Forex trading is becoming increasingly popular. It is because of the immense earning potential these brokers offer traders. Traders can benefit from trading once they learn to make the best of currency fluctuations.
However, a good forex trade experience is possible for traders only when they choose a perfect forex broker. Therefore, there are a lot of things that a trader must look for in a forex broker. These include features, demo testing, etc., so the legal forex brokers in India offer the best services.
Best Forex Traders Of 2023 In India
#1 Olymp Trade
This forex trading platform offers several tradable assets to traders besides forex. In addition, traders can get a leverage of up to 1:500.
Some advantages and disadvantages of using Olymp Trade for forex trading are as under.
Advantages
- Olymp Trader has a low minimum deposit for forex trading.
- Traders can enjoy trading by accessing several features.
- It also allows traders a fixed-time trading option. Using this option, traders can place trades by predicting the currency’s exchange rate.
- Traders can also access the demo testing facilities on Olymp Trade.
- In addition, Olymp Trade offers several educational resources that traders can use.
Disadvantages
- Traders might have to pay an inactivity charge to the broker if they don’t use their trading account.
- Different forex trades on Olymp Trade can have different commission rates.
#2 FXTM
Several forex traders trust FXTM to fulfill their trading needs. This broker is reputed and also regulated.
Besides, it offers convenience to traders by letting them access its top features.
Advantages
- FXTM offers several; innovative features to traders. For instance, they can access the copy trading feature.
- The minimum deposit amount for different accounts is very affordable. Traders can choose an account type depending on their trading experience.
- FTXM also offers a negative balance protection feature to traders.
- This forex trading platform has the best leverage in the market.
Disadvantages
- Only 300 pending orders are permitted to traders in FXTM.
#3 OctaFX
It is one forex broker that is quite famous among investors. OctaFX is an RBI-approved broker in India. Forex trading on this trading platform gives traders an experience like none other.
Here are the advantages and disadvantages of OctaFX
Advantages
- OctaFX has over 35 currency pairs for traders to trade.
- It also includes some cryptocurrencies, indices, etc., for trading.
- OctaFX is a registered forex trading broker. Thus, a broker can expect safe trading services from this platform.
- As the best forex broker, it allows you to signup for a trading account quickly.
- The minimum deposit amount on OctaFX is only $20. Beginners can afford this amount easily.
- There are a couple of trading platforms that traders can access. For instance, on this platform, you can access MetaTrader 4 and MetaTrader 5.
Disadvantages
- This forex broker offers a very limited number of tradable assets.
#4 EToro
eToro performs its operations under the regulation of CySEC. It is a multi-asset trading platform. Thus, traders who signup on eToro can trade more than just forex. Besides, the demo account with virtual funds is available at a trader’s disposal on this platform.
Traders can access a lot of features on eToro. For example, the order execution on eToro is fast, meaning a trader can trade without any hassle.
The advantages that make eToro the best forex broker in India are as follows.
Advantages
- eToro offers more than 2000 trading assets to traders. Thus, traders who despise putting all their eggs in one basket can access this platform.
- eToro puts approximately $10,000 in your virtual trading account. This amount is sufficient for any trader looking forward to learning forex trading.
- Features of copy trading and social trading are available for traders.
Disadvantages
- eToro charges a withdrawal fee from traders.
- The minimum withdrawal amount on this trading platform is quite high. For instance, a trader has to withdraw a minimum of $30.
#5 IForex
iForex is the best forex broker in India for its amazing services. This broker offers traders the best services. Traders can access several underlying assets on iForex.
Traders can also access a lot of markets on this trading platform. For instance, you can access the crypto market, indices, stocks, commodities, etc.
Advantages
- Traders can access a crypto market, indices, shares, and ETFs on iForex.
- iForex has both mobile and web-based applications. Thus, trading on the go is possible for traders.
- Traders can access more than 900 tradable assets. They can also access real-time charts.
- One-time deal executions are possible on iForex.
- Traders can begin trading on iForex by making a minimum deposit of $100.
- Traders can use a couple of payment methods on iForex to fund their trading accounts.
- It offers them the leverage of 1:400.
Disadvantages
- Traders must pay a withdrawal fee of $20 when withdrawing their funds from the iForex trading account.
- iForex does not offer any MT4 or MT5 trading platform in India. Thus, it lags behind other best forex brokers in India.
#6 XM
XM is an RBI-approved forex broker in India. It operates in over 196 countries. So, the services of XM are reliable. Moreover, XM has a huge clientele, proving that this broker is the best forex broker.
It offers different types of trading platforms to trading. You can even get into automated trading by choosing MT4 and MT5 on XM.
Advantages
- XM offers a demo account to traders for virtual trading. Thus, traders not well-versed in forex trading can utilize the $10,000 they get credited into their trading accounts.
- The minimum deposit amount on XM is very low for traders. They can get started for only $5.
- XM offers negative balance protection just like other brokers.
Disadvantages
- The positions that traders can leave open are very limited. For instance, you can leave only 200 positions open.
- XM offers no proprietary platform to traders.
#7 AvaTrade
AvaTrader is a well-regulated forex broker who operates within the purview of the Financial Service Agency of Japan. Besides, it has several other regulatory bodies overseeing its functions.
