If you are looking to earn extra profits and simultaneously want to diversify your trading portfolio then the forex market is the best option.
Forex is the largest financial market with high liquidity and low margin requirements. You need a best forex broker account to trade in forex.
In India, you can trade only in INR based currency pairs on NSE, BSE and MSE (Metropolitan Stock Exchange).
The INR based pairs in which you can trade are USD/INR, EUR/IND, GBP/INR and JPY/INR.
You can trade cross currency F&O contracts on EUR-USD, GBP-USD and USD-JPY. That is because the cross currencies have corresponding INR pairs.
But, if you want to trade in other FX like AUD (Australian Dollar), CHF (Swiss Franc), Canadian Dollar (CAD), or other currency pairs then you need to open a forex account with an international forex broker.
Foreign forex brokers allow Indian residents to open an account and trade in different currencies, stock, indexes, commodities and even in top cryptocurrencies.
But, before you pick a specific forex broker, you need to know the factors for selecting a top forex broker in India. The section below will help you understand the features of a forex broker.
Features of Best Forex Broker in India 2020
#1. Registered With a Reputable Financial Regulator
Forex brokers operate online across the globe.
However, they need to be overseen by a major financial regulator having rigorous compliances on trading practices and client protection.
The financial regulators can be the U.K.’s Financial Conduct Authority (FCA), Cyprus’ Securities and Exchange Commission (CySEC), or any other country-specific regulator with strict regulations.
#2. Accepts Affordable Minimum Deposit
You need to open a margin account for forex trading.
You need to pay a minimum deposit amount while opening a margin account. The deposit amount ranges from $5 to $200 and varies from broker to broker.
All you need is to find a forex broker that asks for a reasonable deposit amount corresponding to the services provided.
#3. Trading Assets
Forex brokers let you trade in different currency pairs, currency derivatives (like options, swaps and forward), global stock, indexes, commodities and crypto. All forex brokers do not provide trading in all the currency pairs or assets.
You will frequently come to hear of Contracts For Difference (CFD) in forex broking. CFDs are over the counter (OTC) derivative products, where you trade on the price movement (difference) of financial assets without actually owning them.
The CFD contracts can be on Indices Futures, Commodity Futures, Stocks and Exchange Traded Funds (ETFs).
Before you select a forex broker, you need to check your asset preferences for trade.
Based on your trading requirements pick a broker that provides all the assets you want to trade-in.
#4. Leverage Available
Leverage or margins help you trade a larger volume on a fraction of your money. For example, if you have a leverage of 1:100 means that with $1000 in your account you can enter a trade worth $100,000.
There are forex brokers offering leverage up to 1:1000 levels.
Leverage is like a double edge sword. They can help you earn plenty or lose huge amounts if the price movement is adverse.
Prudent practice suggests that you should always use appropriate leverage in line with your trading strategy and risk capacity.
#5. Trading Platform
MetaTrader 4 and 5 trading platforms are the popular global forex trading platforms. Both platforms support automated trading.
Other commonly used forex trading platforms are cTrader and Ninja Trader.
Your forex broker should provide MetaTrader 4/5 or their own proprietary trading platform.
#6. Negative Balance Protection
Forex trades are highly leveraged. Any adverse economic, political news and events have the potential to create high volatility. The sudden adverse movements can result in losses more than your capital/ account deposits.
This is where your account turns negative (i.e. situations where trade losses are more than the deposits in the account).
Brokers who offer negative balance protection save you from any debt payments. Under negative balance protection, the losses are restricted up to the initial deposit.
Traders can also prevent negative balance situations by
- Placing stop-loss order with each trade
- Using leverage carefully
- Keeping the trading volumes under check
11 Best Forex Broker in India 2020
#1. FXTM Forex Broker Review
FXTM is a brand of Forex Time Limited and is regulated under Cyprus Securities and Exchange Commission (Cyprus) and the Financial Sector Conduct Authority (UK).
FXTM has over 2 million traders. You can trade currency pairs, CFDs, stocks, cryptocurrencies, precious metals and commodities.
You can trade fast and securely over MetaTrader (MT4) and MT5 trading platforms across web, desktop and mobile devices.
FXTM does not have its own trading platform but offers trading tools in combination with MT platforms. The tools are – FXTM pivot point strategy and trading signals tools that aid your trading strategy.
New forex traders can copy trade real-time by following experienced traders using FXTM Invest.
FXTM allows deposits from VISA, Master, Maestro, Skrill, Neteller, Webmoney, VLoad, Bank transfers.
