The 4 best Forex Brokers in India: Platform comparison


Which forex broker is the best in India?
Which forex broker is the best in India?

Forex trading is now very popular in India. Indian clients can and do trade with a lot of brokers online. 

The securities and exchange board of India, SEBI, is India’s financial regulatory body. However, these brokers are not required to have a license from them to accept Indian clients. Traders are advised to keep abreast of the organizations’ news and announcements for caution.

It might be exhausting to choose a good broker since the brokers are not regulated in your home country. But there are a few reliable and trustworthy brokers

List of the 4 best Forex Brokers in India:

  1. IQ Option – the best for low deposits
  2. Olymp Trade – The best digital forex options
  3. FxPro – the best for cTrader
  4. Interactive Brokers – the best for professionals
Broker:
Review:
Spreads:
Assets:
Advantages:
Account:
1. IQ Option
IQ Option logo
Starting 1.0 pips variable
300+
(24+ currency pairs)
+ User-friendly platform
+ Binary Trading
+ Support 24/7
+ Min. Deposit 10$
Live-account from $ 10
(Risk warning: Your capital can be at risk)
2. Olymp Trade
Olymp Trade logo
Starting 0.0 pips + fixed % commission (depending on leverage is used)
200+
(30+ currency pairs)
+ Trade with 1$
+ Options and Forex
+ Bonus program
Live-account from $ 10
(Risk warning: Your capital can be at risk)
3. FxPro
FxPro logo
Starting 0.0 pips variable
250+
(50+ currency pairs)
+ High liquidity
+ NDD Broker
+ No requotes
+ No commissions
Live-account from $ 100
(Risk warning: Your capital can be at risk)
4. Interactive Brokers
The official logo of Interactive brokers
Variable spreads
10.000+
(50+ currency pairs)
+ Exchange listed broker
+ Multi-regulated
+ Professional platforms
Live-account from $ 10.000

(Risk warning: Your capital can be at risk)

1. IQ Option – Best for low deposits

IQ Option forex broker in India

IQ Option is not only a hit in India; it’s a pretty significant player internationally as well. Since its formation in 2013 has consistently met with critical acclaim as an honest broker in the world of forex brokerage.

Its ground-up custom-built platform has won multiple awards. It is recognized as among one of the best for forex traders of all experience levels.

It is clear from the outset that IQ Option has expended considerable time, energy, and thought into developing a streamlined forex platform that’s well featured and as visually appealing as it is to use. But you need not commit yourself to the platform straight away as there is an option to set up a virtual $10,000 demo account first. These accounts are sandboxes to get your head around the platform and forex trading.

The first items that you will notice immediately are the sheer number of useful tools to represent a host of financial information graphically. The graphic features allied to IQ Option’s technical analysis indicators combine to give users a powerful and customizable toolbox suite to get to grips with the forex market in a visual way. All of which you can access via the demo account as well.

The care that was taken in creating the IQ Option shines through in its ease of navigation. Indeed the entire platform is intuitive, meaning it’s a less steep learning curve and allows for seamless hassle-free trading.

IQ Option is also very strong on the educational aspect of forex trading. There are many resources, including video tutorials and email newsletters, to help you get up to speed as quickly as possible. And it’s not just novice forex traders that will find the educational content useful. Veterans of the forex markets will, too, as it’s good to revisit basics and refresh your knowledge regularly.

At the last count, some 40 million-plus traders were registered on the IQ Option platform. And that’s a testament in itself as to the transparency of forex trading conditions. Indeed, users are voting for IQ Option with their feet, and there’s no more potent indicator than that.

Withdrawals are speedy and available via a range of payment methods. And there’s 24/7 customer service available should you run into a problem.

