Many Indians are turning to online forex trading to make some extra cash in their bank accounts. And, because of its size, volume, and frequency, currency trading in India contributes significantly to the national economy. To join this elite group of forex traders, you will need to create a trading account. Here is a how-to guide to choosing the best forex broker in India.
With Forex standing as the world’s largest trading market, generating a daily volume of $6.6 trillion, trading Forex online has become one of the most lucrative online income opportunities available today. Many Forex brokers around the world are now offering Indian residents the opportunity to open an account and trade in various currencies, stocks, indexes, commodities and even cryptocurrencies.
To learn how to choose the best Forex broker in India, you must first become familiar with the Forex market.
What is the Foreign Exchange Market?
The Foreign Exchange market (also referred to as Forex, FX, or the Currencies market) is an over-the-counter (OTC) global marketplace where the worldwide currency exchange rates are determined. The foreign exchange market has no physical location, instead, it is an electronically-connected network that operates 24/7. The foreign exchange market includes a variety of players, including banks, forex dealers, commercial companies, central banks, investment management companies, hedge funds, retail traders, etc.
The foreign exchange market in India was established in 1978 following a government decision allowing banks to trade foreign currencies with one another. The Indian Forex market operates under the Central Government of India, which has broad authority over foreign exchange transactions.
Despite the fact that Forex trading can be profitable, the broker you choose can significantly impact your trading results. If you want to get into Forex trading, choosing the right brokerage firm is actually one of the most important decisions to be made. While finding the best Forex broker in a given situation can be challenging, the following are some worthy tips to help you decide. Let’s get started!
How to choose the best Forex broker in India?
As you are searching for a Forex brokerage company, keep in mind that you are giving that company all your trading capital, in anticipation that you will be able to trade with it and withdraw your profits when you wish. You may have great strategies for trading forex, but if the broker shuts down or disappears with all of your money, then all your capital and effort will be in vain. In this regard, it is crucial that you choose a reliable forex broker that meets your requirements without exposing you to scams.
Make sure you keep in mind the following pointers while choosing the best Forex broker in India that meets your requirements.
1. Check the Regulatory Compliance
Since choosing a reliable forex broker is a major decision in an investment plan, you should start by checking if the broker is in compliance with regulations. A flashy website does not guarantee that a broker is legit. Make sure the broker is regulated by checking the broker’s website thoroughly or by checking for reviews.
2. Convenient Deposit and Withdrawal Options
When choosing your forex broker, you should pay close attention to the flexibility of your deposit and withdrawal options. Make sure both the deposit and withdrawal options are convenient and reliable.
AximTrade offers a variety of deposit and withdrawal options when it comes to Indian Forex traders. At AximTrade, deposits can be made immediately with UPI, Paytm and Net Banking. The minimum amount of deposit for trading is 100 INR. Withdrawing your money is easy as well. At AximTrade, you can withdraw your money instantly in Indian rupees (INR). AximTrade takes 0% commissions for its deposit and withdrawal transactions.
3. Ensure the broker offers multiple Account Types
A good Forex broker must offer a variety of trading accounts that cater to different experience levels and capitals. Take your time to look through the list of accounts that your broker offers, and decide if any are suited to your experience and capital.
Take a moment to consider your trading needs before signing up with a broker. If you’re just getting started and don’t have much experience trading forex, choose a Cent Account. It only takes a small amount of money to open a Cent account and begin trading with real money. On the other hand, a Standard account is best for you if you are an experienced trader with established trading strategies and are confident in opening positions with the standard lot size.
Consider choosing an ECN account if you are a day trader who trades a lot and captures small price movements. Although you’ll pay a commission on trades, the spreads are much tighter, making them ideal for trading small movements.
4. Availability of Multiple Currency Pairs
Keeping an eye on the currency pairs that your broker offers is also important. Forex trading is nothing but the process of exchanging one currency for another. That is why currencies in the forex market are traded in pairs.
While there are plenty of currencies available for forex trading, some brokers may offer only a limited number of currency pairs, thereby limiting your trading options. Thus, before getting started, you should check which pairs the broker offers for trading.
5. Features and Advantages of the Broker
Every Forex brokerage comes with its own features and offerings. There are three features to compare among the Forex brokers: Leverage; Commissions and Spreads; and bonuses.
Leverage is an investment tool that helps traders borrow capital from brokers to maximize an investment’s potential return. Leveraged money allows traders to multiply their investment capacity and increase the rate of potential profit. There are plenty of brokers offering different levels of leverage, so do your research to choose the right leverage level for you.
Commission is a percentage of the spread paid to brokers or intermediaries for hosting the trade. Most brokers charge no commission in the retail Forex industry. Whereas, Zero-spread and ECN accounts usually have some sort of commission.
