Top 10 Best Forex Brokers in India, App Trading Platform 2024 (2024)

Forex trading has surged in popularity within India, but its regulatory landscape can be labyrinthine. As a thumb rule, it's advisable to choose a broker regulated within your country of residence. However, due to stringent regulations on locally regulated financial institutions in India, the primary avenue for Indian citizens to engage in forex speculation is through foreign brokers—those that extend their services to residents of India.

In this article, we will explore the best forex brokers for 2024, catering to the needs of Indian traders, given the unique regulatory environment in the country.

Rating best forex brokers

✅ Number of customers: 500,000+

✅ Transaction volume: 3.3 trillion USD

✅ Customer withdrawals: 1.3 billion USD

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Top 10 Best Forex Brokers in India, App Trading Platform 2024 (1)

👍 Minimum deposit: 10$ 👉👉👉 OPEN ACCOUNT HERE FREE

👍Reliability: CySec, FCA, FSA, FSCA

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Top 10 best forex brokers India

Below are some of the best forex brokers in India that you can consider when planning to invest.

Exness

Exness is widely recognized as one of the best forex brokers in India, and its reputation in this category is well-founded due to several key factors. Here's an overview of why Exness is considered one of the top choices for Indian traders.

Top 10 Best Forex Brokers in India, App Trading Platform 2024 (2)

One of the primary strengths of Exness as a forex broker in India is its commitment to providing a secure, transparent, and comprehensive trading experience. The broker is regulated by reputable financial authorities, ensuring that it operates with high standards of integrity. This regulatory oversight provides Indian traders with confidence that their investments are well-protected.

Exness is known for its competitive spreads and low commissions, making it a cost-effective choice for traders in India. The cost-effectiveness is particularly crucial for those who engage in frequent trading activities or rely on short-term trading strategies, where small spreads can significantly impact profitability.

Furthermore, Exness provides a wide range of trading instruments, including major and minor currency pairs, commodities, indices, and cryptocurrencies. This diverse selection of assets available for trading allows Indian traders to diversify their portfolios and explore various market opportunities.

The broker's customer support is responsive and can assist traders with any questions or issues they may encounter during their trading journey. Exness also places a strong emphasis on regulatory compliance, ensuring that it operates with the highest standards of integrity in the Indian market.

Here Is The Summary Of This Exness Review

  • Min Deposit: USD 10
  • Regulators: CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA
  • Trading Desk: MT4, MT5, MT4 WebTerminal, mobile (iOS & Android, Exness Trader)
  • Crypto: Yes
  • Total Pairs: 97
  • Islamic Account: Yes
  • Trading Fees: Low
  • Account Activation Tim: 24 Hours

XM Group

XM is recognized as one of the best forex broker India, established in 2009 in Cyprus. It is a major and renowned forex trading platform with over 10 million users hailing from various countries. The website is owned by the XM Group - Trading Point Holdings Ltd and managed by XM Global Limited. Currently, XM has a presence in over 120 cities across the globe.

Top 10 Best Forex Brokers in India, App Trading Platform 2024 (3)

Over the years, through the development of its brand, and leveraging the MT4 and MT5 platforms, XM offers a range of products including Forex, CFDs, Stocks, Precious Metals, and leading-edge market tools to enhance profits for investors. XM has continually strengthened its position and evolved into a leading international investment firm.

HFM Markets

HFM, previously known as HotForex, is recognized as one of the best forex brokers India. It was established in 2010 under the HF Markets Group umbrella. HFM's headquarters are located in Cyprus, with additional global offices in South Africa and Dubai. HotForex holds licenses from various financial regulatory bodies worldwide.

Top 10 Best Forex Brokers in India, App Trading Platform 2024 (4)

Over its 10 years of development, HFM has achieved significant milestones, including over 2.5 million registered accounts, 45 industry awards, and a global workforce of over 200 employees.

Currently, HFM (HotForex) provides customers with access to 17 trading instruments and over 1,200 diverse products, encompassing commodities, bonds, energy, metals, stocks, and cryptocurrencies.

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XTB

XTB is widely recognized as one of the best forex brokers in India, and its reputation in this category is well-founded due to several key factors. Here's an overview of why XTB is considered one of the top choices for Indian traders.

One of the primary strengths of XTB as a forex broker in India is its commitment to providing a comprehensive trading experience. The broker offers a range of platforms, including the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which are well-loved for their advanced technical analysis tools and algorithmic trading capabilities. This variety of platforms ensures that traders can select the one that best suits their trading needs, whether they are beginners or experienced traders.

XTB is known for its competitive spreads and low commissions, making it a cost-effective choice for traders in India. The cost-effectiveness is particularly crucial for those who engage in frequent trading activities or rely on short-term trading strategies, where small spreads can significantly impact profitability.

