Are you looking to trade on whether the US dollar’s value will go up against the value of the Indian Rupee?
Yes. But you don’t know the best forex trading platform to do it?
Don’t worry, you have come to the right place.
I am talking about the Best Forex Brokers in India and why they are considered the best in the business.
If you are a beginner, you should know what Forex Market exactly means.
The Forex Market is pretty different than the Share Market. It offers the investor to trade in International currencies like JPY, EUR, GBP, USD.
A person can only trade in these 4 currencies through NSE, BSE, and MCX stock exchange in India.
What is Forex Trading?
Forex Trading simply means swapping one currency for another.
Seems a bit complicated?
Let’s simplify it with an example.
Suppose the exchange rate of USD/INR is Rs 74
Now, Pepperstone defines USD as the Base currency and INR as the Quote currency.
This simply means that in order to buy 1 USD Dollar a person has to shell out 74 Indian rupees.
So, if I am speculating that the price of USD/INR will increase due to certain factors. I will take a buy or long position in this trade.
If the price of USD/INR increases from Rs 74 to Rs78 in the given timeframe. I will gain Rs 4 per USD Dollar bought.
I guess, that gives you a fair idea of forex trading. Now, I know that a lot of us know about forex brokers that are available in India
But a beginner should know that you cannot directly trade in forex. To trade in forex, you need a forex broker.
A Forex Broker is someone that buys and sells currency on your behalf and charges a commission for the same.
There are many forex brokers in India but which are the best forex brokers?
I have selected the best forex brokers based on my personal analysis that will help you narrow down your search.
Best Forex Trading Platforms in India 2021
So let’s started. 🙂
Wanna jump straight to the answer?
The best forex broker is definitely OctaFX when it comes to the Indian audience.
Do you wanna know why?
1. OctaFX Best Forex Broker in India
OctaFX was awarded the most “Transparent Forex Broker Award” in 2020 according to a press release by the Business Standard. Over the years OctaFX has won more than 30 awards.
OctaFX offers Robotic Trading using an expert advisor that can help you in placing buy and sell orders by ascertaining the market conditions. It helps in taking up a position in the market way faster than manual traders.
It allows trading in different segments 24 hours a day and five days a week.
You can seamlessly deposit money through UPI, Paytm, and other popular modes of payment in one click in order to trade in currency, commodity, and crypto.
|Currency||Allows trading in 32 currency pairs|
|Commodity||Easily trade Gold, Silver, Crude Oil, and |
other commodities like wheat, Sugar in seconds.
|Cryptocurrency||Allows trading in 5 popular cryptocurrency|
Why you should choose OctaFX?
|Order execution In less than one second|
|No commission on deposits or hidden charges on withdrawals|
|Fixed-rate on USD/INR conversion i.e Rs 55 per 1 USD|
|50% Bonus on each deposit.|
|Allows trading in commodity and cryptocurrency|
|Protection against negative balance|
Why you should not choose OctaFX?
|Minimum Initial deposit of $25 is required|
OctaFX Offer (Limited period Only)
Currently, OctaFX is offering trade and win scheme to every trader based on the lot size.
- 5 Traded Lots – OctaFX T-shirt
- 25 Traded Lots – Powerbank
- 150 Traded Lots – Android Smartwatch
- 250 Traded Lots – Android Smartphone
- 2500 Traded Lots – OctaFX Laptop
Do check out the Terms & Conditions for the OctaFX Trade&Win program.
2. Olymptrade: Best Forex Trading Broker in India
Olymptrade was launched in 2014 and has gained a lot of traction in the Indian market. With a clientele of over 30 million users, the Forex Broker is all set to dominate the market.
Olymptrade has a presence in over 134 countries and the user interface is localized into 19 languages including Hindi.
It is a trusted platform which a category A member of the Financial Commission. It offers currency, ETF, Commodity
Why you should choose Olymptrade?
|You can do a minimum trade starting at $1.|
|All trades are insured as it is a certified broker|
|Offers free demo account with $10,000 to practice trades.|
|Offers 30+ Analytical tools|
|Offers Fixed Time Trading Platform|
What’s Fixed Time Trading?
FTT is a very popular platform offered by Olymp trade. I have personally tested it and it’s quite good.
A user has to predict if the price will go UP or Down. Look like gambling right?
But it isn’t it requires a lot of Technical Analysis and research for good predictions.
How to Earn in Fixed Time Trading?
- Trading Currency: First you have to choose a trading currency pair like USD/INR.
