Since the outbreak of the pandemic in 2020, a large number of people have shown great interest in trading to build a second source of income.
Although many people have already settled down with their favorite apps to trade, a more extensive section of aspiring traders still needs help downloading the best and most authentic one.
Here, we have studied and listed the seven best forex trading app in India.
They are all under the supervision of the concerned authority, which makes it safe for us to transfer our money to these apps and trade.
What Is Forex Trading?
Foreign exchange trading, also known as forex or FX, includes trading several instruments to earn profit. The instruments include commodities, metals, stocks, Forex, currencies, etc. The markets of forex are the most liquid ones in the world.
It has many opportunities to bag profits and earn from forecasting the changing values of foreign currencies.
Forex markets are open 24 hours. Given their nature, these markets are traded regularly by big traders worldwide, making them highly active, global, and liquid. It is vulnerable to volatility and provides quick access to market updates and about the platforms that trade in forex.
A reliable forex trading app in India has an omni-device approach that makes it easier to access on the web and mobile phones. This has made the usage of smartphones for trading apps very popular and has offered every enthusiast the chance to be active in forex trading.
Best Forex Trading Apps In India 2023
#1. OctaFX
OctaFX offers you 35 currency pairs, CFDs, and metals to trade. Along with the Indices and Currency, Crypto trading is also available in the OctaFX app. The law of Saint Vincent and the Grenadines are the two legal domains with which OctaFX is registered.
OctaFX offers a straightforward process of transactional activities. A minimum of 1600 INR (20$) can be used as the primary amount for account opening. Local banks, Bitcoin, UPI, and Paytm are all accepted to transfer money.
You can take advantage of a demo account to enhance your trading skills. Once you get the confidence to trade, if you are a beginner, you can use real money and generate good profits regularly.
OctaFX allows you to trade in –
- 35 foreign money pairs, for example, EUR/USD, GBP/USD, and others
- 2 Metals, Gold & Silver
- 10 Indices like Nasdaq and DowJones
- 30 Cryptos, which include Bitcoin, Ethereum, and Litecoin
Depending on your buying and selling experience & platform requirements, you could open the subsequent 3 account types –
- MetaTrader 4 account – for brand-new FX buyers
- MetaTrader t account – for experienced traders
But you need to maintain the currency in both USD and EUR.
Also, you can trade with better limits with a maximum leverage of 1:500 and bad stability protection.
New FX buyers can discover the video tutorials and use copy trading to start buying and selling.
Highlighting Features Of OctaFX
- Nil fee on deposit & withdrawal
- PayTM and Bitcoins can be used for deposition
- Allows crypto trading
- The support is given in the Hindi language
- It provides the option to have a 100% Sharia-compliant account
- Only 37 buying and selling assets
#2. FXTM
A brand of Forex Time Limited, FXTM is regulated by the Cyprus Securities and Exchange Commission (Cyprus), the Financial Sector Conduct Authority of South Africa.
With Over 2 million individual traders worldwide, FXTM is a legal forex trading app. One can trade in Currency pairs, CFDs, stocks, cryptocurrencies, precious metals, and commodities.
MetaTrader (MT4) and MT5 trading platforms on the web, desktop, and mobile devices allow you to trade quickly and securely.
FXTM does not have its own trading platform but provides trading tools that can be used in conjunction with MT platforms. The tools include the FXTM pivot point strategy and trading signal tools, which will help you with your trading strategy.
FXTM Invest allows new forex traders to copy trades in real-time by following experienced traders. For deposits, it accepts a variety of payment methods.
Highlighting Features Of FXTM
- Offers copy trading options for quick and efficient learning in the kart of beginner traders.
- Reasonable deposit amounts with a wide range of accounts.
- Maximum leverage up to 1:2000
- Protection against Negative balance
- There exists no proprietary trading platform
- Maximum pending orders allowed is up to 300
#3. Olymp Trade Forex Broker
A member of the International Financial Commission, Olymp Trade is India’s well-known forex trading app, and it is regulated and managed by Saledo Global LLC.
If you are looking to trade in Commodities, Stocks, Indices, ETFs, Currencies, OTC, etc., Olymp trade is the right choice.
Olymp Trade also permits an innovative “Fixed Time Trading” (FTT). Here you can book profits by predicting the currency exchange rates.
Highlighting Features Of Olymp Trade
- Offers a wide range of trading instruments, including crypto
- Innovative FTT or Fixed Time Trading
- Allows to have a Demo practice account
- Conducts educational programs through trading guides, webinars, interactive courses & Insights
- Offers maximum leverage of 1:500
#4. XM Forex
XM Global Limited is a legal forex trading app in India. It is a subsidiary company of Trading Point Holdings Ltd. It is regulated by the International Financial Services Commission (Belize).