Furthermore, XTB provides a diverse selection of trading instruments, including major and minor currency pairs, commodities, indices, and cryptocurrencies. This wide range of assets available for trading allows Indian traders to diversify their portfolios and explore various market opportunities.

XTB also offers educational resources, including video tutorials and webinars, to help traders improve their trading skills and knowledge. This is especially valuable for those who are looking to build their trading expertise.

The broker's customer support is responsive and can assist traders with any questions or issues they may encounter during their trading journey. XTB also emphasizes regulatory compliance, ensuring that it operates with the highest standards of integrity.

FP Markets

If you're in search of the best forex broker India, consider FP Markets. Established in 2005, FP Markets is a globally recognized financial technology brokerage company specializing in Forex and Contract for Difference (CFD) services. FP Markets offers a unique trading experience and has received numerous awards as the top-ranked global Forex broker. The company is committed to adhering to some of the strictest international regulations, including those of the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), and the European Securities and Markets Authority (ESMA).

With FP Markets, you gain access to over 10,000 CFD products across the world's major trading platforms, including MT4, MT5, and Iress.

Furthermore, as an ECN pricing broker, FP Markets directly passes prices from liquidity providers to its clients. Additionally, FP Markets operates with a DMA (Direct Market Access) model, where clients receive real market trading data from the underlying market, whether it's from the exchange's order book or liquidity providers. This not only provides clients with direct market prices and full market depth but also allows direct access to the exchange's order book through FP Markets' IRESS DMA platform. Importantly, 100% of client orders on DMA products are self-hedged in the underlying market, ensuring a secure trading environment.

Admiral Markets

Admiral Markets is renowned as one of the best forex brokers in India. This trading platform officially began operations in 2001, preceding even the well-known names like Exness and IC Markets.

Currently, Admiral Markets has its headquarters located in Estonia. Furthermore, it boasts a network of representative offices across the globe, serving millions of customers in over 100 countries.

A visit to Admiral Markets' official website showcases the platform's professionalism. The website supports over 40 languages, including Vietnamese. Here, you can also access information on their operating licenses and customer insurance policies.

AvaTrade

AvaTrade is a well-established and highly-regarded forex and CFD trading platform, often considered one of the best forex brokers India. Founded in 2006, it has since grown to become one of the largest brokers in the world, serving over 210,000 registered customers. AvaTrade handles monthly trading volumes of around £60 billion, with approximately 2 million trades executed each month.

AvaTrade offers global traders user-friendly trading platforms and some of the most favorable trading conditions available. This includes low fees, tight spreads, rapid order execution, a variety of account types, various leverage options, excellent customer support, and more. AvaTrade is headquartered in Dublin, Ireland, with regional offices spanning the globe in locations such as Australia, South Africa, China, Japan, France, Spain, and Italy.

Saxo Bank

Saxo Bank is a Danish investment bank that offers investment and online trading services. It stands as one of the top retail brokers in Europe and is also considered one of the best forex brokers India.

Founded in 1992, Saxo Bank is privately owned and headquartered in Copenhagen. It is known for its reputation as a secure trading platform, being regulated by over 10 financial supervisory authorities, including the UK's foremost regulatory body, the FCA (Financial Conduct Authority).

Saxo Bank boasts a robust research service, consistently providing valuable trading ideas and insights. Their trading platform is also notably strong, offering a wide investment portfolio encompassing forex, bonds, options, and more. However, it's worth noting that Saxo Bank's trading fees are relatively high, and the account opening process may not be the quickest.

IC Markets

IC Markets, established in 2007 in Australia, is regarded as the best forex broker India. As of now, IC Markets holds the second position globally in forex trading, with 500,000 daily trades and a customer base of 180,000 as of February 2021, with a total trading volume of $950 billion.

IC Markets stands out by offering exceptional trading conditions, continuous technological innovations, the lowest possible spreads, lightning-fast order execution, and top-notch customer service.

For experienced and professional traders in the financial markets, IC Markets is a name that needs no introduction. It is one of the world's renowned and reputable forex trading platforms, setting the standard for excellence in the industry.

Tickmil

Tickmill is a relatively new name in the forex market, but those who closely follow financial news will notice its rapid and robust development, positioning it as one of the best forex brokers in India. Since its establishment in 2015, Tickmill has attracted 550,000 clients from 200 countries, including a significant following among Vietnamese traders.

Despite its arrival after many other forex platforms, Tickmill stands on par with its predecessors. The platform offers a diverse range of trading products, including forex, bonds, stocks, cryptocurrencies, and three distinct account types suitable for all types of investors. It provides two popular trading platforms, MT4 and MT5, known for their rapid order execution, competitive spreads starting from 0.0 pips, unlimited trading, and no requotes.

