OctaFX offers the standard MetaTrader and cTrader, and a range of tradable instruments but it does lack regulation beyond its European license in Cyprus, which does place it at a disadvantage when compared with the other forex brokers mentioned in this review. OctaFx offers 50 tradable instruments including 28 currency pairs, spot trading, 17 CFDs, social trading, but no cryptocurrency.

The commission charged by OctaFx varies depending on the account type chosen: MT4 Micro, MT5 Pro, or the cTrader ECN account. The cTrader account offers 28 forex pairs and two metals. This brings the total costs to around 1 pip. OctaFx offers traders in India a mobile trading app with copy-trading features, a library of educational material, with 19 primary articles, and a standard selection of research tools. Overall, OctaFx is suitable for beginners looking to educate themselves, traders on the go, and those looking for fixed spreads.

Yes, forex trading is legal in India. It is not legal to undertake forex trading through any electronic or online forex trading under any circumstances on Indian Territory, as guided by SEBI and regulated by RBI in order to minimize risk incumbent in the forex market.

However, forex trading is legal when it is done through specified foreign exchange trading platforms with Indian Rupee as the base currency. In other words, the Indian Government limits trading for Indian residents to only trade currency pairs that are bench-marked against Indian Rupee. Therefore, Indian residents can trade so long as they do so through a specified Indian brokerage that provides access to exchanges based in India such as the BSE, NSE, MCX-SX, in addition to currency derivatives, forex trading is completely legal.

Pre December , Indian residents could only legally trade USD-INR, GBP-INR, EUR-INR, JPY-INR. Post December , exchanges can offer cross-currency futures and exchange traded currency options in three or more currency pairs, such as USD-JPY, GBP-USD, EUR-USD. At this point, it must be highlighted that under the Foreign Exchange Management Act FEMA , traders could be fined or even end up in prison if illegal forex trading takes place in India.

However, it should also be noted that there is absolutely no prohibition for NRIs to forex trade in India. Learn how to buy shares in India. India has dealt with confirmed COVID cases better than originally predicted , a report by the State Bank of India SBI Ecowrap found.

Another SBI report referencing the economy stated that it began accelerating in September. The report added that the state-wide number and economic performance does vary across states like Karnataka, Maharashtra, Kerala, Andhra, Delhi, West Bengal, Chhattisgarh, and Tamil nadu which are not doing so well in terms of managing COVID It goes on to state that Bihar, Attar Pradesh, and Jharkhand, along with some others, have managed the situation well with model cases estimated to be higher than actual cases.

Currently, the central bankers in India are being challenged with how to maintain monetary policy independence while allowing a steady stream of foreign capital and holding a stable currency. The recent inflation spike in India resulted in the RBI holding back from lowering interest rates, despite the economic forecast predicting a shrinking economy. The RBI has essentially let the rupee appreciate to appease investors on the hunt for riskier assets, adding a headwind for its declining export sector.

At the same time, with the U. elections now behind us, a Biden presidency will likely create a more predictable trade backdrop , which is positive for businesses with corporate profitability and international supply chains.

As we just noted, forex trading is legal in India, but you can only trade currency pairs that include the Indian Rupee. A key reason behind this limitation is because the Indian Rupee is weak against the USD. If traders in India want to buy the USD they must do so from the Central Bank of India. Traders based in India can trade forex on the National Stock Exchange NSE , the Metropolitan Stock Exchange MSE , or the Bombay Stock Exchange BSE.

In , the Securities and Exchange Board of India SEBI was established to monitor and regulate the forex market in India. SEBI is the concerned authority in India that protects forex traders, securities issuers, and forex-regulated agencies.

Forex brokers offering their services to India residents, therefore, must be regulated by SEBI. Take a look at the top forex brokers for beginners. Forex trading should only be attempted after educating yourself about forex. Once you have a strong idea of the key terms and strategies, there are just two more steps to follow to get started forex trading in India.