You have the option to choose from six account types:
| Account Types | Minimum deposit | Spreads | Leverage |
| Standard Account | $100 | From 1.3 pip | Floating from 1:2000 |
| Cent Account | $10 | From 1.5 pip | Fixed from 1:1000 |
| Shares Account | $100 | From 0.1 | Fixed 1:10 |
| ECN Zero Account | $200 | From 1.5 pip | Floating from 1:2000 |
| ECN Account | $500 | From 0.1 | Floating from 1:2000 |
| FXTM Pro Account | $25,000 | From 0 depending on market condition | Floating from 1:200 |
What I Like
- FXTM Invest – copy trading option
- Range of accounts with affordable deposits
- Leverage up to 1:2000
- Negative balance protection
What I Didn’t Like
- No proprietary trading platform
- FXTM not available on MT5 accounts
- Up to max 300 pending orders allowed
#2. eToro Forex Broker Review
eToro is regulated by the Cyprus Securities Exchange Commission (CySEC), Financial Conduct Authority (FCA) in the UK and Australian Securities and Investments Commission (ASIC).
You can trade 2000+ instruments across CFDs, stocks and ETFs. The CFDs are available on currency pairs, indices and commodities.
The new traders can open a virtual-money account having $100,000 to practice strategies and real-time trading.
eToro advocates social trading, where traders get to share their strategies and tips. Further, at eToro one can copy trade other trader’s orders/ actions in real-time.
The minimum first-time deposit varies from $50 to $10,000 based on your region and country regulations.
eToro offers leverage of up to 1:400 with a facility of negative balance protection so that you trade comfortably.
What I Like
- 2000+ instruments
- $100,000 virtual practice account
- Copy-trading and social trading facility
What I Didn’t Like
- Flat $5 withdrawal fees
- Minimum withdrawal amount of $50
- Crypto transfer & conversion fees
- Leverage of 1:400
#3. XM Forex Broker Review
XM Global Limited is a subsidiary company of Trading Point Holdings Ltd and is regulated by the International Financial Services Commission (Belize).
The other group companies by the name Trading Point are regulated by CySEC (Cyprus), FCA (UK), ASIC (Australia) and DFSA (Dubai).
XM has over 2.5 million traders from over 196 countries. One can trade over 55 global currency pairs, and CFDs on indices, commodities, stocks, metals and energies.
XM offers MT4 and MT5 trading platforms across 16 devices (Android, iOS, iPad, Mac and PC) and even on the web through MT Web Trader.
New traders can test their forex trading skills on a demo account that comes with $100,000 of virtual balance.
XM has four account types with negative balance protection.
| Account Types | Minimum deposit | Spreads | Leverage |
| Micro Account | $5 | As low as 1 pip | Up to 1:888 |
| Standard Account | $5 | As low as 1 pip | Up to 1:888 |
| XM Ultra-Low Account | $50 | As low as 0.6 pip | Up to 1:888 |
| Shares Account | $10,000 | As per the underlying exchange | No leverage |
What I Like
- Demo account with $100,000 of virtual balance
- Low minimum deposit Forex account
- Negative balance protection
What I Didn’t Like
- Max 200 open positions
- No proprietary platform
#4. iForex Broker Review
iForex is a trademark owned by the Formula Investment House Ltd and is licensed & supervised by the BVI Financial Services Commission (British Virgin Islands).
The platform offers to trade in currencies, crypto, indices, shares, commodities and ETFs.
iForex trading platforms are mobile and web-based trading platforms with over 800 tradable instruments and real-time charts. Traders benefit from one-click deal execution.
One can open an account with the minimum initial deposit of $100. The trading account can be funded using VISA, Master, Diners, Neteller, Skrill, Webmoney and wire transfers.
iForex has a wide range of educational materials in the form of videos, books and exclusive 1-on-1 training with a trading coach. Customer support is available in over 20 languages.
You get leverage up to 1:400 depending on the assets and negative balance protection.
What I Like
- One-click deal execution
- Education & support in over 20 languages
What I Didn’t Like
- Withdrawal fees of $20
- No MT4 or MT5 trading platform
#5. AVATrade Forex Broker Review
AvaTrade is regulated by the Central Bank of Ireland in Europe, ASIC (Australia), Financial Services Agency (Japan), BVI Financial Service Commission (British Virgin Islands) and South African Financial Sector Conduct Authority (South Africa).
You can trade on desktop, web, tablet and mobile-based trading platforms with
- AvaTradeGO (proprietary trading app)
- MetaTrader 4
- MetaTrader 5
Forex, Commodities, Indices, ETFs, Stocks CFDs are the trading assets available with AvaTrade.
AvaTrade provides online trading, information and educational materials in 14 languages.