As of now, Tickmill has achieved significant success by obtaining licenses from reputable financial organizations such as the FSA, FCA, CySEC, Labuan FSA, and FSCA—an achievement not every trading platform can boast. Additionally, Tickmill's credibility is underscored by the numerous awards it has garnered.

Where can i trade forex?

You can trade forex through various online platforms and brokers. Here are some popular options where you can trade forex:

  • Online Forex Brokers: Many online brokers specialize in forex trading. Some of the well-known ones include Interactive Brokers, IG Group, Forex.com, OANDA, XM, and eToro. You can open an account with these brokers and start trading currency pairs.
  • MetaTrader 4 (MT4) and MetaTrader 5 (MT5): These are popular trading platforms used by many forex traders. They are offered by numerous brokers and provide advanced charting tools, technical indicators, and automated trading capabilities.
  • Mobile Trading Apps: Most brokers offer mobile trading apps for smartphones and tablets, making it convenient to trade forex on the go. These apps are available for both Android and iOS devices.
  • Demo Accounts: Before you start trading with real money, it's a good idea to practice with a demo account. Many brokers offer demo accounts where you can trade with virtual funds to get a feel for the market.
  • Cryptocurrency Exchanges: Some cryptocurrency exchanges, like Binance and Coinbase, also offer cryptocurrency-to-fiat currency pairs, allowing you to trade cryptocurrencies against traditional currencies like the US dollar or euro.
  • Social Trading Platforms: Platforms like eToro allow you to copy the trades of experienced traders. This can be a good option if you're new to forex trading and want to learn from others.
  • Online Financial Institutions: Some banks and financial institutions offer online forex trading services. You can check with your bank to see if they provide such services.

Legal forex brokers in India

Here are some of the legal forex brokers in India that were operating within the regulatory framework:

  • SEBI-Registered Brokers: SEBI (Securities and Exchange Board of India) is the primary regulatory authority for financial markets in India. Forex brokers operating in India need to be registered with SEBI to offer currency derivatives trading to retail customers. Brokers like HDFC Securities, ICICI Direct, and Kotak Securities are examples of SEBI-registered brokers that offer forex trading services.
  • Banks: Many major banks in India, such as ICICI Bank, HDFC Bank, Axis Bank, and State Bank of India, offer forex trading services to their customers. These services are usually provided through designated bank branches or online trading platforms.
  • Authorized Forex Dealers: Authorized forex dealers in India are financial institutions licensed by the RBI to provide forex trading services. These institutions often include large banks and financial companies. Always ensure that you trade with authorized dealers when dealing with large sums of money.
  • Online Forex Brokers with International Presence: While forex trading in India is subject to certain restrictions, some international forex brokers accept Indian residents as clients. These brokers should ideally be regulated in their home countries and comply with RBI guidelines. Examples include Forex.com, OANDA, and IG.

Legal forex trading apps in India

Here are some popular and legal forex trading apps that were available for Indian traders:

  • MetaTrader 4 (MT4) and MetaTrader 5 (MT5): These are popular and widely used trading platforms offered by many authorized forex brokers in India. You can download the MT4 or MT5 app from your broker's website and trade forex on your mobile device. Ensure you choose a broker that is registered with SEBI and complies with Indian regulations.
  • Interactive Brokers Mobile: Interactive Brokers is a well-known broker with a strong global presence. They offer a mobile trading app that allows Indian traders to access forex markets while ensuring regulatory compliance.
  • HDFC Securities Mobile Trading App: HDFC Securities, a trusted name in the Indian financial sector, offers a mobile trading app for forex trading. This app is suitable for traders who prefer to trade with a well-established Indian financial institution.
  • ICICI Direct Mobile Trading App: ICICI Direct, another prominent Indian financial institution, provides a mobile trading app that allows trading in currency derivatives. Ensure you use this app in accordance with Indian regulations.
  • Kotak Securities Mobile App: Kotak Securities offers a mobile trading app that includes forex trading services. Kotak is a reputable Indian financial institution that caters to the needs of traders.
  • Online Forex Brokers' Apps: Some authorized forex brokers with an international presence offer mobile trading apps to Indian clients. Examples include Forex.com, OANDA, IG, and XM. Ensure these brokers comply with Indian regulations and are registered with SEBI.