We have outlined these steps below:. When forex trading, you can choose to use a laptop, tablet, mobile phone, or your standard desktop. If you like to trade on the go, choosing a broker with a quality forex trading app will be important. With the price of currency pairs frequently changing, having a device or two that will allow you to place trades quickly will be crucial to the success of your forex trading. There are several online forex brokers available to forex traders based in India, offering a variety of tools, services and fees.

The broker you choose should benefit your trading style, trading level, budget, and trading needs, such as a good selection of educational material to help expand your forex trading knowledge. Most importantly, make sure the broker you choose allows clients to trade Indian Rupee. Furthermore, make sure to determine who the broker is regulated by; brokers offering services to traders in India should be regulated by the Reserve bank of India RBI , the regulatory authority over forex brokers in India.

To become a successful forex trader, you will need to have some forex trading strategies under your belt. The amount of strategies out there can become overwhelming though, so we suggest starting by familiarizing yourself with the most successful forex trading strategies first and foremost to help you stay focused.

Scaping is a strategy used by some forex traders to make a lot of smaller trades over and over. You can set the entry and exit positions with smaller movements in the currencies to ensure low margins.

To be good at scalping, traders need to make precise executions. These trades are short-term, lasting anywhere from around one minute to one hour. Staying on top of currency trends will be crucial to the successful implementation of scalping. The process of day trading is in the name: it involves traders opening and closing a trade within the same day.

These trades can last from a couple of minutes to a few hours. This ensures that traders are less likely to be hit with unprecedented losses as a result of overnight volatility.

Day trading is a good way to limit risk and increase your odds of profitability. Swing trading is another popular strategy that investors turn to and it involves trading forex currencies throughout the day or week. With this strategy, traders have enough time to deflect the frequent ups and downs of currency pairs.

There are a lot of trusted and prominent financial regulators in the world. They have different jurisdictions and requirements, such as: 👉 Financial Conduct Authority FCA in the United Kingdom 👉 Australian Securities and Investments Commission ASIC in Australia 👉 Monetary Authority of Singapore MAS in Singapore 👉 National Futures Association NFA in the United States 👉 Cyprus Securities Exchange Commission CySEC in Cyprus 👉 Financial Market Supervisory Authority FINMA in Switzerland 👉 Financial Sector Conduct Authority FSCA in South Africa 👉 Dubai Financial Services Authority DFSA in Dubai 👉 The Federal Financial Supervisory Authority BaFin in Germany 👉 Financial Markets Authority FMA in New Zealand Aside from regulators, Forex brokers may also be a member of a compensation scheme or another international organization , such as The Financial Commission, Investor Compensation Fund ICF , and Financial Services Compensation Scheme FSCS.

Client support is an aspect that is actually essential but is usually brushed aside by many traders since they have not needed them yet. You need immediate assistance because you want to open a trade quickly before the market shifts again. But, it turns out that their live chat support is not available at that time and can only help you within 24 hours.

You have no choice but to lose your chance to earn profits since the Forex market is very liquid and can change in a matter of milliseconds. What languages do they offer? Do they offer support in India languages? Are the customer support teams friendly, helpful, and professional? Do they tailor their answers based on your questions or do they just copy and paste canned answers? What support channels do they offer?

Do they provide various ways to reach out to them, such as call, live chat, web form, email, media social, or chatting apps? What is the average wait or response times of the live chat until you can talk with a human? You can try to contact them and ask some questions to evaluate their responses. If your broker offers excellent customer service, then you can eliminate one more thing from your mind and focus on your trading.

What are the conditions? Forex brokers usually offer several trading account types with different conditions. There are accounts suitable for beginner, experienced, and professional traders. Therefore, you have to make sure that your chosen broker offers an account type that suits your trading level, needs, risk appetite, and styles. For example, with leverage of , you can trade up to 1, USD just by using 10 USD.

Professional accounts usually have higher maximum leverage, while beginner accounts offer lower maximum leverage. Since leverage is extremely risky , make sure that the offered leverage is according to your needs and use it with caution. The wider the spread, the more difficult to make profits. Thus, popular pairs usually have tighter spreads. There are two types of spread: fixed and variable. As the name suggests, fixed spreads are established for an entire day and will not change, while variable spreads may change depending on the dynamics of the pairs you trade in.