IQ Option advantages:

  • User-friendly
  • Educational resources
  • $10 minimum deposit
  • Spreads from 0.0 pips
  • Unlimited demo accounts
  • Transparent
  • Good track record
  • Proprietary platform
  • Widely compatible with several Operating Systems
  • Mobile app available
  • Well featured

(Risk warning: Your capital can be at risk)


2. Olymp Trade – Best for digital forex options

Olymp Trade forex broker in India
Olymp Trade forex broker in India

Though it has only been around since 2014, Olymp Trade is punching above its weight. In Cyprus, Saint Vincent, and Grenadines registered company is indisputably making an impression on forex trading.

In a relatively short time, it has grown into a well respected and trusted forex broker. The company is accredited by the Financial Commission (FinaCom), and all order executions are independently audited by VerifyMyTrade. In its short lifespan, Olymp Trade has also won multiple international industry awards. Among the plaudits were Best Trading Platform of 2018 in the Forex Awards, 2019 Best Mobile Trading Platform in the Global Brand Magazine Awards, and 2020 Best Customer Support Broker in the Forex Brokers (FX Daily) Awards.

This dynamic growth, international recognition, and transparency explain why Olymp Trade can now boast 25 million user accounts. It also conducts 30 million transactions per month, an average monthly payout of $8 million, and a monthly trade turnover of $150 million.

So what makes Olymp Trade so special?

Olymp Trade is set up to do business with forex traders in India and 133 other countries. It also offers the platform in both English and Hindi.

All of this is backed by a creditable customer support team that is reachable 24/7 by telephone, email, web form, or live chat. According to the Olymp Trade website, their experienced team of support agents resolves some 5000 issues every day in 15 languages, with callers waiting an average of 13 seconds to talk to a human.

You should check out the extensive FAQ section of their website too. It’s impressive, has lots of informational videos, and is comprehensive should you wish to dig deeper into what makes Olymp Trade tick. A visit here is likely to inspire you to create a demo account. It’s free and comes pre-loaded with a pot of 10,000 virtual currency to let you try your hand at forex trading if you are a newbie. Even seasoned forex guys will find this feature useful before they commit to the platform.

Olymp Trade advantages:

  • Training and support for all experience levels
  • Easy and quick withdrawals
  • Unlimited demo account
  • Multiple awards
  • 100% deposit bonus
  • A minimum deposit of $10 or €10
  • Customizable platform to suit your preferences
  • Choice of account types to suit your needs
  • Transparent and user-friendly
  • Multiple chart and indicator options

(Risk warning: Your capital can be at risk)


3. FxPro – Best for cTrader

FxPro forex brokers in India
FxPro forex brokers in India

This online forex broker is relatively long-lived, having been incorporated in 2006. It is headquartered in London and overseen by multiple financial regulatory bodies around the world, including the UK, Cyprus, South Africa, and the Bahamas.

For Indian forex traders looking for brokerage recommendations, it would be a smart move to run your rule over FxPro before coming to a final selection. In 2020 alone, the brokerage won two prestigious accolades in the Personal Wealth and ForexBrokers.com awards. FxPro scooped Best FX Provider in the former and Best MetaTrader Broker in the latter awards competition. So you can safely conclude 2020 was a good year for FxPro, a global pandemic considered. All told, they have bagged more than 80 UK and international awards.

Apart from the odd blatantly spammy review, FxPro gets numerous positive reviews on Trustpilot. It scores well in the trustworthiness and reputation stakes. This level of trust and international recognition did not happen by accident. FxPro has put in a good 15 years’ worth of effort into achieving this acclaim. They are now a trusted broker in 170 countries as a result.

In addition to the standard MetaTrader 4 and 5 and c trader, FxPro also offers the option of trading on Edge. Their mobile app lets you trade wherever you are, like a pro forex trader. They are what is known as a No Dealing Desk Execution brokerage. This arrangement means they do not take the opposite position of the trade. Because there is no markup, this means FxPro can offer lower spreads as trades are executed electronically at the best market price.

Underpinning this is superior order execution technology. This tech enables FxPro to execute some 7000 orders per second in an average execution time of fewer than 11.06 milliseconds. This speed quite possibly leaves lightning behind in its wake.