Forex companies in India

Here are some forex companies that were operating in India:

  • HDFC Securities: HDFC Securities is a well-known financial institution in India and offers forex trading services to its customers. They are registered with SEBI and RBI and provide a user-friendly trading platform.
  • ICICI Direct: ICICI Direct, a subsidiary of ICICI Bank, is a prominent Indian brokerage firm that offers currency derivatives trading services, including forex trading. They are regulated by SEBI.
  • Kotak Securities: Kotak Securities, another leading brokerage firm in India, provides forex trading services to its clients. They are registered with SEBI and adhere to Indian regulations.
  • Axis Direct: Axis Direct, a subsidiary of Axis Bank, offers currency derivatives trading services, allowing traders to access forex markets. They are regulated by SEBI.
  • Geojit Financial Services: Geojit Financial Services is a financial services company in India that offers forex trading facilities. They are registered with SEBI.
  • Angel Broking: Angel Broking is a well-established Indian brokerage firm that offers currency trading services. They comply with SEBI regulations.
  • Motilal Oswal: Motilal Oswal is a financial services company that provides forex trading services to Indian traders. They are registered with SEBI.
  • Reliance Securities: Reliance Securities offers forex trading services to its customers. They are regulated by SEBI and RBI.
  • Online Forex Brokers with International Presence: In addition to the above-mentioned companies, some international forex brokers with a global presence also accept Indian clients. These brokers should ideally be regulated in their home countries and comply with RBI guidelines.

Which broker is best for forex trading in India?

The choice of the best forex broker in India can depend on your specific trading needs and preferences. It's important to select a broker that is regulated by the Securities and Exchange Board of India (SEBI) and complies with Indian regulations. Here are some of the top forex brokers in India, considering factors like reputation, regulation, trading platforms, fees, and customer support:

  • HDFC Securities: HDFC Securities is a reputable financial institution in India. They offer forex trading services and are known for their user-friendly platforms, competitive spreads, and good customer support.
  • ICICI Direct: ICICI Direct is a subsidiary of ICICI Bank and provides forex trading services. They offer a reliable trading platform, competitive pricing, and the backing of a trusted Indian financial institution.
  • Kotak Securities: Kotak Securities is another well-known brokerage firm in India that offers forex trading services. They provide a range of trading platforms and have a strong presence in the Indian financial market.
  • Axis Direct: Axis Direct is a subsidiary of Axis Bank and offers forex trading services. They provide a user-friendly platform and are known for their customer service.
  • Geojit Financial Services: Geojit Financial Services is a financial services company in India offering forex trading. They have a good reputation and are regulated by SEBI.
  • Angel Broking: Angel Broking is a reputable Indian brokerage firm that provides forex trading services. They offer various trading platforms and have a strong presence in the Indian market.

  • Motilal Oswal: Motilal Oswal is a financial services company in India that offers forex trading. They are known for their research and analytics services.
  • Reliance Securities: Reliance Securities offers forex trading services and has a presence in India. They provide a range of trading platforms and research tools.
  • International Forex Brokers: Some international forex brokers with a global presence also accept Indian clients. Examples include Forex.com, OANDA, IG, and XM. Ensure these brokers are regulated and comply with RBI guidelines.

How to become a trader in India

Becoming a trader in India involves several steps, including acquiring the necessary knowledge and skills, selecting a suitable trading strategy, setting up a trading account, and adhering to risk management practices. Here's a step-by-step guide on how to become a trader in India:

Step 1: Educate Yourself

  • Start by gaining a solid understanding of the financial markets, including stocks, commodities, forex, and cryptocurrencies.
  • Learn the fundamentals of trading, including technical analysis, fundamental analysis, and market psychology.
  • Read books, take online courses, and follow reputable financial news sources to stay informed.

Step 2: Choose Your Market

Decide which financial market you want to trade in. Common options in India include stocks, commodities, forex, and cryptocurrencies.

Step 3: Select a Trading Style

Determine your trading style. Are you interested in day trading, swing trading, or long-term investing? Your choice will impact your trading strategy and time commitment.

Step 4: Develop a Trading Strategy

  • Create a well-defined trading strategy that includes entry and exit rules, risk management guidelines, and position sizing.
  • Backtest your strategy on historical data to assess its effectiveness.

Step 5: Select a Reliable Broker

  • Choose a reputable and SEBI-regulated broker if you're trading in Indian markets. Ensure they offer the assets you intend to trade.
  • Open a trading account with the selected broker.

Step 6: Practice with a Demo Account

Most brokers offer demo accounts where you can practice trading with virtual money. Use this to familiarize yourself with the trading platform and test your strategy.

Step 7: Set Up a Trading Plan

Create a detailed trading plan that outlines your goals, risk tolerance, trading hours, and trading rules. Stick to your plan to avoid impulsive decisions.

Step 8: Fund Your Account

Deposit funds into your trading account to start trading with real money. Ensure you only use money you can afford to lose.

Step 9: Start Trading

  • Execute your trades based on your trading plan and strategy.
  • Keep a trading journal to record all your trades, including reasons for entry and exit, and review it regularly to learn from your mistakes and successes.

Step 10: Practice Risk Management

  • Use stop-loss orders to limit potential losses on each trade.
  • Diversify your investments to spread risk.
  • Only risk a small percentage of your trading capital on each trade.

