Popular Forex brokers in India
Compared to other countries there are many restrictions on Forex trading in India due to a large number of forex scams. Legally Indian citizens are only allowed to trade in currency pairs, which have the Indian rupee as a base currency. hence citizens can only trade in USD, EUR, GBP, and JPY paired with the Indian rupee. The Indian rupee is the eighteenth most traded forex currency in the world. Citizens can trade in Forex through the brokers in India who are regulated by SEBI and includes the three major stock exchanges in the country. However, traders can use foreign forex brokers, if they use PayPal, Neteller, or similar methods.
Choosing a Forex broker
While there are a large number of Forex brokers, most of better forex brokers will have the following features
– approved by a reputed foreign regulator
– positive reviews by Forex traders in the market
– low minimum deposits for trading
– gives the user maximum leverage while trading
– convenient payment and withdrawal
Forex brokers that accept customers from India
Some of top Forex brokers which accept customers who are residing in India are listed below. These brokers do not have any office in India, yet accept payment through electronic wallets.
List of the Top 10 forex trading companies in India
Hotforex Forex Broker in India
Hotforex offers a 100% bonus on deposits, and there is no minimum deposit. Hotforex is one of the best forex trading companies in India. The trading platform used in MT4, MT5, and Sirix web-trader. its activities are regulated by the financial authorities in Cyprus and Dubai. Based in Cyprus, Hotforex is regulated in various countries like UK, South Africa, Cyprus, and UAE. In addition to Forex, traders can also trade in commodities and stock indices. The minimum deposit required is low at $50 and the leverage is high at 1000:1. It supports the popular, and the best online forex trading platform in India, Metatrader 4, and 5.
Forex trading is becoming increasingly popular all over India especially in metro cities and many people are making money from Forex trading. These companies are advertising extensively and to help those who wish to invest in Forex, the Top 10 Forex trading companies in India are listed below
HotForex is probably the most credible forex broker across the economies in the world. It’s regulated by several regulatory and supervisory institutions including FSCA (South Africa), FCA (U.K.), CySec (Cyprus), DFSA (Dubai). As the broker operates under the continuous surveillance of these institutions, your money is completely secure with the company. You can access the trader on MT4. The pace of execution of trade is pretty fast.
XM.com Forex Broker in India
XM.com is popular among beginners and experienced traders since it offers a non-deposit bonus of $30, and the initial deposit is only $5. It uses MetaTrader 4 (MT4) and MetaTrader 5 (MT5), Sirix web trader and has apps for Android, iOS. It is regulated in Australia, Cyprus, Belize,.
XM is regulated in Australia, South Africa, and Cyprus. It offers protection against a negative balance to traders. In addition to currency pairs, traders can also trade in commodities and stocks. Metatrader 4 (MT4) and 5 (MT5) are available for trading using a desktop, mobile or on the web. The multi-terminal MT4 allows the trader to manage a large number of accounts. It requires the lowest deposit at $5, and leverage of 500:1
FXCM Forex Broker in India
FXCM is regulated in the United Kingdom (UK), South Africa, and was established in the year 1999. For trading, a deposit of at least $50 is required and leverage varies depending on the country. Forex trading is allowed through Metatrader 5 and 4 from Metaquotes, Ninjatrader, and Trading station.
Easymarkets Forex Broker in India
The Easymarkets forex trading platform is preferred by new and less experienced traders due to its features like Deal cancellation. The trader can cancel a losing trade within sixty minutes. This platform uses Metatrader 4 for forex trading
Forex.com Forex Broker in India
In the United States, Forex.com is the largest Forex broker in terms of assets. In addition to being regulated in the US, it is also regulated in other countries like UK, Australia, Canada. The minimum deposit required is US $250, and the maximum leverage is 50:1. The broker offers Metatrader 4 and five platforms.
Avatrade Forex Broker in India
Avatrade offers a bonus of up to 40% and requires a minimum deposit of $100. It uses the MT4 trading platform. It is regulated by the central bank of Ireland, FSB South Africa
24option has a minimum deposit requirement which is higher at $200. It uses the web trader platform, so the user can also trade in binary options in addition to Forex. It is regulated in Cyprus
ETX capital Forex Broker in India
ETX Capital has a minimum deposit requirement of $100, uses Metatrader 4 and it is regulated by the financial authorities in Cyprus
Instaforex Forex Broker in India
Instaforex, requires a deposit of at least $300 and uses the trading platform Metatrader 4. The forex trader is regulated in Russia and Cyprus.
FXTM Forex Broker in India
Earlier known as Forextime, FXTM is regulated in UK, Cyprus, and South Africa. The deposit required is lower at US$50 and the leverage ratio is 1000:1. Metatrader 5 and Meta-trader 4 are used for Forex trading.
While there are many forex traders, it is important to check the reputation of the broker, trader, and ensure that it is regulated by the financial authority of one or more countries. The deposits should be kept in segregated bank accounts and be insured. The minimum amount for deposit should be less and traders should be allowed to trade in micro lots.
Forex traders should be aware that the Reserve Bank of India, allows residents of India to trade all forex currency pairs, which include the Indian rupee. Since this is not very volatile due to smaller market size, the profits made are usually lower.
SEBI Forex brokers
Security and Exchanges Board of India (SEBI) is the official regulatory body for the financial markets in India. It is issuing licenses to foreign exchange brokers. At present the three Forex brokerages in India are the National Stock exchange, MCX, United Stock exchange.