An AvaTrade margin account can be opened with a minimum deposit of $100 by paying in any of the four currencies (USD, Euro, GBP and AUD).
However, 100 GBP is for British traders and 100 AUD is for Australian traders only.
The account deposits can be made using credit cards and wire transfers. AvaTrade also accepts e-payments from Skrill, Webmoney and Neteller. But, E-payment options are not available for Australian and EU traders.
AvaTrade offers leverage of up to 1:400 with negative balance protection so that your account never goes below zero.
What I Like
- Trading websites in local languages
- Negative balance protection
What I Didn’t Like
- Leverage of 1:400
#6. Alpari Forex Broker Review
Alpari has 20 years of forex industry presence with 2 million traders. Alpari is a brand name of Exinity Limited and is regulated by The Financial Service Commission – Mauritius.
Alpari offers MT5 and MT4 trading platforms. Apart from forex one can trade in stocks, commodities, indices, cryptocurrencies and metals.
New traders can benefit from Alpari’s copy trading program where you can copy the strategist’s trade and share a certain percentage of your profits.
Alpari offers four account types
| Account Types | Minimum deposit | Spreads | Max. Leverage |
| Standard Account | $100 | from 1.2 pip | Floating from 1:1000 |
| Micro Account | $5 | from 1.7 pip | Fixed from 1:400 |
| ECN Account | $500 | from 0.4 | Floating from 1:1000 |
| Pro Account | $25,000 | from 0.4 | Floating from 1:300 |
You can fund the margin account using
- Credit cards (VISA, Master or Maestro)
- E-wallets (Neteller, Skrill, Webmoney, Perfect money, Vload)
- Bank wire transfer
- Using local transfer
What I Like
- Leverage up to 1:1000
- Minimum deposits starting from $5
What I Didn’t Like
- No FCA regulation
- No negative balance protection
#7. Forex. Com
FOREX.com is a trading name of GAIN Global Markets Inc. The forex broker is regulated by the Cayman Islands Monetary Authority.
One can trade on 80+ currency pairs, equities, indices, commodities and cryptocurrencies.
Forex.com offers its own proprietary trading platform for desktop web and mobile trading through apps. The platform has 70+ technical indicators, a host of time intervals, multiple chart types and 50+ drawing tools.
Additionally, you have access to MetaTrader platforms like MT5, MT4.
The unique part is the MetaTrader VPN hosting, where you get a MetaTrader 5 software pre-installed on Virtual Private Server (VPS) solution.
The solution helps you get maximum uptime, fast trade execution and account access from any operating system via a web browser.
However, to get a VPS solution you need to maintain a minimum of $5,000 in your account. Additionally, you should execute at least 10 round trip mini lots or the equivalent every month.
For opening an account the initial deposit is $50 but Forex.com recommends depositing at least $2500 for better risk management. You can fund the account through credit & debit cards and wire transfer.
The leverage available at Forex.com ranges from 0.5% to 20% depending upon currency pairs.
What I Like
- Low $50 initial deposit
- VPS hosting for active traders
What I Didn’t Like
- Equities are not available on the MetaTrader 4 platform
- Account funding through credit & debit cards and wire transfer
#8. HotForex Broker Review
HotForex is incorporated in Saint Vincent & the Grenadines and is overseen by FCA (UK), DFSA (Dubai), FSCA (South Africa) and FSA (Seychelles).
You can trade in assets like – forex, metal & oil, indices, shares and commodities.
HotForex offers leverage up to 1:1000 and protects from zero account through a negative balance protection facility.
Apart from MT4 and MT5 trading platform for direct market access HotForex offers a proprietary trading tool – HotForex FIX/API over FIX protocol.
The platform is ideal for an automated trading system with an automated quote engine and order-routing management system. The minimum deposit required to use the tool is $200,000.
HotForex offers six account types
| Account Types | Minimum deposit | Spreads | Max. Leverage |
| Micro Account | $5 | Variable, from 1 pip | 1:1000 |
| Premium Account | $100 | Variable, from 1 pip | 1:500 |
| Zero Spread Account | $200 | Variable, from 0 on forex | 1:500 |
| Auto Account | $200 | Variable, from 1 pip | 1:500 |
| PAMM (Premium) Account | $250 | Variable, from 1 pip | 1:300 |
| HF Copy Account | $500 for strategy provider, $100 for follower | from 1 pip | 1:400 |
You can fund the trading account using Visa, Mastercard, Maestro, Wire Transfer, Skrill, iDeal and Sofort.
HotForex education initiatives include 20+forex educational videos and 30+recorded trading videos.