Step 11: Continuous Learning

  • Stay updated on market developments and continuously improve your trading skills.
  • Consider joining trading forums or communities to learn from experienced traders.

Step 12: Comply with Taxation Laws

  • Understand the tax implications of your trading activities and ensure you comply with Indian tax laws.

Step 13: Monitor and Adjust

  • Regularly review your trading performance and adjust your strategy as needed.
  • Be patient and disciplined; trading can be challenging, and losses are part of the learning process.

Becoming a successful trader in India, or anywhere else, requires time, dedication, and a commitment to continuous learning and improvement. Remember that trading involves risk, and it's crucial to trade responsibly and manage your risk effectively.

How to trade forex in India

To embark on your forex trading journey as an Indian resident, you have two primary options: Either collaborate with a SEBI-regulated broker, providing exchange-traded currency derivatives, or partner with a foreign broker (preferably one with a solid regulatory track record) that offers retail forex trading through margin accounts.

Here are some essential initial steps to follow when you're ready to begin trading forex in India:

Step 1: Determine Your Trading Preference:

Decide whether you prefer off-exchange forex trading, also known as over-the-counter (OTC), through a margin account with a foreign forex broker, or if you lean towards exchange-traded currency derivatives, which are listed products.

Step 2: Select a Reliable Forex Broker:

Choose your forex broker with utmost care. Opt for one that is well-regulated to minimize the risk of falling victim to unscrupulous brokers.

Evaluate Payment Methods: Consider the available payment methods and select the one that best suits your needs for depositing and withdrawing funds from your broker.

Step 3: Open and Fund Your Brokerage Account:

Open a live brokerage account and fund it with an amount that you can afford to put at risk. Prior to diving into live trading, practice with a demo account to acquaint yourself with the trading platform software and mobile trading app.

Set Clear Trading Goals: Identify your trading objectives and begin crafting a comprehensive trading plan. Utilize educational resources, often provided by your broker, to make well-informed decisions about structuring your trading strategy.

Step 4: Testing Phase:

Put your trading strategy to the test using live funds, while ensuring that the amount you risk aligns with your risk tolerance.

Step 5: Refine and Scale:

During the testing phase, focus on assessing percentage returns before contemplating the scaling of your strategy to potentially higher risk/reward levels.

Following these steps will help you embark on a well-informed and structured journey into forex trading in India.

Best way to trade

The best way to trade depends on your individual goals, risk tolerance, and trading style. There are various trading strategies and approaches, and what works best for one person may not be suitable for another. Here are some common trading styles and strategies to consider:

Step 1: Day Trading

  • Day traders open and close positions within the same trading day, seeking to profit from short-term price movements.
  • Requires quick decision-making, technical analysis, and staying glued to the computer during trading hours.

Step 2: Swing Trading

  • Swing traders aim to capture price swings or "swings" in the market that may last several days or weeks.
  • Typically involves technical analysis, chart patterns, and the use of stop-loss orders.

Step 3: Position Trading

  • Position traders take longer-term positions in the market, holding positions for weeks, months, or even years.
  • Fundamental analysis and a long-term perspective are essential for position trading.

Step 4: Scalping

  • Scalpers aim to make small, frequent profits by entering and exiting trades quickly, often within seconds or minutes.
  • Requires fast execution, low spreads, and a keen understanding of market dynamics.

Step 5: Algorithmic Trading

  • Algorithmic traders use automated trading systems or algorithms to execute trades based on predefined criteria.
  • Requires programming skills and a deep understanding of trading algorithms.

Step 6: Trend Following

  • Trend followers seek to profit from extended price trends by entering trades in the direction of the trend.
  • Involves technical analysis and the use of moving averages and trend indicators.

Step 7: Contrarian Trading

  • Contrarian traders go against prevailing market sentiment, betting that trends will reverse.
  • Requires a contrarian mindset and the ability to identify overbought or oversold conditions.

Step 8: Options Trading

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  • Options traders use options contracts to speculate on price movements or to hedge existing positions.
  • Can be used for various strategies, including covered calls, protective puts, and straddle/strangle strategies.

Step 9: Forex Trading

  • Forex traders trade currency pairs, speculating on the exchange rate fluctuations between two currencies.
  • Requires understanding currency markets and economic factors influencing exchange rates.

Step 10: Cryptocurrency Trading

  • Cryptocurrency traders buy and sell cryptocurrencies like Bitcoin and Ethereum on various exchanges.
  • Volatile and speculative; involves technical analysis and staying updated on crypto news.