That is why you should check what fees your broker charge for your trading activities. For example, you may encounter trading fees , overnight fees swap , and inactivity fees. Make sure that there are no hidden costs, and that you have taken these costs into account when choosing a Forex broker. Meanwhile, requotes happen because Forex brokers may not be able or not willing to give you a trade based on the price you entered.

Both of them usually occur during a period of higher volatility. These are ways for Forex brokers to avoid much losses. That is why it is important to choose a Forex broker that offers less or no slippage as well as requotes to make sure your order is executed at the price that you expected.

Forex trading apps are great tool to start earning in Since the arrival of the pandemic in India, the economic market here has shut down and the nifty is constantly dropping for the consecutive three weeks. You must be wondering the step to get yourself out from the damaging pandemic and grow your money.

How about Forex? Let us understand what is Forex. The Forex is abbreviated as foreign exchange market which is a global market for exchanging national currencies. This is market where currencies are traded against each other. Currencies are most important to conduct any service or trade or for buying and selling across borders hence there is a need to constantly exchange foreign currencies.

For example, if we take a case of a person living in United States and wants to buy something from France then the person is required to pay the price of that commodity in Euros. This means that they will have to exchange the equivalent value of US Dollars into Euros. Now you know what Forex is, but the issue is to find out, what are the best Forex trading apps in India in Foreign exchange has become vital and proficient in day to day business opportunities.

Currency pair trading is on a leading way with digitalisation and technology. Since there are multiple Forex trading apps in the market that has overall made the task of Forex trading easy and convenient and whether you reside in any part of the world, you will not lose on the trending trades.

Forex trading apps provide all the knowledge you need for online Forex trading for instance Forex signals, demo account and FX chart stimulation in an easy manner. Accordingly, we have made a list of the best Forex trading apps in India in IQ Option is one of the leading apps to reside in the list of many top business investors and Forex traders. IQ option app is a user-friendly app that can be used by beginners as well. They have such easy interface of their mobile application that works awesome with trading.

Forex India - Best Forex Brokers in India XM India Review Regulated by CySEC, IFSC, FSCA, ASIC, DFSA Trading accounts: Micro, Standard, Ultra Low, Shares Leverage: Up to Platforms: MT4, MT5, Mobile, Web. JustMarkets India Review Regulated by CySEC, FSA, VFSC Trading accounts: Cent, Standard, Pro, Raw Spread Leverage: Up to Platforms: MT4, MT5, Mobile, Web.

Exness India Review Regulated by CySEC, FCA, FSA Trading accounts: Standard, Cent, Raw Spread, Zero, Pro Leverage: Unlimited Platforms: MT4, MT5, Mobile, Web.

RoboForex India Review Regulated by CySEC, IFSC Trading accounts: Standard, Cent, ECN, Prime Leverage: Up to Platforms: MT4, MT5, cTrader, Mobile, Web. Alpari India Review Regulated by FSA Trading accounts: Standard, Cent, ECN, ECN Pro Leverage: Platforms: MT4, MT5, Mobile, Web. Tickmill India Review Regulated by CySEC, FCA, FSCA, FSA Trading accounts: Classic, Pro, VIP Leverage: Up to Platforms: MT4, MT5, Mobile, Web.

FXTM India Review Regulated by CySEC, FSC, FSCA, FCA Trading accounts: Micro, Advantage, Advantage Plus Leverage: Platforms: MT4, MT5, Mobile, Web. FBS India Review Regulated by CySEC, IFSC, ASIC, FSCA Trading accounts: Cent, Micro, Standard, ECN, Crypto Leverage: Up to Platforms: MT4, MT5, Mobile, Web. HYCM India Review Regulated by CySEC, FSC, DFSA, CIMA Trading accounts: Fixed, Classic, Raw Leverage: Platforms: MT4, MT5, Mobile, Web.

