by Foreign exchange trading, or forex trading, is purchasing and selling currency pairs from other nations. It’s the only global marketplace under government supervision open five days a week, around the clock. With the appropriate tactics, you might trade Forex for a living, not just from 9 to 4 but all day and night, and make substantial gains.
Benefits of Forex Trading in India
Since forex trading has many benefits, it is becoming more popular in India. In 2023, the RBI increased its foreign exchange reserves by around $58 billion. According to the RBI India’s most recent figures, during the week ending December 22, 2023, India’s foreign exchange reserves climbed by $4.471 billion to $620.441 billion, reaching a 21-month high.
It is wise to use highly regulated and licensed companies while looking for the best forex broker for trading in India. There is no structure in place by RBI or the SEBI for licensing or regulating foreign exchange brokers, and there are several prohibitions on currency trading.
Selecting a forex trading platform involves considering various factors, including customer service, trading tools, and laws. We have created a list of the top forex brokers in India for 2024 that will satisfy different traders’ needs by assessing them based on the previously given standards.
6 Best Forex Trading Platforms in India
- FXTM
You should only deal with the best when trading Forex! FXTM is the world’s top online financial trading solution for FX, indices, commodities, and more. For many prominent forex traders, FXTM has been the top stock broker in India for several years.
The company is a trustworthy and committed partner with a strong reputation. Numerous prestigious organizations regulate the corporation, including the FCA in the UK, the CySEC in Cyprus, and the FSC in Mauritius.
Pros
- Minimal Costs
- Quick And Completely Digital Account Establishment
- Excellent Client Support
- Protection Against Negative Balances
Cons
- Inadequate Educational Services
- A Restricted Selection Of Products
- An Inactivity And Withdrawal Cost
- PrimeXBT
Principal, cross, and exotic pairings are among the wide range of currency pairs available on PrimeXBT, the best trading platform in India. The platform is well-known for offering volume-based pricing, advantageous margin conditions, minimal fees, leveraged trading alternatives, and easy access to various technical analysis tools that can increase investor profits.
Pros
- Extensive Asset Portfolio
- Leveraged Trading
- User-Friendly Interface
- Cybersecurity And Anonymity
Cons
- Absence Of Advanced Features
- Withdrawal Fees
- Regulatory Oversight
- Lite Forex
LiteForex provides forex traders in India with a range of trading options and benefits on its trading platform. Forex trading may be challenging, but starting with LiteForex can be beneficial as they give you the appropriate training materials, an easy-to-use platform, and NDD trading without requotes (customer orders are delivered straight to liquidity providers). CySEC regulates its headquarters in Limassol, Cyprus.
Pros
- A Personal Account Manager
- An Easy-To-Use Website
- A Wealth Of Instructional Resources
- Copy Trading
Cons
- Inadequate Customer Support
- Trouble Making A Withdrawal
- JustForex
JustForex provides an accessible and user-friendly interface for individuals in India to venture into forex trading. CySEC (Cyprus), FSC (Mauritius), FSA (Seychelles), and FSCA (South Africa) regulate JustForex.
Pros
- A Large Selection of Forex Pairs
- User-Friendly Trading Platforms
- Low Spreads
- Fast Execution
- Low Minimum Account Opening
Cons
- Withdrawal Fees
- Issues With Platform Performance
- Absence Of Top-Tier Regulation
- Delayed Withdrawals
- PLUS500
A globally recognized brand, Plus500 offers traders the opportunity to invest in various financial assets, including the Forex. FCA (UK), ASIC (Australia), JFSA (Japan), MAS (Singapore), and FMA (New Zealand) regulate Plus500.
Pros
- Easy-To-Use Interface
- Large Selection Of Investment Options
- Regulation And Reliability
- Guaranteed Stop Loss Orders
- Limitless Demo Account
Cons
- Fewer Research and Educational Tools
- High CFD Fees
- Inactivity Fee
- Limited Customer Service Options
- No Third-Party Integrations
- AvaTrade
One of the oldest forex facilitators in the world, AvaTrade, has more than 14 years of experience. Their long historic victory talks about several awards and their quality of service. Six different regulators from the European Union, ASIC (Australia,) JFSA (Japan,) FSCA (South Africa,) the FSRA (United Arab Emirates,) and the FSC (British Virgin Islands) regulate AvaTrade.
Pros
- Regulated
- Extensive Selection of Trading Instruments
- Cutting-Edge Trading Platforms
- Safety and Dependability
- Teaching Materials
Cons
- Restricted Advanced Features
- Expensive Inactivity Fee
- Limited Product Selection
- Minimum Deposit Need
The Final Word
Having reviewed the list of India’s best forex trading platforms, you must have decided to narrow down the best brokers for you. They all offer top-notch services that satisfy your various needs. India’s FX regulation framework necessitates cooperation with foreign brokers.
PLUS500 and FXTM are two transparent brokers specializing in Indian traders. They have earned accolades and are subject to strict regulations. A trader’s considerations for a forex trading platform in India should include a variety of factors, such as account types, trading tools, customer support, and regulation.
