Introduction
Forex brokers is the platforms for trading in Forex. Forex trading is popular globally due to its wide accessibility through online trading. Traders can easily buy and sell the currencies of various countries and have good market returns. Although, it is not a simple task and requires excellent market understanding and knowledge to have the desired results.
In India, forex trading has a good market reach; traders can invest in various currencies of the market and make money. However, the government of India has imposed certain restrictions on the trade of currencies for security purposes. The article explains the best forex brokers of India and how traders can make most of it.
Indian Forex Trading
Forex trading in India is regulated by the Securities and Exchange Board of India (SEBI). The central body has formulated certain rules and regulations for the trading of currencies and even provides the trading licence to the forex brokers. This makes the Indian brokers more trustworthy and reliable to trade with in the forex market.
The currency market involves the buying and selling of currencies in currency pairs to make a profit from the difference of price of the two in the market. Traders of India can select the currency pair they find profitable and can invest in that.
However, the Indian market has limited the number of currency pairs to be traded. The currency pairs that Indian traders can trade are the following:
- USD/INR
- EUR/INR
- GBP/INR
- JPY/INR
These four currencies are approved in the Indian forex market to trade and make money from. Trading in the forex market is legal in India, and the traders of India can invest via the SEBI-approved brokers only. It is done by the government to prevent the Reserve Bank Of India (RBI) from running out of Dollars and avoid the devaluation of the Indian currency.
Nevertheless, foreign traders can trade in Indian currency through any forex broker.
Indian Forex Brokers
Indian forex brokers have been classified into type types, including the discount and full-service forex brokers. The discounted brokers are those that have a low cost of trading with few trading services. In contrast, the full-service brokers of India are the ones that have many trading services.
Most of the Indian brokers are bank subsidiaries and offer various types of trading accounts such as the demat account, saving account, and online trading account.
Traders can open their accounts with the brokers and trade in the Indian market to earn money on their initial investment. Although, traders have to study, research and analyse the market aspects and conditions for a successful trading experience.
Best Forex Brokers: India
The Indian market, as we know, has certain restrictions of trade, but the SEBI has approved the best forex brokers in the market for smooth trading and having good trading support for the Indian traders. They can easily open their account and use the services of the brokers for analysing the market and predicting the price change.
Below mentioned are the best forex brokers in India and the services that make them best for Indian traders:
InvestBy
InvestBy forex broker is the financial service provider that has been operating in the market for quite some time. The broker works under the brand name of TECHFX LLC; it operates as per the guidelines of the Republic of Belarus, having registration number 693150519. An innovative forex broker that provides online trading with brand new financial perspectives and full customer support.
It works to bring a breakthrough in online investments with a top-notch trading environment. Traders of the market can have various trading products, markets, and CFDs to trade. Moreover, it is a regulated broker with authorisation of the National Bank of the Republic of Belarus (NBRB), licence number 40023, and the Cyprus Securities and Exchange Commission with licence number 189/13.
Traders can have the following services with the broker:
- Customer support
- Easy deposit and withdrawal
- 350+ assets and CFDs
- No hidden charges and fees
- Flexible spreads
- High leverage
- Trading tools
- Trading platforms
- Power of security
- Education and research support
PrimeFin
PrimeFin is the forex broker that was introduced in the financial markets to provide speed in trading. They work for their core concept of fast trading and deliver the utmost experience of dynamic markets to the best possible levels. As a result, traders can have the most significant advantage of speed, quick registration, instant market access, having control of the investment, and tracking their investments.
The broker is trading with the name of Caps Solutions Ltd., working under the laws of Labuan. It is regulated by the Labuan Financial Services Authority (LFSA) with licence number MB/20/0052.
It keeps the traders a step ahead and has the following advanced services:
- Cross-functional platform
- 350+ assets
- Multi-device trading apps
- Instant execution
- Fast withdrawals
- Top-class data security
- Educational tools
- Research tools
- High leverage
- Minimum spreads
- Trading platforms
OctaFX
OctaFX forex broker was founded in 2011 and now is the home to six million trading accounts. The aim of the broker is to help the traders make money from trading in the financial markets. They offer the best trading services and facilities that assist the traders in a smooth trading process.
The broker is headquartered at Saint Vincent and the Grenadines and works as the market maker. However, the broker is not a regulated one but is still considered one of the best forex trading brokers. Moreover, it is duly registered with the registration number 19776 IBC 2011.
Investors can begin trading with the broker with a minimum of $100 and have the minimum spreads for the traders. They can make the most use of the services and be the experts of the market. Traders can have the following services with the broker:
- Demo account
- No inactivity fee
- Three funding methods
- Commission free trading
- Best trading platforms
- Various trading markets and instruments
- Account types
- Education and research support
- Customer support
eToro
eToro is the world’s leading social investment network that aims to revolutionise the investing of the traders and enhance the financial education of the traders. It wasvision of a multi-asset investment platform having social collaboration and investor education.
It is an authorised and regulated company by the Cyprus Securities and Exchange Commission, having a licence number 109/10, and even its branches in the countries are also regulated by the financial authority present there. This makes it a secure trading platform, and traders can easily trade with the broker.
Moreover, the broker has top markets and trading tools to predict the trade and enjoy the profits. Traders can have the following services to have smooth trading:
- Zero Commission stocks
- Copy top investors
- Research tools
- Educational support
- Trading accounts
- Demo account
- Low fees
- CFD trading
- Trading platforms
XM Broker
XM is an award winning broker that has more than 5 lakh clients. It was founded in 2009 and since then has worked hard to have advanced trading services. In addition, XM Broker is duly regulated by the Financial Services Commission (FSC) licenced with 000261/158. However, It is registered in Belize city and operates under the XM Global Limited.
The broker makes use of more than 1000 trading instruments, has low spreads, and provides tailored guidance. Traders can have the following services with the XM broker:
- Personal account manager
- Educational tools
- Research tools
- Trading platforms
- Customer support
- Focused on clients
- Globally renowned
- Trading instruments
- Trading accounts
- Low trading costs
- High leverage
- Low spreads
Conclusion
Trading in the forex market and that too of India requires proper market understanding, and traders should be aware of the rules of the country. The article has discussed the rules and regulations along with the currencies that traders can invest in the forex market.
In addition, the best forex brokers have been explained with their services to provide knowledge of the same. Traders can select the best of these five and trade in the Indian forex market, and earn good market profits.