What I Like
- HotForex FIX/API
- Multiple regulatory authorities
- Six account types
What I Didn’t Like
- 1:1000 leverage only in micro account
#9. FBS Forex Broker Review
FBS is an international broker with traders from 190 countries having 14+ million active traders, with 0.98 billion open orders.
FBS activities are regulated by the IFSC (International Financial Services Commission) Belize, C.A.
You have trading access to MetaTrader 4 and MetaTrader 5 platforms compatible with Android, iOS, Windows, Mac OS and WebTrader desktop applications.
Apart from that, you can use the proprietary FBS trader App. The app allows real-time stats & price charts to help you trade over 50 currency pairs and metals. You can also trade in forex, metals, CFD, Stocks, Forex exotic.
FBS provides leverage starting from 1:50 and going up to 1:3000 with negative balance protection.
FBS offers 5 account types
| Account Types | Initial deposit | Spread | Commission | Leverage |
| Cent Account | From 1$ | floating, from 1 pip | 0$ | Up to 1:1000 |
| Micro Account | From 5$ | Fixed, from 3 pips | 0$ | Up to 1:3000 |
| Standard Account | From 100$ | floating, from 0,5 pip | 0$ | Up to 1:3000 |
| Zero Spread Account | From 500$ | Fixed, 0 pips | From 20$/ lot | Up to 1:3000 |
| ECN Account | From 1000$ | floating, from 1 pip | 6$ | Up to 1:500 |
You can fund the account using VISA, Neteller, Stic Pay, Skrill, Perfect Money and Bit wallet.
What I Like
- Leverage up to 1:3000
- Proprietary FBS App-based platform
What I Didn’t Like
- $1000 high initial deposit for ECN account
- Can’t trade commodities and crypto
#10. HYCM Forex Broker Review
Henyep Markets is a multi-regulated forex broker, having registration under the FCA (UK), Cyprus Securities and Exchange Commission, Cayman Islands Monetary Authority, Dubai Financial Services Authority and also registered in Saint Vincent & the Grenadines.
The 40 years old forex trader offers trading in 300+ instruments across 5 asset classes like forex, stocks, indices, cryptocurrencies, commodities and ETF.
You can open a trading account by funding through bank wire, VISA transfer, Webmoney, Neteller and Skrill. The minimum deposit required to start trading is $100.
New traders have the option to open any of the three accounts:
| Account Type | Particulars |
| Fixed Account | That offers fixed spreads from 1.8 pips with no commission |
| Classic Account | That offers variable from 1.2 pips with no commission |
| Raw Account | That offers raw spreads from 0.2 pips with charges of +$4 per round |
Henyep offers maximum leverage of 1:500 and also provides negative balance protection.
One can trade assets over MetaTrader 4 and MetaTrader 5 trading platforms using a laptop, smartphone or PC.
What I Like
- A minimum deposit of $100
- Negative balance protection
What I Didn’t Like
- Max leverage of 1:500
#11. IQ Option Forex Broker Review
IQ option is based out from St. Vincent and Grenadines with Registration No. 24840 IBC 2018 with over 48+ million members from 213 countries.
One can trade on assets like forex, stocks, commodities, indices, cryptocurrencies, ETF and options (Binary and Digital).
IQ allows trading on 50 forex pairs and over 20+ cryptocurrencies. One can open an account with a minimum deposit of 10 USD/GBP/EUR.
IQ Option offers leverage of 1:1000 with negative balance protection.
New traders can build trading skills with helpful video series in IQ Option and get a free practice account of value $10,000.
Trading platforms with IQ Options App are desktop and mobile-based. The desktop requirements are
- Windows 7, 8, 8.1, 10 macOS – OS X 10.10 Yosemite
- RAM: 2 GB (4 GB recommended)
- Video card: OpenGL 2.0-friendly (macOS) DirectX 9 (Windows)
- Hard disk space: 130 Mb
Mobile Operating system:
- iOS 9.0;
Android 4.4 - Hard disk space: 74 Mb
What I Like
- $10,000 worth of free practice account
- IQ Options app for trading
- A low minimum deposit of 10 USD/GBP/EUR.
What I Didn’t Like
- No MT4 or MT5 trading platform
- Inactive (90 days of inactivity) fee of EUR10
Conclusion
Before you trade global forex, check your trading requirements, risk-taking capacity, and local regulations.
You can pick FXTM for its range of accounts with affordable deposits starting with $10 to $25,000. FXTM gives you the benefit of going up to 1:2000 in leverage with a negative balance protection facility.
New traders can use the copy trading option available through the FXTM Invest tool.
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