Best forex strategy

There isn't a one-size-fits-all "best" forex strategy because the most effective strategy for you depends on your trading style, goals, risk tolerance, and market conditions. However, I can outline some popular and commonly used forex trading strategies that you can consider and adapt to your preferences:

Step 1: Trend Following Strategy

  • This strategy involves identifying and trading in the direction of established trends. Traders use technical indicators like moving averages, trendlines, and the Relative Strength Index (RSI) to spot trends.
  • Key principles include "the trend is your friend" and buying during uptrends and selling during downtrends.

Step 2: Swing Trading Strategy

  • Swing traders aim to capture price swings within a trend. They typically hold positions for several days or weeks.
  • Technical analysis, chart patterns, and support/resistance levels are essential tools for swing traders.

Step 3: Day Trading Strategy

  • Day traders open and close positions within the same trading day, seeking to profit from intraday price movements.
  • Scalping (very short-term day trading) and momentum trading are common day trading approaches.

Step 4: Range Trading Strategy

  • Range traders focus on price ranges or trading ranges, buying near support levels and selling near resistance levels.
  • Oscillators like the Stochastic Oscillator and the Relative Strength Index (RSI) can help identify overbought and oversold conditions within a range.

Step 5: Breakout Trading Strategy

  • Breakout traders look for instances when prices break through key support or resistance levels.
  • They enter positions when a breakout occurs, hoping to capture significant price movements.

Step 6: Scalping Strategy

  • Scalpers make quick, small trades throughout the day, aiming to profit from minor price fluctuations.
  • Scalping requires fast execution, low spreads, and discipline.

Step 7: Carry Trade Strategy

  • Carry traders take advantage of interest rate differentials between currency pairs. They borrow in a low-yielding currency and invest in a high-yielding currency.
  • This strategy focuses on earning interest income in addition to potential price appreciation.

Step 8: Hedging Strategy

  • Hedging involves opening two opposite positions (long and short) on the same currency pair to protect against losses.
  • Traders use hedging to reduce risk during uncertain market conditions.

Step 9: News Trading Strategy

  • News traders react to economic events and news releases that can cause significant price movements.
  • This strategy requires quick decision-making and access to real-time news sources.

Step 10: Pattern Recognition Strategy

Pattern traders identify chart patterns like triangles, head and shoulders, and double tops/bottoms to make trading decisions.

These patterns are often used in conjunction with other technical indicators.

How much money do I need to trade forex in India?

Forex trading in India is primarily confined to exchange-traded currency derivatives and futures. Therefore, the capital required for trading forex in India hinges on the contract sizes available on the National Stock Exchange (NSE) and the margin necessary to initiate a position. It's crucial to be aware of your broker's minimum deposit requirements as well.

If you opt for a forex broker located outside of India that offers micro contracts, you can commence forex trading with as little as $100 (approximately 8,200 Indian Rupees). In this scenario, your chosen broker must be open to Indian residents as clients and should ideally maintain a robust regulatory presence in trusted jurisdictions.

India forex brokers list

Best forex trading platform in India

Some of the best forex trading platforms in India are:

  • MetaTrader 4 (MT4)
  • MetaTrader 5 (MT5)
  • cTrader
  • Interactive Brokers Trader Workstation (TWS)
  • Zerodha Kite
  • Upstox Pro
  • 5paisa Trader Terminal

These platforms offer various features and tools for forex trading in India. Be sure to choose the one that suits your trading needs and preferences.

Best site for forex trading in India

Here are some popular and reputable online brokers for forex trading in India:

  • Zerodha: Zerodha is a well-known Indian brokerage firm that offers forex trading services through its platform called Zerodha Kite.
  • Upstox: Upstox is another popular Indian brokerage firm that provides forex trading facilities on its platform, Upstox Pro.
  • ICICI Direct: ICICI Direct offers forex trading services to its clients, and it's a well-established financial institution in India.
  • HDFC Securities: HDFC Securities is a trusted name in the Indian financial industry and provides forex trading services.
  • Angel Broking: Angel Broking is known for its comprehensive trading offerings, including forex trading services.
  • Interactive Brokers: While not an Indian-based broker, Interactive Brokers is a reputable international broker that offers forex trading services to Indian residents.
  • Forex.com: Forex.com is a global forex broker that accepts Indian traders and provides access to a wide range of forex markets.

Top 5 forex brokers in India

Below are the top 5 forex brokers in India that you can consider:

  • IG India: IG is a globally recognized broker with a strong presence in India. They offer a user-friendly platform and a wide range of currency pairs for trading. IG is regulated by top-tier authorities.
  • Forex.com: Forex.com is a well-established forex broker that accepts Indian traders. They offer competitive spreads, a variety of trading platforms, and educational resources.
  • OANDA: OANDA is known for its transparency and reliable execution. They offer a user-friendly trading platform and a wide selection of currency pairs.
  • Saxo Bank: Saxo Bank is a reputable European broker with a presence in India. They provide a comprehensive trading platform and a wide range of financial instruments, including forex.
  • IC Markets: IC Markets is an international broker that has gained popularity among Indian traders. They offer low spreads, fast execution, and multiple trading platforms.

