Forex trading in India is as accessible as it’s ever been. Here’s my three-pronged reasoning behind this statement:
Firstly, several reliable forex trading brokers in India offer their services online. Secondly, the low or zero minimum deposit these brokers demand makes forex trading much more accessible.
But thirdly and perhaps most interestingly, the assortment of forex trading platforms has never been larger. And you can make an account on many of these platforms free of cost.
No wonder new traders now want to partake in forex trading more than ever!
Nonetheless, there is a catch:
Not every forex trading platform is worth making an account on. Making the wrong choice can seriously limit charting options, prolong order placement times, and slow down your trading due to a lousy interface.
Lucky for you, your search for the right platform will end by the time I wind up this post.
Below, I’ve put together a list of the top 10 forex trading platforms in India, along with the pluses and minuses of each. I’ve also outlined some factors to consider when narrowing down your choice of the best forex trading platforms.
Top 10 Forex Trading Platforms In India
#1 Upstox Pro Web
You can use Upstox Pro Web on any computer with a browser. Upstox recommends accessing it from Google Chrome. Of course, you will also need a stable internet connection for an optimal trading experience.
Upstox Pro Web boasts over a hundred indicators.
The easy-to-customize charts are one of the features that makes it one of the best forex trading platform in India. You can quickly adjust the charting duration from one minute to one month.
But there’s a lot more on offer:
There is only one order entry form, which is convenient, and you can place cover and bracket orders with it. You can also place orders by clicking the chart.
Since the platform supports widgets, you can personalize it to suit your unique trading style and needs.
The available widgets include but are not limited to Charts, Order Book, Watchlist, and Position Book.
The Upstox Pro Web trading platform allows you to access historical forex data from the last decade quickly.
Pluses
- Widgets for flexible personalization
- Quick order placement directly from charts in one click
- 100+ indicators on a customizable chart
Minuses
- Unlike Zerodha, there is no market-depth tool
#2 Zerodha Kite 3.0 (Web)
Boasting a bandwidth consumption of <0.5 Kbps, you can use Kite 3.0 on virtually any internet connection. Also, since it’s a web platform, there is no reason to worry about your hardware supports it.
The six chart types and 100+ indicators help you make the most of every market opportunity.
Then, there’s the market watch section, where you get visualized overview of your investments, P&L, and current value. You will find a horizontal bar graph showing you the most profitable and unprofitable positions you’ve taken.
The extensive historical price data supplied will aid you in your trading endeavors.
What I liked best about Kite 3.0 is its ability to place cover and bracket orders in milliseconds. This, coupled with the ability to view 20 trade quotes at a time, make it one of the best forex trading platform in India.
Pluses
- Low bandwidth requirement (<0.5 Kbps)
- Six chart types; 100+ indicators
- 20 market depth
Minuses
- No click-to-order feature on charts
#3 5 Paisa Mobile App
The multifaceted 5 Paisa mobile app is among the best forex trading platforms you can use in India.
You can place an order in a single tap, and the advanced charts and drawing functionality help you make the best trades – even when you’re on the move.
Besides trading forex, you can purchase gold, buy insurance, and invest in mutual funds. The app also offers an easy way to take a personal loan.
But many users leave reviews complaining about slow chart loading speeds and poor customer service. Still, the 5 Paisa apps retain a rating of 4.2 stars on both the Apple Store and Google Play Store.
Pluses
- Attractive advisory products
- Besides forex trading, you can buy MFs, gold, and take personal loans
Minuses
- Hit-or-miss customer service
- Large iPhone app
#4 Sharekhan TradeTiger (Windows)
Offering a helpful heatmap to help you choose the right positions, the TradeTiger platform is one of the best forex trading platforms for desktops.
Its shortcuts make it easy to work with, and the several screen configurations make trading that much more convenient.
The software allows you to set order quantity by trade value, current market price, and absolute number, so you can trade forex according to your preferences. You can click on the chart to place multiple orders in one click.
With over 30 indicators and the ability to link multiple charts by scrip, exchange, and period, TradeTiger allows you to get an objective view of the market.
Besides drawing tools, it boasts advanced charting tools, 30+ trading strategies, pay-off charts, and portfolio Greeks.
What’s interesting is that TradeTiger can export streaming data into Excel live and allows you to trade directly from Excel.
| Sharekhan TradeTiger Requirements | ||
| Minimum Hardware Requirements | Recommended Hardware Requirements | |
| Operating System | Windows 7 | Windows 8 and above |
| Processor | Intel Pentium Dual Core | Intel i5 |
| RAM | 2 GB | 4 GB |
| Disk Space | 2 GB | 10 GB |
| Internet Connection | 64 Kbps DSL or Cable Modem | 2 Mbps DSL or Cable Modem |
| Browser | Internet Explorer 10.0 | Internet Explorer 10.0 |
| Dot Net Framework | 4.0 | 4.0 |
| Screen Resolution | 1024×768 | 1024×768 |
| Sharekhan TradeTiger Requirements | ||
| Minimum Hardware Requirements | Recommended Hardware Requirements | |
| Operating System | Windows 7 | Windows 8 and above |
| Processor | Intel Pentium Dual Core | Intel i5 |
| RAM | 2 GB | 4 GB |
| Disk Space | 2 GB | 10 GB |
| Internet Connection | 64 Kbps DSL or Cable Modem | 2 Mbps DSL or Cable Modem |
| Browser | Internet Explorer 10.0 | Internet Explorer 10.0 |
| Dot Net Framework | 4.0 | 4.0 |
| Screen Resolution | 1024×768 | 1024×768 |
Pluses
- Enables trading with Excel
- You can place orders straight from the chart
- Heat maps help with trading
- Chart linking features
Minuses
- Limited range of indicators
#5 Motilal Oswal Orion Lite (Desktop)
Even if you’re new to trading, there’s a good chance you’ll have heard of Motilal Oswal. Best known for its investment products, it is a full-service broker providing research advisory.