HFMarkets India Review Regulated by CySEC, FCA, DFSA, FSA Trading accounts: Micro, Premium, Zero, Auto, PAMM Leverage: Up to Platforms: MT4, MT5, Mobile, Web. Forex Brokers in different categories:. Forex Brokers with ECN Account. Cent Account Forex Brokers. Micro Account Forex Brokers. Low Spread Forex Brokers. How to Choose The Best Forex Broker in India. It is common knowledge that Forex trading is quite complicated as well as requires enough knowledge and experience.

However, choosing the best Forex broker is actually the biggest trade of all. Some people may ask why you should carefully choose a Forex broker for your trading journey. The answer is to increase your odds of success in the competitive market and to make sure you can focus on the important things when trading. Before choosing your Forex broker, it is important to figure out what type of trader you are.

Are you a day trader, scalper, or maybe news trader? In addition, you should also determine your investment goals, trading volume, strategies, and trading styles.

After you have the answers to the above questions, ask yourself these five important questions about your broker to find out whether a broker is truly suitable and the best for you or not. This is the first and the most important aspect of choosing a Forex broker.

Their main tasks are to prevent traders like us from fraudulent companies and ensure a fair market environment for all participants.

Being regulated means that your funds are kept safely and securely in segregated accounts so the brokers will not be able to use your funds for their operational activities. But, remember that regulated brokers do not guarantee problem-free trading. However, it can at least prevent potential scam issues. Alternatively, you may find this information on other pages, such as About Us, Regulations, and so on.

There are a lot of trusted and prominent financial regulators in the world. They have different jurisdictions and requirements, such as: 👉 Financial Conduct Authority FCA in the United Kingdom 👉 Australian Securities and Investments Commission ASIC in Australia 👉 Monetary Authority of Singapore MAS in Singapore 👉 National Futures Association NFA in the United States 👉 Cyprus Securities Exchange Commission CySEC in Cyprus 👉 Financial Market Supervisory Authority FINMA in Switzerland 👉 Financial Sector Conduct Authority FSCA in South Africa 👉 Dubai Financial Services Authority DFSA in Dubai 👉 The Federal Financial Supervisory Authority BaFin in Germany 👉 Financial Markets Authority FMA in New Zealand Aside from regulators, Forex brokers may also be a member of a compensation scheme or another international organization , such as The Financial Commission, Investor Compensation Fund ICF , and Financial Services Compensation Scheme FSCS.

Client support is an aspect that is actually essential but is usually brushed aside by many traders since they have not needed them yet. You need immediate assistance because you want to open a trade quickly before the market shifts again. But, it turns out that their live chat support is not available at that time and can only help you within 24 hours. You have no choice but to lose your chance to earn profits since the Forex market is very liquid and can change in a matter of milliseconds.

What languages do they offer? Do they offer support in India languages? Are the customer support teams friendly, helpful, and professional?

Do they tailor their answers based on your questions or do they just copy and paste canned answers? What support channels do they offer? Do they provide various ways to reach out to them, such as call, live chat, web form, email, media social, or chatting apps?

What is the average wait or response times of the live chat until you can talk with a human? You can try to contact them and ask some questions to evaluate their responses. If your broker offers excellent customer service, then you can eliminate one more thing from your mind and focus on your trading.

What are the conditions? Forex brokers usually offer several trading account types with different conditions. There are accounts suitable for beginner, experienced, and professional traders. Therefore, you have to make sure that your chosen broker offers an account type that suits your trading level, needs, risk appetite, and styles. For example, with leverage of , you can trade up to 1, USD just by using 10 USD. Professional accounts usually have higher maximum leverage, while beginner accounts offer lower maximum leverage.

Since leverage is extremely risky , make sure that the offered leverage is according to your needs and use it with caution. The wider the spread, the more difficult to make profits.

Thus, popular pairs usually have tighter spreads. There are two types of spread: fixed and variable. As the name suggests, fixed spreads are established for an entire day and will not change, while variable spreads may change depending on the dynamics of the pairs you trade in. That is why you should check what fees your broker charge for your trading activities. For example, you may encounter trading fees , overnight fees swap , and inactivity fees.