- Time: To speculate the price movement you have to choose a time frame. Let’s say you choose the time frame of 1 min for USD/INR.
- Investment: The next step is to put your investment amount. Let’s say $10 is your investment amount.
- Prediction: Now you are all set to predict the movement. Let’s say you are bullish on the price movement and you choose the UP option for a 1 min time frame.
- Result: The price actually moves UP in that 1 min time frame. Bingo you just earn a handsome profit. You can earn up to 92% depending on the currency pair you select.
Why you should not choose Olymptrade?
|Minimum Initial deposit of $25 is required|
|Fixed commission on Overnight Trades Upto 15%|
|Inactivity Charges of $10 per month|
3. Saxo Bank: Top Forex Broker
Supervised by the Danish Financial Supervisory Authority, Saxo Bank is the safest broker out there.
It was founded in 1992 and has a long track record when it comes to offering online trading and financial services.
With an experience of 26+ years and 660K+ clientele, Saxo banks offer trading in Bonds, ETF’s Forex, and 1200+ trading options to choose from.
Saxo bank offers maximum leverage up to 1:30 on trading and spread as low as 0.6 pips on the currency.
With Saxo Bank, you can easily open an MT4 trading account and place your trades in one go. It offers 25+ tier, 1 liquidity providers, as per request.
Accounts offered by Saxo bank
|Offers low difference between the bid price and offer price.||Up to 30% lower prices than the classic account holders||All features of classic and premium accounts|
|24/5 Technical Support||Local Language custom supports on priority||Access to trading experts24/5.|
|Minimum initial funding of $2000 (Depends on country to country)||A minimum initial deposit of $200,000||A minimum initial deposit of $1,000,000|
|Exclusive events invite|
Why you should choose Saxo Bank?
|Offers 182 Currency pairs to choose from.|
|50+ Technical indicators to study and learn.|
Why you should not choose Saxo Bank?
|Minimum $10,000 deposit for Indian customers|
4. Etoro: Best Forex Trading Platform
Founded as retail fx in 2007, Etoro became popular in 2010 after its copy trading feature that enables investors to copy the trades of top traders automatically.It is a useful feature for automated trading.
Multiple Financial Assets: Etoro offers trading in 2000 financial assets that include ETF’s, Stocks, Cryptocurrency, and currency pairs intending to make trading more accessible to users.
Readymade Portfolios: One of the best features about Etoro is readymade portfolios. Everyone knows that EVs and 5G are the future. But we still have to find the right way to invest money into these sectors.
With Etoro’s thematic portfolio’s you can easily invest in any sector based on your risk and preference.
I like their portfolios because they show the associated risk and expected returns to the investor beforehand. This enables the investor to make an informed decision.
Why you should choose Etoro?
|Free Insurance up to 1 million USD dollars on insolvency|
|Free demo account with $1,00,000 to practice trade|
|Best social copy-trading app|
Why you should not choose Etoro?
|High spread rates on currency trading|
|Withdrawal fees of $5 for Indian investors and minimum withdrawal of $30|
|Inactivity Charges of $10 per year|
5. FXTM: Top Forex Broker
FXTM is a licensed broker regulated by the Financial Services Commission of Mauritius.
Initially launched in 2011, FXTM gives you the option to trade in Metals, Indices, Commodities, Forex, and countless other products.
You can easily trade in all these products by funding your account through Netter, Mastercard, Skrill, Webmoney, Visa Card, and other payment gateways.
Awards won by FXTM
- Best Trading Experience – 2021
- Best ECN Broker – 2020
- Best Investment Broker – 2019
- Most Innovative Broker – 2018
- Forex Broker of the Year – 2017
This is just the tip of the iceberg. FXTM has won countless awards which makes it a trusted broker. So, don’t hesitate to trade with FXTM.
FXTM offers MT4 and MT5 trading platforms. We can choose the platform according to our preference. I personally recommend the MT4 trading platform for beginners.
One peculiar thing about FXTM is that MT4 users can track live market sentiments through the Acuity tool.
Yes, you heard that right, FXTM has partnered with Acuity to offer real-time data to MT4 platform traders. This helps the traders to make better trades based on the market sentiments,
Why you should choose FXTM?
|No Commission on using Advantage Plus Account|
|Protection against Negative balance|
|Offers Pivot Point Strategy tool for better analysis.|
Why you should not choose FXTM?
|Withdrawal fees of $3 for bank Transfer|
|Inactivity fees of $5 after 6 months|
A commerce graduate who is on a mission to educate people about investment and personal finance.