apps.
Additional Services and Customer Support
Customer Service: Is the customer service responsive, helpful and available 24/7?
Deposit & Withdrawal Options: Does the broker offer convenient and fast deposit and withdrawal options?
Bonus & Promotions: Does the broker offer attractive bonuses and promotions that can help you boost your trading capital?
Indian Rupee Trading
The Indian rupee is the official currency of India. The forex brokers in India offer a variety of services, including currency trading, forex news and analysis, technical analysis, and more.
The Indian rupee is a decimal currency, with 100 paise (pronounced “pah-say”) to the rupee. The symbol for the rupee is ₹, and it is also sometimes abbreviated as “INR”.
The Indian rupee is not a freely convertible currency, and there are restrictions on its forex brokers in India. However, forex brokers outside of India may offer services to Indian residents provided they abide by certain rules and regulations.
The Reserve Bank of India (RBI) is the central bank of India and controls the monetary policy of the Indian rupee. The RBI also manages the forex reserves of India and intervenes in the forex market to stabilize the rupee.