Make sure that there are no hidden costs, and that you have taken these costs into account when choosing a Forex broker. Meanwhile, requotes happen because Forex brokers may not be able or not willing to give you a trade based on the price you entered. Both of them usually occur during a period of higher volatility. These are ways for Forex brokers to avoid much losses. That is why it is important to choose a Forex broker that offers less or no slippage as well as requotes to make sure your order is executed at the price that you expected.

Mini or micro accounts for Forex beginners have relatively low minimum deposit amounts since the clients tend to trade with a small initial investment. On the other hand, professional accounts have larger initial deposit amounts because they trade in a huge amount. You do not want to lose any profits because of slow order execution, right? Also, take into account your trading frequency and the length of your trades long or short term.

For example, if you are a day trader, you may want to prioritize fast order execution and narrow spreads. If you are a scalper, make sure that your broker accepts this strategy and offers an ECN platform. The same also applies to other trading styles, such as hedging, news trading, swing trading, and trend trading. You should know what currency pairs or financial instruments you want to trade in and the account you can use to access them.

Furthermore, you can also find out if the Forex broker provides some Forex education tools and resources. These are essential for novice traders to gain a proper understanding of trading terminology.

That is why a broker that offers educational materials is usually a better choice. Trading platforms are required to do almost all trading activities, from accessing the market , opening and closing orders , to managing positions through financial intermediaries. There are many trading platforms in the world, but three of the most popular and common ones are MetaTrader 4 MT4 and MetaTrader 5 MT5 from MetaQuotes, as well as cTrader. Some Forex brokers may also offer their own platform.

Different trading platforms provide different features , such as technical and fundamental analysis , order entry types , automated trading options EA, cBots, social copy-trading , trading alerts , strategy builder , one-click trading , real-time quotes , and others. So make sure that your chosen Forex broker offers trading platforms that have the features you need in your trading. In addition, you should also check what devices are offered by the trading platforms.

For example, if you want to trade on the go, then you should choose a platform that can be accessed mobile on Android or iOS. Furthermore, you should make sure that the interface is easy to use , so you will not have any problems navigating it.

The languages available in the trading platforms should also be considered. To check out and evaluate the trading platforms, you can download the software first and try using them in a Demo account. You can compare them side by side with real-time quotes from large financial sites, or maybe test whether trades can be entered and exited easily.

If everything looks good, you can move on to the next step. Last but not least, choose a Forex broker that offers various deposit and withdrawal methods. Some common methods include debit and credit cards , e-wallets such as PayPal, Payoneer, WebMoney, Neteller, Skrill, etc. Having several payment options will help you when one of your preferred methods is not available for whatever reason. Furthermore, you should also make sure that your chosen deposit and withdrawal methods are safe and secure.

Take into account the minimum deposit amount and processing time to choose a method that is suitable for you. A good broker usually does not impose service fees. If you are still not sure about the payment method, you can try to deposit and withdraw a little amount of money first. After testing out the method , you can then decide whether to continue or stop using it for future trading. Choosing the best Forex broker is indeed not easy and may take some time , but once you find a suitable broker, it will be helpful for your trading journey in a long term.

Remember that a bad decision at first can be costly in the future. Good luck in choosing your Forex broker and happy trading! Forex Brokers in India High Risk Warning: Trading in Forex and CFD markets carry a high level of risk and may not bbe suitable for all type of investors; Before deciding to trade, please make sure that you understand the risks fully.

For example, if you are a day trader, you may want to prioritize fast order execution and narrow spreads. com - Capital. FP Markets is currently one of the top-rated platforms , ranked 13 out of com is considered a trustworthy broker with average risk with spreads as low as 0. FXTM makes it simple to open a trading account because all you have to do is join up with their official account and begin your trading journey. Alpari Alpari has been serving more than 2 million traders throughout the world for the past two decades. However, choosing the best Forex broker is actually the biggest trade of all.

Categories:

• Forex Bitcoin
• Binary Options online
• Forex Brokers
• Binary Options
• Forex