THE 8 BEST FOREX BROKERS IN INDIA 2020
It is common knowledge that traders will always find the greatest forex brokers to work with. But each region in the world has its own top brokers. Therefore, forex traders in India will be looking for the best forex brokers in India. However, do they actually know the things to look for when they try to find the top forex brokers? After spending quite some time doing trades with multiple brokers, we have acquired our own standards.
|Trustworthy||Trading costs||Trading conditions||Customer services|
|Historical activities||Commission||Deposit/withdrawal||Local offices|
|Transparency||Leverage||Trading platforms||Education programs|
|Minimum deposit||Bonus programs|
The top 8 forex brokers in India that meet all of our standards are:
- IG Group
Let’s see in detail how they are qualified.
Before starting doing trades, a trader must first be sure of the safety that a broker can give them. The only thing that can help in doing so is their regulations. These things are actually given to the broker by some reliable financial organizations in the world. The conditions, merits, and standards of a broker will be decided by them to ensure that traders will be safe as well as protected. Nonetheless, if some brokers possess too many regulations, the cost of trading will be increased. Specifically, the spread will also increase while the leverage gets lower. The commission will also increase. Those things mean that the broker becomes a lot less competitive than their rivals. That is why a broker does not need more than one reliable regulation.
The case of India, however, is more complicated. India does have a forex regulation, the RBI. Reserve Bank of India monitors all forex trading activities in India. So we should all choose brokers who are RBI regulated, right? Actually no. Any brokers that are regulated by the RBI can only let Indian traders trade 4 currency pairs: INR/USD, INR/EUR, INR/GBP and INR/JPY. No foreign currencies are allowed to be base currency.
Therefore, Indian traders actually don’t want to choose RBI legal forex brokers in India. There are too many limitations. My advice is that you choose big and reliable forex brokers to trade to make sure that you are protected even though those brokers are not RBI-regulated. Check out my brokers’ regulations:
- Exness: FCA, CySEC
- XM: ASIC, CySEC, IFSC
- HotForex: FCA, DFSA, FSCA, FSA
- Forex.com: FCA, FSCA
- eToro: FCA, MiFID
- EasyMarket: CySEC, MiFID, ASIC
- CMCMarkets.com: FCA, ASIC, IIROC, MAS
- SaxoBank: FCA, ASIC, SFC, JFSA, MAS, FINMA
When you know how to open forex trading account in India. The trading conditions of these 8 brokers are analyzed heavily in our reviews. You can find and read about them there. However, there is one point we would like to stress on, which is the payment system. As mentioned above, all foreign currency transactions are monitored by the RBI, so when you trade forex with a foreign broker, you cannot deposit or withdraw through Indian banks. The only way to do it is using e-wallets. Exness, XM, and HotForex all provide various e-wallet options for their clients.
Moreover, traders in India use a lot of trading strategies in order to maximize their profit. Each strategy will need special features from the broker. So a good broker in India is the one with different types of account that meet the needs of different trading strategies. Let's check out the trading accounts of my brokers:
|Exness||Standard Cent||Standard||Pro||Zero||Raw Spread|
When traders have successfully decided on the broker that they will place their trust in, the next thing to do would be to evaluate all the cost that they will need to deal with when trading there. One can determine trading cost through quite a bunch of factors. However, there would always be the lowest possible deposit rate, the commission as well as the spread.
We call the difference that separates the Ask and the Bid price as the spread. The spread is, in fact, the single most essential cost that you will have to give to the broker. It is very important for those who use intraday trading for Indian market. We use pip to measure the spread. In the case of the spread being too high, the cost will also increase accordingly. Due to this, all the forex traders love doing trades alongside the brokers offering the lowest possible spread.
A regular broker will always have two sorts of forex trading account type: the regular one and then the ECN. If you do choose to utilize the ECN sort of account, then your spread will be practically 0. That is why they will try to charge you in commission as a replacement for the spread as they are both a broker’s major ways of money making.
As for the deposit rate, the experienced ones will never put too much cash in any broker in the first few times. They don’t want to lose too much in trying. The same case is true for the newbies. After all, these guys still do not have big enough funds yet.
Service for customers
Forex trading is never known as an easy subject. Thus, there is a high chance that someone new will have to deal with surprising issues. This is when a great support staff shows their brilliance.
Our best currency trading brokers in India are:
- IG Group
The above are my standards for the best forex brokers in India. These are the basic requirements that all brokers must have if they want to be qualified as a decent forex broker. You can easily check those standards on every broker’s homepage.