AvaTrader allows trading on the go with its seamless mobile application. In addition, it offers several trading platforms to traders. They can even use MT4 and MT5.
Advantages
- Traders can trade almost 1,250 underlying assets on AvaTrade. It includes all leading forex, commodities, stocks, indices, etc.
- This forex broker offers a lot of educational resources to traders.
- The minimum deposit amount in AvaTrade is only $100.
- It supports the four major currencies- USD, GBP, EUR, and AUD.
- Traders can use their preferred mode of payment.
- You can access AvaTrade in your local language. Thus, trading is feasible for all traders.
- AvaTrade offers negative balance protection to traders like other brokers.
- This platform accepts e-payments. So, you can use your electronic wallets such as Fasapay, Skrill, Neteller, etc.
- It is an RBI-approved forex broker in India.
Disadvantages
- The leverage that AvaTrade offers could be more appealing. Traders can get a leverage of only 400 times.
#8 Forex.Com
Gain Global Markets Inc. operates as a forex broker under Forex.com. All activities of Forex.com fall under the purview of the Cayman Islands Monetary Authority. There are a lot of currency pairs and other tradable assets that traders can trade on Forex.com.
This forex broker offers both web-based and mobile trading solutions that make technical analysis a quick job for traders.
Advantages
- Forex.com offers traders more than 80 currency pairs that they can trade.
- Conducting a technical analysis on Forex.com is easy for traders as they can access a couple of trading tools and technical indicators.
- It also offers several chart types to traders.
- There are over 50 drawing tools that traders can use on Forex.com.
- MetaTrader platforms such as MT4 and MT5 are easily accessible to all traders on this forex trading platform.
- Forex.com has faster trade executions, so traders don’t miss out on any opportunity.
- The initial or minimum deposit amount with the broker is only $100.
- Up to 20% leverage is available to traders on Forex.com.
Disadvantages
- Forex.com has only one regulating authority overseeing its functions. Thus, traders might find it challenging to confide in this forex broker.
- An initial deposit amount of $100 might seem a little hefty to beginners.
#9 FBS
FBS operates in over 190 countries and has a vast clientele. The number of active traders on this forex platform is a whopping 16 million.
FBS offers MT4 and MT5 trading platforms to traders, making trading more fun and easy. In addition, it offers both desktop and mobile forex trading applications.
Advantages
- The Cent account on FBS has a minimum deposit amount of $1. Thus, any trader can signup for a forex trading account with this broker.
- Funding your trading account on this platform is easy. It offers a lot of payment methods, including electronic wallets. They can also fund their trading account using their cards.
- The trading platform also offers a mobile application to traders. Thus, their trading experience gets only smoother and better.
- Traders can trade over 50 currency pairs on FBS. Besides, several metals, commodities, indices, stocks, etc., are also a part of tradable assets.
- You can customize the MT4 and MT5 trading platforms on this platform.
Disadvantages
- The ECN account that FBS offers has a very high minimum deposit amount. You have to fund your trading account with a minimum of $1000.
- Cryptocurrency trading is not possible on FBS. It is a non-lucrative feature of this trading platform.
#10 Alpari
Alpari has been serving forex clients for scores of years. Over time, this forex trading platform has proved worthwhile for traders. It has a huge clientele of 2 million traders. This great number explains the class of services Alpari offers traders.
Advantages
- Alpari has a presence in almost all countries across the globe. So traders can easily access it.
- This broker offers features that make strategic trading possible for traders. For instance, they can use copy trading and social trading features.
- Traders can use several funding and withdrawal methods. It includes debit and credit cards.
- Forex micro account on Alpari has a minimum deposit of only $5.
- The leverage that Alpari offers is floating. It can go up as high as 1000 times.
- Local transfers are possible on Alpari, making it the best forex broker in India and a trader’s choice.
Disadvantages
- FCA does not regulate Alpari. So, traders might feel skeptical about joining this forex trading platform.
- Alpari lags in offering negative balance protection to traders.
Conclusion
So, if you are hopping onto your forex trading journey, you must begin with a trusted forex broker. Indian traders can find several forex brokers in India. First, however, a trader must choose an RBI-regulated broker in India.
Trading with the best forex broker will ensure you have the best trading experience. Besides, your money will also stay safe with the broker. So, you can choose one of these best forex brokers we review for you.
These brokers will offer you all the needed features that make trading profitable. Besides, most of them offer MetaTrader trading platforms for automated trading.
What Should A Trader Look For In A Forex Broker While Choosing One?
There are several things that a trader must look for in a broker when choosing one. For instance, the features hold the utmost significance. Moreover, the broker should also offer demo testing facilities to traders. It helps traders know the efficacy and working of a trading platform. Besides, it also helps them learn how to trade.
How Is Forex Trading Possible?
Forex trading is possible when a trader signs up with a forex broker., A lot of forex brokers operate in India. But signing up with any random broker would not be the right decision. Traders must choose only one of the best forex brokers that operate in India. Also, the brokers should have an RBI-approved forex broker in India to extend their services within the country.
Which Forex Brokers Offer The Best Services?
The forex brokers we discussed offer traders the best services. They operate globally. So, they have millions of clients. Thus, traders can signup with one of the best forex brokers without a second thought.