FxPro lets you trade more than 70 currency pairs, including all the major players in the forex market that experience the largest trading volumes and liquidity.

Should you need assistance, the FxPro customer service team is available 24/5 and supports 17 languages. However, they have extensive online resources to DIY troubleshoot as well as numerous forex training and learning resources.

FxPro advantages:

  • Award winners
  • Supports MetaTrader 4 & 5, plus c trader
  • No charges for deposits and withdrawals
  • Widely regulated
  • $100 deposit minimum
  • Trade more than 70 currency pairs
  • Ability to run cAlgo trading bots
  • Tight spreads
  • Choice of instant execution or market execution
  • Free real-time market news and technical analysis

(Risk warning: Your capital can be at risk)


4. Interactive brokers – The best for professional traders

Interactive Brokers official website
Interactive Brokers official website

Interactive brokers (IBK) are one of the industry’s best and very popular among people who trade forex for a living.

They offer a lot of asset options on high-quality trading platforms, with outstanding support services.

Regulations:

The broker was founded in 1978, so it has been around for a while and has earned credibility from traders worldwide.

Its regulatory bodies are all from tier-1 jurisdictions, including the United States Securities and Exchange Commission(SEC), the Financial Conduct Authority(FCA), and the Commodities Future Trading Commission(CFTC).

This makes it one of the safest forex broker options for Indians.

Assets and platform:

The broker offers more than 100 currency pairs, 7400 CFDs, and bitcoin futures. All these assets can be traded on its in-house platform, Trader Workstation. This platform comes with incredible tools to help you trade efficiently. The tools are flexible and customizable but might be too advanced for newbie forex clients. 

Interactive brokers is great for high volume trading
Interactive brokers is great for high volume trading

Spreads and fees:

Interactive brokers do not show their spreads on the internet, but traders have confirmed that their offer is competitive. 

Traders who do high volume enjoy lower fees. The broker charges commission ranging from $16 – $40, and a $10 monthly fee is applicable in some cases. 

But if your account produces up to $10 in commission or if you’ve run up to $100000 in it, there’ll be no monthly charge.

So the trick here is to trade in high volume. That’s why it is most suited to professional traders.

Pros:

  • Ibkr offers a wide range of assets. With this traders are exposed to bigger opportunities. 
  • The broker is well regulated and safe for indian traders.
  • Traders have access to wide selection of assets.
  • High volume and active traders can enjoy low fees.

Cons:

  • this broker is not suitable for part-time or low-volume forex traders
  • its trading platform might be too complicated for a rookie trader.

How to check that a broker is SEBI authorized.

SEBI regulation in India
SEBI regulation in India

On the broker’s website, the disclosure text at the bottom should carry a unique registration number from SEBI.

The registration details should look like this example:

“INTERACTIVE BROKERS (INDIA) PVT. LTD. is a member of NSE, BSE [http://www.sebi.gov.in]. Regn. No. SEBI Registration No. INZ000217730; NSDL: IN-DP-NSDL-301-2008. CIN-U67120MH2007FTC170004.”

Once you have checked this information, next visit SEBI’s website and check its financial register for the broker’s Financial Service providers.

Once you confirm this information, you can be sure that the broker is authorized to trade with Indian clients.

How to identify the brokers that are the best in India

To look for the best brokers for your trading, you need to first determine your objective. Decide on your trading style, the amount you’re willing to invest, and the time you’d like to commit to trading.

Once you have determined these points, you can then identify the best broker for you.

Generally, brokers with conducive trading conditions and low fees are what you should consider first. 

Below, we explain other important considerations:

1. Genuine and trustworthiness of the broker

You must check their SEBI authorization. But this is only the first step. You must also check their licenses and find out their regulators before you proceed.

Brokers regulated in tier-1 jurisdictions and by well-known financial bodies are often safe to trade with. The more regulators they have, the better.