Spread is the difference between the bid and ask price. It’s usually how brokers make profits if they charge no commission. Make sure you have a look at the spread charged for each account.
Forex Bonus refers to a promotional offer that gives traders either a fixed amount of money or a certain percentage upon opening an account, depositing funds, or making a predetermined number of trades, depending on the type of brokers. Forex bonuses have many advantages, including increasing trading equity and investment capital and determining a broker’s quality. However, it is important to read the terms and conditions carefully before accepting any bonus offer.
Now with AximTrade, you can enjoy lifetime bonus offers from a 50% deposit bonus to a 100% single deposit bonus with a minimum deposit of $50. Unleash your true trading potential by maximizing your investing capital through a variety of exclusive bonus offers from AximTrade. You can always check all the offers and bonuses at promotions.
6. The Trading Platform
The trading platform is the trader’s portal to the Forex market. The brokerage you choose should make it easy to enter and exit trades and include tools for technical and fundamental analysis. Other features to consider will be customization options, order entry types, automated trading options, strategy builders, backtesting features, and trading alerts. You can check this one by opening a demo account, which is a trial account that does not require a deposit but allows you to check the broker’s platform and services before opening a real account.
Using AximTrade, traders can execute trades quickly with the one-click trading function and take advantage of a variety of tools and features available on MT4 to conduct in-depth market analysis.
7. Trading Instruments that Broker Offer
Forex Trading is a competitive market, so you must use the best tools that are readily available online in order to be successful. It’s not just about taking a swing at the markets. You really need to learn how to use the best of those instruments and make some money. It is common to hear some people say they had success in trading initially, but that they couldn’t sustain their efforts for a long time. It’s possible they didn’t understand how to utilize the available instruments and how to take advantage of them to increase their trading profits.
AximTrade offers unlimited opportunities for clients of all preferences or trading strategies to trade financial instruments. With AximTrade, traders can choose from a diversified range of trading instruments, ranging from Currencies, Metals, Energies, Indices, and Cryptocurrencies. Transparency and integrity are at the core of AximTrade’s quality standards, making it one of the best platforms for worldwide traders.
8. Educational Resources & Customer Support
It is crucial to have a solid Forex education before you open your first trade if you want to succeed in Forex trading. Forex education will enable you to manage your risks effectively, maximize your profits, and put yourself in a strong position when it comes to your new investment. Therefore, you must select a broker that has an education platform to stay well informed and profitable.
Another important factor to consider when choosing your broker is the availability of customer support. Forex trading is functioning 24 hours a day, which means that a broker’s customer support should be accessible whenever you need help.
How to choose the Best Forex Broker in India FAQs
Best Forex Broker in India with MT4 Platform?
Metatrader 4 is of the most popular forex trading platforms. It is well known for its very user-friendly interface, which enables new and experienced traders to trade with ease and comfort. Traders of all levels find this Forex platform easy to use. AximTrade is a fast-growing brokerage service provider in the global markets with a highly advanced MT4 execution and Copy Trade platform in India.
Best Forex Broker for Beginners in India?
If you are an Indian, and hoping to take your first steps or upgrading your experience in the Forex trading market, you might consider AximTrade as your ideal success partner. With AximTrade, you can open a Forex trading account with AximTrade in a few easy steps and explore the unlimited opportunities for investment in the financial market. AximTrade doesn’t only provide tailored trading accounts for specific needs, it is also committed to improving the trading skills of its customers with forex education.
Low spread Forex broker in India?
Enjoy low spreads from zero to one pip on all majors with AximTrade. Our online platform also offers easy access to real-time pricing of the forex market and quoted buy and sell prices for a number of instruments. Experience the freedom to decide at which price you want to buy or sell, and execute the transaction at any time. Open your forex account with AximTrade, the best Forex broker in India with low spreads, and manage your trades as efficiently as possible.
Join the Best Forex Broker in India
AximTrade is one of the leading forex brokers in the financial market with a goal of revolutionizing the way people trade by offering cutting-edge technology, low-cost trading, comprehensive market research tools, advanced educational programs, and world-class customer service. AximTrade won multiple awards from the Global Forex Awards 2021.
AximTrade stands out as the best broker for its reliability and excellent trading conditions with flexible leverage, 100+ trading instruments, 0.004s execution speed, and up to 100% forex bonus. We’ve earned the trust and satisfaction of more than 300,000 clients and partners with our unmatched competitive edge, commitment to quality standards, and utmost professionalism.
Open a Forex account now to explore the best trading conditions with AximTrade, a global leader with leverage up to infinity. Check full AximTrade Review to learn more about the trading conditions and the company regulations.