/ Best Forex brokers in India

Compared to other countries, India has many restrictions on Forex trading due to the large number of scammers. Legally, Indian citizens can only trade currency pairs whose base currency is the Indian Rupee, so citizens can only trade US Dollars, Euros, GBP and Yen against the Indian Rupee. The Indian rupee is the 18th most traded currency in the world. Citizens can trade Forex through Indian brokers, which are regulated by SEBI and include the country's three major stock exchanges. However, traders can use the services of foreign Forex brokers, in this case using Paypal, neteller or similar methods.

Choosing a Forex broker

Although there are a large number of Forex brokers, most of the best Forex brokers will have the following characteristics:

•  Approved by a reputable foreign regulator;
•  Positive feedback from traders on the Forex market;
•  Low minimum deposit for trading;
•  Provides the user with maximum leverage when trading;
•  Ease of making payments and withdrawing funds.

Forex brokers accepting clients from India

Listed below are some of the best Forex brokers that accept clients residing in India. These brokers do not have offices in India but accept payments through e-wallets.

Top 5 Forex trading companies in India

Forex broker Hotforex in India

Hotforex is perhaps the most reliable Forex broker in the global economy. It is regulated by several regulatory and supervisory organizations including FSCA (South Africa), FCA (UK), Cysec (Cyprus), DFSA (Dubai). Since the broker works under the constant supervision of these organizations, your money will be completely safe with the company. You can access a trader on MT4 at any time convenient for you. What is important is that the speed of transaction execution is quite high. The minimum deposit is $50 and the leverage is 1000:1.

Forex broker XM.com in India

XM.com is popular with both new and experienced traders because it offers a $30 no deposit bonus. Uses Metatrader 4 (MT4) and Metatrader 5 (MT5), Sirix web trader, has applications for Android, iOS. The company's activities are regulated in Australia, Cyprus and Belize. The company offers traders protection against negative balance. In addition to currency pairs, traders can trade commodities and stocks. Lowest deposit required is $5 and leverage is 500:1.

Forex broker FXCM in India

FXCM is regulated in the United Kingdom (UK), South Africa and was founded in 1999. Trading requires a deposit of at least $50 and leverage varies. Forex trading is allowed through Metatrader 5 and 4 Metaquotes, Ninjatrader and Trading Station.

Forex broker Easymarkets in India

The Easymarkets trading platform is preferred by both beginners and less experienced traders due to the ability to cancel a trade. A trader can cancel a losing trade within sixty minutes. This platform uses Metatrader 4 for Forex trading.

Forex broker Forex.com in India

In the US, Forex.com is the largest Forex broker by assets. In addition to being regulated in the US, it is also regulated in other countries such as the UK, Australia and Canada. The minimum deposit is $250 and the maximum leverage is 50:1. The broker offers Metatrader 4 and 5 platforms.

Forex traders

Although there are many traders in the Forex market, it is important to check the reputation of the broker, trader and make sure that it is regulated by the financial authority of one or more countries. Deposits must be kept in separate bank accounts and insured. The minimum deposit amount should be lower and traders should be able to trade micro lots.

Legal issues

Forex traders should be aware that the Reserve Bank of India allows residents to trade all currency pairs that include the Indian Rupee. Because the currency is not highly volatile due to its smaller market size, the profits generated are typically lower.

Conclusion