Top 10 forex trading platforms

Here are 10 popular forex trading platforms commonly used by traders around the world:

  • MetaTrader 4 (MT4): A widely used and highly customizable platform with a range of technical indicators, charting tools, and automated trading capabilities.
  • MetaTrader 5 (MT5): The successor to MT4, offering more advanced features, additional timeframes, and improved analytical tools.
  • cTrader: Known for its user-friendly interface and advanced charting tools, cTrader is favored by traders who prefer ECN (Electronic Communication Network) trading.
  • NinjaTrader: A platform with advanced charting and analysis capabilities, as well as support for automated trading strategies.
  • TradingView: A web-based platform known for its interactive charts and social trading features, where traders can share ideas and strategies.
  • Thinkorswim: Offered by TD Ameritrade, Thinkorswim provides advanced charting, technical analysis, and a customizable interface.
  • Interactive Brokers Trader Workstation (TWS): A powerful platform with advanced trading tools and a wide range of assets, including forex.
  • OANDA's fxTrade: OANDA's proprietary trading platform offers a user-friendly interface, advanced charting, and access to historical data.
  • SaxoTrader: Saxo Bank's trading platform provides access to a broad range of financial instruments, including forex, and offers advanced trading tools.
  • Dukascopy JForex: Known for its stability and advanced features, Dukascopy's platform is popular among professional traders.

Top 20 forex brokers in the world

Here are the top 20 forex brokers in the world:

  • Interactive Brokers
  • Saxo Bank
  • IG Group
  • Forex.com
  • TD Ameritrade
  • OANDA
  • XM Group
  • HotForex
  • Admiral Markets
  • Pepperstone
  • FxPro
  • FXTM (ForexTime)
  • AvaTrade
  • Dukascopy
  • Alpari
  • OctaFX
  • IC Markets
  • CMC Markets
  • Exness
  • Swissquote

Is forex legal in India?

Yes, forex trading is legal in India, but it comes with strict limitations and regulations. In India, traders cannot engage in speculative forex trading, including spot forex trading, even when using a broker regulated by the Securities and Exchange Board of India (SEBI). The Reserve Bank of India (RBI) prohibits leveraged forex transactions from margin accounts. Instead, forex trading in India is primarily restricted to exchange-traded products.

For instance, the National Stock Exchange (NSE) received SEBI approval in 2008 to offer forex trading through listed futures and options. Therefore, most Indian residents are limited to using these exchange-traded instruments for forex exposure.

While some brokers, like Interactive Brokers, are regulated by SEBI and offer exchange-traded currency derivatives in India, they do not provide traditional spot forex trading to Indian residents due to the country's strict regulations.

Forex trading in India is tightly regulated, particularly for physical currency exchange transactions. Trading forex pairs, where no physical currency is exchanged, is more flexible. Many foreign brokers accept Indian clients, even without SEBI regulation. However, it's crucial for Indian residents considering trading with foreign brokers to choose highly regulated options.

As of September 2022, the RBI has issued warnings against dealing with foreign brokers lacking local regulation. Additionally, the Central Bank of India has imposed restrictions on depositing and withdrawing funds with foreign forex brokers not regulated by SEBI.

The article has provided detailed information on the top 10 best forex brokers in India for 2024. We hope that the information shared can assist you in choosing a reputable brokerage for your investment endeavors and to potentially yield profits for yourself.

Top 10 Best Forex Brokers in India, App Trading Platform 2024 (2024)

FAQs

Which is the most trusted forex trading app in India? ›

Best Forex Trading Apps
  • IG - IG Trading app, MetaTrader mobile.
  • Saxo - SaxoTraderGO mobile app, MetaTrader mobile.
  • CMC Markets - Next Generation mobile, MetaTrader mobile.
  • Charles Schwab - thinkorswim app.
  • Interactive Brokers - IMPACT app, IBKR mobile app.
  • FOREX.com - FOREX.com mobile, MetaTrader mobile.
Mar 19, 2024

Who is the best forex trader in India? ›

Shashikant Sharma became the wealthiest Forex trader in India at 34. His journey began as a 22-year-old and followed the same path most traders can relate to. He browsed the internet and came across an article covering Forex. It intrigued him enough to start his Forex journey.

Which forex broker is best and legal in India? ›

What are the best apps for forex in India?
  • IG- IG Trading mobile app, IG Academy.
  • Saxo - SaxoTraderGo mobile app.
  • Interactive Brokers - IBKR mobile app and Impact app.
  • FOREX.com - FOREX.com mobile app.
  • AvaTrade - AvaTradeGo mobile app and AvaOptions mobile app.
  • IC Markets - MT4, MT5 and cTrader mobile apps.