With over 2.5 million traders from across the globe, the app is permitted to trade with over 1000+ instruments. It has six asset classes, including CFDs, metals, 55 currency pairs, etc.
Highlighting Features Of XM Forex
- Allows to open a demo account with $100,000 of virtual balance
- Forex account with a low minimum deposit
- Negative balance defense
- Maximum of 200 open positions
- There is no proprietary platform.
- Offers cross-platform usage on both iOS and Android devices
#5. AVATrade Forex
AvaTrade is regulated by the Central Bank of Ireland in Europe. Some other authorities across the world regulate this legal forex trading app, like – ASIC (Australia), South African Financial Sector Conduct Authority (South Africa), Financial Services Agency (Japan), etc.
This app has a cross-platform user interface; you can trade using your desktop, web, tablet, mobile, etc.
In AvaTrade, you can trade in the following domains:
- MetaTrader 4
- MetaTrader 5
- 1250+ instruments on Forex, Commodities, Indices, ETFs, Stocks, CFDs and Cryptocurrencies are all the trading assets available with AvaTrade.
It has a wide variety of tutorials using 14 languages to expand the traders’ knowledge. These educational materials can be used for the best by beginners in trading.
In AvaTrade, you can open a margin account with a minimum deposit of $100. It can be paid in any of the four currencies (USD, Euro, GBP, and AUD).
The deposits in the account can be made by using the-
- Credit cards and wire transfers
- e-payments from Skrill, Webmoney, and Neteller Highlighting Features Of AVATrade Forex
Local languages in the Trading websites boost the usability
Negative balance protection is available
Maximum Leverage of 1:400 so that the balance used for trading can never drop below zero
Highlighting Features Of AVATrade Forex
- Local languages in the Trading websites boost the usability
- Negative balance protection is available
- Maximum Leverage of 1:400 so that the balance used for trading can never drop below zero
#6. Alpari International Forex
Alpari International is one of the best forex trading apps in India. It has 20 years of presence in the forex industry with the active participation of 2 million traders. Regulated by The Financial Service Commission – Mauritius, Alpari international Forex Broker App is the brand name of Exinity Limited.
Trading platforms offered by Alpari are MT5 and MT4. You can trade in forex, stocks, commodities, cryptocurrencies, etc., in Alpari International.
Alpari’s copy trading program can help new traders learn the trading dynamics. They can copy the trading strategies of patrons and, in turn, share a particular portion of their profit.
One can fund the account of margin using –
- Credit cards (VISA, Master, or Maestro)
- E-wallets (Neteller, Skrill, Webmoney, Vlad)
- Bank wire transfer
- Using local transfer
Highlighting Features Of Alpari International Forex
- Maximum Leverage up to 1:1000
- A minimum amount of deposit to start trading starts from $5
- No FCA regulation
- No protection against negative balance
#7. HYCM Forex Broker
Henyep Markets is a multi-regulated forex broker. Its registration is down with and under several authorities like the FCA (UK), Cyprus Securities and Exchange Commission, Saint Vincent and the Grenadines, Cayman Islands Monetary Authority, etc.
The HYCM is a 40 years old forex trading app that offers trading in 300+ instruments across 5 asset groups like stocks, forex, indices, cryptocurrencies, etc.
Account opening is easy and can be done by funding through bank wire, Webmoney, VISA transfer, and Skrill. The minimum amount of deposit needed to begin trading is $100.
Highlighting Features Of HYCM Forex
- A minimum deposit amount of $100
- Protection against Negative balance
- Max leverage of 1:500
Conclusion
Trading has always brought a tremendous scope for expansion. Though it involves risk, it has a substantial profit-making ability as well.
Never forget to gauge your potential for risk-taking capacity, trading needs, and knowledge before trading on global forex.
Happy Trading.
#1. Is Trading Forex Legal In India?
Yes, forex trading is legal in India, considering you trade through legal and authorized entities and do not use it for nefarious purposes.
#2. What Are The Advantages Of Forex Trading Apps?
Trading apps provide several advantages, including ease of use, fast services, less expensive than traditional brokers, etc.
#3. Is Forex Trading Tax-Free In India?
If a trader earns a full-time income or makes trading their business, then [profit earned from Forex trading is liable to tax. Otherwise, it comes under the “income from other sources” category and is taxed at respective rates.