Popular forex regulatory bodies include:

  • Financial Conduct Authority (FCA), UK
  • Securities and Exchange Commission (SEC), USA.
  • Commodities Future Trading Commission (CFTC), USA.
  • Financial Sector Conduct Authority (FSCA), South Africa.
  • Cyprus Securities and Exchange Commission (CySEC), Cyprus.
  • Cayman Islands Monetary Authority(CIMA), Cayman Islands.

2. Fees and trading conditions

The best companies post their information on their websites so that visitors can make informed decisions.

Information about their trading conditions should also be accessible. Important fees, commissions, and spreads should be displayed on their websites for everyone to see. Research this information so that you can decide if the broker is good for you or not.

3. The assets offered by the broker

The best brokers have a wide range of assets from which traders can choose. For forex trading, you should consider if that broker has enough currency pairs, or more importantly, do they offer the currencies that interest you?

The spreads on these assets should also be considered, so you can understand the cost of trading with them. 

4. Its platforms and the trading tools offered.

Sign up for a free demo to test the broker’s platform. Check on its trading tools to see what is offered and how efficient it is. Trading tools contribute to the success of a trade by helping you become a better trader. 

The best traders in the industry offer user-friendly platforms that are accessible on smartphones.

Meta trader 4 and 5, cTrader are among the best and most common trading forex platforms. Some brokers have their proprietary platforms for their clients to use. Testing it with a demo before you sign up to trade live is a good move to help you decide.

5. Fast trade execution and good support service.

The best traders try to avoid slippages by executing their orders as fast as possible. 

They also offer great support services that are readily available through the website, a phone number, or email. Some of the best offer support in multiple languages, including Hindi.

Following these steps will help you find the best broker:

  1. Determine your objectives i.e your budget capital, trading style, how often you’ll trade, and so on.
  2. Find a broker whose offerings will suit your trading objectives.
  3. Check if they’re regulated by a well-known international body.
  4. Check if they’re authorized by SEBI to accept Indian clients.

Once you confirm all these points, you can then proceed from here. These essential checklists will guide you to pick out the best forex broker.

Is it easy to open a forex trading account?

Yes. It’s as easy as opening a bank account. You are required to provide ID and the minimum deposit amount to get started with a live trading account. Opening a demo account usually involves only a basic registration process.

The final verdict on the best Forex Brokers in India:

Forex trading in India is not the challenge you may expect. Many forex brokers are geared up for Indian customers and usually offer their services in both English and Hindi. Our review has highlighted the providers we consider the 4 Best Forex Brokers in India. We carefully considered several criteria – the issues important to you – in our deliberations. These were transparency, reliability, and ease of use.

What we have come up with is a shortlist to act as a launching pad. This shortlist, we firmly believe, will help you avoid the endless hours of time-consuming research that’s typically required. And get you on the way to forex trading much faster than might otherwise be possible. Good luck!

FAQ – The most asked questions about Forex broker in India: 

Which regulatory body regulates Forex broker financial trading in India?

SEBI, or Securities and Exchange Board of India, is the regulatory body for financial trading and investments in India.

Are Forex brokers required to have SEBI licenses to accept trading clients?

No. Brokers don’t have to obtain a license from SEBI to accept Indian clients. However, it is advised that the traders make sure to keep a lookout for announcements and news from the organization. It will act as a cautionary measure.

What are the considerations to make while choosing a Forex broker in India?

While choosing a broker in India, you must make sure first to determine the objective. Once you are aware of it, along with the amount you are willing to invest and the time that you can commit to the trading, to identify the best broker you can look for,

Trustworthiness of chosen broker- Look for SEBI authorization, licenses, regulators, and the like.
Trading conditions and fees- All such information are available on the websites. Just make sure you get an eye over it and do proper research to ensure making informed decisions.
Broker offered assets to trade- With the best brokers, you can get a wide asset range. Once you look out for it, ensure to check for the currency pairs and whether or not it interests you and your requirements.
Platform and trading tools- It’s best to start with a demo account and then move to actual trade.
Executive time and support service- Conform to it before making a move.

Last Updated on January 4, 2024 by Arkady Müller

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