Who is the biggest forex broker in India? ›

Top Best Forex Brokers in the word 2024
  • ✅#1 Exness Open Account or Visit site.
  • ✅#2 XM Open Account or Visit site.
  • ✅#3 OctaFx Open Account Here.
  • ✅#4 HF Market Open Account or Visit site.
  • ✅#5 Avatrade Open Account or Visit site.
  • ✅#6 Just Markets Open Account or Visit site.
  • ✅#7 XTB Open Account or Visit site.
Nov 20, 2023

Which is India's No 1 trading app? ›

1. Zerodha: Zerodha is considered one of the best trading apps in India with over 2 million users. It offers a user-friendly interface and a plethora of features that cater to both beginners and experienced traders.

What is the safest trading platform in India? ›

Zerodha Kite, Angel One, and Finq.com are some of the safest trading applications in India. And if you are looking for more, you can check the list above.

Who is India's No 1 trader? ›

Top 10 Traders In India 2024:-
RankTrader Name
1Premji and Associates
2Radhakrishnan Damani
3Rakesh Jhunjhunwala
4Raamdeo Agrawal
6 more rows
5 days ago

Who is the richest broker in India? ›

Rakesh Jhunjhunwala

Rakesh Jhunjhunwala's journey to become one of the wealthiest investors in India was paved with thoughtful risk-taking and a strong enthusiasm for the stock market.

Who is the king of forex trading? ›

George Soros is undoubtedly one of the most successful forex traders in the world. His bold and aggressive trading style has earned him a place in history, and his philanthropic efforts have made a positive impact on many lives. However, his controversial reputation may not sit well with some investors.

Which broker is No 1 in India? ›

Top 20 Share Brokers in India 2024
RankBrokerActive Clients
1Groww9,185,024
2Zerodha7,223,525
3Angel One5,983,067
4Upstox2,401,555
17 more rows

Is forex trading legal in India in 2024? ›

Yes, forex trading is legal in India but with certain restrictions. As stated earlier, forex trading can only be done through a registered Indian broker. Additionally, forex trading is limited to specific currency pairs such as USD/INR, EUR/INR, JPY/INR, and GBP/INR.

Which trading app is legal in India? ›

The analysis includes apps like Zerodha, Upstox, Angel Broking, 5paisa, Motilal Oswal, ICICI Direct, HDFC Securities, Sharekhan, Axis Direct, and IIFL Securities. These platforms are not exclusively for forex trading but allow trading currency derivatives on NSE and BSE, the legal avenues for forex trading in India.

Who is the most successful forex trader in India? ›

Knowing all trading pitfalls and subtle aspects, Shashikant became the richest forex trader in India. At the age of 22, he took the first steps in learning forex.

Which is the number one forex trading app in India? ›

Comparison of the Best Forex Trading Apps
ApplicationForbes Advisor India RatingLearn More
Zerodha Kite4.0View More
Upstox4.0View More
Groww3.6View More
Angel Broking3.5View More
2 more rows

Which bank is best for forex in India? ›

Top 10 Forex Cards In India
  • 1] Niyo Global Card by Equitas Bank. ...
  • 2] BookMyForex YES Bank Forex Card. ...
  • 3] Axis Bank Multi-Currency Forex Card. ...
  • 4] Standard Chartered Forex Card. ...
  • 5] HDFC Bank Multicurrency Platinum ForexPlus Chip Card. ...
  • 6] ICICI Bank Student Forex Prepaid Card. ...
  • 7] State Bank Multi-Currency Foreign Travel Card.

How to trade forex from India safely? ›

How To Invest In Forex In India?
  1. Step 1: Get a Reliable and Fast Internet Connectivity. ...
  2. Step 2: Get a Licensed Forex Broker. ...
  3. Step 3: Create a Forex Account. ...
  4. Step 4: Add Funds to your Trading Account. ...
  5. Step 5: Start Trading.

Is forex trading legit in India? ›

The Reserve Bank of India (RBI) regulates the forex market in India. According to Indian law, forex trading is legal only if it is done through a registered Indian broker. Individuals are not allowed to trade in the forex market on their own without the assistance of a registered broker.

Is Zerodha good for forex trading? ›

Yes, forex trading is available for all Zerodha account types, including individual and corporate accounts.

Which forex pair is best to trade in India? ›

For instance, among the INR currency pairs available for trading in India, the USD-INR and the GBP-INR pairs are two of the most popular pairs that enjoy significant liquidity. Similarly, when it comes to cross currency pairs, the EUR-USD and the GBP-USD have significant participation, leading to high liquidity.

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