The company also offers Orion Lite – a desktop trading platform. Though its system requirements are unclear, you should be able to run it on Windows 8 and above, even with old hardware.
Flaunting a one-second rate refresh, it comes equipped with 40+ charting indicators, all of which you can customize to suit your needs.
The research supplied makes it one of the best forex trading platform in India. You will get access to over 30,000 research reports after signing up.
You can move around the elements of the interface and create multi-asset watchlists to keep track of price movements.
Plus, the software offers a “Trade Guide Signal,” which continually supplies you with potentially profitable buy/sell ideas.
Pluses
- 30,000+ research reports
- 40+ customizable indicators
- Multi-asset watch
Minuses
- Cannot book orders directly from charts
Featuring the same neat and intuitive interface as Zerodha’s web trading platform, the Kite mobile app is one of the best forex trading platforms that will help you make profits trading forex on the go.
The app boasts advanced order types such as GTT and ChartIQ and TradingView charts, keeping you just as equipped if you trade forex on your phone.
It offers over 100 indicators and integrates with apps like smallcase and Sensibull, making it that much more impressive.
The app is small considering the features it packs, and it has a 4-star rating on Google Play and a 3.2-star rating on the App Store.
Pluses
- Fast biometric access
ChartIQ and TradingView
Same range of indicators and order types as Kite 3.0
Minuses
- Margin and trade total information missing
#7 Angel One Mobile App
The Angel One app, offered by Angel Broking, integrates with the company’s ARQ tool, optimizing portfolio performance.
Learning the interface is easy thanks to its intuitive design, and the 40+ indicators and overlays help you find the right trades.
Also, you get access to several research reports and advisory calls, making it one of the most reliable and best forex trading platform in India.
Pluses
- Simple interface
- ARQ tool
- Advisory calls and research reports available
Minuses
- Limited number of indicators
#8 Fyers One (Desktop)
Offering historical data of the past ten years and charts of 30 days, Fyres One is among the best forex trading platforms on desktop you can rely on.
It has built-in stock screeners, making it easy to tap into trends and understand the support and resistance levels.
You can pick from over 60 indicators, and the platform also supplies many studies to help users perform sound technical analysis.
Besides a heat map, Fyres One offers index meter tools and market dynamics to aid you in quickly assessing market movements.
One of its best features is that it provides access to ten workspaces, all of which you can customize.
Pluses
- Heat map analysis feature
- Ten customizable workspaces
- 30-day history
Minuses
- You cannot trade directly from charts
#9 UpStox Pro Mobile App
If you want a clutter-free mobile interface to trade forex with, you cannot go wrong with the Upstox Pro app.
The many drawing styles, advanced charts, and indicators (over 100!) help you find profitable positions relatively easily.
You also get access to predefined watchlists, but you can also create a custom watchlist.
The app has convenient day and night modes for easier viewing and has some of the best ratings of any mobile trading platform on both the Google Play Store and the App Store.
Pluses
- Customized watchlists and unlimited price alerts
- You can place orders from charts
- Neat and fast interface
Minuses
- Requires iOS 13.0 and above
#10 Angel SpeedPro
If you have a slow internet connect or an older computer, you can rely on Angel SpeedPro for forex trading.
You can install the platform on any machine with 1GB RAM and a Pentium 4 processor. It needs a minimum internet speed of 40 Kbps to work.
Angel will send you trade calls and research reports to help you make better trading decisions. Plus, with the heat map feature, you can monitor movements to create winning trading strategies.
You can trade from two desktops with the multi-desktop options, and you can also open charts in Excel.
Customizing toolbars, widgets, and watchlists is straightforward, making Angel SpeedPro one of the best forex trading platform in India.
Pluses
- Heat map analysis
- Multi-desk feature
- Trade calls and reports
Minuses
- Cannot trade from charts
How To Pick The Best Forex Trading Platform
Here are the handful of factors every trader must consider when choosing a forex trading platform:
#1 Tools And Charts
Drawing tools, indicators, and charts are the main tools in your trading toolkit. They are essential to predicting trends and monitoring market movements.
You will not need all of the 100+ trading tools some platforms offer. So, a platform that offers so many signals isn’t necessarily the best option.
However, you must ensure that the platform supports your trading style and needs by offering the indicators, charting tools, and data you need.
#2 Quick Order Placement
The best forex trading platforms allow you to place multiple orders simultaneously, and almost every platform on our list does this, so you are covered.
You might need to pay more brokerage costs if you pick a platform that doesn’t allow multiple order placement.
The ability to place orders right from the chart is helpful but not necessary for all traders.
#3 Hardware Requirements
While many of the brokers on this list demand little in terms of hardware power and internet speed, you will have to double-check these requirements to have the best experience.
If you have a slower internet connection, it’s best to use a platform that can deliver live prices on it.
#4 Customizability
The best traders customize their workstations to suit their strategies, so they can trade stress-free.
Many platforms on this list offer multiple workstations, allowing you to create different ones for the various trading scenarios you partake in.
#5 Interface Quality
No two interfaces will provide you with the same user experience. Plus, although trading on desktop is the fastest and most reliable way to do it, it’s not always feasible.
Look into a mobile trading platform that suits your trading needs and accommodates you with an interface that you find easy to use.
